short sale

A number of reports were released this week about distressed home sales. In large part they show that the number of traditional sales are increasing, thereby decreasing the percentages of short sales and foreclosures (REO) being sold. The infographic below shows the Grundy County breakdown for the last year.

38.6% of sales in the last year in Grundy County were distressed.

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Will County has homes for sale. Lots. Taking a look at the non-new construction homes available (resales, or existing homes), this is the breakdown we see. Of 3,502 properties available,  60.37% are traditional sales, 12.99% are foreclosures and 26.64% are short sales.  That means about 60% (or 3 out of every 5 properties) of the market is traditional and 40% is distressed. Of course, real estate is local guy says not to necessarily think that’s where you’re at. More on this tomorrow!

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Short Sale Amnesia

by Jim Ludes on September 30, 2013

in General

I hate short sales. Often I want no part of listing them or representing buyers in the process of buying one. I do it anyway sometimes often times.

I currently have two short sales listed that I think I’m getting close to closing on after eons of hard work. I’ve communicated with these fine folks many many many times and given them the items they need (almost always two or three times) including a HUD-1 form revised 7 times.

This afternoon after 11 days of emailing for an update on my coordinator’s last communication,

(9/19/13)
Hello,

I have a conference call with the investor on this account tomorrow afternoon.  I will be able to provide a better update for you at that point in time.

….I received this gem:

Identity sprayed out to protect the guilty

but but but but I AM the listing agent and this is our 33rd email back and forth sir!?!?!

I shouldn’t be mean, he probably has amnesia. Growing up in the 80s and 90s, every show I watched had at least one amnesia episode. Maybe it’s making a comeback.

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Ask the REALTOR

by Jim Ludes on July 6, 2011

in Ask the REALTOR

Finally, someone has asked a question and sparked some (hopefully) conversation in the blogosphere here.

Amy K. wants to know:

So here’s my question: Where are the people that ARE selling their houses going? Apparently, they aren’t buying another home, right? Is the number of people renting taking a big upswing? Or is everyone moving back in with mom and dad?!

Where are people that are selling their houses going? I think it depends on the type of seller. Many, many many of our sales are short sales or foreclosures. In either of those situations, the ‘seller’ will not be approved for a loan to purchase, so they DO go rent or live with someone.  Of those selling the home because they WANT to sell it (not out of need), I’d say a high majority ARE purchasing elsewhere. There’ll always be some amount of sellers that don’t purchase (retirees, other elderly, etc.). I went back and checked my last 10 listings to close: 2 purchased elsewhere (one out-of-state and one in a retirement community)…that’s only 20%. The other 80% (eight) sellers were: 2 foreclosures, 3 deceased, an elderly move-in with children, an elderly move into the nursing home and one divorce situation where each rented. This never dawned on me until you asked, by the way (how much death and sadness I deal with just while doing my job). And a quick answer to the rental- oh yeah, that’s on the upswing.

“Who IS buying homes and what is being done, in general, to reach out to that collective group of people?” Right now, not enough of anyone is buying (thanks, Captain Obvious). Those buying now appear to be those ready to capitalize on a great move-up deal. Renters/ first time buyers and people moving out of starter houses into larger homes would be the two obvious answers. Trouble is, that with economic uncertainty and no guarantee that real estate’s hit the bottom, many folks (even the ones who CAN buy) are afraid that their new purchase will start to devalue immediately, akin to when you drive your new car off the lot. The sad (for some) fact is that the truly wealthy are out there scooping up gobs and gobs of real estate. Like buying a stock low, it will come back up and they will sell it for profit. As far as reaching out to people? I’ve been doing it for three years, letting them know it’s the PERFECT time to sell and move up or buy for the first time. In fact, many of us (probably all) will never see a time better to buy in our lifetime. The National Association of Realtors has been running radio and television spots for that long preaching it too. I’m not sure if there’s anything that can be done to convince people to buy other than economic stability.

“Is there someplace in the country where homes ARE actually selling?” To be technical, homes ARE selling in Grundy and Will County, IL. Good homes at right prices are still selling. As far as national numbers, I’m no expert. Real estate is local, and I make it my business to be an expert on the sales in my region. I get the rest from news and articles just like any consumer would.  I think tomorrow I should take a peek at counties NOT Grundy and Will and see how they stack up!

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REO Nightmares

by Jim Ludes on April 22, 2011

in Friday Fun

I’ve got a client with an offer in on a foreclosure (REO) house in Downers Grove. I haven’t heard from the listing agent despite my calls and emails since the wee hours on Friday night. This is how I feel today (not my video but one I admire). I’ll have a serious post in the future about my feelings toward the double standard in real estate that binds me to dates and rules, but allows foreclosures and short sales to do whatever they want.

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Lately folks have begun to ask me a lot about short sales and foreclosures. Not that it’s an uncommon query, I’m just getting it more frequently. I thought I’d update everyone on how many are selling and where. Below you will see how many are selling and where over the last 6 months. You’ll note the town, how many short sales or foreclosures (combined) have closed and what percent of the total sales that is. This incorporates BOTH single family homes AND attached (duplexes, townhouses, condos).

  • Coal City/ Diamond/ Carbon Hill: 9 (31%)
  • Morris: 11 (20%)
  • Braidwood/ Godley: 14 (56%)
  • Wilmington: 14 (44%)
  • Gardner/ South Wilmington: 2 (40%)
  • Lockport: 43 (51%)
  • Romeoville: 56 (59%)
  • Bolingbrook: 104 (55%)
  • Joliet: 183 (57%)
What does this tell us? There’s a significant portion of what is selling that’s either been taken back by the bank or there is some financial trouble for the sellers. The larger towns/cities at the bottom of the list are seeing a majority of sales under these terms while Coal City and Morris have lucked out, thus far (if you call 20-31% of sales “lucking out.”) Did I miss your town or one you’re interested in? Let me know and I’ll look it up. It won’t take me long to get you the info you want!

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