Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

2012 BEST BANKS FOR SHORT SALE TRANSACTIONS; DON’T BELIEVE THE HYPE!

RealtyTrac published an article on the best banks for short sales in 2012.  However, anyone buying or selling a short sale, knows they vary greatly based on the negotiator handling the file.

As a real estate agent in Chicago, handling a short sale transaction has become the “norm”, and through personal experience I can tell you this list means nothing.  Some of them are smooth and others are ridiculously long and make absolutely no sense.

It truly comes down to who is handling the negotiations on the bank and seller’s side.  If either person is incompetent a short sale can take month’s and in some cases never happen.

During a recent transaction, I had a buyer offer about $86,000 for a condo.  The bank accepted the offer after 3 months, but when the appraisal came in at $78,000, they refused to lower the approved price to match it.  So of course the buyer canceled the contract, frustrated and disappointed.

One week later another offer came in at $71,000 and about 45-days later the bank accepted it, along with offering the buyer a 3% closing cost credit.  Does that make sense?  Absolutely not.

So take the below list with a grain of salt and read this article if you are considering a short sale….there is no consistency to the madness.

Please post your comments if you work in a bank on short sales as a negotiator, we are ALL curious to know what goes on behind the scene.

NEED HELP WITH BUYING OR SELLING A SHORT SALE IN CHICAGO?  CONTACT britta.rivera@comcast.net.

1. PNC Financial Group Avg. Pre-Foreclosure Sales Price: $133,015 Avg. Percent Discount: 40% Avg. Days to Sell: 151

2. Government Entities (Fannie Mae, Freddie Mac and HUD) Avg. Pre-Foreclosure Sales Price: $127,618 Avg. Percent Discount: 42% Avg. Days to Sell: 154

3. Ally Financial (Formerly GMAC) Avg. Pre-Foreclosure Sales Price: $143,410 Avg. Percent Discount: 35% Avg. Days to Sell: 188

4. Ocwen Financial Avg. Pre-Foreclosure Sales Price: $126,071 Avg. Percent Discount: 43% Avg. Days to Sell: 168

5. Sun Trust Banks Avg. Pre-Foreclosure Sales Price: $151,308 Avg. Percent Discount: 32%        Avg. Days to Sell: 207

6. Bank of New York Mellon Avg. Pre-Foreclosure Sales Price: $155,488 Avg. Percent Discount: 30% Avg. Days to Sell: 283

7. Bank of America Avg. Pre-Foreclosure Sales Price:  $166,389 Avg. Percent Discount:  25% Avg. Days to Sell:  223

July 11, 2012 Posted by | REAL ESTATE NEWS | , , , , , , , , , | 1 Comment

2012: CHICAGO LUXURY HOME SALES SURGE; MULTIPLE OFFERS ARE BACK!

The CHICAGO housing market has been volatile during the past few years.  But new reports suggest the luxury housing market is improving and high-end buyers are out in full force.

Multiple offers have increased in the depressed market in recent months.  But buyers are now also experiencing competition in the upper-end luxury home market.  Cash buyers have snatched up great investment properties for a while and now seem to be pulling out their checkbooks for million dollar homes as well.

Some buyers have been amazed to find that they are not the only ones bidding on a home and even more shocked when the lose it to another offer.  But this is exactly what’s happening throughout the city and it seems to be getting stronger each month.

This is great news for the Chicago housing market.  Sales of higher priced homes will offer a needed balance to offset the lower purchase prices.   It seems that the flux in the stock market has many putting their cash in real estate again, with the anticipation of climbing pricing.

Many believe that the crash of the housing market will rebound in the positive direction, just as quickly as it came to a halt.  Low interest rates and a surplus inventory cannot last forever.

A year from now I expect the interest rates to surge and the housing market to stabilize.  Sellers who did a short sale within the past couple of years, will become less fearful of buying again and tired of paying high rents.  The premium properties will be less abundant, causing even more multiple offer situations.

If you are looking to take advantage of the opportunity of a lifetime…you may want to act fast.

Visit http://brittarivera.koenigstrey.com/ to search Chicago homes today!

July 9, 2012 Posted by | CHICAGO REAL ESTATE | , , , , | Leave a comment

(VIDEO) FBI WARNS OF COMPUTER VIRUS INTERNET SHUTDOWN MONDAY 7/9/12; DNS CHANGER VIRUS; WHAT TO DO IF YOU LOSE SERVICE

CNN along with many major networks have confirmed the virus affecting thousands of computers worldwide on Monday July 9, 2012 is true.  It comes amidst the FBI warning to protect your computer from a Malware internet threat or you will lose your internet service.

In summary, several years ago millions of computers were infected with a virus called DNS Changer that made their internet programs work incorrectly.  The FBI arrested the group of hackers spreading malware, which changed a computer’s settings to redirect web traffic to spam sites. The hackers actually made money when people clicked on the links.

The FBI stepped in to help by setting up servers to insure those affected with the virus would continue to have internet access.  However, on Monday 7/9/12 the servers are being shut down.  If your computer has the virus, you won’t be able to access the internet anymore.

LEARN HOW TO PROTECT YOUR COMPUTER.  READ FULL STORY via (VIDEO) FBI WARNS OF COMPUTER VIRUS INTERNET SHUTDOWN MONDAY 7/9/12; DNS CHANGER VIRUS; WHAT TO DO IF YOU LOSE SERVICE.

You may also likeCHICAGO HOUSING MARKET IMPROVES

July 7, 2012 Posted by | HEADLINE NEWS | , , , , , | Leave a comment

TOP 10 WORKOUT SONGS FOR JULY; RUNHUNDRED VOTES PUT WIZ KHALIFA #1

The popular workout website RunHundred.com has just released the best songs to get the pounds off for the summer and it will surprise you!

The Top 10 Workout Songs For July

Fort Wayne, IN – July 3, 2012 – This month’s top 10 songs is packed to the brim with surprises. With

the exception of Rihanna–none of the usual suspects (GaGa, Pitbull, Katy Perry, etc.) make appearances. In their places, you’ll find an aggressive synth track by Nero, a comeback single from Matchbox Twenty, a crossover hit from Juan Magan, the sophomore effort from One Direction, a mash-up from the Rock of Ages soundtrack, and more.

Here’s the full list, according to votes placed at Run Hundred–the web’s most popular workout music blog.

Wiz Khalifa – Work Hard, Play Hard – 70 BPM
Waka Flocka Flame, Nicki Minaj, Tyga & Flo Rida – Get Low – 125 BPM
The Pretty Black Chains – Ambulance – 153 BPM
Matchbox Twenty – She’s So Mean – 120 BPM
Juan Magan – Bailando Por Ahi – 131 BPM
Russell Brand & Catherine Zeta-Jones – We Built This City / We’re Not Gonna Take It – 143 BPM
One Direction – One Thing – 127 BPM
Justin Bieber & Ludacris – All Around the World – 130 BPM
Rihanna – Where Have You Been – 128 BPM
Nero – Promises – 144 BPM

To find more workout songs, folks can check out the free database at RunHundred.com. Visitors can browse the song selections there by genre, tempo, and era—to find the music that best fits with their particular workout routine.

Contact:
Chris Lawhorn
Run Hundred
Email: Admin@RunHundred.com
###

July 3, 2012 Posted by | TOP WORKOUT SONGS | , , , | Leave a comment

   

%d bloggers like this: