While completed foreclosures on residential homes totaled 40,000 for April and have been steadily falling monthly for the last four years, they are still nearly double their pre-recession average per month, according to CoreLogic's April 2015 National Foreclosure Report released Tuesday. Completed foreclosures, which are a measure of homes actually lost to foreclosure, declined by … Continue reading Completed Foreclosures Decline But Remain At Double Pre-Recession Levels
We received an interesting call today from a client who is requesting assistance with her short sale and also trying to purchase a new property with a loan. My initial reaction was - How could she short sale her property with her current mortgage company and expect a lender to lend on the new purchase … Continue reading Can I buy a home while negotiating a Short Sale on my current home?
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
A BPO, or Broker Priced Opinion, is a tool used by mortgage lenders, banks and others to value a property in the current market. In cases where a lender is considering a foreclosure or short sale, the lender will order a BPO. This allows them to get a reliable estimate of the current value of … Continue reading What is a BPO?
If the listing is new to the market, it is very possible that the bank will not deviate much from its asking price. You will have a greater negotiating power if you make offers on homes that have been on the market for longer than 30 days, as the banks want to dump their inventory … Continue reading Negotiation an REO/Bank-Owned Property
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!
REO is an abreviation for Real Estate Owned. It is industry language for foreclosure property that has been repossessed by the banks or lenders. If a lender or a bank is highest bidder at a foreclosed auction...or if no third party bids at an auction, the property reverts back to the lender and becomes REO.
Many homeowners have had difficulty making their mortgage payments due to different financial hardships. Some homeowners have no idea there is other relief and many homeowners have no idea there is a Short Sale option. A Short Sale is the sale of real estate where the proceeds are less than the balance of the homeowner's … Continue reading Deficiency Judgment Can Be Wiped Out Via Short Sale
I received a call from a frantic man stating that he received a notice from his homeowner’s association stating that if he does not come current on his HOA dues including interest, penalties and attorney fees the homeowner’s association will take possession of his unit on May 6, 2011. The gentleman was distraught explaining that … Continue reading Homeowners’ Association Threatens Eviction for Non-Paying Homeowner
I am amazed at the number of first time buyers who are shocked that they may have to pay the 7500.00 "homebuyer credit" back. FYI - The “first-time home buyer credit” is a temporary refundable, repayable tax credit equal to 10% of the purchase price of a home, up to $7,500 for singles and married … Continue reading Home buyer tax credit must be paid back