Short Sale in Park Ridge, Park Ridge Short Sale Expert, Park Ridge Short Sales Realtor, Broker, Park Ridge Foreclosure, Stop Foreclosures in Park Ridge, Homes For Sale In Park Ridge, Park Ridge IL Real Estate
DON'T LOSE YOUR HOME TO FORECLOSURE, Avoid Foreclosure! I CAN HELP YOU! As a Licensed Real Estate Broker with over 25 years of experience Certified Distressed Property Expert Certified Loan Originator I can give you the expertise necessary to save your credit, relieve the uncertainty and most of all, help your family. Don't Wait Until It's Too Late!
Foreclosure is NOT the only option!
Contact me, Regina Zak Tomas, and let's get started towards the path of recovery 773-520-1522.
I am a Real Estate Agent Who Specializes in Representing The Sellers in Short Sale Transaction in Park Ridge, Pre Foreclosure, Purchasing Real Estate in Park Ridge, Selling Homes in Park Ridge, Park Ridge Real Estate Property, Park Ridge Residential Real Estate, Park Ridge Foreclosure and more. If you want to avoid foreclosure and keep your home in Park Ridge or somewhere else, your first step is to call your lender! If you are having difficulty paying your mortgage on time, it's important to act now before things get so bad that you are facing foreclosure.In a situation where you want to sell your house, but it is at risk for foreclosure, your best option is short sale.
A short sale is a way to avoid foreclosure! It's very common in today's depressed real estate market for home sellers to receive offers that are less than the amount owed to the lender. A short sale is when a bank is willing to sell for less than what is owed.
Facing Foreclosure? Don't Like Your House? Consider a Short Sale! Short Sale Expert in Park Ridge!
SHORT SALE VS. FORECLOSURE
Current or Future Employment Foreclosure; Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. Short sale: A short sale is not reported on a credit report and is therefore not a challenge to employment.
Deficiency Judgment Foreclosure: In 100% of foreclosure (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment. Short sale: In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Deficiency Judgment (amount) Foreclosure: In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sell in a declining market. This will result in a higher possible deficiency judgment. Short sale: In a property managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.
Future Loan with any Mortgage Company Foreclosure: On any future 1003 application, a prospective borrower will have to answer YES to question C in Section 7 of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will affect future rates. Short sale: There is no similar declaration or question regarding a short sale.
Credit Score Foreclosure: Your score may be lowered anywhere from 250 to over 300 points, typically affecting your score for over 3 years. Successful short sale: Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's effect can be a brief as 12 to 18 months.
Credit History Foreclosure will remain as a public record on a person's credit history for 10 years or more. Successful short sale is not reported on credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled, paid as agreed'.
In Real Estate, a Short Sale - What is it?
A Short Sale is when a lender agrees to receive less than the original amount owed on the property, via negotiations, to be able to release the lien. The Short Sale Process The first step is to find out if a short sale is an available option for you. Then the property is put into the market, and the Hardship Package is given to the lender. When an offer is received it is submitted to the lender. If the lender approves the offer, the file moves to closing
The Seller's Benefits, The Buyer's Benefits The homeowner can eliminate their mortgage debts without financing repairs for the purpose of the selling the property The lender pays for commissions and closing costs. The seller's credit report is not negatively affected by a foreclosure Bankruptcy can be prevented. The homeowner can stay on the property until the procedure is finished. Buyers can buy property that has a below-market price. Also, the short sale properties are usually in better shape than foreclosure properties (don't need as many repairs).
Work with a Real Estate Agent, Broker A short sale has the potential to become very complicated. Lenders prefer to deal with a realtor instead of with the buyer. As a real estate agent, I am very persistent and patient with the short sale, using my abundant amount of experience to make the process as smooth as possible.
There is no cost for professional representation! The lender covers the costs of the real estate commission. Make sure a qualified real estate professional is representing you!
