Chicago Real Estate

Chicago IL – As a Chicago Realtor, I can do more than just sell your house. In today’s housing crisis, I am helping local families avoid foreclosure. There are many options for you to avoid foreclosure. If you want to keep your home, then you need a loan modification.

That is where you request your lender lower your payment to an amount that you can afford. I give away a free loan modification kit to any homeowner who requests it. Depending upon how far behind you are on payments, you can usually get the missed payments tacked onto the end of the loan.

You will need to submit your financials and all supporting paperwork to your lender. They will review everything and assign a person to work with you. Everything you do from there forward will determine your fate. For example, many homeowners start negotiating a loan modification with the wrong person at the bank.

This is a fatal mistake. See, some people have permission to reduce your payment and work with you. Others are simply debt collectors disguised as loan modification staff. Their only goal is to get as much money from you as possible. When you negotiate a loan modification, make sure you avoid this and other common mistakes.

The good news is many homeowners are able to keep their home. Always keep the lines of communication open with your lender. Keep them updated as things change on your end. If you want a loan modification, then request one. If you decide to short sale, then let them know as well.

Always know your options to avoid foreclosure. Here are the nine options to avoid foreclosure.

Option #1: Do nothing and the bank forecloses.

Option #2: Loan Modification where the lender reduces your payments and you keep your home. Send me an e-mail at myrealtorphil@gmail.com for a free copy of my Chicago loan modification kit. Or, click here to request a copy.

Option #3: Reinstatement. This is where you catch up on all the back payments and keep your home.

Option #4: Refinance. This is a tough option in today’s lending environment.

Option #5: Deed-In-Lieu of Foreclosure. This is where you surrender the home to the lender. It allows them to accelerate the foreclosure process. They benefit at your expense.

Option #6: Sell the property.

Option #7: Rent the property.

Option #8: Bankruptcy. A bankruptcy will stop a foreclosure for 6 months and often even longer.

Option #9: Short Sale. Do you owe more than your home is worth? You would qualify for a short sale. That is where you sell the house at today’s market value and your lender agrees to accept that lower amount. 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 myrealtorphil@gmail.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 (312) 953-6725.

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

Remember to visit my short sale blog for frequent updates and information about short selling in today’s market in Chicago www.Chicago-ShortSaleBlog.com

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

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

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats.

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 Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Buyers often get frustrated with the short sale process. “I made an offer on a short sale property six months ago. How come I haven’t received an answer yet?”, they ask us. It is fairly simple to determine if a short sale offer will be approved.

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

You just need to know what the lender’s guidelines are for approval. Most lenders will first order an appraisal to determine the value of the home. They don’t want to sell the home for less than the appraised value. The appraiser will look at recently sold properties and how they compare to the subject property.

They will use that info to determine the Fair Market Value. They turn in their report to the lender. The lender uses the reported value to accept or deny an offer. If the offer is substantially lower than the appraisal, then they will reject the offer. However, they will usually accept offers within 5% of the appraised value. Obviously this varies according to the lender and the circumstances.

So, you want to know if your offer will be accepted by the short sale lender? Ask your agent to put together a CMA, also call a Comparable Market Analysis. This is your agent’s opinion of the value of the property. If your offer is within 5% of the agent’s opinion of value, then you have a good chance at the lender accepting it.

If your offer is below that 5% mark, then there is still a chance the lender will accept it. However, the odds decrease substantially. If you want a second opinion on the value, then order an appraisal. You can send your appraisal to the short sale lender.

It will be hard for the short sale lender to argue with an appraiser’s opinion of value for a property. An appraisal that backs up your offer price will go a long way towards getting your offer accepted. 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 myrealtorphil@gmail.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 (312) 953-6725.

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

Remember to visit my Chicago short sale blog frequently at www.Chicago-ShortSaleBlog.com

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

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

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats.

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 Buoscio’s personal views and do not reflect the views of Better Living Realty – Buoscio Brokerage, Inc.. This information is provided as a courtesy to our viewers to help them make informed decisions.

