Plainfield, IL

This whole short sale business has my nerves on end. I've got between 1 and 2 homes closing every month since I've filled the pipeline, but wow... I swear I learn something new every single time.

I've been too busy to blog. Not only is real estate keeping me busy, but I do have 5 young children that keep me pretty busy too, lol! Despite the fact that my head is spinning and my nerves are shot, I thought it was worthwhile to stay up a little later tonight to write this post.

One of my properties was supposed to close on Thursday, after a long process for an approval from Wells Fargo on both a 1st and a 2nd mortgage. The buyer held off on the inspection until the final approval came from the bank (in Illinois buyers have 5 business days from the bank's approval).

Upon the inspection, despite the fact that I have been trying to keep tabs on this vacant property, the battery in the thermostat died. The heat hadn't been on for several days, but as many of us know ,we've had a record breaking winter with snow and cold... when the Village of Plainfield met the FHA inspector and the property inspector there this morning the flood gates were open.

Water poured from the light fixtures, the seams in the drywall, the floor boards...

After some scrambling on both sides (thanks to the best selling agent I could have ever hoped to have on the other side of this transaction!) and thankfully to the buyer who is a contractor, who was willing to do the repairs tonight so we could have the property re-inspected tomorrow, it will pass the FHA inspection and the financing issue was resolved.

The closing is on for Thursday. Whew! This one was definitely by the skin of our teeth. (and I'm still not counting the chickens yet.)

BUT, not before I spent 2 hours in my car waiting for the sellers to show up to have a Power of Attorney notarized, along with the Deed to the property... only to find out the seller does not have a drivers license or state I.D. that I told him he needed almost every day for the last 3 weeks.

Now I have to meet the seller at his work at 9:30 am to get all of the paperwork from him to bring to the closing, 1 day off schedule. I also had to pay the lien from the village for the water bill out of my own pocket to clear the title.

Here's what I learned this go-round about short sale listings... especially as they are taking longer and longer to get approved:

• Winterize all vacant properties October 1st, NO MATTER WHAT!

• Get P.O.A. early if you will need it to close. Never trust a seller to the follow through at the finish line.
  

• Prepare a disclosure that requires complete seller cooperation to complete the short sale once the property is under contract with a buyer. Any breech of contract can and most likely will have legal and financial implications.

• Change the batteries in the thermostat upon signing the listing.

• Require the sellers to keep all the utilities on in their name upon signing the listing.

• Inform the sellers that they are required to pay for all liens on the property prior to closing.

Bend and sway. That's my motto.

Without it, I would certainly break.

There are no guarantees when it comes to short sales, but I've got an excellent record of having my short sales get approved. I hire professionals to negotiate my short sales and work hard to make sure my sellers have the best opportunity to avoid having a foreclosure, and to keep from having their defaulted loan affect their credit any further.

Short sales in Plainfield IL take anywhere from 3-6 months to get bank approval. My quickest response being just 4 weeks, while my longest negotiation took just over 6 months. Negotiations not only depend on the lender, but also on the individual investor who financed the loan through the mortgage servicer.

I take the stress of facing foreclosure off the shoulders of homeowners. There are no guarantees in dealing with short sales, but I've got a great record. With the exception of one home in Oak Park, I've gotten approvals on every short sale listing I've ever taken. The only reason the home in Oak Park did not close was due to zoning and appraisal issue with the village, that ultimately prevented the sale.

I have a system that takes the guess work out of getting the bank to see the value in accepting less than what is owed to them vs. waiting until an auction date is set, especially in the Midwest where winter can reek havoc in a non-winterized property that sits vacant through harsh climates like here in the Plainfield IL area.

Call me at 630-673-6233 to confidentially discuss your situation. Feel free to ask questions and see if a short sale makes sense for you and your family. I'm here to help, and I have answers for those tough questions.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Time is running out in Plainfield IL for buyers to take advantage of the first time buyers tax credit of up to $8,000. If you are a first time home buyer you need to close by November 30th, 2009. This poses a big problem for buyers that are tangled up in short sales because there is no guarantee of if and when those contracts will close.

The inventory of homes available has dramatically decreased in the last 3 months since the details of the first time buyers tax credit were announced, but there are still great opportunities for home ownership available.

I can help you take advantage of the first time buyers tax credit by searching for homes that are not short sales and that are available for a quick close in Plainfield IL, by sellers who are motivated for an offer on their property! I’m clearing my schedule for qualified buyers to take advantage of this amazing opportunity before time runs out.

Call me today so you can get into your new home in Plainfield IL by November 30th… and get your first time home buyers $8,000 tax credit!

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

On Aug 31, my short sale listing in Plainfield IL closed. What seemed to be a long process with many hurdles finally came to an end. In this case, the process took a bit longer because there was a private mortgage insurance company that also needed to approve the short sale. In addition, the bank's negotiator was somewhat unorganized -- let an approval letter and BPO expire -- not good.

The seller owed $260,000, and the short sale was approved for $190,000. It took 120 days from receipt of contract to close.

The success also came from everyone being patient and working together. The buyer's agent was very understanding and great to work with, the buyers were extremely patient -- even had a wedding in between -- the attorneys were the glue that held everything together.

Yes, short sales are a lot of work but in the end, are very rewarding -- with one less foreclosure on the market and to hear the grateful words of seller -- out weighs all the work.

More posts on Short Sales:

Fannie Mae Guidelines favor Short Sales

Short Sale - Do you Qualify?

Short Sales...Not for the Impatient.

Buyers/Buyer's Agents ~ Don't be scared off by Short Sales....

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997. Maria can be reached at (630) 248-6077 or email: mmastrolonardo@wowway.com

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

Ugh, I HATE short sales… and no, it’s not because of the all the extra paperwork or problems that come with the process. It’s heartbreaking to see families have to leave their homes behind and start over.

I have 5 kids, and because of what I do, I lay awake every night wondering what we would do if we had to pack up everything we have, and give up everything my husband and I have worked for simply because our house was no longer worth what we paid for it, and we could no longer afford it.

I have listed 4 homes this year for friends who are behind in their payments. Friends, who 18 months ago… would never have imagined themselves in this situation.

A few months ago my daughter and I watched the American Girl movie, Kitt Kittridge, about the Great Depression. I had no idea at the time that was exactly the future we were facing, but it’s very real.

Children my kids went to school with last year won’t be returning to their schools this year. This is incredibly sad. Neighbors are abandoning their homes. My subdivision is lonely, and it’s all because the government screwed up.

When this all started last year, I was bitter because I thought that short sales were the “get out of jail free” card that homeowners who “bit off more than they could chew” were getting away with, but that view point has changed dramatically over the last few months.

I’ve been showing homes for the last 3 months to buyers and it’s becoming increasingly difficult to not notice the personal touch of happier times of these abandoned homes.

Sports themed or Disney Princess decorated bedrooms, abandoned toys, swing sets in the back yard… and of course, the family portraits. That’s what kills me the most. I can only imagine the pain contained with the walls I am peddling.

“The American Dream”. Abandoned. Given up on.

I never finished college, although I’m close, I always imagined myself in a position of helping others. By doing short sales, I give people hope in getting closure in their current financial situations… and I do it with compassion.

If you are behind in payments, I can help… and I can do it with dignity! Call me.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233