Skokie Real Estate & Much More!

Negotiating Short Sales| Skokie Short Sales| Chicago Short Sales

When it comes to Skokie Short Sales or  Chicago Short Sales, there is alot of important information that individuals who are trying to short sell their homes need to know.  Everywhere I turn I see advertising for Chicago Short Sales realtors  and Skokie Short Sales Realtors who are so called  "experts"  in short sales and short sales negotiating.. And yes some of these real estate professionals actually do know what they are doing and can be characterized as experts in this field. While others have no idea what they are doing or let attorneys handle the leg work.

But the question is: How Much Negotiating Is Actually Done?

The Answer is: It Depends if seller has a Fannie Mae or Portfolio Loan

If a seller has a Fannie Mae loan and has Pmi, NO REALTOR can Influence whether Fannie Mae or the PMI company will accept the offer on a short sale!!!!! Please remember this!!  There really isnt much negotiating to be done when dealing with these types of loans. The negotiating that can occur on these types of loans deals  more with any money that needs to be paid back to the Pmi company or Fannie Mae the homeowner. Usually in the form of a unsecured loan that needs to be paid back over a certain amount of years.

If a seller has a has a Portfolio Loan (which means that your bank hasnt sold your loan on the secondary market yet  i.e Fannie Mae,Freddie Mac) then a realtor  Can Actually Negotiate A lot More With The Bank on your behalf to get the short sale approved 

Dont lose your home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and the negative effects a foreclosure brings! From Chicago Short Sales to Suburban Short Sales, we have the short sales experience you need!  Call or Email us now to schedule a Confidential consultation to see if a short sale will work for you!

From Naperville Short Sales To Chicago Short Sales To Skokie Short Sales
WE HAVE IT COVERED! 

Jim Kontos
President-Chicago Short Sales Expert-Skokie Short Sales Expert
Founder Of Kontos Short Sales Group
RE/MAX 1st Class
RE/MAX Skokie
Cell 630 327 9136
Office 847 674 9797
jkontos@remax.net
www.mychicagoshortsalesite.com
www.jkontos.illinoisproperty.com

YOUR CHICAGO SHORT SALES and SKOKIE SHORT SALES Experts

Steps Of A Short Sale| Skokie Short Sales| The Short Sales Process| Skokie Real Estate

The Skokie Short Sales rate is at an all time high unfortunately.. Over the last 2.5 years, the Skokie Short Sales and foreclosure rate has been climbing just about every month. Over the last year, the Skokie Short Sales rate has ranged any where from 34%-40%.. So basically, almost 4 out of every 10 Skokie Homes For Sale is a distressed property! 

With the increasing Short Sales rates throughout Skokie, Chicago and basically the entire United States, people are going to have questions about short sales (what they are, how they work etc...) This is one of the reasons why I started this blog. To inform the public about short sales and to help people avoid foreclosure by short selling their properties. Whether we are talking Skokie Short Sales or Chicago short sales, the process is basically the same.

The following is basically how The Short Sales Process Works

The Steps Of A Short Sale
*These are the usual steps of a short sale. however please note that there are always exceptions as every deal is not the same

1) Bank authorization forms signed
The authorization form gives the realtor or whoever is handling your short sales access to your private loan information and allows you to speak to the bank on your behalf. Without this being signed no one will be able to negotiate on your behalf 

2) Send bank authorization to the bank(s)

3) Prepare the Short Sales Package
The short sales package are all the documents  and financial forms that the lender requires for a short sale.. It is important to have the SHORT SALES PACKAGE  in place so when you get an offer on the property, you can send the completed short sales package with the sales contract immediately instead of wasting time looking for the documents after you receive an offer.. The short sales process begins when and ONLY WHEN the bank receives the completed short sales package

4) Market the home

5) Find a buyer

6) Negotiate purchase price/terms with buyer

7) Negotiate any/all issues with the buyers contract, including inspection issues

8) Send Completed Short Sales Package To Bank
Now the Short Sales Process Begins!! 

9) Follow up with the banks assigned negotiator

10) Insure that the buyer is pursuing a mortgage.

11) Continued follow up with banks assigned negotiator

12) Finalize short sale with the bank(s)

13) Order payoff letter from bank(s)

14) Get adjusted payoff letter from bank(s) for title company.

15) Close the property

16) Check that the bank(s) recorded the payoff.

17) Make sure that the client knows if he/she is required to pay tax on the loss..(This Isnt Always The Case).. I strongly recommend speaking to a licensed accountant about the tax implications of a short sale!

Whether we are talking about Skokie Short Sales or Chicago Short Sales, the 17 steps that I just outlined is the typical short sale process.. There are always exceptions, as every deal is not the same.. This is just one reason why working with a experience short sales realtor such as myself is very important to getting your short sales approved!