Chicago IL – Many people think that you can’t remove a collection or blemish on your credit, if it is with the original creditor. “I originally borrowed the money from Easy Capital. I’m sure they have everything in my file. I can’t dispute with them”, they say. Actually you can and many people do it every day. Here is how it works.

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

First off, their records are not perfect. Many companies move, their computers crash, data is wiped out, etc. The list goes on and on. The other advantage is that they have only 30 days to respond to a request.

Mail them a dispute letter. Make sure you send it certified mail, return receipt requested. If the creditor does not respond within 30 days, then you have good news. They are in violation of the Fair Debt Collections Practices Act. It will be very easy to convince them to remove the account from all your credit reports.

Here is another violation. Check your credit report right after the 30 days goes by. They are required to notify the credit bureau you are disputing that the account is “disputed.” If it hasn’t been marked “disputed”, then they violated both the Fair Debt Collection Practices Act, and the Fair Credit Reporting Act.

If either one of these happens, then you have the option of suing the creditor in small claims court. You can win up to $1,000 for each violation. Usually a few days before the court date, the creditor will agree to settle with you.

You can drop the suit if they agree to remove the negative information from all the credit bureaus. They will usually agree to that. After all, it’s a lot cheaper than 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 myrealtorphil@gmail.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 (312) 953-6725.

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

Remember to visit my short sale blog for great news and stories about short selling:  www.Chicago-ShortSaleBlog.com

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

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

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.

We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicago Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.

People need mobility and those of you who are counting your days… having kids… needing more space… wanting to plan the home, yard, etc.. and move out of a condo… it’s time to start talking to a pro to help you plan out of it.

The negative equity you have on your property might have you frozen in place.. and if you can’t cashflow your unit.. that’s not good. You could be missing OPPORTUNITY and missing Opportunity is a HIDDEN cost and the opportunity of buying somewhere else. Lenders want you to stay in place but keeping paying and MISSING a new job opportunity or buying opportunity to replace your lost job or business… well that’s a HUGE LIFE COST. So I am encouraging you to COMPUTE YOUR RETURN TO EQUITY DATE. IN fact I want you to figure out… off your current value what it would take at 3 more years of NO appreciation… then 5 years of 2% appreciation what it would take to get BACK TO POSITIVE EQUITY in your home.

I have a client who is literally deciding not to HAVE A KID cuz they don’t have space… and if your 37 like this person… well.. I have to say… THAT’S A REAL MISSED OPPORTUNITY. Consider the big picture here. There is life after this epoch of negative equity we are in. The quicker you plan for the future the better you are. If you have a true HARDSHIP you should consider the option of listing your home for SALE NOW and working toward a SHORT sale… on terms to responsibly pay your debt but also MOVE ON WITH YOUR LIFE.

The news just keeps coming…and the National Media a few months ago had everyone but us Realtors who saw the depth of it all that “housing was getting better”. No.. it’s not. And until unemployment really gets lower… like below 8% *(forecast for that is 2015 or later) then don’t count on heavy appreciation until then. Period. That’s my crystal ball. Sure it’s tuff. But it’s reality. And it’s good to stand in reality when considering your future.

Point to reality. Look at these July numbers for Chicago… and the forecast from the Illinois Association of Realtors. This is local, real info. This isn’t the Today show telling you “housing might get better soon” in some headline before the coffee commercial and interview with a movie star.
The deal is that Chicago’s still dropping.
City of Chicago’s performance…
␣ Home sales down 19.5% after 10 months in a row of sales increases ␣ Median price down -19.8% ␣ Year-to-date sales remain up by 25.0 percent January through July 2010 with 12,397
sales compared to 9,915 home sales for the same period in 2009. ␣ The year-to-date median sales price for the city of Chicago is down 6.1 percent to
$215,000 from $229,000 for 2009.
Forecast – U of I REAL
␣ Forecasts for sales for the next there months (Aug/Sept/Oct) indicate a continuation of the July experience with declines in the 14-38% range statewide and 13-24% for Chicagoland.
␣ The “hangover” from the expiration of the tax credit in April may extend into fall. Prices continue their downward trend, down 4-7% statewide and 4-8% in the Chicago region.
␣ The expectation has to be that the slowing of the national economy will affect Illinois’ growth prospects over the remaining months of the year.

