January 31, 2011 in Blog by admin

End of the Road….For Now!

After spending the last 5 days trying to save one of my listings from foreclosure sale tomorrow, I have to finally admit defeat. Despite being able to get a solid offer at the last minute and submit it to the bank they denied us the opportunity and did not accept it.

No, they did not counter or give a reason – just that they wanted the price from the BPO from July of 2010. Even though the comparables that the BPO was based on were larger, had finished basement and were in perfect move in condition – far from the state of our listing. But it all fell on deaf ears and cold hearts but we all know that banks don’t have a heart and their employees are just following the script.

So tomorrow the home will be sold at the weekly sheriff’s sale in Kane County, IL with 46 other homes that are scheduled at 9:00 a.m. I pleaded to have the file escalated to the next level but the negotiator did not even return that email and calls to various numbers went unanswered. I tweeted, hoping to shame them into responding but not one call.

After all its, just one more house, of millions that are being foreclosed on. It will get in line while the process plays out and eventually 6 to 12 months or longer from now it will be put back on the market and more than likely it will be sold for much less than the last minute offer. But the bank had a great deal when it bought this asset from the failed bank at 70% discount. It got a guarantee from the receiver – the FDIC that makes it a better deal for the bank to let the asset go into foreclosure – they are covered for the loss. So, again the bottom line and profiteering comes first.

So, if you are doing a short sale with IndyMac/One West and its not a Fannie Mae or Freddie Mac loan but a portfolio loan be prepared for a long hard road. They may not be negotiating in good faith, they may be more difficult than other banks even BOA!

Thanks to the buyer’s agent that took a chance by submitting the offer knowing that it had a very small chance of making it…at least you also tried to help save another home.

I may have lost this one but it only makes me work harder on the next one despite the fact that no one seems to care, after all its just one of millions…but it was my one…the one that I lost.

Evelyn Santiago

January 23, 2011 in Blog by admin

Market Activity for Naperville IL

Naperville continues to hold it’s own in 2010 vs 2009 with increase is sold homes and even a small increase in the average price of a home.  With only 9 days left in January how many of the pending homes will actually close in January?

Dick Tracy @ Riverwalk

Naperville Single Family Detached Homes on the Market RIGHT NOW:  690
Naperville Single Family Attached Homes on the Market: 407
Naperville  Pending Detached: 114
Naperville  Pending Attached:  53
Naperville  Homes Sold in 2010: 1153
Naperville  Homes Sold in 2009: 1104
Naperville  Average Sale Price in 2010:  $433,942
Naperville  Average Sale Price in 2009:  $438,523
Naperville  Median Sale Price in 2010:  $391,500
Naperville  Median Sale Price in 2009:  $390,000

Naperville’s Median Sale Price increased .4% from 2009. The Average Sale Price price dropped 1.0% vs 2009.  Number of homes sold increased 4.4% from 2009

January 23, 2011 in Blog by admin

The Numbers are in for Oswego, IL

Downtown Oswego

The first month of 2011 is almost over with only 9 days left.  Here are the latest market stats for Oswego, IL.

Oswego Single Family Detached Homes on the Market RIGHT NOW:  242
Oswego Single Family Attached Homes on the Market: 118
Oswego Pending Detached:54
Oswego Pending Attached: 11
Oswego Homes Sold in 2010: 273
Osewgo Homes Sold in 2009: 311
Oswego Average Sale Price in 2010:  $246,706
Oswego Average Sale Price in 2009:  $248,467
Oswego Median Sale Price in 2010:  $239,000
Oswego Median Sale Price in 2009:  $240,000

Oswego’s Median Price dropped -0.4% and the Average Sale Price dropped only 0.7%. 

There was a -12.2% drop in the amount of homes sold in 2010 vs. 2009.

January 22, 2011 in Blog by admin

Gadget Repair in Naperville, IL

Several years ago I received an IPod Touch as an early birthday gift.  I was thrilled with this super cool IPod.  Alas, after only a few months of using it, the gadget stopped working.  I tried updating it, restoring it but I was unable to turn it off when I wanted to and it would not operate.  After several tries I put it in a drawer and basically forgot about it.

