Mary Braatz, Downers Grove, IL. Real Estate

Are you or one of your loved ones having trouble making your mortgage payments?

When your house is becoming a burden, many homeowners are considering a short sale to move the property. A Short Sale is a situation where the homeowners cannot sell the property for enough money to pay off the existing loans. The homeowner must negotiate with their lender to take less than what is owed.

The following are some criteria which lenders use to determine if a borrower qualifies for a short sale:

1. Bad Health has befallen the borrower or an immediate family member and has crippled their personal finances.

2. Death of a spouse has caused the borrower's income to drop.

3. Divorce has caused the borrower's income to drop.

4. The borrower has been called to active duty in the millitary and cannot pay their mortgage.

5. The borrower's employer has transferred him out of the area and he is unable to sell or rent the property.

6. The borrower suffered a disabling injury and he cannot work.

7. The borrower is unemployed and cannot find a job.

8. The borrower is financially insolvent and cannot pay the mortgage.

The borrower must be able to document hardship. Some items that the lender may request is a personal financial statement, bank statements, tax returns and pay stubs.

There are many possible consequences associated with doing a short sale and the homeowners should not attempt it without first consulting their attorney and tax preparer. Homeowners should also hire a Realtor who is experienced with short sales. I am a certified distressed property expert (CDPE) and have had training through the National Association of Realtors for Short Sale and Foreclosure Resource (SFR.)In the Du Page County area where I work, I have sucessfully completed short sales.

Have a look and see how the Village of Downers Grove coped with all of the snow this week!

We had mail delivered to our door as early as Thursday and Garbage pick up just one day behind schedule!

These Guys Rock!

http://www.downers.us/top-stories/2011/02/04/scenes-from-the-snow-day-after?vdgs=true

Looking for a fun weekend with your family and/or partner? Visit Downtown Downers Grove to see ice sculptures and enjoy a whole weekend worth of activities including a free scrrening of the movie "Happy Feet" at the Tivoli Theatre from 10-12 on Saturday Feb. 12th. Admission to the ice fest is $1.00.

This year we have loads of snow to go with it!

http://events.downers.us/calendar/upcoming-events

It was a dark and stormy night on February 1, 2011. in Downers Grove. It started snowing heavily by mid afternoon. By 7pm it was a full fledged blizzard with 60 mile per hour winds, thunder and lightning. By 7:30 pm my electricity was off...

Fortunately it was restored by 10:30 pm the same night. Thank you Com Ed!

The next morning it was still snowing. It finally stopped around noon on Feb. 2, 2011. Ground Hog Day! The groundhog did not see his shadow, so we will have an early spring! With 21 inches of snow and drifts several feet high, that was a welcome thought!

I am old enough to remember the famous Chicago Blizzard of 1967. It was the all time record of 23 inches of snow. The 2011 Blizzard just came in third, but I think that it was worse, because of the high winds and power outages. The 1967 snow was a soft blanket compared to this.

I just want to say a heartfelt "Thank You" to the workers of the Village of Downers Grove! I am grateful to live in such a well run community! I continued to receive updates from the village via phone, email and text through their emergency notification system. I must say that getting text messages was very handy when my electric was out. They even sent an update at 4 AM! Someone pulled an All Nighter! It was very comforting to get the updates and know that our public servants were out there doing everything possible to get us through this storm.

The streets were plowed in an orderly fashion. Residents without power were notified of two shelters that they could go to. Residents were reminded to keep their faucets dripping to avoid frozen pipes. More than 1200 residents experienced power outages because of high winds and downed trees. Our Mayor, Ron Sandack, notified everyone of updates via Facebook. Downers Grove came through with flying colors! I don't think that I would want to live anywhere else (except Florida!)

http://www.mysuburbanlife.com/downersgrove/features/x170581891/Village-given-high-marks-for-response-to-storm-conditions

Protect yourself when buying a foreclosed property! Over one million homes were seized by lenders in 2010, according to data recently published by Realty Trac, so chances are you may visit some of these homes in your house hunt.

As the foreclosure documentation scandal grows, buyers who may be interested in purchasing a distressed property may wonder if they could have legal issues after closing. Some important points to consider are getting title insurance and getting a survey. If the buyer obtains a mortgage, their lender will require that they have a survey and title insurance, but if the buyer is paying cash it is not required. Title Insurance and a Survey are items that in Illinois are normally paid for by the seller, but banks may be unwilling to pay for them on foreclosed properties. It is in the buyers interest to pay for these items if they must, because Owners's Title Insurance directly protects the homeowner in a title dispute and a survey will provide the legal description of the property as well as showing any easements on the property and building set backs.

Pay attention if purchasing a condo or property that is in an area that has an association. Under Illinois law, a buyer may be responsible for up to six months worth of unpaid association fees.

Another point to consider is the condition of the property. Many of these homes have been abandoned and have not been lived in for a year or longer. Many do not have functioning kitchens or bathrooms. The condition of the property will affect the type of financing that you will be able to obtain. Many of these homes can only be financed with FHA 203K or other rehab type loans. The houses are sold in "As Is" condition. This means that if the property is broken into and the furnace or copper plumbing is stolen you may still be on the hook for purchasing the property.

As a Real Estate Agent in the Downers Grove area and a Certified Distressed Property Expert (CDPE), I strongly urge my clients to hire a Real Estate Attorney to represent them with their purchase transaction. I also stongly encourage buyers to hire a licensed home inspector to do an inspection of the property.

There are so many great deals out there, don't be afraid, be prepared!