Chicago Short Sales & Avoiding Foreclosure

Aurora Short Sales| Aurora Foreclosures| Chicago Short Sales| Prudential Rubloff

AURORA SHORT SALES| CHICAGO SHORT SALES| AURORA FORECLOSURES| PRUDENTIAL RUBLOFF

Aurora Short Sales and Aurora Foreclosures is todays Chicago Short Sales post topic! Next to Chicago, Aurora is the most populated area in Illinios with a population of 198,000. Aurora is such a vast city that it spans 4 counties.  Aurora is broken down into 3 regions: West Side, East Side, Fox Valley. Each of these regions has their fair share of Aurora Short Sales andForeclosures inventory to deal with

The Aurora Real Estate market has really struggled over the last 2 years with free falling prices and increased listing times.   The Aurora Short Sales and Aurora Foreclosure rates are some of the absolute worst in the state of Illinois unfortunately. Unfortunately, there is no end in sight to the amount of Aurora Short Sales and foreclosures

Aurora Short Sales 
AURORA FORECLOSURES
(As Of May 2013)

Current Number Of Aurora Homes For Sale: 1300

Current Number Of Aurora Short Sales and Foreclosures For Sale: 620

Current Aurora Short Sales and Foreclosure Rate: 45%

The current Aurora Short Sales rate is 45%! Almost half of the Aurora Homes currently for sale are Short Sales or Foreclosures!  These numbers are unbelievable. With a 45%Aurora Short Sales and Foreclosure rate, the rammifications for surrounding property values is grim. 

Dont lose your Aurora Home To foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the pitfalls that a foreclosure brings. We are experienced short sales realtors, negotiators and banking professionals.  Contact us today to schedule a Free and Confidential appointment to see if a short sales will work for you! All you have to lose is a phone call or email

Jim Kontos
Senior Broker- Aurora Short Sales Expert- Aurora Short Sales Realtor- Certified Short Sales expert
PRUDENTIAL RUBLOFF
PRUDENTIAL RUBLOFF AURORA
Cell 630 327 9136
Office 312 264 1176
jpkontos@gmail.com
jkontos@rubloff.com
www.mychiagoshortsalesite.com

 

aurora short sales, aurora short sale help, aurora foreclosures, chicago short sales

West Loop Short Sales| Chicago West Loop Short Sales| Chicago Short Sales

WEST LOOP SHORT SALES| CHICAGO WEST LOOP SHORT SALES| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF SHORT SALES

Todays Chicago Short Sale Site topic discusses West Loop Short Sales.. The West Loop area of Chicago is anchored by the famous Greek Town area.  The West Loop area has seen a big growth of new residents over the last few years.  With its numerous entertainment and food options in addition to close proximity to major highways, its a popular spot

WEST LOOP SHORT SALES
( As of May 2013 ) 

Current Number Of West Loop Properties FOR SALE: 240

Prices range between $125,000 -- $1,150,000

Current Number of West Loop Short Sales FOR SALE: 53

Current West Loop Short Sale Rate: 17%

Jim Kontos
Senior Broker | CDPE
Certified Short Sale Specialist
PRUDENTIAL RUBLOFF
PRUDENTIAL RUBLOFF WEST LOOP
Office 312 264 1176
Cell 630 327 9136 

                           west loop short sales, prudential rubloff west loop, remax short sales

 

 

Villa Park Short Sales| Chicago Short Sales| Prudential Rubloff

VILLA PARK SHORT SALES| VILLA PARK FORECLOSURES| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF

Todays Chicago Short Sale Site topic is Villa Park Short Sales.  Villa Park is a Western Suburb that is adjacent to Addison and Lombard.  South Villa Park is still the preferred neighborhood area of Villa Park. 

Current Number Of Villa Park Homes FOR SALE: 140

Current Number of Villa Park Short Sales FOR SALE: 50

Prices range between $38,000 -- $200,000

The Villa Park Short Sale and Foreclosure rate is 40%!!  It has been hovering at this amount for the last few years. 

DONT LOSE YOUR VILLA PARK HOME TO FORECLOSURE! CONTACT US TODAY TO DISCUSS IF A SHORT SALE WILL WORK FOR YOU!  YOU HAVE NOTHING TO LOSE BESIDES A PHONE CALL OR EMAIL!

 

"Easy" Short Sales| Chicago Short Sales| Chicago Short Sale Help| Prudential Rubloff

"EASY" SHORT SALES| CHICAGO SHORT SALES| CHICAGO SHORT SALES HELP| PRUDENTIAL RUBLOFF

So, a common question i get asked all the time is: "Is there such thing as a easy short sale".  My answer to this is always the same: NO!  However, with this being said there are definitely some short sales that are MUCH MORE DESIRABLE to work with.  More specifically, there are 2 types of short sales that are the best to work with

1) APPROVED SHORT SALES
A truly approved short sale is one which the bank has already approved a purchase price for the property before a offer has been accepted.  The bank either approved the short sale before the home was listed (this is fairly rare) or the property was under contract when the short sale was approved and the contract fell through from some reason.

