New timelines for Short Sales - but no penalties if time lines not met fyi 1. Evaluation of Borrower Short Sale Packet 3 days – notify client that their request has been received 5 days – determine what documents are missing 30 days – determine if they will allow short sale 60 days – prepare … Continue reading Short Sale Timelines
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Illinois Top Foreclosure Cities Chicago Aurora Rockford Elgin Joliet Highest Chicago Foreclosure Zip Codes (April) 60629 60623 60628 60619 April: Available Foreclosures in Illinois - 101,293 No. of Sales - 5,889 Foreclosure Median Sales Price - $150,000 NATIONWIDE April: Available Foreclosures - 1,760,504 No. of Sales - 187,510 Foreclosure Median Sales Price - $160,000 Statistics Courtesy … Continue reading Latest Foreclosure Statistics
Anyone can buy a REO property. You just have to find the correct individual that is in charge of the decision of selling the asset. Here are ways to find bank-owned properties: Bank/Lending Institution Websites - Many of their websites post lists of properties that are bank-owned with a listing price and Realtors to contact … Continue reading Looking to Buy a Bank Owned (REO) Property: Here are some tips!
So the financial institutions are being investigated because of questionable practices regarding their foreclosure paperwork. Rumor has it there are erroneously initiated foreclosure processes, based on improperly reviewed or "falsified" documents. This has led to the moratorium on foreclosure filings...the foreclosure freeze. The foreclosure freeze means there is a decline in inventory while the files … Continue reading Foreclosure Filing Freeze: Financial Institutions Investigated!
I received an interesting call today. A woman is short selling her $139,000 real estate for $30,000. She asked how the bank winterized her property without her knowledge. The water is shut off; locks on the door. I did inform her that it is possible the bank obtained the power from the adverse possession law … Continue reading Bank Overreaching: Water Shut Off Without Homeowner’s Knowledge!?