The Naperville Real Estate Voice - Your Local Real Estate Guide

Aurora Illinois Short Sales ~ Another Short Sale Success Story...

Today I am reminded of why I love to sell short sales!

Yesterday my short sale listing in Aurora Illinois closed. It was so rewarding to hear the words of gratitude from the seller. It was rewarding to know that I just helped another person get out of a stressful situation.

This was the quickest short sale closing that I have had to date. I listed the house on September 1, 2009, the seller accepted a contract on October 6, 2009 and it closed November 17, 2009. List to close 78 days.

But I am not taking all the credit, everyone involved worked together as a team. We had an awesome short sale negotiator with Wells Fargo, that was quick to respond and easy to work with. The seller was quick to get all the documents together that he needed and the attorney's office was in constant communication with the lender.

Another successful Short Sale closing!

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@wowway.com

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

Usually on a daily basis I see new bank owned listings appear on the MLS for Naperville and the surrounding areas. This allows for great deals to be had for many savvy Naperville home buyers.

Bank owned properties can be a hit or miss. Some properties only need cosmetic repair - paint and cleaning, some are in move in condition and then there are the ones that have been damaged to the point that - the furnace is missing, the kitchen is gone, and most recently (I thought I had seen it all) the brick paver patio gone. But don't let me scare you, it can still be a great deal. 

One problem with buying a bank owned property - is that many home buyers have turned to FHA financing. FHA financing makes home buying affordable because home buyers can buy with as little as 3.5% down, but the home needs to pass certain FHA guidelines and more times than not - bank owned properties do not pass because of the condition.

So what is a home buyer to do? Here comes FHA 203K to the rescue. FHA 203K - a renovation loan, is not a new kid on the block. The first version was introduced in 1978 for single-family home renovations. Then in 2005, the 203K Streamline was introduced - a simplier version with less documentation and lower loan fees for renovations not to exceed $35,000. When working with the right contractor, a lot of work can be completed for $35,000.

The first step for the home buyer is finding an experience FHA-approved 203K loan officer to guide you through the renovation process, plus having a Realtor that understands the 203K loan program.

Home buyers benefit from the 203K by getting a great deal, instant equity, all costs included in one manageable mortgage payment and a renovated home. A total win-win.

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@wowway.com

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

It all started Wednesday evening when I received a call from a prospective tenant that wanted to see my rental listing in Naperville. After going through a few days and times that would work for both of us, we decided to meet today, Friday at noon. Before hanging up I said as I always do, "if anything comes up from now until Friday please let me know, if not I will see you at noon on Friday". The person said "OK".

I arrived at the property a few minutes early. I went inside turned on all the lights, went around to make sure that everything was presentable and before I realized it was 12:15 - no prospective tenant. Since I always like to give people the benefit of the doubt, I thought - it's raining, traffic, she's just running late.

I gave her a call to see if she was on her way and she said, "I had no way of reaching you (but wait - didn't you call me to see the property?) to let you know that I was running late","I should be there between 12:35-12:45". OK, fine - I could wait a few more minutes. I returned a couple of calls, sent a few emails and now it was 12:55 and I had a 1:15 appointment, so I had to leave.

On the way to my appointment, I made a few calls and noticed that I had a voice mail waiting when I hung up. Well it was the prospective tenant telling me that she could see that I had left (@1:05), that I was inconsiderate for not letting her know, that I was unprofessional, that she was very inconvenienced and now I was avoiding her calls.

Wait - what? Did I not just wait 55 minutes? Did I not give her a courtesy call? Avoiding her calls?, I was on the phone. But yet I am the one that is unprofessional?

I pride myself in being professional with all my clients, all voice mails, emails are returned before the end of the day and I am always updating my clients on the status of the transaction. So when someone that doesn't know me, calls me unprofessional it doesn't bother me but we all need to remember that being courteous is a two way street and everyone's time is valuable - not just our own. 

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@wowway.com

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

I believe buyers still have many questions regarding the first-time homebuyer's tax credit.

Real estate professionals in the following video give an explanation of the tax credit. Keep in mind that the November 30th deadline is fast approaching.

Related posts:

Naperville Home Buyers ~ Who Qualifies for the $8000 Tax Credit?

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@wowway.com

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

On Aug 31, my short sale listing in Plainfield IL closed. What seemed to be a long process with many hurdles finally came to an end. In this case, the process took a bit longer because there was a private mortgage insurance company that also needed to approve the short sale. In addition, the bank's negotiator was somewhat unorganized -- let an approval letter and BPO expire -- not good.

The seller owed $260,000, and the short sale was approved for $190,000. It took 120 days from receipt of contract to close.

The success also came from everyone being patient and working together. The buyer's agent was very understanding and great to work with, the buyers were extremely patient -- even had a wedding in between -- the attorneys were the glue that held everything together.

