Short Sales are still difficult to get closed. Don't let anyone lie to you and tell you that they are easy. They aren't as difficult as they used to be, but there is still a long way to go before every buyer should consider this type of real estate transaction.
Case 1: Buyer enters contract with seller. Seller's attorney manages to get the seller's lender's approval. They then wait 1 week to notify the buyer that the sale has been approved and that the closing must take place in 14 days. This, of course, is impossible for most lenders to get done. In most cases, it takes a week for an appraisal to be completed. 3 days from document signing to ordering, 1 or 2 days before the appraiser makes it out there and 2 or 3 days for the report to get back to the lender. So, we ask the short sale lender for an extension. The request is denied and the bank forecloses on the property. 4 months later the home is re-listed as a foreclosure at the price that the buyer would have paid in the short sale. Even once the sale is approved, there is no guarantee that the bank/investor will do the right thing and you'll be able to close.
Case 2: Buyer (same one as case 1) enters into a contract with a seller for an approved short sale. The closing date is set for 6 weeks later, on Jan 13. The short sale is approved by the lender to close Feb 1. Approved short sale? Not really. The seller in this case has nowhere to go as the house they are planning to have purchased for them (by a relative, I think) gets put on hold by the bank that owns it for some undisclosed length of time. Ultimately, the seller gets the deal closed 21 days later and requires 5 days to move out. March 9th is the new estimated closing date for the buyer. Once the short sale is approved, there is no guarantee it will close on time.
Case 3: Buyer (different one this time) offers full price for a short sale. Seller accepts offer and submits to lender. After a reasonable time (30 days or so) the lender counter offers at $39,000 above list and contract price. A half dozen comparable homes to support the list price, but buyer offers an additional $10,000. Now pending bank response. The short sale lender doesn't have to accept the offer, regardless of whether its reasonable or not.
Case 4: Seller enters into a short sale contract with a buyer. Sale is approved at contract price by the lender after 90 days. House does not pass FHA inspection and contract is cancelled. Even when everything goes smoothly on the seller's side, the buyer side can still screw up the deal.
Short sales are still complicated transactions that require a lot of skill and patience. Before deciding to buy a home, talk to your agent about whether a short sale is really for you. Knowing what to expect can make a big difference in how you react to obstacles in the short sale process.
Shorewood IL Real Estate Market Trends February 1, 2012
In January, Shorewood saw 10 single family homes close with a median sales price of $214,930. There are 32 homes pending sale and 107 active listings. As shown in the chart the median list price is $241,995. Home prices range from a low of $65,000 up to $960,000.
For comparison, 15 homes sold in December 2011 in Shorewood.
Activity seems to be picking up in recent weeks and closed homes in February and March could end much higher than previous months. New home inventory should also begin making its way onto the market as the spring selling season is right around the corner. Click for information on how to get your home sold or find a Shorewood Home for Sale.
Buying a Short Sale in Shorewood, IL
Short sale purchases are complicated transactions that require knowledge and experience. The first step to buying a short sale in Shorewood is to determine if this type of transaction is right for you.
You'll need to ask yourself the following questions:
1) Am I a patient person? Short sales take an unknown and often substantial amount of time to complete. The time from accepted offer to closing could be as little as 60 days or as much as 1 year (or more). If you answered YES, keep reading!
2) Am I willing an able to make repairs to the property? The typical short sale has had regular maintenance deferred by the seller as they (usually) have little money or desire to keep the home up. You should expect to paint, replace carpet and take the home AS-IS. The seller will make no repairs for you (unless they may be required for your loan). If you answered YES, a short sale could be for you!
3) Am I looking for a deal? Short sales offer the opportunity to buy a home for less than full market value. Because the seller will receive no money at the sale, they are willing to offer the home for less than market value and the lender prefers to sell via short sale than foreclosure. Duh, who doesn't want a deal?
4) Do I need to sell my current home before buying the short sale? If NO to #4 and YES to #1, #2 and #3, you are likely to be a good candidate for a short sale purchase!
5) Do I have a preapproval letter dated in the last 60 days? If YES, call Steve Roake at (815) 603-0077 and I'll be happy to show you short sale homes that are in your budget. If NO, call Steve Roake at (815) 603-0077 and I'll get you in touch with a lender that can get you preapproved to buy a Shorewood short sale.
Click the link to search for short sales in Shorewood.
1416 Bluestem Ln, Minooka, IL 60447 - 4 bedroom Home For Sale in Lakewood Trails
Offered at $179,859
MLS # 07964219
The may be the best home on the block! Built in 2004 and landscaped with rose bushes, natural stone and a sitting area, this Minooka home for sale is the envy of the neighborhood. This is NOT a foreclosure or short sale and is move in ready. Pride of ownership shows through.
Inside this home for sale in Minooka are hardwood and ceramic floors throughout the first floor. The kitchen
measures 17x12 with plenty of cabinet space, steel appliances and an island. Adjacent is the family room (16x12), dining room (10x10) and living room (17x12). All rooms have been painted in neutral colors. There is very good flow throughout the first floor of this home for sale in Minooka. On the second floor are three bedrooms. The master bedroom has a private bathroom. All three rooms are carpeted and decorated. There is also a full, unfinshed basement.
Leading to the backyard is a new sliding door. A two tier concrete patio holds space for the outdoor table, hot tub, custom grill, fire pit and chairs. A sitting area and additional landscaping surrounds the backyard as well. The yard backs up to an open area.
Students attend Minooka Elementary, Junior (District 201) and High Schools(District 111). The home for sale is just 2 miles south of Minooka High School and Minooka Junior High. Minooka Elementary is only 3 miles away.
Lakewood Trails features a clubhouse, pool, tennis courts and stocked fishing ponds. It is located south of I-80 on Ridge Road. The monthly assessment is only $30.
This is not a short sale or foreclosure sale. The home is in excellent condition and shows nicely. Qualifies for USDA loans with 0% down payment! Contact Steve Roake for more information.
My goal is to provide all buyers and sellers with the knowledge, tools and experience to enable them to be active participants in the sales process.
My goal is to provide all buyers and sellers with the knowledge, tools and experience to enable them to be active participants in the sales process. I will return your phone calls in a timely manner, answer your all your questions and go above and beyond what other realtors will do for you. I have the desire and determination to get you from start to moved.
I love first-time buyers. My passion is teaching people about real estate, and first-time buyers generally need the most guidance. I will walk you through every step of the buying process and make sure that you understand everything that is going on. Real estate transactions are often very complicated and you need someone on your side to take care of any problems that may arise. Now is the time to buy as prices are low, interest rates are low and ther is still an $8,000 tax credit until April 30, 2010.
Steve made the home selling and purchasing process a great experience for my family and myself. He made sure we had the most exposure, whether it was through the internet or printed flyers in front of our house. He is extremely professional, efficient, and a always a step ahead of the game. - Jen and Mike S.
Steve Roake is an AWESOME person as well as agent. I have had the pleasure to close a few transactions with Steve and have enjoyed his follow through, integrity and communication skills. I have also watch Steve further his knowledge in real estate with training and education! Overall, a top notch person!!" - Kelly Ryan, Realtor
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