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301 Greenview Drive, Crystal Lake, IL 60014

773.818.9054 office/cell
866.381.4238 efax

Check out my interview, Expert Advice on Buying a Foreclosed Home on Illinois Homes, one of the top sites for Illinois homes for sale, including Wheaton, IL real estate. Illinois Homes also services Michigan homes for sale and Pennsylvania homes for sale.

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Tuesday, August 30, 2011

Is Short Sale an Option for You?

Short sale occurs when a lender takes less on a mortgage than what is owed. Sometimes this is a better option than allowing the property to go into foreclosure.

A Seller will list a property and get an offer from a buyer which is less than for the amount of the mortgage. When the Seller accepts the offer, the Seller must ask the lender to accept the lesser offer. Then the transaction closes, with the lender's blessing, and the lender releases the lien, and the buyer accepts the deed.

Sounds easy, right?

In order to qualify for a short sale, you must meet the following criteria:

1) Your home's market value has dropped and is worth less than the amount due to the lender.

2) The mortgage is at or near default status.

3) The Seller has fallen on hard times, either through divorce, bankrupcty, death of a spouse, medical emergency or unemployment.

4) The Seller has little or no assets.

If you do not meet the above requirements, you may not qualify for a short sale. So, where do you start? Call a qualified real estate attorney, and also consult a qualified real estate agent if you do not know how much your property is actually worth. There are consequences, which I will blog about in further detail to come.

8:44 pm cdt 

Wednesday, August 24, 2011

New Homes Sales Dip in July

New-home sales fell once again in July, the third straight month of declining sales for hard-pressed home builders.

New homes sold at a seasonally adjusted annualized rate of 298,000, a modest 0.7% drop from a downwardly-revised rate of 300,000 homes sold in June, the Census Bureau said Tuesday. It was also below the rate of 310,000 that a panel of housing market analysts at Briefing.com had forecast.

Sales rose 6.8% year-over-year from 279,000 in July 2010.

"We've been bouncing around the 300,000 level for months, for years, really," said David Crowe, the chief economist for the National Association of Home Builders. "It reflects continued buyer concern with the weak economy."

The median price for a new home sold in July was $222,000, down about 5.5% from June but up 8.8% from 12 months earlier.

The inventory of new homes for sale stood at 165,000 during the month. It would take 6.6 months to sell off those homes at the current sales rate.

With sales so slow, new-home construction is also slumping. The home building industry is normally a major contributor to the economy, but it is so depressed right now that it's it a drag on the economic recovery.

Crowe said home sales might weaken even more in the aftermath of the debt-ceiling debate, the downgrading of U.S. debt and the subsequent volatility in the financial markets.

"We might see August figures drop because of the market turmoil and the uncertainly it creates in consumers," he said.

Historically low interest rates do not seem to be helping. Applications for mortgages have spiked, but most of the increase is for refinancing old mortgages rather than for purchasing new homes, according to Crowe.

1:09 pm cdt 

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