Yes, short sales are a lot of work but in the end, are very rewarding -- with one less foreclosure on the market and to hear the grateful words of seller -- out weighs all the work.

More posts on Short Sales:

Fannie Mae Guidelines favor Short Sales

Short Sale - Do you Qualify?

Short Sales...Not for the Impatient.

Buyers/Buyer's Agents ~ Don't be scared off by Short Sales....

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@wowway.com

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

Now that you have read Tips for First-Time Homebuyers: (Step One) -- you know your housing budget --have a pre-approval letter from your mortgage professional -- it's time for your home search - right?

But where do you start?

1. Do research online and find out how much your money gets in different cities -- as an example, the city of Naperville is comprised of four different zip codes, with a variation of average home sale price for each zip code.

2. What is your lifestyle? Do you prefer City or Suburbs? How far are you willing to commute to work? What forms of transportation will you need?

3. Learn about different neighborhoods and home styles that fit your lifestyle.

4. Browse listings -- knowing what is out there will help target your search.

5. As soon as you know your target area and are searching seriously, hire a Realtor. A Realtor can give you the in's and out's of an area, help you find the home that matches your needs and research the current market value to make sure you are not overpaying for that home.

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@wowway.com

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

Are you tired of throwing your money away on rent? Thinking of buying your first home?

Taking that first step toward home ownership is always the hardest one. But having a plan, a road map to follow, will make that first step much easier. 

"Action without planning is the cause of all failure.  Action with planning is the cause of all success."              - Brian Tracy

Step 1 -

Here are some questions you might first ask yourself:

Can I afford it?  The worst thing you can do is to get into a situation where you become house poor. Living a lifestyle with an affordable house payment gives you the freedom to enjoy your life and not worry about making your payment each month. Using a financial worksheet will help you determine how much you can comfortably afford to spend on a home.

Do I have enough money saved?  There are costs involved when purchasing a home and knowing what those costs are will help when budgeting for a home purchase. Costs may include; loan application fee, inspection fee, closing costs and down payment. It's best to talk to a mortgage professional who will go over costs with you and will work out a plan that best fits your needs.

Do I have a stable work life?  Lenders like to see employment stability. A steady income and a solid career record in the same field, will give lenders reassurance that you have the ability to meet your monthly obligations. 

Answering these questions and knowing where you are financially will put you on the right road that will lead to a successful home purchase.

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@remax.net

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

Market Report for Naperville 60565

In May 2009 there were 17 Detached Single Family Homes that sold in Naperville 60565, an increase of 4 units compared to April 2009. 

The Average sale price of the 17 that sold was $343,141.

In May 2008, 14 units sold with an Average sale price of $367,564.

The Average price per square foot in May 2009 for the homes that sold in the 375,000-625,000 range was $148 per sf.

The Average days on the market for homes that sold in Naperville 60565 was 111 compared to 65 days in May 2008.

The following charts give an overview of the Market Activity for the past 365 days in Naperville 60565.

Naperville 60565 - Closed Sales

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Naperville 60565 - Average Sold Price

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Naperville 60565 - Average Sold Days on the Market

Related Links:

Naperville 60565 Real Estate Market Report ~ March 2009

Naperville 60565 Real Estate Market Report ~ April 2009

 Search Available Homes in Naperville 60565

Disclaimer: The data is based on information gathered from the MLS of Northern Illinois which is believed to be accurate but not guaranteed.

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@remax.net

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.

Market Report for Naperville 60564

In May 2009 there were 32 Detached Single Family Homes that sold in Naperville 60564, an decrease of 2 units compared to April 2009. 

Of the 32 that sold; the Average sale price was $486,450.

In May 2008, 47 units sold with an Average sale price of $469,479.

The Average price per square foot in May 2009 for the homes that sold in the 375,000-625,000 range was $148 per sf.

The Average days on the market for the homes that sold in Naperville 60564 was 96 compared to 89 days in May 2008.

The following charts give an overview of the Market Activity for the past 365 days in Naperville 60564.

Naperville 60564 - Closed Sales

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Naperville 60564 - Average Sold Price

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Naperville 60564 - Average Sold Days on the Market

Related Links:

Naperville 60564 Real Estate Market Report ~ March 2009

Naperville 60564 Real Estate Market Report ~ April 2009

Disclaimer: The data is based on information gathered from the MLS of Northern Illinois which is believed to be accurate but not guaranteed.

Search Available Homes in Naperville 60564

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Maria Mastrolonardo is a Realtor Associate with RE/MAX of Naperville and has been assisting home-buyers and home-sellers since 1997.  Maria can be reached at (630) 248-6077 or email: mmastrolonardo@remax.net

Servicing the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenvinlle, Wheaton, Woodridge or other surrounding areas.