Other things to know about short sales: - The short sales procedure can and does vary from lender to lender. - Seller will not receive any excess funds. - Seller may not remain in the property after the sale even with permission of the new owner. - Seller will not receive a refund of any escrow accounts. - Seller may be asked to sign a note for the deficiency at closing. - There can be no substitution or assignment by buyer. - Even though a short sale is pending, the lender can still foreclose on the property - Buyers must be patient because the short sale process can take several months. REO, definition of REO - Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture. Foreclosure, definition of foreclosure - The legal process by which an owner's right to a property is terminated, usually due to default. Definition: BPOs are often associated with foreclosures and short sales. A BPO, or broker price opinion, is a broker's opinion of the value of a property in the current market.
Make sure a qualified real estate professional is representing you! A short sale is not a regular transaction, and hiring an inexperienced Realtor you are risking foreclosure. Do not make this mistake.
There is no cost for professional representation! The lender covers the costs of the real estate commission.
Do not hesitate to call me for free service in Park Ridge and for more information, or if you have any questions about listing and selling your short sale property in Park Ridge for free! I don't charge any fees for short sale listing and service! In a successful short sale your bank pays for the Realtor commission, attorney fees, title company fee, and any other closing costs. Simply list and sell your short sale property for free!
But I'm not only a short sale specialist. I also work as a listing real estate agent and Realtor who works with many types of transactions. So don't hesitate to call me for any questions you have. 773-520-1522
VIEW MY LISTINGS Here are some great properties that I would like to bring to your attention. Please see these select homes offered by me for sale.
WHY IS IT WORTH IT TO WORK WITH ME?
1. I have over 25 years of experience working full time as a Real Estate Broker. 2. I am a Licensed Real Estate Broker. 3. I am a Certified Loan Originator. 4. I am a Certified Distressed Property Expert. 5. I work with the best law firms in area. 6. I finished Law School at the University of Warsaw, which enhanced my negotiation skills with the law firms, and real estate agents, and results in successful transactions. 7. I am available any time, almost 24/7. 8. I know that the online marketing is key to real estate success. You can see my website on many front pages like Google, Yahoo, etc. 9. I do not use other agents, teams, or assistants. Each of my clients is treated personally and with professional care, which combined with over 25 years of experience and collected certificates, causes former clients to eagerly return to me for business and to recommend me to their friends.
Park Ridge, Illinois, in Cook county, is 2 miles SE of Des Plaines, Illinois (center to center) and 14 miles NW of Chicago, Illinois. The city is considered part of the Chicago metropolitan area. Park Ridge has a population of 37,775.
Park Ridge History
The Pottawatomie Native Americans were the original inhabitants of the city now known as Park Ridge. The Yankee settlers arrived after 1833. Mancel Talcott was one of the early settlers of Park Ridge. George Penny's brickworks factory was opened in 1854 and the community was informally named Pennyville. The name was later changed to Brickton by George Penny. In 1873, the area was incorporated as a village and was renamed Park Ridge. In 1910, Park Ridge was reincorporated as a city.
Park Ridge and nearby Attractions
Park Ridge Historical Museum
Leaning Tower of Niles
Friendship Park Conservatory
Kiddieland Amusement Park
The American Toby Jug Museum
Things To Do In Park Ridge
While staying in Park Ridge you can spend your leisure time at Maine Park, Morgan Park, Ni - Ridge Park, Northwest Park, Cumberland Park, Jaycee Park, Woodland Park, Northeast Park, and Oakton Park. You can also visit the Donald E. Stephens Museum of Hummel's and the Park Ridge Public Library. The Lincoln Park Zoo, American Toby Jug Museum, and the Kiddieland Amusement Park are also nearby.
Park Ridge Transportation
Chicago O’Hare International Airport is nearby.
Park Ridge Higher Education
Oakton Community College, Triton College, Northeastern Illinois University, and several other colleges and universities offer higher educational facilities.
As its name suggests, Park Ridge lies on a ridge. The soil is abundant with clay deposits, which made it a brick-making center for the developing city of Chicago. Park Ridge was originally called Pennyville to honor George Penny, the businessman who owned the local brickyard along with Robert Meacham. Later it was named Brickton. The Des Plaines River divides Park Ridge from neighboring Des Plaines, Illinois, which is west of Park Ridge. Chicago is both south and east of Park Ridge, and Niles and Unincorporated Maine Township to its north.
