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60103 : Real Estate Advice

  • All21
  • Local Info3
  • Home Buying6
  • Home Selling3
  • Market Conditions0

Activity 14
Tue Aug 2, 2016
Markzjordanz answered:
No credit check, 1 percent interest 30 year fixed, 4.5 proof of funds in which u can use vet status or 401k, the property has to be appraised at 350 k and up. 30 day close, 8037576801
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Thu Feb 4, 2016
Dp asked:
I WILL BE MANAGING A COMPANY LANDSCAPING AND NEED SOME PLACE WHERE i CAN LIVE AND HAVE MY EQUIPMENT
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Mon Sep 21, 2015
Restlessad asked:
I just bought a home (not an investment property) in May, 2015 (Dupage County, IL) . I was very clear with my attorney and mortgage agent that the borrowing will be only on my name while…
0 votes 0 Answers Share Flag
Mon Dec 1, 2014
Januskis answered:
I believe the only loan that is realistic to get approval is portfolio loan. Everybody knows that any Fannie or Freddie loans are impossible to qualify after 2 years because of extenuating circumstances. ... more
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Wed Nov 7, 2012
Voices Member answered:
I believe part of Country Place does have an assocation and use of the club house and pool, the management for the townhomes is McGill Management and their number is 847-259-1331. If I can be of further assistance please give me a call at 630-310-8315. Thanks. Candy ... more
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Tue Jun 19, 2012
Donna Larrabee answered:
The Home Owners Association can request that FHA approval be initiated...You might want to contact the association and ask them to request it. It will cost them a few thousands dollars to do it. ... more
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Thu Jun 3, 2010
Judi Bryan answered:
Had a short sale last year where Chase was BOTH the first and the second. In this case, our contract would have FULLY SATISFIED Chase's first lien (including unpaid interest and penalty fees!) and given Chase's second over $17,000 (the original loan in the $70s). CHASE 2nd REFUSED (after 5 months of playing games and viewing 7...count them...7 HUD1s!) saying they would accept if we got them an additional $40,000!!!! Deal fell, Chase foreclosed.

I have yet to figure out who the winner was with this...but my guess is it was CHASE...who likely got government bail money to offset (their) losses.
... more
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Tue Mar 2, 2010
Amy Foote answered:
Ars2004,

I would agree with Greg below that you really need to have a few agents in to evaluate the value of your home based on current market values. They shoudl each be able to prepare for you an Approximate Proceeds sheet to see what your final position would look like.

Now, if that final position is a negative number, you have one of 2 choices: 1) bring money to the closing table, 2) get your lender to agree to a short sale.

In order to qualify for a short sale, though, you would have to qualify with your lender. You would have to prove a hardship or a reason they should be willing to grant you a short sale. And they would likely make you "prove" that hardship...typically in a financial hardship, you would have to give them tax returns, bank statements, unemployment statements or paycheck stubs, etc.

There are financial consequences to a short sale, though. You may sitll have some liability...depends on you and the property and if you qualify for the Mortgage Forgiveness Act of 2007. You will definitely take a hit to your credit rating. But if you're in a position where you're potentially facing foreclosure, a short sale will always be better on your credit rating and have a far lesser effect than a foreclosure.

I would be more than happy to come and do a valuation on your property and talk about potential scenarios. As far as commission goes, there is no "standard" commission for any company (that would violate anti-trust laws) and so every agent and every agency would offer a different marketing plan and commission structure.

I also have quite a bit of experience with short sales and could advise you if that is a direction we have to proceed in. I personally negotiate with the banks instead of handing it off to an attorney. Because of that, my average time from contract to bank acceptance is less than 2 months and I successfully close many sales a year.

Feel free to call me at 847-602-9979 or email me at amy.foote@bairdwarner.com.

Thanks,
Amy
... more
0 votes 4 answers Share Flag
Fri Oct 23, 2009
Futurelicensee answered:
Hi Hedi,

Is it possible that you will consider not selling at this time in the Buyers market?
Instead opt to rent out the house. At this price range I am assuming this is a larger home fit for a nice size family.
Alot of times this is more home than one needs.When we look at the demographics of Bartlett vs the economy. Looking around I see alot of vacant homes from Owners that could of simply rented.and woulds of had an monthly income producing property. You are a Buyer and Seller?

Personally, My family is looking to move very soon,my home that I am renting will enter the market in a subdivision that already has vacant homes. One across from me is not selling and looks like from the mortgage the Owner wants they'd fare better renting to someone who has a Housing Choice Voucher. At least this would be a on time guaranteed way to get paid.

Considering this option can be beneficial for a year lease till the Market climbs out of this recession. Also please note that the Home Ownership program allows a Voucher holder to use their Voucher on the Mortgage. This means Owners can see the possibilty of selling instead of renting.

Another thing that will make a difference, when I am looking for homes the pictures say a thousand words. I've seen listings where there isn't enough pics or the quality was unappealing. For the price,I believe this is the gate to making the home interesting enough to go see! More than words.

I hope you resolve this problem soon....Goodluck Hedi,
... more
0 votes 10 answers Share Flag
Wed May 13, 2009
Dennis Toomey answered:
Amy

Have you taken all the educational requirements and passed the state test? Give me a call and we can discuss details.

Dennis Toomey
RE/MAX TERRITORY
Cell (847) 338-0180

Fax (847) 956-2844
E-mail: dtoomey@remax.net
Web site: http://www.HouseByZip.com
... more
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Fri Dec 19, 2008
Heather answered:
Thanks! We found it just a few days before you posted this.
0 votes 2 answers Share Flag
Thu Dec 18, 2008
Louann Mueller answered:
No, definately not! I've had some of my best open houses in the worst snow storms you can imagine! You may get less visitors, but they may be more serious. It takes a serious buyer to treck through the snow and slush. Talk to your REALTOR, see what your area's average market time is, if you are past that you may want to drop your price a bit to "stir the pot". An old rule "8 Showings should equal 1 Offer"...what is your feedback from the buyer's agents? Can you change what they didn't like? Also, google your address...you should be all over the internet, if not speak to your agent. Are you telling everyone your house is for sale? Bring fliers with you everywhere you go! Don't give up, you can do it! ... more
0 votes 7 answers Share Flag
Wed Oct 22, 2008
Jeff Konstant answered:
"many sharp Realtors know that the first buyer is rarely the one who closes escrow. "

You're not serious are you?
0 votes 7 answers Share Flag
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