Short Sales...and Pork with Passion
Short Sales first...
To say they are challenging may be a slight understatement...
No matter how many of these we do I still get an immense feeling of satisfaction when we get an approval letter from a bank or better yet... from 2 banks.
Many questions, tactics, approaches surround short sales. And in spite of new regulations they seem to move thru the system sporadically. That said, I love em. There is little else (in my opinion) in this industry that brings this sort of gratification from assisting others.
Helping a distressed homeowner get out from underneath a situation (divorce, job loss, etc...) and keep them from facing foreclosure is extraordinarily emotional and bringing a positive result to the table is the best outcome in an otherwise negative situation. The current transaction we wrapped up today basically consumed most of the last 7 days of my life...plus a large chunk of the last 3 months. It was in the hands of the foreclosure attorneys-- and it closed with literally hours to spare on the date set for the foreclosure sale. Mind you -- they are not all this dramatic but they are all emotional and liberating. To date (10.5.10)we have managed to keep over 1 million in property off the foreclosure books in O'Fallon IL alone. If things continue, that number should reach 2 million by the end of the year...OK much of this depends on the banks.. but one can hope.
The numbers are still staggering and will continue to rise.
"Today, nearly 1 out of every 6 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify your options. Foreclosure can be avoided, your credit can be saved, and your financial future can be salvaged"
Actually that quote may be a bit understated and with the new wave of mortgage rate resets on the horizon they will surely not decrease anytime in the immediate future.
For more info on this click here
As promised and on a far lighter note, last weekend was the annual "Pork with Passion" event in downtown O'Fallon. A bit of video follows.
While the Real Estate Market has cooled a bit as of late (there have been 15 closings in O’Fallon in September 2010 compared to 29 for this same period last year) there was plenty going on in O’Fallon this weekend. St. Clare had their Annual Oktoberfest along with a 5K run:
The Strange Folk Festival made a return to O’Fallon over the weekend; despite the wet weather the event was well attended.
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As mentioned above the closings have dropped off considerably in just 30 days however a true picture will have to wait until the end of the month when the final numbers come in. The good news is that things are still in fact selling with 41 homes currently under contract. The average list price for those homes is $199,981. This number is a bit high as one of these homes was listed for $790,000. Removing that one from the equation brings the average down to $185,139.
O'Fallon IL Home of the week: 123 Slazenger!
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A quick hit for what's going on in O'Fallon as far as the Real Estate Market is concerned and a Gnome sighting.
At a glance for September (so far) 2010 O'Fallon IL.
Number of homes currently for sale: 249
Number of homes currently under contract: 63
Number of homes that have closed: 9 (Sept 1-20th)
Average sales price : $164,481
Average Market time: 124 Days
Full report to follow soon.
The gnome has returned...
If you are in town this weekend be sure and visit the Strange Folk Festival. It runs September 25th & 26th at the community park(downtown) from 10:00am-6:00pm.
Missed the RE/MAX Preferred electronic recycling drivelast month?
Mayor Gary L. Graham is pleased to announce that a Electronics, Computers, Appliances and Surplus Equipment Recycling Event will be held in O'Fallon on Saturday, October 9, 2010 from 8 a.m. - 1 p.m. at Carriel Junior High School, 451 North Seven Hills Road. The event is hosted by the City of O'Fallon and the O'Fallon-Shiloh Chamber of Commerce in conjunction with WITS, Inc.
For those of you who will be gone... there is this tiny little race on 10-10-10 that I know many of you are training for...feel free to drop items off at our office 1668 Windham Way in O'Fallon the week prior. We will get them delivered for you. On that same note...to all you runners who are Chicago bound good luck on your last 20+ miler in the next few weeks. It has been a pleasure running (no pun intended) into many of you over the summer training season. Let's hope for cooler weather on the 10th! Hope to see you there.
Back to recycling, details are below for Oct 9th:
During the event, there will be no fee to recycle small electronics (computers, monitors, printers,VCR's, stereos, etc.) and a $5 fee will be charged for each large electronic item or appliance (working TV's 24" & larger, washers, dryers, dishwashers, refrigerators, air conditioners, etc.). Items that will not be accepted include paint, tires, chemicals, non-working TV's, console TV's and household furniture.
Items:
· Computers, monitors, printers, cables, keyboards, mice, etc.
· Office equipment, business equipment and machinery including most furniture and operations equipment
· Networking equipment, server telecommunications, phones, cell phones, clocks, etc.
· VCRs, stereos and audio/video equipment including cable/satellite
· 24" and larger WORKING TV's ($5 fee)
· Home electronics, blenders, toasters, irons, etc.
· Washers, dryers, dishwashers, furnaces, etc. ($5 fee)
· Medical equipment and all types of diagnostic equipment
· Electrical, cabling, communication machinery and equipment
· Industrial machinery and equipment including power and gas equipment
· Lawn equipment, tools, old mowers, tillers, etc.
· Air conditioners, refrigerators, humidifiers and other Freon-containing devices ($5 fee)
· Old motors, transformers and other electrical equipment
· Car and household batteries and lead items
· CD's, VHS, DVD, Cassette, DAT and all types of data tapes
Unacceptable Items: Paint, tires, chemicals, non-working TV's and console TV's, and household furniture.
WITS, Inc. is a non-profit organization established in 2002 that recycles/refurbishes electronics, computers and surplus equipment for local/national businesses and residents by fixing or replacing what may be broken and putting it back into the community for educational use. This keeps the used equipment out of the landfills and provides those in need with the technology to accomplish their educational goals. Any items or parts that WITS, Inc. cannot reuse are recycled appropriately at their facility. They have a 0% landfill policy. For more information on WITS, Inc., see their web site at www.witsinc.org.
What goes up...must come down. As numbers tumbled nationwide the (sharpest drop in history at 27%) after the tax credit original expiration of June 30, 2010 something odd was going on in O'Fallon IL. While it is true that numbers did go down slightly from June to July - they went back up (+15%) in August...actually it was the best August since 2006.
So while there are areas that continue to slide, O'Fallon IL seems to be holding on and in fact increasing despite the economic climate and depressed housing market. On a broader, but still local view, things have increased for the entire county over last month (despite what the local paper would have you believe). In July there were 480 closings in St. Clair County, and in August that number climbed to 500. Not staggering numbers however, that is roughly 2.8 million in housing inventory off the market.
On to the Market Update!
O'Fallon IL Real Estate Market Update for August 2010:
In August 2010 47 homes closed in O'Fallon IL. As mentioned above this is the best August in 4 years.
Average sales price for these homes was $213,607 and average market time was 151 days.
August was in fact the second best month so far in 2010 only beaten out by June (with the much talked about tax credit in place) by 2 homes.
Year to date numbers also look very promising as we are 29 homes ahead over this same time last year.
Price range is the one consistent again this month with 83% of all closed homes falling below the $300,000 mark.
With 49 homes currently under contract things look promising at least for the immediate future. Stay Tuned...
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