Chicago Short Sales & Avoiding Foreclosure

Chicago Short Sales| Bank Of America Short Sales| Bank Of America Short Sales Package

CHICAGO SHORT SALES| BANK OF AMERICA SHORT SALES DOCUMENTS

In todays Chicago Short Sales blog post, I am covering what documents are required by Bank Of America for their Short Sales Package.  If you are a loyal reader of my Chicago Short Sales blog or one of my clients, you  are well aware of what a short sales package is, what documents are usually involved and how every bank has different requirements.

Currently, Bank of America is the leader in quantity of short sales deals ( They can thank Countrywide bank and the United States Government) They are swamped with short sale requests. The Bank of America Short Sales Package is definetely not shy of paperwork. If you are going to be doing a short sales with Bank of America,  you are going to need the following

Bank Of America Short Sale Documents Needed

1) Last Two Year Tax Returns
2) IRS Form 4506-T
3) W-2
4) Last two months of Bank Statements (All Pages)
5) Hardship Letter
6) Financial Analysis Breakdown
7) Utility Bills
8) If you have been laid off, you are going to need documentation of this
9) Property Tax Bill
10) Last Two Check Stubs
11) Profit & Loss Statement If You Were|Are Self Employed

These are the documents you are going to need to provide to your realtor. Do not wait until you receive a offer on your property to get the ball rolling on getting all the documents needed for your short sale. BE PREPARED!!! 

In addition to the above documents you are going to need to provide, your realtor is also going to have to send the:

1) Listing Agreement
2) Signed Purchase Contract
3) Buyers Information with the buyers names, addresses, birthdays and social security info
4) Comparable properties
5) The Listing History of your property
6) Preliminary HUD1 Statement 

Dont lose your home to foreclosure!! Let my Chicago Short Sales Team help you avoid foreclosure and all the negative aspects a foreclosure brings.  Contact us today to schedule a Free and Confidential consultation to see if a short sale will work for you!  All you have to lose is Phone Call or Email!

Promissory Notes and Short Sales| Chicago Short Sales| Prudential Rubloff| Prudential Rubloff Short Sales

 

PROMISSORY NOTES AND SHORT SALES| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF| PRUDENTIAL RUBLOFF SHORT SALES

Promissory Notes is todays Chicago Short Sales Post Topic! The Chicago Short Sales market has seen a few trends pop up over the last few years. One of them being the increase in the amount of promissory notes being requested by PMI companies and Lenders. This basically means that alot more home sellers are not walking away scott free after a short sale any more.  A promissory note is a writeen promise to pay back a loan or debt. 

With the increasing amount of Chicago Short Sales and Foreclosure properties, its not a complete shock that PMI companies and Lenders are asking the borrowers to sign Promissory notes to pay back a certain amount of money.  In many instances, promissory notes are for reasonable amounts, can be paid back over a number of years (usually 5-10 yrs) and are unsecured loans.  

It is important to let a seller know that it is getting more and more difficult for homeowners to walk away completely free with short sales now, especially if PMI is involved.  The PMI companies are notorious when it comes to asking for Promissory Notes. The reason PMI companies ask for Promissory notes is that there is no risk to them in asking.  The PMI companies will have to pay a clain regardless if you short sale or foreclose! it would be ideal to walk away completely free from your short sale, but signing a promissory could be a much better option than a foreclosure.

My personal take on Promissory notes is this.  If you had to short sell your home and the lender took a $100,ooo loss on the property don't be surprised if a lender/pmi company agree to want you to sign a promissory note to help recoup some of their losses. In many cases the promissory notes are very reasonable and signing a promissory note is a much better alternative to a foreclosure in most instances.! Yes there are instances where PMI companies and Lenders ask for a ridiculous amount of money for a Promissory Note (these are the promissory notes that are getting all the bad press) 

We recently closed on a chicago short sale property for one of your clients.  The lender agreed to the short sale and incurred a $90,000 loss.  The PMI company wanted our client to sign a $8000 promissory note to be paid over 6 years at NO INTEREST.  My client happily signed the note and was able to get on with her life!

If you do agree to a promissory note, there is one very important aspect to consider. If you default on the promissory note, then your credit could be affected as much as if you actually foreclosed!

