Short Sales and Preforeclosures

Buffalo Grove Short Sale, What You Need to Know!

www.501Arborgate.com

We recently reduced the price of this great ranch home in Strathmore of Buffalo Grove. In this market it is very common to see homes come on the market as a Short Sale. We want to let you know how short sales benefit the Sellers, Buyers and the Lenders.

We have found great information that was posted by Bankrate.com which explains the benefits for all parties involved. Here is a quote from the article:

Short sale: Win-win-win situation!

“The beauty of short sales is that they can be a win-win-win situation for seller, buyer and lender. Here’s how:

The seller gets out of the mortgage liability without facing bankruptcy.

The buyer gets the home at a reduced price.

The lender agrees to a loss it considers minimal without going through a foreclosure and being saddled with an unsalable property.

While it may seem surprising that lenders would agree to accept less than what they are owed, they benefit from the process, too.”

To View the Entire Article and For Great Information

This beautiful ranch home in Strathmore of Buffalo Grove is a lose for our seller, but it will be a wonderful gain for the right buyer.

This home has been recently updated and is located adjacent to a park and feeds into great schools.

Ivy Hall Elementary & Twin Groves Middle School

www.district96.k12.il.us/

Stevenson High School

www.d125.org/

Strathmore in Buffalo Grove is a desirable area and is located near, restaurant’s like Buffalo Restaurant and Ice Cream Parlor, deli’s such as Dorfler’s Meat Market, Montessori school’s: Montessori World of Discovery, Eskape for entertainment and so much more. This gorgeous home is a must see, contact us to view this home.

The Sharron Kelley Team knows the Buffalo Grove area and we know how to get homes sold. If you are looking to buy or sell in the Lake County Illinois Area contact us at 847-465-3638 or email us sharron@northernillinoishomes.com

You can visit our website at www.NorthernIllinoisHomes.com or www.SharronKelley.com for more information on our current listings and see how we get homes SOLD!

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McHenry Short Sale: Price Reduction!

We have just reduced the price of this McHenry Home to $290,000. This victorian home is charming and sits on a great lot that is close to Big Hollow School and Grant Community High School.

View this great property Located at 909 Green St, McHenry

This fabulous McHenry Home is a Short Sale, so it will take a right buyer with patience and time. The banks are overloaded with Short Sales and Foreclosures but we have a great attorney that is handleing this transaction. With The Sharron Kelley Team’s Real Estate services and our trusted attorney we will work hard to get a bank approval.

If you know anyone who is looking to Buy or Sell a home in the Lake County Illinois area or McHenry County Illinois have them give me a call at 847-465-3638 or email me sharron@northernillinoishomes.com

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Buffalo Grove, Long Grove and Vernon Hills Real Estate Short Sale Information

Buffalo Grove, Long Grove and Vernon Hills Real Estate Distressed Properties

This past year I received the CDPE*Certified Distress Property Expert* Designation. I am now a member of this group and am learning everyday about the new governing laws for Short Sales.

There are some really good things coming down the pike, we are continuously completing short sale transactions and are helping clients without them going bankrupt.

Basically the turn around time for a short sale is 3 years and then our clients in Buffalo Grove, Long Grove, Vernon Hills and all the Lake County Illinois area can purchase again. In some cases not that long.

There are so many new things to learn. Below is a great article written by the president and CEO of CDPE Alex Charfen. He gives a great overview on Short Sales, Foreclosures and how Certified Distress Property Agents are what is going to make the difference in Lake County Illinois.

Myths Regarding Short Sales

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.
The qualifications for a short sale include:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Read more

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What is a Short Sale

Over the past year there has been a lot has been said about short sales and the difference between the short sale process vs foreclosure. These are words that were hardly used before 2008 and now we hear them almost daily on the news, on line and in the newspapers. I found this very simple explanation in the attached article which I hope will be helpful to you. I am well versed in this process and have taken classes and have my CDPE certification. Please contact me if you need help, as I would be happy to explain this all to you. We have a team of professionals that can help save your credit.

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Foreclosure Market Trends Report For September

There is so much in the news today regarding the foreclosure market and what is happening. I am a member of Realty Trac and have been actively working the short sale market in Buffalo Grove, Lake Zürich, Long Grove, Palatine and Vernon Hills. The enclosed NewsletterPdfConverter will give you great information and you can call or email me to get more specifics on properties that are available.

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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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