May 31, 2010 in Blog by admin

Closings – Lenders Not Meeting Commitment and the Results

After the 3rd try of trying to buy a home my buyer was a bit wary when it was time for the closing.  It had been delayed once because the lender was not able to give a clear to close the previous week.  We did our walkthrough and she was starting to get a bit excited.  It had been a long road trying to get this far.

All she had been approved we had lost one deal when their were multiple offers and the 2nd deal had fallen apart because the townhome had been listed as a condo and the new FHA rules required an approved condo project and the owners did not get it approved and had no desire to go through the process.

We made it to the title company in Aurora to be told that the lender had not sent in the closing documents.  Having had the same thing happen with this lender on a previous transaction I knew it was going to be a long day.

I tried to keep my buyers focus on the end result but to make this a short and bitter post – we did not close – the lender was unable to get the closing package to the title company in time.  No fault of my buyer, the mortgage broker or anyone who had been involved – just the lender’s own internal process getting hosed up by some process that was not done correctly.

The losers are the seller who was bringing money to the closing, the buyer who was not able to close and move into the home she had waited for over a month for and of course, both realtors and attorneys who spent all day trying to make it happen and failed.

I don’t like to fail.  I immediately tried to solve the problem but it was too late.  My buyer has decided to hold off on buying a home …a couple of months or maybe a year.  Her employer is making changes and she wants to make sure she will be still around when they are through.  She saw the failure to close as a sign that perhaps she should wait.

Perhaps she is right.  I saw it as a sign that I would never do another transaction with this end lender if I had any say in the matter.  Their arrogance in not meeting their deadline left a bad taste in my mouth.  The mortgage broker felt like his reputation was hurt by the end lender not meeting their commitment after approving the loan.

Win some – you lose some…this lender lost a lot.  With 7 people involved in the transaction that will talk about them to at least 2 or more people each plus the closer and other employee’s of the title company their name will be tossed around as a company that you don’t want to do business with by a lot of people.

I don’t need a 3rd transaction to come close to failing to know that this lender is out!

May 11, 2010 in Blog by admin

Steger, IL Short Sale Saved Less Than 24 Hrs. From Foreclosure!

I took a listing On Saturday, May 1, 2010 in Steger, IL.  It’s a bit out of my “Fox Valley” area but since I have gone all the way to Carpentersville, I didn’t think it would be a major issue.  With the sheriff’s sale less than 2 weeks ago I took it knowing that it would be a longshot and told the seller that I would do my best but that it would be a challenge!

Steger IL Short Sale

After 3 showings last week we got an offer on Wednesday, finalized it Thursday and submitted the short sale package on Friday.  Unfortunately, despite the fact that I mailed the authorization’s on May 2nd and talked to an agent on May 3rd the bank would not extend the foreclosure until we actually had an offer.

I have other short sale listings that I have had for over 6 months or longer without an offer so it was really nerve racking to wait for that offer.  Praying to the short sale gods and rubbing my lucky coin, I kept on going.  I sent the listing all over the Internet, calls came in but people were not willing to make a decision that quickly.  I priced the home aggressively but within market value considering the condition.

Despite being told that I could get the foreclosure delayed if I got an offer the 2nd agent that I spoke with this Monday told me it had to be a “good” offer.  How do you justify a “good” offer when no one at the bank knows the area or apparently can read the CMA.  With only 4 closed homes that had more than 4 bedrooms and 3 out of 4 either being brand new, in much better condition or on a much larger lot their decision was confusing to say the least.

Checking out various short sale blogs I came across 2 different emails for people at that particular bank and I immediately sent out emails pleading for help.  One employee responded and sent my information to the Executive Home Retention team and sent me a 2nd email the following day informing me that someone had been assigned to my case.  I spent yesterday leaving messages begging to be called and to address my offer and extend the foreclosure.

Early this morning 7:30 a.m. I called, after getting a voice mail was given an alternate extension if it was an emergency – which it defintely was.  The lady that I spoke to listen to my story and was kind enough to tell me that the person I spent a whole day calling was not assigned to my case, but that she did have that person’s name, that she would transfer me and also gave me her extension. 

I was so thankful that I felt like crying.  After more explanations and more pleading the new person assigned to the file agreed to speak with the negotiator and call me back.  After thanking her profusely and even blessing her kind heart, I hung up.

Not actually believing that I would get a call because I have been let down before, I went to my 10:00 a.m. house inspection.  I had called the seller and informed her the latest status and told her to pray.  The bank is not known to be compassionate or caring about anything but their bottom line like most institutions today.

In the middle of the house inspection I received the call that I had been praying for.  The extension had been granted to the closing date mentioned in the purchase offer.  Yippee, glory hallelujah!!  Thanking the woman – Jacqueline, profusely I called the homeowner.

To make sure the information we had was correct,  she called the foreclosure attorney who confirmed that the sheriff’s sale would be cancelled tomorrow and that the extension to July 7th would be granted.

My personal motto has been “never, ever, never, never give up!”  and when it comes to short sales you must never give up.  Never give up on the homeowner – never give up on the system – and give yourself some credit – rise up to the challenge – strike from all fronts – be creative – work the Internet and all the short sale blogs out there to find the information you need to reach the right party.

People’s future are at stake – by doing a short sale my homeowner will be able to buy another home in the future, prevent a bankruptcy and go on with their lives.  The new purchaser will end up with a home that is a better deal than a foreclosure because it is being given up by a homeowner that is ready to move on and is not bitter and may damage the property.  The lender makes more money in less time with less expense than if the home went into foreclosure!  And of course, 2 Realtors will make their commission and be able to continue paying their bills.  A true “win-win” for everyone!

So I will keep you posted as this sale progresses through the maze that is a short sale transaction.  We are not home free yet but we are halfway there.  So my hat goes off to other short sale agents in the trenches.  It’s a challenging job but we are all up to it!  Let’s keep on helping people despite the odds and remember “Never, ever, Never, ever GIVE UP”

Driveway Leading From Home to Street

May 3, 2010 in Blog by admin

Large Family? 2 Homes for Price of 1 on Two Acres in Steger, IL

Exterior of Home

A unique piece of property located on 2 fenced acres in Steger, IL about 35 miles from Chicago.  This brick home is literally 2 homes in one.  The main property consists of 4 bedrooms, 3 baths, living room, formal dining room, library/office, family room with fireplace and large kitchen aproximately 5,000 sq. feet.

Family Room with Fireplace

Living Room View to Foyer

The master bedroom suite encompasses the finished attic with skylights, vaulted ceiling, master bathroom with whirlpool tub and a large sitting room/office area with the whole area measuring 60 x 22.  Plenty of room for your own private hideaway.

Master Bedroom with SkylightsMaster Bedroom Sitting Area

The 2nd home flows from the main house and has 2 bedrooms, 1 bath, kitchine and living room.  It’s aproximately 1,500 sq. feet.  A great separate living area for guests.

Second Kitchen

Second Living Room

First Bedroom in 2nd Home

The yard has a variety of trees, some are fruit trees, 3 sheds and plenty of land for other activities.  Don’t let this one pass you by. 

Tree House On Back of Lot

View of Driveway from Home

Playset

Call today and make an appointment to view this home – it’s a short sale so motivated buyers only – Priced to sell at $199,900. Listed by Evelyn Santiago, Dynamic Real Estate Network, Inc. 630-896-9999 – www.foxvalleychicagorealestate.com.