Jim Kontos
Senior Broker--Chicago Short Sales Expert- Certified Short Sales Expert
PRUDENTIAL RUBLOFF
PRUDENTIAL RUBLOFF SHORT SALES
Office 312 264 1176
Cell 630 327 9136
jpkontos@gmail.com
www.mychicagoshortsalesite.com

 

Glendale Heights Short Sales| Glendale Heights Foreclosures| Chicago Short Sales| Prudential Rubloff

GLENDALE HEIGHTS SHORT SALES| CHICAGO SHORT SALES| GLENDALE HEIGHTS FORECLOSURES| PRUDENTIAL RUBLOFF

Glendale Heights Short Sales is the topic of todays Chicago Short Sales post! Glendale Heights is a western suburb about 25 miles west of downtown Chicago. The Glendale Heights real estate market has been one of the most effected by the real estate market and current economy. Home prices have plummeted to never seen before levels and market times are incredibly long. The Glendale Heights Short Sales Rate is one of the highest of all the suburbs.

Glendale Heights Short Sales Data
(As Of April 2012)

Current Number Of Glendale Heights Homes For Sale: 379

Prices Range From: $26,000 -- $495,000

Current Number Of Glendale Heights Short Sales| Foreclosures: 209

Current Glendale Heights Short Sales| Foreclosure Rate: 55%

With a 55% distressed property rate, the Glendale Height Real Estate market is easily one of the most distressed suburban areas in all of Illinois. Unfortunately, I dont forsee a end to the Glendale Heights Short Sales and Foreclosure properties any time soon.

Dont Lose Your Glendale Heights Home To Foreclosure! Let My Chicago Short Sales Team help you avoid foreclosure and all the negativity it brings. We are experience Chicagoland Short Sale Realtors and Banking Professionals. Contact us today to schedule a Free and Confidential Consultation to see if a short sale will work for you! You have nothing to lose and everything to gain!

Jim Kontos
President-Broker-Glendale Heights Short Sales -Chicago Short Sales Expert
PRUDENTIAL RUBLOFF
PRUDENTIAL GLENDALE HEIGHTS
Direct 630 327 9136
Office 312 264 1176
jpkontos@gmail.com
www.mychicagoshortsalesite.com 

Lombard Short Sales| Lombard Foreclosures| Chicago Short Sales

LOMBARD IL SHORT SALES| CHICAGO SHORT SALES

Lombard Short Sales is the topic of todays Chicago Short Sales Post! Lombard is located in the western suburbs and is about 20 miles west from downtown Chicago. Lombard is located adjacent to Oak Brook, Downers Grove and Villa Park. Lombard is home to several corporations, hotels and numerous restaurants and bars. It is also home to the Yorktown Mall.. The Lombard Real Estate market has seen the number of Lombard Short Sales and foreclosure rise every month.

The Lombard Real Estate Market is primarily composed of Single Family Homes. Over the last few years condos have been popping up in Lombard that correlated with the facelift that the Yorktown Mall recieved.  Over the last 2 years, the amount of Lombard Short Sales properties have been increasing every month. 

LOMBARD SHORT SALES DATA
(As Of Feb 2012)

Current Number Of Lombard Homes For Sale: 420

Prices Rage From $35,000 -- $2.5 millions

Current Number Of Lombard Short Sales | Foreclosures For Sale: 97

Current Lombard Short Sales | Foreclosure Rate: 25% 

So basically one out of every four Lombard Homes for sale is a Lombard Short Sales or Foreclosure. These numbers make Lombard one of the most short sales saturated western suburbs 

Dont lose your Lombard Home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the negativity that a foreclosure brings! We are experienced short sales realtors and baking professionals. Contact us today to schedule a Free and Confidential Consultation to see if a short sale will work for you!

Jim Kontos
President-Broker-Lombard Short Sales Expert-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Lombard
Direct 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com

 

Up Front Short Sales Realtor Fees| Do We Charge Them?| Chicago Short Sales

We Dont Charge Up Front Short Sales Realtor Fees| Chicago Short Sales

Up Front Short Sales Realtor Fees is todays Chicago Short Sales Post Topic! A question I always get when my Chicago Short Sales Team meets clients to list their short sales homes is "Do You Charge Any Up Front Fees? My answer to this is Absolutely Not!

There are several Chicago Short Sales Realtors out there who charge their clients Up Front Costs to take their listings.  In many occasions, our clients are in a tough financial spot, hence the fact that they are pursuing a short sale. With this in mind, we dont feel that it is necessary for us to charge anything to our clients for our expertise.  There really isnt a legitimate reason for us to do this, since we do get paid from the banks when we sell the property!

New FTC Law Not Allowing Up Front Short Sale Realtor Fees...Read More Here!

Now it is true that Short Sales do not always get approved no matter how good a short sales realtor is. No one who does a fair amount of short sales can claim to have a 100% closing rate.  When a Chicago Short Sales doesn't get approved for any reason, we dont get paid. We definetely dont like working for free, so it stings a bit when we dont get paid, but that is the nature of the beast and we dont pass the buck on to our clients.  

