Nationally the number of short sale offers closing is approximately 25%.  So if 100 offers are submitted by buyers, only 25 will actually close.

If you are a seller who needs to get your home SOLD, and the mortgage(s) exceed the fair market value, you are a candidate for a short sale.

Our team of Short Sale Experts will get your transaction CLOSED.

How are we able to accomplish this when the number of short sales nationally closing is only 25%?

Our partners are experts in handling distressed transactions and have the staff and mortgage lender contacts to get the short sale Approved and Closed.  Our short sale firm, who exclusively handles our mortgage lender negotiations, closes 80% of submitted transactions.

If you need help, contact us today for a complimentary short sale consultation.

For a definition of a short sale see the link below

On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, Congress has created a new, temporary tax credit to provide an incentive for first-time homebuyers. 

The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.

Click here to view the document

Nationally, 7 out of 10 home owners lose their home to foreclosure with no intervention for help.

Many sellers are afraid or embarrassed to call the mortgage lender.  Best advice for anyone facing challenges making mortgage payments is to contact the mortgage lender “Early & Often”.  As time goes on the likelihood of the lender working with a borrower lessens. 

Many options exist including: Loan work out, forbearance agreement, out right sale, short sale, deed in lieu of foreclosure, and re-financing to a new loan. 

Our team of specialists can evaluate and make recommendations on the best course of action for the home owner.

If you or someone you know is facing the potential loss of their home, please let them know help is available.

Our success rate is very high in helping families.

Click here for a federally created website for consumers facing mortgage challenges.

Click here for the Illinois site.

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President George W. Bush signed the housing-rescue bill into law on Wednesday.

There are many aspects of this bill and we are working on obtaining detailed information so we can make a blog post on the major points.

Please see the link below to read some details and access a video.

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In June we posted a blog suggesting all buyers be thorough in research when purchasing a home.  This point becomes significantly more important when purchasing a property within an association.

In a standard offer to purchase we utilize for clients, a paragraph contains language as a contingency to protect the buyer.  The Illinois Condominium Act requires a seller, in a real estate transaction, to provide the buyer all related association documents including: Covenants and Restrictions, Declarations, By Laws, Special Assessments, and Reserves.

See below for a recent story on a building in the South Loop -1717 S Prairie Avenue - facing the financial challenge of special assessments.  Important to consider when a building has a history of special assessments, it could impact buyer demand, appreciation factor, and most definitely market value.

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A top question for many of our clients and bus tour attendees is what tools do we utilize to stay current on what the local and national housing markets are doing?

Supporting responsible home ownership is a high priority for us.  Understanding current market conditions and available mortgage loan financing should be carefully considered by every buyer.

Here are some great sites we utilize for research:

Freddie Mac

S&P/Case-Shiller

S&P/Case-Shiller Residential Real Estate Indicators

S&P/Case-Shiller Home Price History Reports

Reuters – The Housing Market

Real estate is local – contact us today if you have specific questions about your area.

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Anyone remember Superior Bank FSB?

Superior Bank FSB was a sub-prime lender based in Hinsdale, Illinois.  With only 18 branches, they grew rapidly during the 1990’s by making subprime loans nationwide through a subsidiary, Alliance Funding.   Superior was 50% owned by the Pritzker family of chicago.

Superior Bank failed in 2001 and was taken over by the Federal Deposit Insurance Corporation (FDIC).

Under FDIC control and supervision, Superior funded more than 6,700 new subprime loans with a cumulative value in excess of $550M.

Some of this portfolio of loans was sold to Beal Bank SSB.  Beal Bank SSB is now suing FDIC claiming many of the loans were made improperly and headed for default.

How will the FDIC navigate their takeover of IndyMac Bank?

See below for the complete story and form your own opinion.

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This article talks about conservative Bank of America purchasing Countrywide.

Really a great piece providing insight on Bank of America’s humble beginnings to their acquisition of Countrywide.

What most of the public doesn’t know about Countrywide is they are the largest mortgage servicer in the United States handling the billing and other administrative tasks for nearly $1.5 trillion in loans.  Countrywide still funds 1 of every 7 loans in the United States.

From early on this was a narcissistic business deal.  Bank of America getting into the mortgage servicing aspect; Countrywide looking for Bank of America’s creditworthiness and cash.

Many spectators around the world wonder how Ken Lewis, Bank of America’s CEO, will make this deal successful.

See below to read the complete story and form your own opinion.

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American Invsco was recently dismissed as broker for a Lincoln Park project at 2520 N Lakeview Ave.

Perhaps you’ve heard some recent news about American Invsco relating to the number of foreclosures in Chicago.  The buildings are Millenium Centre at 33 W Ontario St, River City Chicago Condos at 800 S Wells St, and The Sterling at 345 N LaSalle Dr.