2) ONE LOAN, ONE BANK, FANNIE MAE AND NO PMI
A Short Sale that only has one loan, one bank, no pmi and is a fannie mae loan are the "EASIEST" to work with.. Anyone who works with short sales should be able to get one of these approved in no more than 2 months.  Now, not all loans with these criteria get approved, but your odds are MUCH BETTER  under these circumstances

                                       chicago short sales, chicago short sales help, remax short sales, prudential rubloff short sales,

Short Sale Package| Preparing The Short Sale Package| Chicago Short Sales| Prudential Rubloff

SHORT SALE PACKAGE| PREPARING THE SHORT SALE PACKAGE| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF

If you are  in the process of trying to sell your chicago short sales or suburban short sales..Dont wait until you get an offer on your property before you start working on getting the short sales package ready to send to the bank!! As soon as you get the purchase agreement signed, your short sales package should be ready to go because you got everything else taken care of!!! 

Not all banks have the same requirements for their short sales packages, but their are a few mainstays that they all have in common such for their short sales package such as
1) last two bank statements
2) last two years income tax returns
3) authorization to release
4) listing agreement
5) purchase contract
6) Hardship Letter
7) Last Two Pay Stubs
8) Year To Date Profit/Loss Statement

These 8 requirements are standard for all short sales packages, however some banks have more requirements!

Dont lose your home to foreclosure! Let my chicago short sales and suburban short sales team help! Call or Email us to set up a FREE and CONFIDENTIAL meeting to discuss if a short sale will work for you! Our service is COMPLETELY FREE!! You have nothing to lose and everything to gain!

Jim Kontos
Senior Broker| CDPE
PRUDENTIAL RUBLOFF
PRUDENTIAL RUBLOFF SHORT SALES
Office 312 264 1176
Cell 630 327 9136
jpkontos@gmail.com 

Common Short Sale Questions| Chicago Short Sales| Prudential Rubloff

COMMON SHORT SALE QUESTIONS| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF

My Chicago Short Sales Team is constantly answering all types of questions from clients and customers about short sales.  Whether we are talking Chicago Short Sales, Naperville Short Sales, Skokie Short Sales, the answers to these short sales questions are the same!

Question: Can I Live In My Home When I List My Home As A Short Sale?
Answer: Yes..

Question: Can I Get A Credit or Profit At Closing With A Short Sale
Answer: NO..Lenders will not allow you to walk away from a short sale with money while the lender takes the loss

Question: Can I Sell My Chicago Short Sale property To A Family Member?
Answer: NO....A Short Sale Must Be An "ARMS LENGTH" TRANSACTION...The property cannot be sold to anyone you have a relationship with.. You will be required to sign the appropriate paperwork pertaining to this

Question: Will My Credit Drop From A Short Sales?
Answer: YES... Your credit will take a hit with a short sale, plus if you are not making payments those missed payments will also lower your credit score. However, you credit will not be as damaged like it would be if you foreclosed.. And in some cases, you can purchase another home in 2 years with FHA financing.. Whereas you have to wait a minimum of 7 years to buy a home after you foreclose.

Question: My Chicago Home Is Scheduled To Foreclose In A Few Weeks, Can I Still Attempt A Short Sales?
Answer: Yes! Waiting until the last possible second to attempt a short sale is not something we recommend, but if you are in this position you still have a chance to short sale your home.  Banks dont want to foreclose on people because it costs them money to do this so they would rather work with you on a short sale.  Timing is crucial so if you have a few weeks left before you foreclose, you need to get the house on the market ASAP and hope you can get a buyer ASAP.. Bottom line is BE PROACTIVE, and DONT WAIT TO THE LAST MINUTE to try a short sale.. The sooner you get the ball rolling the better

Jim Kontos 
Senior Broker| CDPE
PRUDENTIAL RUBLOFF
Office 312 264 1176
Cell 630 327 9136
jpkontos@gmail.com 

Facts About Mortgage Holders| Chicago Short Sales| Prudential Rubloff

FACTS ABOUT MORTGAGE HOLDERS| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF SHORT SALES

FACTS ABOUT MORTGAGE HOLDERS

1st Mortgage Holders
Seldom consider the 2nd mortgage holders position at all.  Often the 1st is unaware of any 2nd and they well know they are in 1st position aka (Senior Holder).  The 2nd will be written off if the property goes to foreclosure and does not become an impasse to get clear title at the sheriffs sale of property

1st Mortgage Holders
Are usually the institutions that begin the foreclosure process and negotiate the time frame to consider a short sale.  The home owner and potential buyer must know the dates on the foreclosure notice of default letter to the homeowner.  These dates are very important! 