On average the Kontos Group Short Sales Team closes about 7 out of every 10 short sales. Which is Over Triple the national average! 

Dont lose your Chicago Home To Foreclosure, let us help! We have the short sales and banking experience you need to help you avoid foreclosure and all the negative aspects that a foreclosure brings! Contact us today to schedule a Free and Confidential consultation to see if a short sale will work for you!

Jim Kontos
President-Broker-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Short Sales 
Direct 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com 

there are several Chicago Short Sales Realtors out there to chose from, but only a handfull can get you the results we can get you!

Downers Grove Short Sales| Downers Grove Foreclosures| Chicago Short Sales

DOWNERS GROVE SHORT SALES| CHICAGO SHORT SALES

Downers Grove Short Sales and Foreclosures is todays Chicago Short Sales blog post topic! I am very familiar with the Downers Grove area as I used to work in Downers during my college years at the Marriott Suites. Downers Grove is a  western suburbs located about 22 miles from Downtown Chicago and it is nestled in between Oakbrook and Wheaton.  It is one of the larger suburbs in Illinois with about 50,000 residents and it is home to several major corporations.

The Downers Grove Real Estate market is fairly wide ranging.. You can find homes in prices ranging from $100,000 to $3.8 million. The Downers Grove Short Sales and Downers Grove Foreclosure rate has been holding steady over the last year. Overall, prices have been falling and listing times are at an all time in the Downers Grove Real Estate market .  However Downers Grove Short Sales have been holding steady.

Downers Grove is fortunate in the fact that they are not over run with short sales and foreclosures. As long as the short sale numbers stay where they are currently, I dont forsee it getting worse in this area

Downer Grove Short Sales Data
(As Of March 2012)

Current Number Of Downers Grove Homes For Sale: 580

Current Number Of Downers Grove Short Sales | Foreclosures For Sale: 97

Price Range From $50,000 -- $800,000

Current Downers Grove Short Sales | Foreclosure Rate: 18%

At 18%, the Downers Grove Short Sales and Foreclosure rate is one of the lower distressed property rates in the western suburbs.  Lets hope it stays like this!

Dont lose your Downers Grove Home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the negative aspects a foreclosure brings. We are short sale and banking professionals who are experienced in short sales. Contact us today to schedule a Free and Confidential listing appointment to see if a short sale will work for you!

Jim Kontos
President-Broker-Downers Grove Short Sales Expert-Chicago Short Sales Expert
RE/MAX 1st Class
RE/MAX Downers Grove
Direct 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com 

 we are the right choice for all of your Downers Grove short sales and foreclosure needs!

Rogers Park Short Sales| Chicago Short Sales| Prudential Rubloff| Rogers Park Home Search

CHICAGO SHORT SALES| ROGERS PARK SHORT SALES| PRUDENTIAL RUBLOFF| PRUDENTIAL RUBLOFF ROGERS PARK

Rogers Park Short Sales and Chicago Short Sales is todays short sales post topic!  The northside Chicago neighborhood known as Rogers Park is an area I am familiar with. I lived here for 4 years while attending Loyola University.  Rogers Park is one of the most ethnically and economically diverse neighborhoods in Chicago.  The Rogers Park Real Estate market is made up predominantly of condos, and the amount of Rogers Park Short Sales is skyrocketing! The further north up you go, you do run into some nice beaches  as well!   Rogers Park is located in the far north east corner of Chicago. In terms of ethnically diverse there are over 80 languages spoken here!  Rogers Park is probably most well known for being home to Loyola University's Lake Shore Campus. 

With all this being said, the Rogers Park Short Sales and Rogers Park Foreclosure rate is one of the worst in the entire city of Chicago.  

Rogers Park Real Estate
Rogers Park Short Sales
(As of March 2012)

Total Number Of Rogers Park Homes Currently FOR SALE:  530

Total Number Of Rogers Park Short Sales & Foreclosures For Sale: 210

Current Rogers Park Short Sale & Foreclosure Rate: 44%

So as of Aprile, the current Rogers Park Short Sales and Rogers Park Foreclosure rate is a whopping 44% !!  So we are looking at almost 5 out of every 10 Rogers Park Condos and Home is a distressed property! These numbers are staggaring! This number is higher than the Chicago Short Sales average

Dont lose your Rogers Park Home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the problems that a foreclosure brings! We are a team of experienced real estate brokers, short sale experts and banking executives who know how to get short sales done! Contact us now to schedule a Free and Confidential listing appointment to see if a short sales will work for you! All you have to lose is a phone call or email!!