There were 14,219 households out of which 32.3% had children under the age of 18 living with them, 63.4% were married couples living together, 8.0% had a female householder with no husband present, and 26.4% were non-families. 24.1% of all households were made up of individuals and 12.8% had someone living alone who was 65 years of age or older. The average household size was 2.61 and the average family size was 3.13. The median cost of a house is $420,000.
The City's population consists of 24.5% persons under the age of 18, 5.5% aged 18 to 24, 24.5% aged 25 to 44, 25.8% aged 45 to 64, and 19.6% age 65 or older. The median age was 42 years. For every 100 females there were 90.1 males. For every 100 females age 18 and over, there were 85.2 males.
According to a 2007 estimate, the median income for a household in the city was $91,674, and the median income for a family was $110,842. Males had a median income of $61,959 versus $39,794 for females. The per capita income for the city was $36,646. About 1.7% of families and 2.2% of the population were below the poverty line, including 2.1% of those under age 18 and 3.1% of those age 65 or over.
At the time of the last census survey, there were 14,646 total housing units in Park Ridge. The number of occupied housing units was 14,219, or 97.1 of the total units in town. Of these, 12,455 were owner-occupied (87.6), and 1,764 were renter-occupied (12.4, compared to the national average of 33.80%). There were also 427 vacant homes in Park Ridge at the time of the last complete survey.
Median Home Values in Park Ridge, Illinois
The total number of single family, owner occupied homes in the community was 10,641, with a median value in dollars of 295,800.
Monthly Owner Costs in Park Ridge, IL
For homes with a mortgage, average monthly owner costs were $1,806 (national average was $1,088). For homes without a mortgage in Park Ridge, average costs per month were $572 (national average was $295).
High School Graduate or higher At the time of the last survey, 24,499 people in the community had a high school degree, or 92.4 of the population (compared to the national average of 80.40%).
Bachelor's Degree or Higher in Park Ridge, Illinois 12,252 people in Park Ridge also had a Bachelor’s degree or higher, which represented 46.2 of the total population (National average was 24.40%).
Civilian Veterans in Park Ridge, IL The number of Civilian Veterans in Park Ridge was 3,553, or 12.4 percent of the total population (National average is 12.70%).
Disability Status in Park Ridge, IL In 2000, there were 4,508 people in Park Ridge, IL listed as disabled.
Foreign Born in Park Ridge, IL At the time of the last complete survey, there were 6,461 people in Park Ridge who spoke a language other than English at home. This represented 18.2 of the total population, compared to the national average of 17.90%.
Percentage In Labor Force in Park Ridge, Illinois There were 18,742 in the labor force in Park Ridge at the time of the last complete survey. This represented 63.1 of the total population, compared to the national average of 63.90%. Mean Travel Time to Work in minutes From the most recent complete survey, the average commute time to work for local residents in Park Ridge was 26.7 minutes, compared to the national average of 25.5 minutes.
Median Household Income in Park Ridge, IL The median household income in the community at the time of the last survey was $73,154. The median household income in the U.S. was $41,994.
Median Family Income in Park Ridge, IL In the last complete census survey, the median family income in the community was $87,795. Median family income in the U.S. was 50,046.
Per Capita Income in Park Ridge, Illinois Per capita income in Park Ridge in the last full census was 36,046. Per capita income in the U.S. was 21,587.
Families below poverty level According to the most recent survey,families living below the poverty line in Park Ridge numbered 174, or 1.7 percent of the population. The percentage of families in America living below the poverty line was 9.20%.
Individuals below the poverty level in Park Ridge, IL Individuals living below the poverty line in the community was 911, or 2.4 percent . The percentage of individuals living beneath the poverty level in the country was 12.40%.
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Chicago Short Sale Specialist, Short Sale Realtor, Chicago Real Estate Agent, Broker, Illinois Short Sale Expert REGINA ZAK TOMAS