Ok.. so if you have negative equity now.. and the forecast is negative.. what’s your return to equity date?

You do have options… call me to talk. Let’s get’s straight and real options out in the open.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in listing homes and getting them sold, in helping buyer’s buy the right home for them LONG term, and he specializes in short sales in Chicago Illinois.
Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

City of Chicago

␣ Home sales down 19.5% after 10 months in a row of sales increases ␣ Median price down -19.8% ␣ Year-to-date sales remain up by 25.0 percent January through July 2010 with 12,397
sales compared to 9,915 home sales for the same period in 2009. ␣ The year-to-date median sales price for the city of Chicago is down 6.1 percent to
$215,000 from $229,000 for 2009.
Forecast – U of I REAL
␣ Forecasts for sales for the next there months (Aug/Sept/Oct) indicate a continuation of the July experience with declines in the 14-38% range statewide and 13-24% for Chicagoland.
␣ The “hangover” from the expiration of the tax credit in April may extend into fall. Prices continue their downward trend, down 4-7% statewide and 4-8% in the Chicago region.
␣ The expectation has to be that the slowing of the national economy will affect Illinois’ growth prospects over the remaining months of the year.

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.

Ok… It’s settling in. We have all heard the reports that unemployment might… just MIGHT get back down to 8.5% before the 2014 Presidential elections. Wow.. that’s grim.
And when someone asks me when housing is turning around… the prevailing truth there for them … without me answering is that it’s gonna be awhile.

The truth, I think is, and this is the cumulative effect of too much NPR, reading too many of the banking periodicals like DS News, and spending way too much time on Chicago’s Agent Metrix program doing cool charts and graphs and trying to look like I know it all… is that… we don’t know.

But one think I think I do know is that unemployment is going to have to get better to push housing up. So that’s my time frame. So those of you who have to MOVE and have NEGATIVE EQUITY have choices to make. Do you rent and try to break even or cash flow or lose 5k a year in negative cash flow… ???

To discuss your options call me. I have some ideas.
Now for the real good news… July’s numbers…right out of Washington last week with my ALL CAPS COMMENTS>

Washington, August 24, 2010 THE PLACE OF ALL TRUTH

Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of Realtors®. THEY ONLY GAINED .7 PERCENT SO THAT’ PHRASE “Continued to gain” IS PROPOGANDA. THE POINT IS THAT 30 PERCENT FEWER BUYERS ARE SHOWING UP TO SEE PROPERTY RIGHT NOW. THAT SUCKS.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.

Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995. THIS PROBALY MEANS IT”S AS BAD AS IT WILL GET>>> BUT IT IS NOT GETTING BETTER SOON. WE ARE AT BOTTOM BUT HERE FOR AWHILE>

Ok.. so if you want to short sell, buy, or sell.. or just talk real estate sporty talk that’s my thing…

Send me an e-mail at myrealtorphil@gmail.com. I will contact you for a free consultation. When we talk, I will explain how each process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

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

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

Chicago IL – You can get your life back on track after a short sale. One of the first things you’ll want is to start repairing your credit. But, how do you get those pesky collections off your report? I’ll show you a couple of techniques here.

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

Collections can be very easy to remove. The reason is that most collection accounts have been transferred several times. The original lender gave it to a collection agency for 6 months. The collection agency couldn’t collect. Then, the original lender gave it to another collection agency. They couldn’t collect it either.

So they finally sold it to a debt buyer for three to five cents on the dollar. The debt buyer wrote them a check. But, the paperwork hardly ever gets transferred over properly. Here is the first step.

Dispute it with the credit bureaus. You may not agree that it is your collection. That will take 30-45 days to process. It will often clear up the problem.

Then, dispute it with the debt buyer (or collection agency) noted on your report. You can’t dispute with them until you have disputed with the credit bureaus first. Request an investigation. They have 30 days to respond. Most will not have documentation.

