Is this condo still available??

Asked by Stephanie, Morton Grove, IL Tue Jan 13, 2009

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Heidi, , Barrington, IL
Tue Nov 10, 2009
If you are asking about the property at 1931 N Hicks Road, Unit 213, then the answer is that it is under contract as of 7/10/09. It is a short sale property, with a list price of $89,900.

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Anna Niklarz, Agent, Arlington Heights, IL
Wed Jan 14, 2009
Yes, this unit is still available, it needs new carpet, new paint, closet doors. There is also few others in that subdivision and area ... short sales and foreclosures. 2 bedroom and 2 bathroom units like this one (foreclosure and short-sale) sold for 85,000-114,900.

I will agree with Chuck's answer in regards to choosing an agent who understands the process of Short Sales and Foreclosures. I will also agree with his explanation of a short sale, however while the authorized party will try to negotiate the short sale on behalf of the seller and buyer (usually the seller's agent or seller's attorney), it is not uncommon for the lender to counter-offer much higher than the buyer's offer, and sometimes even higher than the listing price set by the seller's agent.
It is also a possibility that 1-3 months will pass by and a short sale will get rejected by the lender. Short sales are a little tricky, it makes a difference if there is one loan or two loans, if there are two (80/20 loan or 90/10 loan) the short sale needs to be negotiated with both lenders. On the other hand if it's a 100% financing the lender needs to get an approval from the mortgage insurance company. Also, it is a different process for conventional loans and for FHA loans. Short sales can be a good deal, but they can also be a big waste of time, and sometimes money if the buyer is not guided by an expert.

Foreclosed properties on the other hand, are a done deal and much easier and quicker to negotiate and close, however one must also understand that there might be additional fees involved, again, working with an expert could prevent additional expenses.

I've noticed you are from Morton Grove, I would also suggest Prospect Heights, Mt. Prospect, Rolling Meadows, Schaumburg and Arlington Heights. If you would like a full list of properties offered for sale you can search my web site, or I can e-mail you a list of foreclosures and short sales.

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I am a Certified Short Sale and Foreclosure Specialist!
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Pam Jacobs, Agent, Barrington, IL
Tue Jan 13, 2009
The condo has been on the market for 58 days and is still available. It is a short sale and any deal is subject to lender approval. Similar units in the complex have sold in the $147k to $170k price range. Obviously the unit needs some TLC, at this price you have more than enough room for doing quite a bit of work.

Now for the downside. Since the unit is being offered as a short sale, we have no idea if the listing agent and owner have worked with the lender to prepare the lender for a short sale. In the best scenario, the owner and/or listing agent will have worked with the lender to get approval for offering the home as a short sale. While the lender won't ever give an approval for a specific price ahead of time, they will certainly give some verbal guidance. Typically, when an offer is presented to a lender, it is accompanied by a package (usually prepared by the listing agent, but often prepared by the buyers agent if the listing agent is not able to pull this package together) showing conclusively why the offered price is a competitive price and in the best interest of the lender to take the price now rather than proceeding forward and taking the home through foreclosure proceedings.

Short sales are a great way for buyers to find fantastic deals since the lender knows that if a short sale is not successful....they'll probably end up owning the home and lenders are in the business of lending money, not owning homes.

I'd say your best bet is to find a qualified agent to represent you, move quickly to assess the opportunity and if it's a winner, put in an offer quickly. You'll want your offer to have minimal contingencies and be packaged in such a way that the lender can give you a positive answer!

Who's a qualified agent to work on short sales. Luckily my business partner and wife is Broker and a Certified Distressed Property Expert.

Whoever you decide to work with, make sure they are an expert.

Feel free to contact us or your current agent to move quickly.
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