2nd Mortgage Holders
Usually do not begin foreclosure proceedings simply because they have to buy the 1st in order to sell the property.  In most cases, the 1st mortgage balance is much higher than the appraised value and does not justify foreclosure by the 2nd

2nd Mortgage Holders
Are usually very much unaware of the deadline to close on the 1st  due to the foreclosure process.. You must be aware of the time frame you have to negotiate both mortgages, if there are 1 mortgages on the property

Jim Kontos
Senior Broker| CDPE
PRUDENTIAL RUBLOFF
Office 312 264 1176
Cell 630 327 9136
jpkontos@gmail.com 

Wells Fargo Short Sale Requirements| Chicago Short Sales| Wells Fargo Short Sales

WELLS FARGO SHORT SALE REQUIREMENTS| CHICAGO SHORT SALES| PRUDENTIAL RUBLOFF SHORT SALES

Todays Chicago Short Sale site post discusses the requirements needed if you are selling your home as a short sale and Wells Fargo is the bank.. The majority of the lenders out there have the same tenants for their requirements. So some of these might look familiar

1) THIRD PARTY AUTHORIZATION FORM
2) LISTING AGREEMENT
3) HARDSHIP LETTER SETTING FORTH THE FINANCIAL SETBACKS THAT HAVE NECESSITATED A SHORT SALE
4) COMPLETING THE FINANCIAL INFORMATION WORKSHEET DETAILING ALL INCOMES AND EXPENSES
5) PROOF OF INCOME....3 MOST CURRENT PAYSTUBS
6) SUPPORTING DOCUMENTATION FOR SOCIAL SECURITY INCOME, UNEMPLOYMENT COMPENSATION, PENSION INCOME
7) COPIES OF LAST 2 FEDERAL INCOME TAX RETURNS
8) PROOF OF HAFA ELIGIBILITY
9) COMPLETED AND SIGNED OFFER 

Jim Kontos
Senior Broker| CDPE
Certified and Accredited Short Sale Specialist
PRUDENTIAL RUBLOFF
Office 312 264 1176
Cell 630 327 9136
jpkontos@gmail.com 

The 2007 Debt relief act was extended until Jan 1 2014. Another year of Short sales in case anyone is looking to get rid of their home. www.mychicagoshortsalesite.com We are short sale specialists!!

Chicago Short Sales| What Is A Short Sale| Chicago Short Sale Help| Prudental Rubloff

 

CHICAGO SHORT SALES| WHAT IS A SHORT SALE?| CHICAGO SHORT SALES

What Exactly Is A Short Sale?

A short sale is the sale of real estate in which the sale proceeds fall short of the balance that is owed on the propertys loan.  Basically, you are selling your home for less than what is left on the current loan balance.  Short sales arise when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a MODERATE LOSS (key words here), is better than pressuring the borrower. Both parties (Bank, Borrower) consent to the short sale process because it allows them to avoid foreclosure. Foreclosure involves hefty fees for the bank and MAJOR CREDIT RAMIFICATIONS for the Borrower.

One key thing to keep in mind is that a short sale in itself DOES NOT ALWAYS RELEASE THE SELLER from the obligation to pay the remaining balance of the loan, known as the DEFICIENCY!!

  Are you behind in your mortgage payments?  Let my Chicago Short Sales Team help you avoid foreclosure!   Call me to see how doing a short sale on your property can help you through this difficult time. Our Service is FREE TO YOU!

Jim Kontos
Senior Broker| CDPE
Certified Short Sales Professional| River North Short Sales Expert
Prudential Rubloff
Office 312 264 1176
Cell 630 327 9136
jpkontos@gmail.com
www.mychicagoshortsalesite.com

Chicago Short Sales| 433 W Superior| River North Short Sales

RIVER NORTH SHORT SALES| 433 w SUPERIOR| RIVER NORTH HOMES| PRUDENTIAL RUBLOFF| CHICAGO SHORT SALES

Todays Chicago Short Sales post details the River North Short sale home at 433 W Superior. The River North real estate market has seen its share of short sales over the last 2 years, however I have been seeing less and less short sale properties pop up over the last 6 months, which is a good thing!

433 W Superior is a 4bed/4.1bath, 3 story, 10,000 sq foot property! The home is updated from top to bottom and boasts 4 separate terraces! The home is steps away from everything that the Chicago River North neighborhood has to offer.

433 W Superior
Listed at $2,600,000

To view this home or for all of your Chicago Short Sale needs, Please contact me!

Jim Kontos
Senior Broker | CDPE
Certified Chicago Short Sales Expert
PRUDENTIAL RUBLOFF
PRUDENTIAL RUBLOFF RIVER NORTH
Office 312 264 1176
Direct 630 327 9136
jpkontos@gmail.com
www.rivernorthhomes.com 
www.mychicagoshortsalesite.com