Don't lose your Skokie home to foreclosure! If you or someone you know is dealing with financial hardship and is on the verge of losing their home, please contact me immediately!  Let my experienced Chicago Short Sales Team help you avoid foreclosure.. Our help is only a phone call or email away! Call or Email Us to schedule a FREE and CONFIDENTIAL consultation to see if a Short Sales will work for you!

Jim Kontos
President--Broker--Skokie Short Sales Expert--Chicago Short Sales Expert
RE/MAX 1st Class 
RE/MAX SKokie
3947 Dempster, Skokie IL
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jkontos@remax.net
www.mychicagoshortsalesite.com 

There are several Skokie Realtors out there to chose from, but only a handful of these Skokie Realtors have the experience and knowledge that I give my clients!

9715 Woods #1210| Skokie Short Sales| Skokie Condos For Sale

Old Orchard Woods Condos| 9715 Woods #1210| Skokie Short Sales

Skokie Short Sales at the Optima Old Orchard Woods Condos is todays post topic! The Skokie Real Estate market is full of Skokie Short Sales and Foreclosures unfortunately. The Skokie Short Sales | Foreclosure rate usually ranges between 30% and 40%... A sad sign of the times unfortunately.  The Optima Old Orchard condo complex and the Skokie Condo market in general has seen its share of distressed properties. 

9715 Woods #1210 is a 2bed/2.1bath, 1700 sq ft skokie condo. The unit is tastefully updated with quality finishes. This unit has a seperate living and dining area, a 12x12 balcony and 2 indoor parking spots! If you have read my previous posts on the old orchard condos, you will know that I am a huge fan of the exterior and the ammenities of these Skokie Condos. Some of the interiors have im not a big fan of, but this unit is definetely sharp!

Listed at $449,9000
Taxes $8000
Assessments: $477 (includes Heat, Water, Parking, Pool Cable, Maintenance, Garbage/Snow removal)

To schedule a Private and Confidential showing for the Skokie Condos at 9715 Woods or for all other Skokie real estate needs, please feel free to contact me any time day or night!

Jim Kontos
President-Broker-Skokie Real Estate Expert-Skokie Short Sales Expert
RE/MAX 1st Class
RE/MAX Skokie
Cell 630 327 9136
Office 847 674 9797
jpkontos@gmail.com
www.skokiehomes4sale.com
www.mychicagoshortsalesite.com

There are several Skokie Realtors out there to chose from, but only a handful of these Skokie Realtors can get you the same results I can get you!

 

 

8828 Niles Center Rd| Skokie Short Sales| Skokie Condos

SKOKIE HOMES FOR SALE: 8828 NILES CENTER RD #503

The Skokie Real Estate market has an abundance of Skokie Short Sales and Skokie Foreclosures on the market.. The last time I checked the Skokie Short Sales and Skokie Foreclosure rate is about 36%. The current market conditions has made it a buyers and investors paradise. At least for those who can get qualified for a loan.

My RE/MAX 1st Class team has just listed another short sales property: 8828 Niles Center #503

Located at the intersection of Niles Center Road and Dempster, the Skokie Condos at 8828 Niles Center road have been struggling every since they started selling them about 5 years ago.. Over the last 2 years the Skokie Condos in this building have seen a big increase in the number of distressed properties.

8828 Niles Center #503 :
2bed/2bath condo
1 indoor parking spot. S
short sale property
taxes are $5300
assessments are $228 (includes heat,water,gas)
pet friendly
Listed at  $153,000

My RE/MAX 1st Class Team is the #1 choice for all of your Skokie Real Estate and Skokie Short Sales Needs!  We have the real estate knowledge and experience you need to make your Skokie Home buying experience as easy, educational and pain free as possible. 

Jim Kontos
President-Broker-Skokie Realtor-Skokie Short Sales Expert
RE/MAX 1st Class
Cell 630 327 9136
Office 847 674 9797
jkontos@remax.net
www.skokiehomes4sale.com
www.mychicagoshortsalesite.com
www.jkontos.illinoisproperty.com 

There are several Skokie Realtors out there to chose from, but only a handful of these Skokie Realtors can get you the same results I can get you!

 

Short Sales January 2011| Skokie Short Sales

Skokie Short Sales are rampant throughout the Skokie Real Estate Market.. Whether we are talking about Skokie Homes or Skokie condos, the Skokie Short Sales rate is fairly disturbing. The free falling real estate market and the economy has been hard on the Skokie Real Estate market as well as the entire Northshore suburbs. 