Cumulatively, these three buildings have approximately 150 pending foreclosures in Cook County.

In reading this recent story, there appears to be some very questionable points with regard to some of the pre-sales.

See below for the complete story and formulate your own opinion.

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It's official the FBI is actively investigating IndyMac Bank for possible fraud involving its mortgage lending.

The outcome of this will be closely followed as the FBI is also investigating 21 other lenders.

See the link below for the complete story.

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The Federal Reserve Board approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending.

These revised rules were needed some time ago.  Compliance with the new rules, other than the escrow requirement, is mandatory for all applications received on or after October 1, 2009.  The escrow requirement has an effective date of April 1, 2010 for site-built homes, and October 1, 2010 for manufactured homes.

Click here for The Federal Reserve Board Press Release

Click here for Highlights of Final Rule Amending Home Mortgage Provisions of Regulation Z

See link below for the complete story

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In a bold and very well deserved move, IndyMac Bank under FDIC control, today announced they are halting the foreclosure process on their loans.  Sheila Bair, Chairman of Federal Deposit Insurance Corp (FDIC), was a major influence in this decision.  Sheila Bair has been very outspoken on helping struggling homeowners find relief.

Homeowners may be able to benefit from this by having the lender consider other options than continuing the foreclosure process risking loss of the home.  IndyMac Bank owns $15B of their own loans and services $185B of loans.

RepoHomeTourChicago promotes responsible home ownership at a high level.  This includes helping families remain in their home.

See the link below to view the complete story.

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Found an interesting article recently talking about the challenges of finding a foreclosure property. (See link below to read story)

What we found most interesting is our service is completely focused on distressed properties and there aren’t the challenges in finding these like most people think.

RepoHomeTourChicago makes the process of finding a home very simple.  Working with distressed properties is quite different than regular resale homes.  Empowering buyers with great information and knowledge allows them to make great real estate choices in any type of market.

Contact us today to join a public or private your.

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On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator.  All non-brokered insured deposit accounts and substantially all of the assets of IndyMac Bank, F.S.B. have been transferred to IndyMac Federal Bank, F.S.B. (IndyMac Federal Bank), Pasadena, CA ("assuming institution") a newly chartered full-service FDIC-insured institution.  No advance notice is given to the public when a financial institution is closed.

If you are a customer of IndyMac Bank and have questions Click Here for the Federal Deposit Insurance Corporation (FDIC) information page.

The company was started in 1985 by Countrywide founders Angelo Mozilo and David Loeb under the name Countrywide Mortgage Investments. In 1999, it converted into a bank from a real estate investment trust. That year, Michael Perry replaced Mozilo as chief executive officer.

For the Reuters story Click Here

For the Associated Press story Click Here

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A recent client just closed on a condo in Millenium Centre.

It was a very challenging transaction and the story goes like this……

This was an REO property (Bank Owned).  Of course you want to know the lender name, how about we leave it at they have been ALL over the news recently.

The offer was cash with a very short closing date.  When we started negotiating in mid May, the condo was listed at approximately 69% of the price it sold for in 2005.  Negotiations were progressing slowly when out of left field the lender rejected our recent counter offer.  Then the lender instructed the listing agent to cancel the listing within 7 days - they were sending the unit to public auction.  Cash offer with a short closing and the lender not only rejected the offer but then decides to try an auction??

Through some heavy lifting and by a stroke of luck the head of this lenders Chicago mortgage division became involved and was perplexed on why the offer was rejected.

Then in short order the price was reduced and our offer accepted.

What is the moral of this story – there are many points.

Best explanation is patience is a virtue when working with a distressed transaction. 

In the end our client was elated with the results.  The unit closed for 62% of the most recent sale in 2005 and appraised for $50K more than the purchase price.

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Individually and as an organization we are huge supporters of Children's Miracle Network.  A portion of all transaction proceeds go directly to Children's Memorial Hospital in Chicago. 

RE/MAX International has contributed more than $85M - $9.9M in 2007 alone.  We are the #2 leading contributor behind Walmart.

101.9fm THE MIX is hosting their 9th annual Eric & Kathy 36-Hour Radiothon beginning on Friday, August 8 @ 6am and ending Saturday, August 9 @ 6pm.  Click Here for information on the event.

I've volunteered this event in previous years and it is by far the most humbling event in my life experience.  Hearing the stories of obstacles children and families have overcome is incredible.

Our belief is life is about helping people and giving back at every opportunity.

Please consider listening and calling in to make a donation to this amazing cause.  The children and families will be grateful for your thoughtfullness.

Who knows you might reach Bill or Matt as we will be working the phone banks and receiving donation calls.