Thursday, December 10, 2009
The mortgage servicer will now have just 10 days to approve or disapprove a short sale request.
The new guidelines will now prohibit loan servicers from requiring a reduction in the commission earned by real estate professionals that was agreed on in the listing agreement.
There will be a $1500 relocation assistance incentive for the homeowner.
The program requires that the borrower is fully released from future liability for the first mortgage debt.
Mortgage servicers will receive a $1,000 incentive for every completed short sale transaction.
Qualifying properties must be the homeowner’s principal residence, and the homeowner must be either already delinquent on the mortgage, or show that default is imminent.
The Home Affordable Foreclosure Alternatives Program applies to loans that are not owned or guaranteed by Fannie Mae or Freddie Mac. Fannie and Freddie Mac are working on a similar program.
Source: The Short Story on Short Sales
Wednesday, December 09, 2009
The median list price is $320,000.00
In the last 30 days there have been 18 closed sales.
The median sales price was $277,500.00
At the current rate of absorption there are 9.38 months of unsold inventory in Hoffman Estates
The drywall is alleged to have high levels of sulfur and, according to homeowners' complaints, the sulfur-based gases smell of rotten eggs and corrode piping and wiring, causing electronics and appliances to fail.
The fumes have also been associated with respiratory and sinus problems in some residents. In some homes, the drywall problems have been so severe that families have had to move, and some builders have begun gutting and replacing drywall in the buildings.
The largest number of complaints have come from Florida and Louisiana, where a warm, humid climate encourages the emission of sulfur fumes. Complaints have also come from Mississippi, Alabama, Virginia and North Carolina.
Most of this drywall was imported to the U.S. between 2004 and 2008 at the time of the building boom. Is there defective drywall in the Chicagoland area? If you are buying a house that was built or remodeled in those years a professional home inspection is recommended.
Tuesday, December 08, 2009
The median list price is $185,000.00
In the last 30 days there have been 13 closed sales.
The median sales price was $145,000.00
At the current rate of absorption there are 7.92 months of unsold inventory in Plano, IL 60545
The median list price is $383,400.00
In the last 30 days there have been 2 closed sales.
The median sales price was $237,500.00
At the current rate of absorption there are 16.00 months of unsold inventory in Medinah, 60157
The median list price is $199,250.00
In the last 30 days there have been 20 closed sales.
The median sales price was $162,000.00
At the current rate of absorption there are 5.90 months of unsold inventory in Hanover Park, 60133.
The median list price is $257,200.00
In the last 30 days there have been 11 closed sales.
The median sales price was $230,000.00
At the current rate of absorption there are 8.54 months of unsold inventory in Channahon, 60410.
The median list price is $222,325.00
In the last 30 days there have been 4 closed sales.
The median sales price was $196,500.00
At the current rate of absorption there are 13 months of unsold inventory in River Grove.
Monday, December 07, 2009
Sherman Plaza is the largest mixed-use development in a suburban downtown. In addition to the condo's the building has 152,000 square feet of retail, plus a parking garage for 1,585 cars. The building occupies almost an entire city block, bounded by Church and Davis Streets and Sherman and Benson Avenues. Sherman Plaza is adjacent to the Davis Street train station, which serves as a junction point for two commuter rail lines.
Tuesday, July 07, 2009
Thanks to the economic downturn, condominium prices are dropping across the country. But if the homeowners association is in the red, a condo that looks like a steal can quickly become a money pit, leaving buyers on the hook for a lot more than they had bargained.
Read the article at Bankrate.com
Friday, July 03, 2009
The benchmark 30-year fixed-rate mortgage fell 10 basis points, to 5.7 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.48 discount and origination points. One year ago, the mortgage index was 6.53 percent; four weeks ago, it was 5.65 percent.
The benchmark 15-year fixed-rate mortgage fell 9 basis points, to 5.07 percent. The benchmark 5/1 adjustable-rate mortgage fell 9 basis points, to 5.17 percent.
Read More at Bankrate.com
Tuesday, April 21, 2009
Known as "the Lilac Village" Lombard is an established residential community, which traditionally served as a market center for surrounding rural areas. Settlers came when the railroad route westward from Chicago followed the St. Charles Road Trail.
The population has more than quadrupled since 1960, as the village has shared in the economic growth that has come from an expanding Chicago metropolitan area. As of the 2000 census, Lombard had a total population of 42,322. A 2003 recount gave the village a population of 43,251. The total land area of Lombard is 9.9 square miles.
According to the Northern Illinois MLS the median sales price in Lombard in the twelve months ending April 19, 2009 for detached homes was $260,000.00 with 162 days on the market, with 261 sales.
Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.