The Naperville Real Estate Voice - Local Real Estate News and More...

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@gmail.com

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

Pricing your Naperville home correctly is so important now more than ever.

Let's imagine you are shopping for a pair of shoes. You have a shoe in mind and go to the mall, (I'll say Nordstrom in my case)...when you arrive all the red shoes - the ones you had in mind - are priced the same. So how do you choose? Do you buy based on price? Do you buy based on style?

Today, real estate Home-Buyers have an abundance of Naperville homes to choose from. There are Naperville homes on the market that are in different price ranges and ones that are in various conditions. So how does a Naperville Home-Seller price their home correctly in today's market in order for their home to sell? 

When pricing your Naperville home there are a few things to consider.

~ Sold Comparables-  Naperville homes that have sold in the past 6 months will determine market value. In some areas of Naperville these can be homes that are the same model as your home and in other areas of Naperville they have the same similar features but are not the same model. 

~ Pending Comparables- Give an indication of where the price trend in Naperville is heading.

~ Active Listings - These homes are your competition, your price should reflect how your home compares to your competition.

~ Condition- Now that you have looked at the Sold, Pending and Active comparables you can then make the determination of whether or not your home needs improvement or if your Naperville home just needs to be staged in order if it to stand out from the other homes.

Pricing your Naperville home correctly from day one is critical because it is during the first two weeks that your home is exposed to the largest pool of buyers. Correct pricing will lead to a successful sale.

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Maria Mastrolonardo is a Realtor Associatewith 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.

Preparation can be the difference between a successful home sale and an unsuccessful home sale.

Ever wonder why some homes sell quickly, while others sit on the market for quite a while? What is it that makes one home more appealing to a buyer, while another is not.

Knowledge is power and being armed with the right information before putting your home on the market will make all the difference.

I have gathered tips from the top professionals in the field that share their experience of what it takes to have a successful home sale.

1. Choosing the Right Agent

Choosing the right agent is key in a successful home sale, find out how to make the right choice.

5 Steps in Choosing a Realtor to Sell Your Property by The Somer Team

What Constitutes a Great Realtor®? by Sally Cheeseman

2. Price

Price is so important, especially in our current market.

Contrary to popular opinion, the listing agent does NOT determine the market price! by Jason Crouch

Selling Your Home Does Not Have To Be A Mystery! by Bill Gassett

3. Condition

A Tale of 2 Stages by Craig Schiller

Saving Money on Home Renovations is Easier Than You Think by Margaret Woda

Which Way Does Your Crack Run... by Michael Thornton

4. Marketing

Having an online presence is key.

Attention Scottsdale Sellers: Your Home Goes Here! by Paul Slaybaugh

5. Working as a Team

How Inaccurate Home Disclosures Can Come Back to Bite You by Lisa Heindel

The Magic Formula for a Smooth Transaction by Sally Cheeseman

I hope you have enjoyed reading these tips as much as I have. The advice will lead you to a successful home sale.

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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.

Now that you have decided to sell your home, there are a few things you can do to make your home more appealing to buyers in today's market. Look at your home through the eyes of a buyer, highlight its strengths, focus on its features and bring out its best.

1.  Order a pre-sale inspection - A qualified home inspector will be able to determine if your home has any trouble areas that you can address prior to listing your home for sale. Your home will stand out from others when buyer's know that an inspection has been completed.

2. Make appropiate repairs - Not any major improvements but perhaps you have been meaning to fix that small crack or repair the broken screen, now would be the perfect time to attack those small projects.

3. Neutralize your decor - a few gallons of paint is a low-cost way to polish up your home's appearance. Neutral colors suggest newness and cleanliness.

4. Un-clutter - By removing clutter you a doing one of two things. First you are getting a jump start on packing, by packing your least-used items now, you'll have less to do later and secondly removing clutter will highlight the spaciousness of your home.

5. Remove family photos - When preparing to sell your home, it's important to remove your personal items to make your house a home that future buyers can make into their own home.

6. Wash your windows and screens - This will help get more light into your home's interior.

7. Upgrade your interior lighting - Another low-cost way to give your home an updated appearance.

8. Make the bathrooms feel luxurious - Put away the old towels and personal toiletry items and add a new shower curtain, new towels, candles or potpourri.

9. Spruce up the exterior - Trim bushes so they don't block your home's features, plant flowers, repair any cracks in the driveway, upgrade your outside lighting.

10. Owner's manuals and warranties - Gather up all the manuals and warranties for your appliances and have them in one convenient place for the future buyer.

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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.

Do You Qualify for a Short Sale?

For a Short Sale -one in which the lender allows a property to be sold for less than the amount owed on a mortgage because of a borrower's financial hardship- a seller, needs to make a qualifying hardship case to the lender.

Therefore it is important to know what a lender is looking for to determine if you have a qualifying hardship case or not. This will save you time, money, and ultimately your credit.

What are the lenders looking for?

1. A verifiable Financial Hardship- which is a material change in your finances that has occurred between the day you signed your mortgage to today, that has affected your ability to pay - some examples are:

• job loss
• sustained loss of income
• death of a spouse
• suffered illness or injury
• been relocated to another city/state
• interest rate has adjusted, now making your mortgage payment is unaffordable  
• to much debt
• business failure  

2. A Monthly Shortfall - Use a financial worksheet to calculate your income and expenses, it will show if you have a monthly shortfall -(income-expenses=shortfall).

3. Not Having Assets- The lender will ask you to provide documentation to prove that you do not have any assets to pay the shorted difference. If you do they will sometimes discount the amount that is owed.

Always seek advice before considering a Short Sale. A real estate agent cannot give you legal advice but can let you know what your home's current value is, to determine if you are in fact short. A real estate attorney can guide you through the Short Sale process and protect you from any short sale consequences.

If you would like more information regarding a Short Sale, please contact me by phone/text at (630) 248-6077 or eMail at mmastrolonardo@remax.net

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Thanks for reading my Naperville Illinois Real Estate Blog!

Maria Mastrolonardo, Realtor(R)

RE/MAX of Naperville

Cell: (630) 248-6077

Web: Naperville Area Home Search

eMail: mmastrolonardo@remax.net

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

Naperville Homeowners, knowing if you qualify for a short sale is very important.  

The definition of a short sale is when the lien holder(s) accepts less than the balance that is owned on the property as a full payoff...now here is the key - the lien holder(s) agrees to discount the loan balance due to an economic or financial hardship on the part of the mortgagor.  

The key words to look at are - due to an economic or financial hardship,  in essence you have to prove to your lien holder(s) that you are facing a hardship and therefore need to sell your home for less than what is owed.

What constitutes a hardship?  

• job loss
• sustained loss of income
• death of a spouse
• suffered illness or injury
• been relocated to another city/state
• interest rate has adjusted, now making your mortgage payment is unaffordable    

Each situation is different and every lien holder has different policies, many of my clients have spoken to their lien holder directly and once the lien holder has reviewed the situation they often times recommended selling the home as a short sale.  

A Short sale is a better alternative for Naperville Homeowners. The advantages are, avoiding foreclosure, a lower impact on your credit score, and a faster path back to owning another home in the future.

If you would like more information regarding a Short Sale, please contact me by phone/text at (630) 248-6077 or eMail at mmastrolonardo@remax.net

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Thanks for reading my Naperville Illinois Real Estate Blog!

Maria Mastrolonardo, Realtor(R)

RE/MAX of Naperville

Cell: (630) 248-6077

Web: Naperville Area Home Search

eMail: mmastrolonardo@remax.net

I can help you purchase a home or sell your home in the towns of: Naperville, Aurora, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton, Woodridge or other surrounding areas.