Since winter time is always a good time to clean up clutter that is what I was doing a couple of weeks ago when I came across it.  I have a new IPad, plus I have an IPhone which works as a IPod but I found that it drained the battery too fast, so I have been doing without music except for putting on my ancient stereo system and actually playing an actual CD when I need to clean my house.

Repaired IPod Touch

So I decided to take the IPod Touch on one of my drives to my old “coffee shop” in Naperville, IL.  As I was going in I noticed a new business where a former real estate company used to be.  The Tech Shop Repair Center.  Out of curiousity and with the hope that they might be able to do something I took in my poor broken IPod and the rest as they say is history!

Within days I was able to pick it up and start listening to my favorite tunes as I sweated those extra “holiday” pounds at my local health club.

So if like me you have an old IPod, cell phone, computer and even GPS and game system stop byThe Tech Shop Repair Center and give that electronic product a 2nd chance.  We all deserve 2nd chances…yes even our electronic gadgets! Tell them the real estate from Oswego, IL sent you!

January 19, 2011 in Blog by admin

This Weekend Only! – Amazing Price in N. Aurora on 3 Bedroom Home!

Are you looking for a home close to the Orchard Rd. exit?

  Do you dislike homeowner’s associations?

 Do you need to be close to shopping and Metra? 

If you answer Yes! to any of these questions than this 3 bedroom, 2.5 bath home with a family room and formal living and dining room might be your answer.  It has a nice eat-in kitchen with sliding glass doors to a large paver patio perfect for summer entertainment.  The back yard is large and back to a small wooded area so no back yard neighbors!

1332 Oakland North Aurora, IL

Foyer

Living Room Area

Dining Room

Kitchen with Dining Area

Family Room Off Kitchen

The master bedroom overlooks the backyard and has a walk in closet and master bath.  The secondary bedrooms share a full bath also on the 2nd level.

Master Bedroom Overlooks Backyard

2nd Bedroom

Doll house Shed

Back of Home

Kitchen Close Up

End of Lot

Take advantage of this deal and put in your offer – yes, its a short sale but the bank already has the package and will work with a reasonable offer!  Home is located in an area of higher priced homes and only needs cosmetic work, carpet replacement, paint and perhaps changing the kitchen cabinets to make it your perfect home! No homeowner’s association – Only 12 years young – minutes from Orchard Road I-88 Exit!

Stop looking and come see this home this weekend and be in it by this spring enjoying the patio and starting your new media/workout/entertainment project in the full unfinished basement!  Call me today for your own personal tour! Listed at $179,900!!

January 17, 2011 in Blog by admin

Short Sales: Why Should I Pay Double For My Home?

IL – The Stop Foreclosure Institute recently received a question from Luis. Here is Luis’s Question.

“I am working on a loan modification on my home. I just don’t want to be upside down and want a fair interest rate. Why should I pay on a mortgage that is twice as much as my home is worth, plus the interest on that mortgage? It just doesn’t make sense.

How can I get a loan mod with a fair interest rate where I am repaying what my home is worth today? Thank for your help, Luis.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here was our answer. You are asking for something that most lenders don’t like to do. Lenders don’t like principal reductions. Here is why.

Principal reductions usually have to be written down right away on their financial books. If you owe them $300,000 and they reduce your loan principal to $150,000, then they immediately have to reduce the company’s earnings by $150,000 for the year.

If they do that on enough loans, then it hurts the CEO’s ability to get a bonus. He may even risk losing his job. I don’t offer much sympathy to CEOs, but that’s how it works.

Here is what lenders like to do instead. They will reduce your interest rate to 2% for 5 years. After that, the interest rate will go back to the original level.

That way the write off will be much smaller than $150,000. It might be a $30,000 write off. That makes a much smaller difference on the CEO’s bonus for the year.

It’s also one of the reasons that most loan mod programs don’t work. The banks aren’t willing to be realistic.

It’s also why I think a short sale is the best principal reduction plan. You get to erase the bad debt. Rent a home for 2-3 years and then buy a new one at today’s market level.

That way you guarantee your principal reduction and don’t waste time arguing for a principal reduction with someone who isn’t allowed to give it to you. Thinking about a short sale?

I can help you short sale your property in Aurora IL and surrounding towns and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 630-896-9999

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. evelyn4homes@aol.com.