They may send you documentation. But, it isn’t very specific. If that happens, then ask for specific documentation. I would ask for a copy of a document that is signed by the company that sold them the debt. The document should clearly state all your account information.

It should have the account number, your information and address, and the amount owed. In addition, it should be signed by the president of the company. That is the burden of proof I would request. I doubt they would have something like that.

If the techniques above don’t work (that will be rare), then settle the debt. Pay them from five to twenty cents on the dollar. They agree to report to the credit agencies as “paid as settled.” You get what you want and they get a little money. Everyone wins.

Do you want to short sale your property and never pay the bank another penny? I can help you do that.

Send me an e-mail at myrealtorphil@gmail.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 (312) 953-6725.

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

Thinking about a loan modification? Our Chicago Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

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

Phil Buoscio, is a broker with Better Living Realty he leads the sales team “Phil Buoscio Team” and specializes in short sales in Chicago Illinois. Chicago Loan Modification Help can be referred to you. We don’t do loan modifications ourselves but we work with those who do.
We know Chicago Short Sales. I am a Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. We do business in Pilsen. McKinley Park. Bridgeport. Wicker Park. West Town. Ukranian Village. Lincoln Park. Near North. River North. East Village. Logan Square. Uptown. Edison Park. Portage Park. Hermosa. Lincoln Park, South Loop, West Loop. Bronzeville. Hyde Park. Kenwood. Oak Park. Brookfield. Cicero. Berwyn. Evanston. LaGrange. LaGrange Park. Riverside. We sell condos, single family homes, lots, land, multi units, two flats, three flats, etc.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved

Chicago IL – If you are upside down, then you might be tempted to walk away. You’ll mail your keys to the lender and move out. Before you move out, I have some important information to tell you. You should stay in the house for as long as possible.

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

In fact, the average length of time you can live for free is 461 days. That number is a statistic I’ve seen lots of people throw around. I just tried to Google the official source, but it isn’t coming up in several searches. I do know that number is true, based on all of the foreclosures I’ve seen recently.

Many lenders take around 12 months to file foreclosure. Then, the foreclosure process can last 6-12 months, if not longer. Here is the bottom line: Don’t move out as soon as you get behind. Stay in the house and save the money you would be spending on rent.

After the lender forecloses you will have to worry about them pursuing you for the money they lost. So, you’ve decided to walk away, but you want to reduce the side effects? You can avoid a lot of the bad side effects with a short sale.

First off, on 80-90% of all short sales, you won’t have to pay any money back. Second, you will be eligible to buy another house in 2-3 years (You have to wait 5-7 years after a foreclosure.) Third, a short sale costs you nothing.

When the home sells, your lender pays us a commission. The lenders know they get more money from a short sale than a foreclosure. This is why most lenders are willing to pay all the other costs associated with the sale. I’ll show you how to short sale your property and never pay the bank another penny.

Send me an e-mail at myrealtorphil@gmail.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 (312) 953-6725.

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

Remember to visit my Chicago short sale blog:  www.Chicago-ShortSaleBlog.com

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

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

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. Bridgeport Short Sales. Pilsen Short Sales. McKinley Park Short Sales. West Town Short Sales. Wicker Park Short Sales. Ukrainian Village Short Sales. Bucktown Short Sales. South Loop Short Sales. Lincoln Park Short Sales.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.

Chicago IL – Many people are embarrassed that they are short selling their house. They feel like they are somehow being dishonest or shady. Neither one of those is true. A lot of the people short selling today never had a blemish in their credit. They lived perfect, responsible financial lives. Then the real estate market crashed and left them owing way more than their home was worth.

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

For years everyone had told them that couldn’t happen. Many of those people also lost their job for the first time in their life. You must remember, you are not alone. We are seeing as many short sales in the upper income brackets as the lower income brackets.

I will not be judgmental when you short sell with me. I deal with people from all walks of life. Some are high income. Others bought less expensive homes. Either way, it doesn’t matter to me. I see a short sale as a smart financial decision.

