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Norridge Short Sale Realtor, Norridge Short Sale HomesShort Sale in Norridge, Norridge Short Sale Expert, Norridge Short Sales Realtor, Broker, Norridge Foreclosure, Stop Foreclosures in Norridge, Short Sale Condo in Norridge, Homes for Short Sale In Norridge.
NORRIDGE, ILLINOIS - SHORT SALE, PRE FORECLOSURES
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! There is no cost for professional representation! The lender covers the costs of the real estate commission.
http://www.ChicagoAreaRealEstateExpert.com Professional real estate services for buyers and sellers, Norridge, Illinois. SEARCH HOMES Are You Buying Or Selling? There’s no better time and no better place to start your online home search than right here on this search page. Regina Zak Tomas, Real Estate Agent, Broker In Norridge, IL.
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 bilingual - I speak both English and Polish. 8. I am available any time, almost 24/7. 9. 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. In addition, I advertise listings in various websites like Craigslist, Oodle, HotPads, Zillow, Backpage, Vast, etc. 11. I do not use other agents, teams, or assistants. Each of my clients is treated personally and with professional care. http://www.ChicagoShortSale-IllinoisForeclosure.comhttp://www.ChicagoAreaRealEstateExpert.com
If you have any questions, don't hesitate to contact me! Because sometimes emails don't go through, so it might be better to call me at 773-520-1522.
REGINA ZAK TOMAS, Chicagoland Brokers Inc. Groups and Organizations in Norridge Profile of Norridge Public Libraries around Norridge Norridge Public School Info Norridge Private School Info Libraries in Norridge Cemeteries in the Norridge, IL area Norridge Illinois community website Norridge Data and Census Information Norridge Detailed Profile Norridge IL Zip Code Village of Norridge, Illinois Village of Norridge, Illinois - Park District Eisenhower Public Library District Norridge IL, News - Newspaper articles The Salvation Army Norridge Norridge Illinois Public Records Village of Norridge, Illinois - Schools Norridge School District 80, Overview Norridge Foreclosures, NORRIDGE, Norridge Short Sales
Foreclosures In Norridge, In Cook County- Norridge Avoid Foreclosure, Cook County Short Sale, Pre Foreclosure In Norridge, Short Sale In Norridge. I Can Offer Help With Foreclosures In Norridge, Save Your Home From Foreclosure In Norridge, Help With Short Sale - Norridge, Stop Foreclosure, Services In Avoiding Foreclosure In Norridge. Short Sale In Norridge IL. The information contained on this Web site is provided for informational purposes only and should not be construed as legal advice on any subject matter. The links are to be accessed at the user's own risk, and the author of this Web site make no representations or warranties about the content of these links. You may not copy, modify, upload, download, post, transmit, republish or distribute any of the content, including without limitation the code, contained in this Web site without my prior written permission. . |
REGINA ZAK TOMAS