This is my first post in my New Series regarding Foreclosed and Short Sale Homes in the Northwest Suburbs of Illinois.

The Foreclosure Market in the Buffalo Grove area is about to become more active in the coming months and the opportunity is going to be available for savvy buyers. I know many people that are actively working with the lending institutions and have information prior to these Buffalo Grove Homes coming on the market.

The first thing you want to know is how to understand the Foreclosure Market which is different than the Short Sale Market.

Foreclosures Verses Short Sales

A Foreclosure is the legal process by which an owner’s right to a property is terminated, usually due to default. Typically it involves a forced sale of the property at public auction or the bank will list with an agent in what we know as a bank sale with the proceeds being applied to the mortgage debt. Bank Sales can typically close quickly once an offer has been accepted.

Short Sales are commonly known as pre-foreclosures and occur when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed. Although it can be a timely wait for answer from the bank on a Short Sale, once your offer has been signed by the seller and submitted to the bank, the buyer is in no competition with other buyers.

What You Don’t Know About Foreclosures

The Old Saying is what is too good to be true is usually the case. Foreclosed properties in the Buffalo Grove area are almost always priced 10% under value and the Banks are doing this to force multiple offers from buyers that will go way over the asking price. They will collect offers for at least a week on foreclosed homes from all buying parties before they will make a decision on which offer to accept. Unfortunately the Banks have different rules then the rest of us folks. So here is where the Buyer Beware comes in: If you are looking to purchase a Foreclosed Buffalo Grove home, do your homework! Work with an agent that knows the process and has a great team working on your behalf.

For more information on Short Sales and Foreclosures visit my website at www.NorthernIllinoisBankOwned.com. It goes over subjects such as:

What is a Short Sale?

Short Sale Verses Foreclosure

The website has a ton of information that is useful for home buyers.

As a Buffalo Grove Realtor out of Coldwell Banker, I can help buyers and sellers with Homes in Buffalo Grove. If you need a real estate expert, look no further. The Sharron Kelley Team can help you with all of your needs. Contact me, Sharron Kelley at 847-465-3638 or email me at Sharron@NorthernIllinoisHomes.com. Visit my website www.NorthernIllinoisHomes.com for all of your real estate needs.

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We all live in a different world today when it comes to selling homes in Buffalo Grove. As a Buffalo Grove Realtor it is not easy to explain the home selling process and new values of homes from where they were two years ago.

If you recently purchased real estate, then most likely the value of your home today is lower then what you paid for it. Short Sales and Foreclosures are now considered as home comparables by the lenders. The banks do not care that you may have put in $50,000 in recent improvements; they are just looking at numbers.

I recently had two lender appraisals done on two of the properties that I sold and both appraisals came in under what the buyers of these homes paid for them. Today we have two appraisals, the first one being from an appraiser and the second one from the underwriters at the bank. The underwriters are making the final decision in the loan committees.

Real Estate Values in Buffalo Grove are Determined by Appraisals

What is so very difficult for our Buffalo Grove Home sellers to understand is that if the bank decides to come back with a different home value then the buyer will only get the loan based on the what bank says and not the sale price.

In today’s Real Estate market the Buffalo Grove home buyers are not willing to pay over the appraised value made by the bank so we go back to the beginning. The sellers do not want to reduce the price and the buyers will not pay more.

In the End, the sellers have to agree if they want to sell their home. What the banks are not telling you is that they are now sitting on millions of foreclosures that will be coming on the market and the Commercial Real Estate Market is about to start a massive foreclosure process.

This is going to drive the residential housing market in Buffalo Grove and elsewhere for years to come, so if you want to sell your home; waiting is not going to be financially beneficial.

With Elections due to happen in the near future and new banks being built on every corner, maybe it is time for us to speak up. Our Money bailed out the banks and the control they now have over our lives and retirement funds is totally out of balance.

If you are would like to find out more information about your Northwest Suburban home in Illinois contact me your Buffalo Grove Realtor, Sharron Kelley at 847-465-3638 or email me at sharron@northernillinoishomes.com. For more real estate information visit my website at www.NorthernIllinoisHomes.com.

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Buffalo Grove Homes That Sold in December, 2009

Dec 1
3171 Indian Creek Court
$527,000

Dec 1
2433 Madiera Lane, Unit: 31-2433-1
$250,000

Dec 1
725 Grove Drive, Unit: 212 3

Dec 1
815 Grove Drive, Unit: 112 6

Dec 1
1127 Miller Lane, Unit: 112

Dec 2
203 Blossom Court, Unit: 1-6-12-R-Z
$215,000

Dec 2
641 Hapsfield Lane, Unit: 207
$135,000

Dec 2
328 Cottonwood Road
$246,000

Dec 3
820 Weidner Road, Unit: 208
$170,000

Dec 3
1147 Miller Lane, Unit: 2 105
$70,000

Dec 3
210 Old Oak Drive, Unit: 260

Dec 4
125 N. Buffalo Grove Road, Unit: #204

Dec 4
641 Silver Rock Lane

Dec 4
807 Weidner Court
$146,500

Dec 4
4 Villa Verde Drive, Unit: 212
$70,000

Dec 7
267 E. Fabish Drive, Unit: 8-22-E-267

Dec 7
795 Grove Drive, Unit: 204 6

Dec 8
14 River Oaks Circle
$430,000

Dec 8
774 Aspen Drive
$290,000

Dec 10
153 Willow Parkway, Unit: 62-2

Dec 11
430 Ronnie Drive

Dec 11
1009 Hilldale

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