About Chicago's Jefferson Park

I am currently working on getting a Chicago short sale contract ready to submit to my client's lender for approval. What most Sellers and buyers do not understand is that the banks want a complete package. A complete package means that the disclosures are initialed and signed.

Right now, on this Chicago Short Sale, I have a buyer's agent who has her buyer's stating that they have received reports for lead base paint and yet, my client (the seller) is stating that she has no reports. That causes a problem with the file and is one of the reasons why a Chicago Short Sale can be put to the bottom of the stack of 600 files real fast.

I have mentioned this not once but three times to this buyer's agent with marks where the buyer(s) need to clarify or pull off the initials stating that they received something when they didn't.

The biggest one is that in Chicago Short Sale the Tax Pro-Rata is 100% and yet this agent wants to push 110% even though my seller has changed the contract to 100%, the buyer's agent wants us to submit their original contract. Now, who am I representing? The Seller. Not the Bank and not the Buyer. However, I do know that the bank will put a stall on the file with 110% on the tax pro-rata.

Can this tax pro-rata wait until the attorney approval is over? This buyer is asking for the attorney approval to be done after the bank sees the entire contract and that pretty much locks the buyer in for the final say as to what is going to or not going to happen in the file.

Your safest bet is to be working with a Realtor who has handled Chicago Short Sale successfully and knows how to submit your offer the the listing agent or if you are the Seller, to have an agent who cross their "t's" and dots their "i's" because at the end of the day, just because you like an agent, doesn't mean that they can accomplish a successfuly Chicago Short Sale.

Dear Barb: I received a letter from the bank saying that I was behind in my mortgage payments, but I am not. They are saying in this letter that a deficiency judgment may be obtained from me to collect the balance of the loan. What is going on?

Signed, Stressed Out


Dear Stressed Out,

The first thing I would do is to reach out to your bank and find out if the letter they sent you was in error. Make sure that you get their name, the time and date that you called and the conversation covered and also the remedy that they are suggesting. Also, if it is a mistake, get something from them in writing so you have it for your file.

However, for some reason, if you are behind in your payments and didn't realize it, ask the bank to send you a print out of your activity or, if you are able, go online and look at your payment schedule with your lender.

If you find that you are behind on your payments, discuss with the bank your options. If you can afford to repay the difference over the course of a couple of months, then discuss that with them. If you can't afford to repay the difference over the course of a couple of months, then ask them what are your options.

Let me know how it goes with the bank.

Jefferson Park Market Statistics

For information on homes sold & available in Jefferson Park or any area in Illinois, call 866-892-7226.

Goran Utvic, Chicagoland Realtor
www.SearchWebHomes.com

Under Contract

List Price Range # Listings Avg. Days on Mkt Less than $149,999 3 91 $150,000 - $199,999 3 83 $200,000 - $249,999 5 365 $250,000 - $299,999 9 231 $300,000 - $349,999 5 189 $350,000 - $399,999 2 317 $400,000 - $449,999 2 51 $450,000 - $499,999 1 85 $550,000 - $599,999 1 373 $600,000 - $699,999 1 496

Under Contract Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 32 221 $287,450 $303,356 $649,900 $127,900 $9,707,400

Active Listings

List Price Range # Listings Avg. Days on Mkt Less than $149,999 18 198 $150,000 - $199,999 20 215 $200,000 - $249,999 22 294 $250,000 - $299,999 54 181 $300,000 - $349,999 47 204 $350,000 - $399,999 43 218 $400,000 - $449,999 12 113 $450,000 - $499,999 13 136 $500,000 - $549,999 7 125 $550,000 - $599,999 4 99 $600,000 - $699,999 4 202 $700,000 - $799,999 1 355 $800,000 - $899,999 1 355 $900,000 - $999,999 1 64

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 247 199 $310,000 $325,437 $950,000 $89,900 $80,382,899

Sold Properties

Sold Price Range # Listings Avg. Days on Mkt Less than $149,999 1 301 $150,000 - $199,999 3 106 $200,000 - $249,999 2 220 $250,000 - $299,999 2 42 $300,000 - $349,999 3 368 $350,000 - $399,999 2 34 $550,000 - $599,999 1 344

Sold Properties Summary

# Units Avg. MT Median Sold Price Avg. Sold Price Max. Sold Price Min. Sold Price Total Volume 14 190 $265,000 $284,561 $596,000 $130,000 $3,983,850