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.

www.district96.k12.il.us/

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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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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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.

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

Myth #3 – There is Not Enough Time to Negotiate a Short Sale Before My Foreclosure

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

Myth #4 – Listing My Home as a Short Sale is an Embarrassment

It is understandable to have reservations about letting the world know that you owe more on your home than it is worth. However, according to recent estimates, more than one out of eight homeowners in the U.S. is in the same situation. You are to be congratulated for admitting you need help, taking action, and finding a professional who can work with you toward a solution.

With recent estimates showing 40-60% of U.S. sales will be short sales or foreclosures, you are not alone.

Myth #5 – Short Sales are Impossible and Never Get Approved

This is a complete falsehood. Are short sales more difficult to execute? Yes. Do you, as a homeowner, need to learn about a new process? Yes. Are they impossible? Absolutely not.

For example, agents with the Certified Distressed Property Expert® (CDPE) Designation receive thousands of short sale approvals on a monthly basis. These professionals have undergone extensive training in methods to help homeowners in distress and process short sales. While there are no guarantees in any transaction, more and more short sales are being approved regularly. This is far from an impossible process.

Myth #6 – Banks are Waiting on a Bailout and Not Accepting Short Sales

You may have heard this, but the reality is that banks (and the U.S. government) are trying to do anything they can, within reason, to avoid foreclosing on properties. It is preposterous to believe they would deny a short sale in hopes that some future legislation would pass and pay them for losses.

Today, more banks are aggressively pursuing short sales and working with agents who understand how to process them. Freddie Mac recently hosted a national training Webinar for real estate agents where they expressly stated the organizational goal of “eliminating distressed assets through modification or short sale.”

Myth #7 – Buyers are Not Interested in Short Sale Properties

This is a myth that potential sellers hear all the time. Thankfully, this is just not true. In fact, many agents are getting calls from buyers who say they only want to look at foreclosure and short sales.

For buyers, short sales and foreclosures have become synonymous with “good deals.” More specifically, international buyers are targeting these properties. Listing with an experienced agent who is educated in the short sale process will provide you with a great chance of quickly seeing a contract on your property.

In conclusion, Agents with the CDPE Designation have been trained in all aspects of the short sale process, and know how to deal with the parties involved in foreclosures. Finding a CDPE can explain what options you have, and get you on the path to recovery.

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