I opened up my first office in Skokie in 2004, and in 2004, you couldnt find a Skokie Home for under $350,000 in Skokie, and the homes at this price usually needed work. Now we have Skokie Homes and Skokie Short Sales selling in the low 200k's and high 100k's.. It is like the wild wild west out there

SKOKIE SHORT SALES
SKOKIE FORECLOSURES DATA
(As Of January 2011)

Current number of Skokie Homes and Skokie Condos For Sale:   580

Current number Skokie Short Sales, Skokie Foreclosures For Sale:195

Current Skokie Short Sales and Skokie Foreclosures Rate: 34%

Almost 4 out of every 10 Skokie Homes and Condos are a Skokie Short Sales or Skokie Foreclosure!!!

This is bad news if you are looking to sell a Skokie Home, but great news if you are looking to buy a Skokie Home! 

Dont lose your Skokie Home to foreclosure! Let my Chicago Short Sales Team help you avoid foreclosure and all the pitfalls that a foreclosure brings! My Chicago Short Sales Team has the real estate and banking experience you need! Please feel free to contact us to schedule Confidential and Free consultation to see if a Short Sale will work for you! 

Jim Kontos
President--Broker--Skokie Real Estate Expert--Chicago Short Sales Expert-Skokie Realtor
RE/MAX 1st Class
RE/MAX Skokie
Cell 630 327 9136
Office 847 674 9797
jkontos@remax.net
www.mychicagoshortsalesite.com
www.skokiehomes4sale.com
www.skokierealestate4sale.com

There are several Skokie Realtors to chose from, however there are only a handful of Skokie Realtors that can get you the same results I can get you!

 

Short Sales Data July 2010| Skokie Short Sales

SKOKIE SHORT SALE STATISTICS FOR JULY 2010

Number of Skokie Homes Currently For Sale:  620

Number of Skokie Short Sales and Foreclosures Currently For Sale:  205

33% of all the Skokie homes currently for sale are either Short Sales or Foreclosure

The Skokie Short Sales and Skokie Foreclosure rates will not be dropping any time soon unfortunately. Skokie has had a 30%-40% short sale/foreclosure rate over the last 2 years which has been negatively effecting Skokie Home Values!  If you are qualified buyer looking in Skokie, this is the absolute best time!

Are you or someone you know behind on your mortgage payments? I specialize in the sale of skokie short sales and chicago short sales. Let my Chicago Short Sales Team help you avoid foreclosure! Please call or email us to schedule a Free and Confidential Consultation.
We are only a call or email away!!

Jim Kontos
President--Broker--Skokie Short Sales Expert--Multi Million Dollar Producer
RE/MAX 1st Class Skokie
Cell 630 327 9136
Office 847  674 9797
www.skokiehomes4sale.com
www.mychicagoshortsalesite.com
jkontos@remax.net

 

Real Estate Data July 2010| Skokie Real Estate

 

Another month has gone by and the Skokie Real Estate market is treding to stay above water.. The Skokie Short Sales and Skokie Foreclosure rate is climbing every month unfortunately. Here are the statistics for the month of July, 2010 for the Skokie Real Estate market

SKOKIE REAL ESTATE DATA
JULY 2010 SKOKIE IL HOME STATISTICS

Number of Skokie Homes that sold in July:  34

Prices ranged from $110,000 - $575,000 with the majority of the homes selling in the $200,000 to $399,000 range

The average market time for these skokie homes was: 130 days

The average market time for skokie homes above $450,000 was: 330 days

 Now, are you ready for the shocker?
41% of the homes that sold were either Short Sales or Foreclosures,,This is up 8% from June 2010

Are you looking to Buy or Sell in Skokie or the surrounding Northshore area? Please CONTACT ME for all of your Skokie Real Estate and Skokie Short Sales needs. Let my Skokie real estate experience, education and knowledge that set me apart from my competition work for you!

Jim Kontos
Presidet--Broker--Skokie Short Sales Expert--Skokie Real Estate Expert
RE/MAX 1st Class Skokie
Cell 630 327 9136
Office 847 674 9797
jkontos@remax.net
www.mychicagoshortsalesite.com
www.skokiehomes4sale.com
www.jkontos.illinoisproperty.com 

  

  

 

Real Estate Data June 2010|Skokie Homes For Sale

In the month of June, 2010 there was a total of 28 Skokie Homes homes that sold in Skokie IL.

 

Now, are you ready for the shocker?

42.3% of those homes were distressed sales; either short sales for bank owned foreclosures.  Actually most of the Skokie Homes that sold were foreclosures.  That number really surprised me.  I’m surprised more homeowners aren’t attempting to do a short sale rather than lose the home to foreclosure.  There are lots of reasons why a short sale is better than a foreclosure, so I’m not sure why anyone would just walk away from their home without even attempting to sell it for less with the bank.

