The Naperville Real Estate Voice - Local Real Estate News and More...: May 2008

Short Sales...Not for the Impatient.

When dealing with a Short Sale it is best to have patience.

 

A Short Sale is when a lender accepts less than what the homeowner owes on their mortgage.

But...before the lender accepts the offer several steps need to occur.

The lender will want the property evaluated. The lender will order a Broker Price Opinion which will determine the value.

The lender will want ALL documentation from the homeowner. Any missing or incomplete documents will delay the process.

Lenders are currently overwhelmed with offers, counteroffers and foreclosures. Therefore it is not uncommon for a Short Sale to take anywhere from 45 - 120 days to close.

However for you the buyer, short sales can be a good deal (not a steal) a good deal as long as you are awareyoung couple of the extra time it takes to close.

Do not go at it alone, because short sales are complicated it is best to have a knowledgeable real estate agent involved.

And remember have patience.

 

 

Maria Mastrolonardo

Naperville IL Real Estate Agent

(630) 248-6077

www.maria-mastrolonardo.com

mmastrolonardo@remax.net

 

 

Maria Mastrolonardo is a full time Illinois Realtor specializing in Short Sales, has been helping home-buyers and home-sellers since 1997. Can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

 

You can also find me here!

 

                                    

 


 

32 comments • Maria Mastrolonardo Realtor® Short Sale Specialist ~ Naperville,IL Real Estate • May 28 2008 08:52PM

My First 10,000 points!

This is awesome! I have made my way to 10,000 points.                                          

I have made some amazing connections here and have learned so much from an amazing group of people. I truly consider myself blessed.

 

Brad Andersohn - Taught me how to set up my profile.

Katerina Gasset - Shared so many tips on customizing a blog

Brad Carroll - For creating ActiveRain Customizer

 

Thanks to everyone who commented on my posts!

Someone asked me the other day, "Can you sell real estate nationwide?" I could honestly say, YES! I belong to a Real Estate Network and together we CAN sell real estate nationwide.

 

 

Maria Mastrolonardo is a full time Illinois Realtor specializing in Short Sales, has been helping home-buyers and home-sellers since 1997. Can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

 

You can also find me here!

 

                                    

 


 

19 comments • Maria Mastrolonardo Realtor® Short Sale Specialist ~ Naperville,IL Real Estate • May 10 2008 03:22PM

Buyer's Market...or is it?


In order for it to be a buyer's market the seller has to agree to sell.

I am working with a very nice couple, looking to buy their first home. We put offers in on, not one but, two properties this past week. (Not at the same time of course). Both offers were rejected.

The first home needed a lot of work, has been on the market for a year, on the 3rd listing agent and the seller would not work with our offer.

The second home, a little newer but, over priced. The sold comparables showed the same model home, same condition, same location, sold for 20K less than what the sellers are asking. We submitted our offer based on the comparables, but they just flat out rejected the offer.

Unfortunately in both cases the sellers are going to lose. I ran the stats for the area and YTD they are down, 38% units sold, down 12% average sale and down 13% median sale. In speaking to a local agent, the priced are definitely not going up.

I just don't get it. Confused in Naperville.

Your comments are appreciated.

Maria Mastrolonardo is a full time Illinois Realtor specializing in Short Sales, has been helping home-buyers and home-sellers since 1997. Can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.

To reach me call/text at (630) 248-6077 or mmastrolonardo@gmail.com

 

You can also find me here!

 

                                    

 


 

27 comments • Maria Mastrolonardo Realtor® Short Sale Specialist ~ Naperville,IL Real Estate • May 10 2008 01:20PM