You have a complete Short Sale Package and now your ready to submit it to the Loss Mitigation Department of the Bank. While you may be happy to get this to the bank…
The Loss Mitigation Department may not be as happy as you.
Each file handler in a loss mitigation department handles about 300-500 Short Sale Files and may look like this..
Because of the number of files they receive they will do anything they can to reject a Short Sale file.
Be prepared it takes a long time to get your file reviewed.
How much is your home worth today?
Depending on which county you live in your home has lost between 22%-42% of its value since 2007.
(Information provided in the table below comes from the MLS)
| County | Avg Price 2007 | Avg Price 2008 | Avg Price 1st Qtr 2009 |
| Cook | $377,370 | $327,801 | $231,606 |
| % Decline | 0% | 13% | 29% |
| Lake | $430,467 | $378,877 | $282,680 |
| % Decline | 0% | 12% | 25% |
| McHenry | $284,958 | $257,313 | $212,640 |
| % Decline | 0% | 10% | 17% |
| Kane | $299,724 | $275,390 | $208,937 |
| % Decline | 0% | 8% | 24% |
| Dupage | $449,508 | $415,413 | $357,122 |
| % Decline | 0% | 8% | 14% |
| Will | $286,961 | $266,858 | $221,381 |
| %Decline | 0% | 7% | 17% |
Information comes from the MLS.
More striking is the percentage of pre-foreclosure and foreclosures sales for the first quarter of this year.
4 out of 10 sales in the first quarter of 2009 was a pre-foreclosure or foreclosure sale.
For every Short Sale sold there was an equal number of Bank foreclosure sold in the first quarter of 2009.
| County | # of Single Family Sales | # of Short Sales | # of Bank Foreclosures | Percent of Total |
| Cook | 3,559 | 762 | 743 | 42 % |
| Lake | 707 | 151 | 119 | 38% |
| McHenry | 340 | 89 | 51 | 41% |
| Dupage | 712 | 147 | 87 | 33% |
| Kane | 462 | 142 | 63 | 44% |
| Will | 776 | 176 | 162 | 44% |
Information comes directly from the MLS.
The number of homes in pre-foreclosure or foreclosure appears to be the focus of most people these days and for a number of reasons.
First, the shear number of homes in foreclosure is growing everyday.
In Cook County 20% of all active listings are either pre-foreclosure short sales or bank owned foreclosures.
| County | # of Active Listings | # of Short Sales | # of Bank Foreclosures | Percent of Total |
| Cook | 24,440 | 2,995 | 1,801 | 20 % |
| Lake | 6,532 | 594 | 325 | 14% |
| McHenry | 3,153 | 302 | 169 | 15% |
| Dupage | 6,175 | 565 | 293 | 14% |
| Kane | 4,265 | 473 | 245 | 17% |
| Will | 5,445 | 532 | 306 | 15% |
According to Realty Tracs February 2009 report on Foreclosures.
Illinois is listed as the 7th largest in terms of the number of home foreclosures.
| State | Rank | # of Homes in Foreclosure |
| Nevada | 1 | 1 in 70 |
| Arizona | 2 | 1 in 147 |
| California | 3 | 1 in 165 |
| Florida | 4 | 1 in 188 |
| Idaho | 5 | 1 in 358 |
| Michigan | 6 | 1 in 360 |
| Illinois | 7 | 1 in 369 |
| Georgia | 8 | 1 in 389 |
| Oregon | 9 | 1 in 446 |
| Ohio | 10 | 1 in 451 |
I have dedicated over a year to designing a new website. I am proud of it and hope you will visit it. http://www.ilrealestatespecialists.com " The Number 1 Source for IL Foreclosures"
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