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Home Buying in 60030 : Real Estate Advice

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  • Home Buying9
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Activity 8
Fri Mar 6, 2015
Gary Geer answered:
fpcarbuff,

Here are some sources for lending that can help you:

BMO Harris Bank and just about any credit union.

All the best
0 votes 4 answers Share Flag
Tue Oct 14, 2014
Gary Geer answered:
Jfinsup1,
Talk to your agent and have him/her follow up with the listing agency to help get answers to your questions. There is no set timeline for the bank to respond but they do have someone assigned your file and the listing agent can communicate with that person. They will not discuss anything with the selling agent unless they are one in the same.

All the best,

Gary Geer
Results Realty USA
... more
0 votes 15 answers Share Flag
Mon Apr 1, 2013
Jim Starwalt answered:
So. Jfinsup,,
For the record, how long did the short sale take to complete? And do know how many banks were involved which bank or banks they were? (on the short sale side?)
Jim
0 votes 10 answers Share Flag
Sun Mar 31, 2013
John Walin answered:
ld question, but definitely! I recommend you utilize the services of Lake County Appeal, they work on a contingency basis. Usually best to get a full year of recent sales excluding current year. ... more
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Mon Nov 8, 2010
John Walin answered:
The homes that sell so far under assessed value often are foreclosures and the county taxing authority will not take a foreclosure as a comp in reassessing the house within the neighborhood. Plus, homes that close in 2010 do not count in the current tax appeal. County takes a rolling 3 year average for 2007, 2008 & 2009 and the specific house is not evaluated in isolation. There definitely is a lag time between purchase and getting the house reassessed and be prepared to live with the higher taxes the first year. I personally like many areas that are in unincorporated Lake county and have a lower tax rate than Grayslake. Even if you get reassessed, the rates vary by area and town.

If you have not yet selected an agent to work with, please give me a call.

WheneverLifeMovesYou.com
847 276-0120
... more
0 votes 13 answers Share Flag
Thu Aug 26, 2010
John Walin answered:
Hi
In short sale situations in Lake County, I have seen where the listing agent sets an artificially low asking price to get offers, and then after an offer comes in, bank orders a distressed BPO appraisal and the bank counters with a higher number than original asking price. Unless of course, the short sale house is pre-approved at the asking price. You have no right to know the basis of their counter offer or approval process. If the house is pre-approved at the asking price, going in close to that number is the best way to know where you stand quicker. The banks have a sophisticated non emotional model and it is a committee decision.

A lot of short sales stall or fall apart because of the seller's attorney trying to get a zero deficiency satisfaction letter from the bank. There are two things the bank has to approve. First the release letter to permit the short sale to take place and 2nd, the satisfaction letter to take less than what the short amount actually is. Often the bank will want 50% of the shortage repaid over ten years in a non collateralized loan and the seller attorney is trying to get the seller 100% Scot free of the deficiency.

Many times I think banks are blamed unfairly about response time, when in fact the seller doesn't have a legitimate hardship or is unwilling to carry forward any of the shortage. Remember, the bank is doing the seller a favor in agreeing to allow a short sale to take place and to take less than what is owed!

You do have a right to know what the seller's hardship is and can ask for a copy of the hardship letter given to the bank. Also, a local attorney can run a pro-forma title policy to figure out how big is the deficiency. Attorney's are title company agents and can run a "free" title search for you. If it is a big number the bank might just let it go to foreclosure and you are wasting your time.

Call me if you care to discuss further
847 276-0120
... more
0 votes 10 answers Share Flag
Thu Jul 22, 2010
Jfinsup1 answered:
Well from what I understand the buyer has 2 mortgages on the house totaling around $250,000 but both mortgages are with the same bank. I have also been informed that the house is in the early stages of a short sale and I was a little off on the comps I am in the middle of the other short sales that have closed in the last 6 months. I am serious about buying the house and am willing to wait it out. In the short sale process once the seller signs an offer and there is a contract that goes to the bank does the seller still have the right to look for a better offer? I would be pretty bummed out if after 3 months of waiting I was told that there was a better offer that just came in and all my waiting was for nothing. Thanks for all the advise so far just looking for some justification in the whole short sale process which to me seems like it could be a lot easier of a process if the banks gave the selling agent an approved price to list the property at so there would not be so much wasted back and forth time. But what do I know I am not the experts!! ... more
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