View My homes for sale at
www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Aurora Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Montgomery Loan Modification Help, Montgomery Short Sales, Montgomery Short Sale Realtor. Yorkville Loan Modification Help, Yorkville Short Sales, Yorkville Short Sale Realtor. , Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Evelyn Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc. .

This information on Short Sales: Why Should I Pay Double For My Home? is provided as a courtesy to our viewers to help them make informed decisions.

January 15, 2011 in Blog by admin

Open Letter to Prospective Landlords in the Auroraland Area

Dear Mr./Mrs. Landlord:

The times have really changed in the housing market across the nation and the same holds true in Aurora, IL and its surrounding towns and villages. Short sales, foreclosures and many homes worth less than their current mortgage. Perhaps you find yourself holding a home that you owe more than its current market value and have decided to become an unwilling landlord instead of short selling the home, or letting it go into foreclosure.

I congratulate you on your decision! But let’s talk about potential tenants. With home prices more affordable and interest rates lower than we have seen in decades those ideal tenants that you are hoping for are now buying a home! Their own home where they can paint, entertain and have as many cats and dogs as their municipality allows or their HOA! They are now part of the American dream of owing their own homes.

So, now to the reason for my letter. Those people that unfortunately were turned down by their lenders after following their lender’s advise to stop making their payments so they can “qualify” for a loan modification and have ended up selling their home “short”, what happens to them when they look for a place to live?

They have solid jobs, sometimes twice as long as the normal 2 year requirement. They were used to paying a monthly payment before their special “loan” became impossible to manage. They know what it takes to maintain a home, do minor repairs, replace lightbulbs, etc. Because they wanted to qualify for a loan modification perhaps they were instructed to stop paying their credit cards since the lender would look unfavorably if they paid their credit cards but not their mortgage. Perhaps they got bad advise and were told they might have to file bankruptcy to get rid of the deficiency if the lender did not dismiss it. So they did and made their credit even worse.

So now, they want to move on but can’t find housing. They are willing to pay, can pay but because of their FICO score can’t qualify for a rental. What do they do?

Mr./Ms. Landlord is your house still empty? Did that last “perfect” tenant leave it trashed? You know the one with the perfect credit and references, perhaps with a couple of years on the job but perfect credit. They moved in and after several months just stopped paying their rent. But they had checked out! How could this have happened. We did on the right checks. Background, criminal, credit, we even talked to their references!

You see in today’s rental market things have also changed. There are a lot of great potential tenants out there that would do anything to qualify for a nice rental. They have solid jobs but lousy credit due to being part of the worst housing market since the Great Depression. These are parents from your local school, employees from your local stores, perhaps even some of your employees.

Don’t dismiss this segment just based on a “credit score”. Perhaps you need to do indepth interviews, rewrite your current lease agreement, find a creative solution to a housing challenge that is going to be with us for quite awhile. Perhaps this could be a potential buyer of your overpriced home in several years!

Or you can wait another month for that “perfect” tenant. The one that is probably with me right now looking for their new home because with their great credit score and wonderful interests rates I can find them a home they qualify and they can kiss renting someone else’s overpriced home.

January 15, 2011 in Blog by admin

Short Sales: Can I Short Sale Investment Property Without A Deficiency?

IL – The Stop Foreclosure Institute recently received a question from Phil. Here is Phil’s Question.

“I am a California Resident but have 3 distressed Florida Properties pending foreclosure. Under Florida law a creditor cannot garnish wages. Will investor pursue deficiency? If yes, will they follow FL or CA law? Thanks, Phil.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here was our answer. That is a legal question. Since I am not a lawyer I cannot answer it.

I do know that you can usually short sale in Florida and get the lender to forgive you of the debt. However, there are other things you can do to avoid the deficiency problem.

First, work hard to convince your lender to waive the deficiency. Investment Property Short Sales are tougher because the lenders are more reluctant to waive the deficiency.

But, many lenders will waive it. Others will agree to waive it when you have presented financial statements that show you cannot afford the deficiency.

So I think that over half of the deficiencies will be waived by the lenders. Here is what you can do for the remaining ones. First, depend on incompetence on the lender’s part.

