Lender Information

Latest Home Sale Statistics through November in Buffalo Grove, Vernon Hills, Long Grove Area, Libertyville and Mundelein

Every month we get a report from the Realtor Association of Northwest Chicagoland and it shows an overview of what is going on in our market and also compares the closed sales year to date with a comparison of last year. One of the biggest issues we currently have is the banking and appraisal industry.

Northern Illinois Home Sales

The majority of our towns are stated a declining market which in fact reduces the appraisal by an additional 5%. Out of the last five homes we have put under contract only one appraisal came in at purchase price. Basically the banks do not want to lend money and are reducing the value of everyones home and who created this horrible mess? I am suggesting to all my clients that they have an appraisal prior to putting the home on the market so they can see how the banks are looking at the value of property.

Please read the Northern Illinois Home Sales Report [PDF] and call me with any questions.

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New Government Rules to Speed Up Short Sales

I just read this great article on Yahoo Finance regarding new guidelines for Short Sales that will take effect by April 5, 2010. The article addresses many questions that people in financial stress have, so please do take a few minutes to read this.

The Treasury Department unveiled sweeping rules this week to help financially troubled homeowners who need to sell but can’t get a price high enough to pay off their mortgages. Homeowners will even get $1,500 to help cover their moving costs. Government unveils rules to speed up ’short sales’.

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Tax Credit for First Time Buyers Almost Over!

Tax Credit for New Home Buyers

Don’t let the U.S. Government Keep Your $8,000
Earlier this year, the government offered an unprecedented $8,000 to prospective home buyers just like you to help them get into a home.
And on November 30th, they’re taking it off the table.

It’s up to $8,000 that you can use for a downpayment or closing costs on your next home purchase:
No Repayments if you live there for 36 months
No Interest, because it’s not a loan
No Strings Attached, you can even get the money up front
They couldn’t have made it any easier for you to get the money. The only problem is that in less than 80 days it goes away forever.
What’s worse is that if you don’t act soon, you could lose out all together.

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Foreclosure and Short Sale Solutions

I just heard on the Today Show about a web site that can help with loan modification and eligibility. If you are having trouble with a balloon loan or are in pre-foreclosure take a look at this site. I also do have a lot of helpful information so give me a call.

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Important News Regarding the Banking Industry

There have been many changes in the market over the past several months regarding the new regulations on the appraisals for lenders. The enclosed letter is a from the appraisal firm that does our monthly market updates that we send to you all.

Please do read the enclosed letter that was written as I do believe that this will help you understand some of the changes that we are experiencing in the lending side of our business. I do realize this is all very confusing as to how it affects you home value today. I hope this will help you have a better understanding of what the issues are in the market that we are in.

Please read Read more

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Has the Pendulum Gone to Far?

If you have your home for sale today and are lucky enough to find a buyer, then agree on the price which is fair in today’s market, all of the inspections issues are resolved, and the buyer is pre-approved from the bank, then it looks like a sale, correct?

Well think again with the new laws regarding the bank appraisals. How many homeowners think their home is sold, then are stunned when the home does not appraise out. So how far has the pendulum gone the other way?

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