The range in the price of homes went from $160,000 all the way up to $540,000, with the bulk of the homes selling in the $160,000 to $280,00 price range.  The irony is that will all of the appreciation, and now the depreciation, home values are back to where they were in 1999 

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June 2010 VS June 2009 Skokie Real Estate Stats

 

In June 2009 There were 30 Skokie Homes that sold in Skokie IL.

 

33% of the Skokie homes that sold in June 2009 were Distressed properties: Either Short Sales or Distressed properties: There were more Short Sales in 2009 than Foreclosures. 

The range in the price of homes went from $126,000 all the way up to $900,000, with the bulk of the homes selling in the $126,000 to $260,000 price range.. Foreclosures and Short sales are on the rise from 2009 unfortunately

Please contact me for all of your Skokie Real Estate needs! Whether you are looking for Skokie Real Estate, Skokie Short Sales ,Skokie Homes let my Real Estate Experience, Education and Knowledge that seperates me from my competition work for YOU!

Are you behind in your mortgage payments? I specialize in short sales and I have been helping homeowners avoid foreclosure for several years.  Call me to see how doing a short sale on your property can help you through this difficult time. Let my short sale team help you avoid foreclosure! We are only a call or email away!!

  

Jim Kontos

President--Broker--Mulit Million Dollar Producer

RE/MAX 1st Class

 

3947 Dempster..Skokie Il 60076

Cell 630 327 9136

Office 847 674 9797

jkontos@remax.net
www.skokiehome4sale.com
www.mychicagoshortsalesite.com 

 

 

 

Short Sales vs Foreclosure|Skokie Short Sales

 SHORT SALE vs FORECLOSURE

In this Corner: FORECLOSURE

The foreclosure in Illinois is a Judicial Foreclosure . This means that the foreclosure must be approved by a Judge.  This means that if a person's home is foreclosed on, that they will actually have a judgment against them on their credit report.

A foreclosure will remain on a credit report in the public records section for 10 YEARS.  

The other issue with the foreclosure is that on loan application (for purchasing a new home), under Declarations, Section VIII it specifically asks a borrower if they have had a property foreclosed upon in the last 7 years.

The other issue with a foreclosure in Illinois is the Deficiency Judgment.  The lender has the right to ask the court for a money judgment against the previous home owner personally.

The home owner will most likely have 3 judgments, get docked at least 300 points on his or her credit report

.NO HOME PURCHASES FOR AT LEAST 7 YEARS!!!

-----------------------------------------------------------------------------------------

In This Corner: SHORT SALES

NOT A JUDGEMENT!!! BANKS DO NOT GENERALLY ASK FOR LOSSES BACK

If the home owner does go through a Short Sale and the bank does not request a money judgment, the homeowner's credit will be affected by as little as 100 points.

Purchasing another home can happen in as little as 24 months through Fannie Mae

Don't lose your home to foreclosure! If you or someone you know is dealing with financial hardship and is on the verge of losing their home, please contact me immediately!  Let my experienced Chicago short sale team help you avoid foreclosure.. Our help is only a phone call or email away! 

Whether you are looking to buy/sell Skokie Real Estate or interested in Skokie Short Sales or Skokie foreclosure property, please contact me.  Let my Skokie real estate and Skokie short sale experience, education and knowledge that seperates me from my competition work for you!

Jim Kontos
President/Broker
RE/MAX 1st Class..Skokie
Cell 630 327 9136
Office 847 674 9797
Office #2 312 643 2087
jkontos@remax.net

 

Disclaimer: *I am not a attorney and cannot give out any form of legal advice..This is a informative real estate blog written by a real estate broker experienced in short sales and foreclosures

Skokie Short Sales: What Exactly Is A Short Sale

The Skokie real estate market has changed significantly since I opened up my office in 2004.. Skokie Short Sales are at an unbelievably high level. In 2010, Skokie is experiencing a 30-35% short sale/foreclosure rate.. So basically every 3.5 out of 10 homes are a short sale or foreclosure.

SO........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 DOEST 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?  I specialize in Short Sales and I have been helping homeowners avoid foreclosure for several years. Let me and my Chicago short sales team help you!  Contact us to see how doing a short sale on your property can help you through this difficult time. Help is only a phone call or email away!
Looking to buy or sell a Skokie home??  Please CALL or EMAIL ME for all of your Skokie real estate and Skokie short sale needs.. Let my experience, education and knowledge that sets me apart from my competition work for you!

Jim Kontos
President--Broker--Skokie Real Estate Expert--Chicago Short Sales Expert
RE/MAX 1st Class..Skokie
3947 Dempster..Skokie IL 60076
Office 847 674 9797
Cell 630 327 9136..
jkontos@remax.net
www.skokiehomes4sale.com