is the sale price really 499K? Is this a short sale or a foreclosure? Thanks.

Asked by Krishna Kalyan, 60126 Mon Feb 2, 2009

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This question is about this property: http://www.trulia.com/property/1068670377-1037-Deer-Glen-Ct-…

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4
Cathy, , Illinois
Thu Feb 19, 2009
Deerglen Estates is a beautiful area, mature trees, lots of wildlife and the close knit residents really take great care of their properties. My husband worked in the power industry for many years and let me assure you there is no need for any concern regarding the power lines. In the summer time when everything is in bloom you won't notice the power lines. Anyone who picks up a home less than $600K in this professional neighborhood is getting a terrific deal...jump on it! This home sale is the result of an employee of Proctor & Gamble being relocated, it is not a short sale. I would suggest speaking with a few of the neighbors in the area and base your opinion on that.
0 votes
Jeff Adams, Agent, Glen Ellyn, IL
Tue Feb 3, 2009
As you may be aware, any sale where the seller's proceeds are not enough to cover all of their liens would be considered a short sale.

That doesn't always mean that a potential buyer would be subjected to the short sale process, if the seller is going to be making up the short fall.

E.g. if you're buying a house for $100,000 and the seller owes $110,000, there is no reason (other than not having the cash, of course) why they couldn't pay the $10,000 to the bank to satisfy their mortgage, along with any other closing expenses, out of their own pocket. While this would meet the definition of a short sale, this wouldn't be a typical short sale where the buyer is expected to patiently wait months to get an answer from the bank either accepting or rejecting the short sale.

Since this home is not being marketed with any disclosures regarding short sale, if I had an interested client, I would be sure to raise this issue (the apparent $569,000 in liens on the house vs. an asking price of $499,000) with their listing agent before submitting an offer, just to determine the truth of the situation.

Now, I know you're asking this question because the asking price, for a reasonably new home, in Glen Ellyn, sure seems like a bargain. Remember the first rule of real estate: location, location, location. Deer Glen Court is very close to the high tension power lines that run across Swift Road. That being said, compared to the sales that have taken place on Deer Glen Court, this home is aggressively priced, even in this market.

If you are not already working with an agent, I'd be more than happy to meet with you to show you this home or to discuss other homes in the area that meet your needs.

Best wishes,

Jeff Adams
Realtor
RE/MAX Suburban
http://www.jeffadams.illinoisproperty.com
441 Taft Avenue
Glen Ellyn, IL 60137
(630) 790-1776 x 231 – office
(630) 362-9389 – cell
(630) 281-5961 – fax
0 votes
Ekerry.com, , Wheaton-Glen Ellyn
Tue Feb 3, 2009
The liens recorded on this house total 569k. At 499 is a good deal but 470k is even better. If you wanted to spend a little more there's a better home on Anthony for 578k but the taxes are 18k. That home was near a million at one time. A tax adjust may be in order after the home closes.

I'm ready when you are.

Jim
Web Reference:  http://ekerry.com
0 votes
Laura Karamb…, Agent, Downers Grove, IL
Tue Feb 3, 2009
Krishna-

Yes, that is really the price on this home....499,900. It is not a short sale or a foreclosure but is owned by a relocation company. This home was originally priced at 619,000 back in September 2008. It was built in 2005 and closed in 2006 for 589,000.

Some of the features are granite counter tops, cherry cabinets, hardwood floors, stainless appliances, fireplace and is located in a cul-de-sac.

Let me know if there is any more information you need or if you would like to view this home.

Take care.
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