Jim Kontos
Senior Broker-Chicago Short Sales Expert-Certified Short Sales Expert--Rogers Park Short Sales Expert
PRUDENTIAL ROGERS PARK
PRUDENTIAL RUBLOFF
PRUDENTIAL RUBLOFF ROGERS PARK
Direct 312 264 1176
Cell 630 327 9136
jpkontos@gmail.com
www.mychicagoshortsalesite.com

there are several Chicago Short Sale Realtors out there to chose from, but only a handful of these Chicago Short Sales Realtors have the experience and track record that we have!

 

 

 

 

Naperville Short Sales| Chicago Short Sales

NAPERVILLE SHORT SALES| CHICAGO SHORT SALES

Naperville Short Sales is todays Chicago Short Sales post topic! .. Naperville is one of the largest and most well known suburb in Illinois.. It boasts a population of over 100,000, a great school system, wonderfull downtown area, great shopping, dining and entertainment options!  The naperville real estate market has been one of the most sought after address in Illinois for several years!  With this being said, naperville hasnt been able to escape its fair share of Naperville short sales and foreclosure properties.

The Naperville short sales market has been increasing over the last two years.. If you are looking to pick up a Naperville short sales property, now is the time!

Naperville Short Sales Data
(As of March 2012)

Current amount of Naperville Homes For sale: 1220
 
Current Amount of Naperville Short Sales | Foreclosures For Sale: 230

Current Naperville Short Sales |Foreclosure Rate: 20%

Dont lose your Naperville Home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosures and all the negative aspects that a foreclosure brings! We are Chicagoland Short Sales and Banking experts! Contact Us to schedule a Free and Confidential consultation to see if a short sale will work for you!

Jim Kontos
Senior Broker--Naperville Short Sales Realtor--Chicago Short Sales Expert-- Certified Short Sales Expert
PRUDENTIAL RUBLOFF
PRUDENTIAL NAPERVILLE
PRUDENTIAL RUBLOFF NAPERVILLE
Cell 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.mychicagoshortsalesite.com 

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Another Chicago Short Sales Listing Sold!| 6837 Kenneth| Lincolnwood Short Sales

Chicago Short Sales: 6837 Kenneth, Lincolnwood IL

Another Chicago Short Sales home sold by the Jim Kontos Short Sales Group at RE/MAX 1st Class! 6837 Kenneth is 2bed/2bath ranch style home with a full basement and a 1 car attached garage! This home was only on the market for 24 days!!!! Our aggressive pricing and marketing campaign made this short turn around possible!! 

Our Chicago Short Sales team was able to get this short sales approved and sold in LESS than 3 months!!!  

Dont lose your home to foreclosure!! Let my Chicago Short Sales Team help you avoid foreclosure and all the pitfalls that a foreclosure brings! We have the Short Sales and Banking experience you need! Contact us now to schedule a Free and Confidential consultation to see if a short sales will work for you!

Jim Kontos
President-Broker-Chicago Short Sales Expert-Chicago Short Sales Realtor
RE/MAX 1st Class
Cell 630 327 9136
Office 847 674 9797
Office 312 643 2087
jkontos@remax.net
www.mychicagoshortsalesite.com

chicago short sales realtors, chicago short sales experts, lincolnwood short sales, lincolnwood short sales realtors

Ontario Place Condos| 10 E Ontario| Chicago Short Sales

 

CHICAGO SHORT SALES|ONTARIO PLACE CONDOS|10 E ONTARIO

The Chicago Short Sales rate is skyrocketing in just about every area of Chicago. From Rogers Park to Lakeview, the Chicago Short Sales rate seems to be increasing monthly unfortunately.  One of the condo buildings hardest hit by short sales and foreclosures is the Ontario Place Condos at 10 E Ontario in the Chicago River North area. This building is swamped with short sales

CHICAGO SHORT SALES Data For
Ontario Place| 10 East Ontario
(As of Feb 2012) 

Current Number of  River North Condos FOR SALE @ 10 E Ontario: 10

Current Number of Chicago Short Sales FOR SALE @ 10 E Ontario: 10

Current Chicago Short Sales Rate at Ontario Place: 100%

Prices for these River North Condos range from: $135,000--$165,000

Dont lose your River North Condo to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure! Contact us NOW for a confidential consultation to see if a short sale could help you! You have nothing to lose, and everything to gain by calling or emailing us!

Jim Kontos
Senior Real Estate Consultant-Chicago Short Sales Expert-Chicago Short Sales Realtor
PRUDENTIAL RUBLOFF
PRUDENTIAL RUBLOFF SHORT SALES 
Cell 630 327 9136
Office 312 264 1176
jkontos@rubloff.com
jpkontos@gmail.com
www.mychicagoshortsalesite.com