So I won’t be judging you. Instead, I’ll be congratulating you. Who wants to be burdened with a huge debt for the rest of your life? Not me. And neither should you. Here is why a short sale is a smart financial decision.

Let us say that you are upside down on a house by $100,000. (If you owe less than that, don’t laugh. Many people are upside down by that amount and more.) Repaying $100,000 over 30 years, will cost you $215,000. That is the $100,000 originally owed, along with $115,000 in interest payments.

What if instead of doing that, you put that money towards retirement? You could earn 5% interest on that money. $215,000 at 5% is $10,750 a year. Would that be helpful in retirement? That is one small reason I recommend short sales to my customers. You can get the upside down debt forgiven in a short sale. I’ll show you how to short sale your property and never pay the bank another penny.

Send me an e-mail at myrealtorphil@gmail.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 (312) 953-6725.

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

Remember to visit my Chicago short sale blog frequently for updated news and articles www.Chicago-ShortSaleBlog.com

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

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

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor. Bridgeport Short Sales. Pilsen Short Sales. McKinley Park Short Sales. West Town Short Sales. Wicker Park Short Sales. Ukrainian Village Short Sales. Bucktown Short Sales. South Loop Short Sales. Lincoln Park Short Sales.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.

Chicago IL – Many agents run into problems with short sales that have more than one mortgage. For example, we had a short sale with a first mortgage, a second mortgage, and a third lien. The third lien was an old credit card judgment. It had to be paid off to sell the house. Here is what happened.

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

The first mortgage was only willing to pay $3,000 to any second mortgages or liens. The second mortgage wanted $4,500. The credit card judgment wanted $5,000. How were we going to get the extra money for them?

I had to escalate the file with the first mortgage. I told them that they had two options. Option one: Pay the first and second mortgage and net X. Option two: Foreclose and net X minus $15,000. I have a calculator that puts all these numbers together. In addition, I have the proof to back it up.

Here is an example of that proof. There was recent short sale where the first mortgage stubbornly refused to give enough money to the second mortgage. As a result, they lost around $45,000.

I found out about this house because I met the first buyers at an Open House. They were trying to buy a short sale and were offering $272,000. The first mortgage was RBC, owed $337,500. The 2nd was Bank of America, owed 70k. The listing agent submitted the short sale offer to both companies. RBC said they would only pay $1,000 to the second mortgage. The second mortgage wanted more.

The short sale dragged out for months. Finally the buyer paying $272,000 walked. The listing agent put the house back on the market. The housing market had declined. Now the only offers she could get were around $230,000. The house ended up selling for $229,000.

RBC was greedy and wouldn’t offer enough money to BOA. As a result, they lost around $45,000. Was that a smart business decision? I don’t think so. Now, back to my short sale story.

I sent this and several other similar examples to the people at the first mortgage. They agreed to pay the second mortgage $3,000 and completely pay off the credit card judgment. The buyer agreed to pay the extra money the second mortgage wanted.

So we got the short sale closed. The seller was able to wipe out over $70,000 in upside down debt and move on with her life. Do you want to short sale your property and never pay the bank another penny? I can help you do that.

Send me an e-mail at myrealtorphil@gmail.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 (312) 953-6725.

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

Remember to visit my short sale blog for updates and news on short sales www.Chicago-ShortSaleBlog.com

Thanks for reading this, Phil Buoscio.

Phil is a Real Estate Agent at Better Living Realty – Buoscio Brokerage, Inc..

Phone: (312) 953-6725. myrealtorphil@gmail.com.

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

Phil Buoscio specializes in loan modifications and short sales in Chicago Illinois. Chicago Loan Modification Help. Chicago Short Sales. Chicago Short Sale Realtor. Chicagoland Short Sale Realtor. Chicago IL Short Sales. Chicago Realtor.  Bridgeport Short Sales. Pilsen Short Sales. McKinley Park Short Sales. West Town Short Sales. Wicker Park Short Sales. Ukrainian Village Short Sales. Bucktown Short Sales. South Loop Short Sales. Lincoln Park Short Sales.

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