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.
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.
Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233
U
gh, 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.
Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233
There were 60 home sales in Joliet IL over the last 30 days. Of those 60 homes that sold 43% of them were short sale or REO properties.
The difference in the number between short sales and bank owned properties in Joliet IL is somewhat alarming. 40% of the homes were actual bank owned foreclosure sales, while only 3% of those sales were short sales.
The discrepancy in this number can either be attributed in the difficulty of getting a short sale accepted by the lender, or because more and more homeowners are simply walking away or giving up on trying to avoid a foreclosure.
The range in home prices that closed in Joliet IL over the last 30 days was $26,500 - $479,000
Julie Ferenzi | Realtor®
Joliet IL Homes
630-673-6233
The Plainfield IL home sales for the last 30 days from April 15th, 2009 through May 15th 2009 are now more than 50% short sales or foreclosure sales.
That's great news for buyers... but it's bad news for the economy and the real estate market in general. It means things aren't getting any better for homeowners in foreclosure, and homeowners who are current on their mortgages are losing the value of their homes at warp speed.
42 of the 82 homes sold were either foreclosed or bank owned homes, or short sales.
The price of homes sold in the last 30 days ranged in price from $119,000 to $430,255. Surprisingly the home that sold for $119,000 wasn't actually a distressed property. It was a small 2 bedroom ranch, sold by a motivated seller. The bulk of the short sale and bank owned properties that sold were definitely in the lower end of the price range, and the homes that sold in the higher price brackets were regular residential home sales, which makes sense.
Buyers have a great opportunity to purchase a lot of home for the money in Plainfield IL right now. The downside to making an offer on a bank owned home or a short sale listing is that there are often multiple offers on these homes, (especially the ones in great condition) and the wait time on a response for a short sale can take anywhere from 4-10 weeks to get approved.
There is definitely an upside to buying a foreclosure or short sale is priceless in a market like this. Buying below market value, while prices are still declining, offers a little more protection from depreciation than paying retail prices. The biggest difference will be in the amount of work you may need to put into the house to make it compare to some of the retail priced homes.
Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233
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I am a licensed real estate agent and Realtor® in Plainfield lL. I love working with first time home buyers, renters, and have 4 years experience in foreclosures and short sales.
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