Most lenders don’t have enough staff to handle their delinquent debt. Even if they do have the right to a deficiency in most cases the only thing they will do is call you.

When they call, you simply tell them that you don’t have the money in your budget that month to pay them anything. Don’t say anything more than that and don’t lie to them.

(A lie can get you in legal trouble later on. You are better saying very little and hanging up the phone than lying.)

Most lenders won’t do anymore than “sic” the debt collectors on you. They hardly ever go to court or attempt to garnish your wages. E-mail me for a simple letter that will legally stop the harassing phone calls.

In my opinion, this will enable you to short sale 90% to 95% of all investment properties and avoid paying a deficiency. Here is what you should do if you fall into the unlucky 5-10%.

Hire a good lawyer. They can usually find a hole in their court case and get you out of paying the debt. These lenders are so disorganized that the often do not have all their paperwork in order.

Or, they can find a situation where the lender broke Collection Law. In that case, the lender is usually more than happy to settle with you versus facing a lawsuit.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 630-896-9999

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc. . Short Sales Realtor:

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at
www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Aurora Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Montgomery Loan Modification Help, Montgomery Short Sales, Montgomery Short Sale Realtor. Yorkville Loan Modification Help, Yorkville Short Sales, Yorkville Short Sale Realtor. , Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Evelyn Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc. .

This information on Short Sales: Can I Short Sale Investment Property Without A Deficiency? is provided as a courtesy to our viewers to help them make informed decisions.

January 13, 2011 in Blog by admin

Short Sales: Can I Short Sale My Upside Down Home?

IL – The Stop Foreclosure Institute recently received a question from Brent. Here is Brent’s Question.

“If we are not behind on our mortgage but can’t sell our home through a normal sale because we don’t have any equity, can we still qualify for a short sale?

We would like to sell this property and get another property where we are not upside down. Thank you!” asked Brent.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here was our answer. Brent, there is actually a federal short sale program that encourages what you would like to do. It is called the FHA 4155 loan program.

It allows a person that is short selling their house to buy another one right away. However, there are a few caveats.

We have been told that you will need the following. (Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and on your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

The biggest hurdle will be getting your current lender to approve the short sale. Most lenders will approve a short sale. It just takes time and a little patience.

But, it is a great opportunity to move on from your upside down property and start building equity elsewhere.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at evelyn4homes@aol.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 630-896-9999

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Evelyn Santiago.

Evelyn is a Real Estate Broker at Dynamic Real Estate Network, Inc. . Short Sales Realtor:

Phone: 630-896-9999. evelyn4homes@aol.com.

View My homes for sale at
www.dynamicbroker.com.

Evelyn Santiago specializes in loan modification assistance and short sales in Aurora Illinois. Oswego Loan Modification Help, Oswego Short Sales. Oswego Short Sale Realtor. Montgomery Loan Modification Help, Montgomery Short Sales, Montgomery Short Sale Realtor. Yorkville Loan Modification Help, Yorkville Short Sales, Yorkville Short Sale Realtor. , Short Sale Realtor. IL Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Evelyn Santiago’s personal views and do not reflect the views of Dynamic Real Estate Network, Inc. .

This information on Short Sales: Can I Short Sale My Upside Down Home? is provided as a courtesy to our viewers to help them make informed decisions.

January 12, 2011 in Blog by admin

Make Your Dreams of Owning Your Business Come True!

Front View of Lincoln Ave Business

You have been thinking of taking that step and now a new year is here. Are you ready to make those dreams come true? In real estate, location, location is everything so this building could be the perfect fit.

Located 2 blocks from downtown this mixed used building located between Galena Blvd and Downer Place on Lincoln Avenue has many possibilities. Keep the current tenant downstairs and live upstairs in the large 2 bedroom apartment. Whether you move your current business or start a new business with its’ easy access to downtown business, Metra and other city amenities.

Aurora, IL

Salon Shampoo Area

Reception Area

Located next to busy gas station and across from a long standing laundrymat exposure for your business is a daily fact.

Manicure Area

The current tenant is a beauty shop and is willing to stay if rents are maintained at current levels. 1 car garage and small basement for storage.

Offered at $179,900 – B2 Zoning – Call today and let’s make those dream this year’s reality!