The lenders look for continuous employment. If you are doubling your salary, that is a good thing. You need to talk to a mortgage broker for particular information and get a pre approval. Then you know how much you can afford to spend for a home and plan your search accordingly.... more
Foreclosure takes time and doesn't start when you miss your first payment. Eviction is also a process which must be followed according to the laws in your state or you won't be able to complete it. I'm certain you have compassion for your tenants, but their difficulty will cost both of you more than you can likely afford. Tell them to get current or serve them the appropriate paperwork. Contact your lender when you fall behind and do what you can to work with them. I think it would be a wise investment to spend some time with a Real Estate attorney to insure you do all you can to protect yourself and your investment.... more
With single family homes there is a little less then a year of inventory on the market in River Grove and about a year and a half of inventory on the market for condo's and other attached properties. Keep in mind though that I did not set any price ranges so these numbers include every property including foreclosures/distressed properties.
The current average market time (i.e how many days they've been trying to sell) for single family homes for sale right now is 256 days (232 for attached homes). As far as what's sold in the last year, the average market time for the sold single family homes are 183 and for sold attached homes are 172.
Home sales in River Grove increased in 2009 from 2008. Keep in mind though this is more than likely because of the first time home buyer credit, low interest rates, etc etc. Once the government stops backing mortgages (ending this March) we will probably see interests rates go up a bit. Also at the end of April the tax credit will end which will slow down the market.... more
When I look up stats and trends on here it is only showing prices and number of homes for sale.
If you have a buyer's agent they should be able to provide you with that information as we have it available through our MLS.
I hope this helps!... more
Jeff, Patience, Patience, patience. That is the name of the game with bank owned properties. If you are lucky things will move right along now that they are considering offers.
Question: Did you lose your shirt in a previous real estate transaction? Just kidding!... more