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Illinois City : Real Estate Advice

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  • Home Buying9
  • Home Selling6
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Activity 16
Tue Nov 5, 2013
answered:
I work with over 40 lenders, so I may be able to get you pre-approved. I would need some more information, feel free to contact me and I can get it started.

Thank you,


Ashley Pimentel
Senior Loan Originator
Market Place Mortgage
246 E Janata Blvd. Suite 220
Lombard, IL 60148
Cell: (630) 217-7013
apimentel@marketplacemc.com
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0 votes 2 answers Share Flag
Thu Mar 7, 2013
Ty Cotton answered:
There's no two properties alike. We do have areas that are considered hardest hit areas. I would highly recommend an appraisal on any property for sale to ensure the pricing is accurate according to the fair market value. I've seen many properties depreciate over the years due to the condition of the property or the decline in the neighborhood. Some were either robbed blind and gutted, others were just trashed and vandalized. In any sense, compare the price drops with the locations and conditions of the homes. Suzie Orman is trying to sell her message!!!


Sincerely,

Ty Cotton
American Patriot Realty
708-699-8945 cell
708-261-0078 fax
cottonrock2@gmail.com
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0 votes 9 answers Share Flag
Thu Mar 7, 2013
Ty Cotton answered:
Absolutely Not!!! If you speak with the agent and they do not fix the pricing contact their managing broker/superior or board immediately! I hope this help.


Sincerely,

Ty Cotton
American Patriot Realty
708-699-8945 cell
708-261-0078 fax
cottonrock2@gmail.com
... more
0 votes 4 answers Share Flag
Sun Aug 19, 2012
Peter Kedzior answered:
If you live in so called "judicial state", the foreclosure process cannot be completed until a judgment is issued against you. Even after the judgement and following "sheriff sale", some states allow previous owners to reclaim their properties (under some very harsh conditions). It is not easy, but it is possible. First you should find out if the lender obtained a judgement, then you may want to hire an attorney to inform you about choices available in your state. ... more
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Thu Mar 17, 2011
Anthony Cavalea IV answered:
I would advise you to get your home on the market sooner rather than later. Come August if your home hasn't sold you'll be wondering to yourself, "What if I had just listed it a little bit earlier?"

Give me a call before you list. I have some great, flexible plans.
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0 votes 12 answers Share Flag
Mon Feb 14, 2011
Marcin Talaga answered:
Laura,

Find an agent you would like to work with and have them prepare a CMA on your property. Make sure they go and check out the foreclosed homes, (ask to tag along), and see what condition they are in. I'm noticing that a lot more people would rather have a move-in ready home, then have to go through the hassle of hiring contractors and performing rehab work. These homes will most likely bring your value down, but if they need significant amounts of work, it may not make a huge difference. Now is a great time to buy, so even if you lose out on your home, you can pick up a steal elsewhere. If you wait another year, chances are your home value won't change anyway and you never know if more of your neighbors might go into foreclosure as well.

Marcin Talaga
Marcin@conlonrealestate.com
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1 vote 4 answers Share Flag
Sat Feb 12, 2011
Dp2 answered:
It's hard to predict the magnitude of the decline, because so many factors (including the release of properties in the shadow inventory, the foreclosure rate, the unemployment rate, the amount of new construction, the oil prices, politics, loan underwriting policy, etc) affect housing prices. Nevertheless, it's pretty clear that the real-estate market correction isn't finished, and prices most likely will continue to decline more in many areas.

Brandon's suggestion works similar to dollar cost averaging for stocks, and it's a method that some investors use to increase the efficiency of their investments. For example, let's say that one sells property A for a loss of $10K, and buys property B for a gain of $20K. The result is a net gain of $10K, and possibly a lower monthly payment (if one acquires B with financing).
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0 votes 12 answers Share Flag
Wed Feb 9, 2011
Joycelewis412 answered:
You may qualify to purchase a home just 1 day after a short sale. A good mortgage broker or loan officer should be able to give you the details.


Check if you qualify for a mortgage. Try www.whywaitbuytoday.com ... more
0 votes 8 answers Share Flag
Thu Jan 6, 2011
Ranj Mohip answered:
You will need to contact an attorney licensed in Illinois to help you with this. It's fairly simple and affordable.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com. ... more
2 votes 2 answers Share Flag
Tue Nov 23, 2010
Scott Godzyk answered:
The bank may be made whole but the PMI company is paying it and therefore your debt switches from owing the bank to owing the PMI company. Hopfully you had a professional negotiator working on your behalf that alos negotaited what will happen with the shorted amount after the sale. if they did not, The PMI company will assess if you own other property or have the ability to pay it back, they could forgive it try and collect it.

Please see my blog with details, advice and tips on getting your short sale approved
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0 votes 3 answers Share Flag
Mon Aug 2, 2010
Scott Godzyk answered:
The bank will have at least 1 if not more appraisals and broker price opinions to determine what the value of the property is "as is" in todays market. They will set the asking price based on current market value. Some banks will list it at market value while osme wil discount that price from 10 to 30% to encouarge offers and a quick sale.

That is why you need to assess what the house is worth in todays market and base your offer on teh value not what the banks asking price is.

good luck with your offer

Please see my blog for information and tips on buying bank owned homes
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0 votes 2 answers Share Flag
Mon May 31, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
If you sell the home the realestate agent gets the real estate commision because of your contract. However, if the property goes to foreclosure sale, you will no longer be the owner and the agent will not get a commision. The bank will list it with a different agent or someone else might puchase the property at the foreclosure sale. Your agent will not be the procuring cause and there is no contact, so there will be no commision paid.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
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0 votes 3 answers Share Flag
Mon Apr 12, 2010
Brandon Schuppe answered:
If your financing clause is a FHA loan then it's automatic that there is an appraisal clause. This is found in the FHA rider. Remember, you're protecting yourself if the home doesn't appraise out. And also remember, the sellers set their asking price and if they feel confident with their price then they should have no problem with you asking for that contingency.

Good Luck.
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0 votes 4 answers Share Flag
Wed Mar 10, 2010
answered:
Hi Mr. Lewis,
You can also, consider re-negotiating with them at a lower price and use the FHA 203K program to complete the repairs needed, if they are willing to bring the price down enough to cover the cost of repairs.

Pan American Mortgage, LLC
Cecelia Marlow - Sr. Mortgage Consultant / Team Leader
http://www.yourhomeloanpartners.com
http://www.mortgagetrainingforrealtors.com
http://www.myhomebuyereducation.com

877-588-6956 Toll Free
888-842-9732 Fax
773-782-6000 Direct
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