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

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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

CHICAGO TOPS LIST; CHEAPER TO OWN THAN RENT HOUSING

OLD TOWN VILLAGE

According to new data released this week, Chicago is among the top U.S. cities where owning a home is now cheaper than renting.  As rents continue to climb and interest rates keep dropping, this combination makes most monthly mortgage payments lower than rent.

Renter’s interested in the downtown South Loop neighborhood have had sticker shock, finding one bedrooms going for $1350-$1700 (on average) and two bedrooms at about $1800-$3500.

Experts suggest at these current rental amounts, it is cheaper to own a home in Chicago and many other cities.  This news is buzzing so many are doing just that…new reports released today show an increase in October sales in the Chicagoland area.

With the high amount of short sales and foreclosures on the market, great deals are available and buyers are snatching them up.  In recent months multiple offer situations have become a regular occurrence as investor’s, move-up, and first-time buyers are competing for the same home.  However, if you are looking at short sales, patience and flexibility in price is needed to stomach the ride.  In some cases you may be responsible for unpaid assessments or repairs, and the banks keep changing the rules.   But if you are looking for incredible deals and have about 3 months to wait, it is well worth it.

If you are considering your rent vs. own scenario and would like a FREE consultation, please call Britta Rivera Venture at 312.475.4548.

If you are searching for an amazing deal in Chicago, start viewing incredible homes now.   Also register here for your FREE list of available residences or to attend our FREE upcoming Rent Vs. Own Seminar.

November 28, 2011 Posted by | CHICAGO REAL ESTATE | , , , , , , , , | Leave a comment

(Video) SHORT SALE VS. FORECLOSURE? DO YOU QUALIFY?

A short sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan.  In simple terms, your home value is no longer above what you paid for it, so banks may allow you to sell it for the current market value.  Seller’s are first encouraged to try for a loan modification, but if that fails, a short sale is definitely a better option than a foreclosure.

Many have heard that short sales are complicated and take months to close.  Well, in some cases this may be true, but the process can be simplified when using an experienced short sale real estate agent and a short sale negotiator.  A negotiator has relationships with many top banks, which allows them to know exactly how to present the offer.  They also have the time required to stay on top of your file, to streamline the process.

Who truly qualifies for a short sale may surprise you.  It is not just the homeowner’s who have fallen behind on their mortgage payments.  In most cases it is anyone showing the financial inability to catch up on their payments or who may fall behind in the near future.  The banks will require a “hardship letter” which explains why a homeowner may qualify.  It could be due to illness, divorce, job loss, relocation, excessive debt or other similar situations.

Bottomline, if you cannot sell your home for what you currently owe on the loan and are suffering from a hardship, it would be wise to seek help.  Chances are, you may qualify for a short sale.  It is better to find out now, then to wait for the foreclosure to occur.

Chicago Real Estate: If you are interested in a FREE private short sale consultation with a Chicago negotiator, and realtor Register Here or contact Britta Rivera Venture at 312.475.4548.  Visit my website to learn more about us.

WATCH VIDEO TIPS ON BUYING AND SELLING A SHORT SALE.

May 29, 2011 Posted by | CHICAGO REAL ESTATE | , , , , , , , , , | 10 Comments

   

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