Chicago Real Estate

How a Chicago Realtor can help you avoid foreclosure

Phil Buoscio — Wed, 08 Sep 2010 15:31:39 +0000

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 Short Sales: How to get your short sale offer approved

Phil Buoscio — Tue, 07 Sep 2010 17:28:26 +0000

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.

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.

Another strategy to remove collections from your credit report

Phil Buoscio — Fri, 03 Sep 2010 14:54:46 +0000

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.

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.

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.

What Is Your “Return To Equity” Date?

Phil Buoscio — Thu, 02 Sep 2010 23:52:55 +0000

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.

July Market Stats Chicago

Phil Buoscio — Thu, 02 Sep 2010 23:47:10 +0000

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.

This Sucks. Bad July Numbers. Seller’s Feeling It.

Phil Buoscio — Thu, 02 Sep 2010 23:32:05 +0000

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.

Joe Dimaggio Got Home, But For How Long?

Phil Buoscio — Thu, 02 Sep 2010 23:20:03 +0000

Financial Troubles are rocking the Italian Sports Hall of fame. I pulled up and went in recently and put some money in the jar there… trying to help… but I hope someone really big steps in.
Maybe Mario can donate his ice sales for a few weeks or something.. one gives and the other gets you know.
My Grandfather Angelo Buoscio migrated from Italy and ended up on Taylor before he swung down to the 10th ward and dug ditches near the stell mills in the Hegewisch area.
He would be upset to see that he non profit group holding the hall of fame is hurting. The organization it seems is regrouping to keep the association alive. It would be a big blow to the Taylor street area to see such a collection of history in one place gone… poof to the economic downturn.
I hope someone out there with the ability can stop in and drop off more than a few bucks in the jar.

Bee’s In Pilsen Buzzing Just a Half Mile From Heavy Pollution

Phil Buoscio — Thu, 02 Sep 2010 23:09:27 +0000

I was walking Bowie(our business’ mascot and my do) who I often bring to work with me and she stumbled upon some buzzing … I admit I was reading the trib for free on my iphone (why they give it all away I’m not sure) and I looked up and wow… she had beez all over her.
It seems she led me past the “Caution Bees At Work ” sign.. at 21st and Sangamon…
How cool .. I drove by and didn’t realize they were actually raising bees here. Well it turns out that Pilsen resident Donna Oppolo has beed raising beees for five years and started her own club called the Pilsen Beekeepers Association. There are a few colonies in Pilsen from what I read about her and one is one the top of Simone’s nightclub (sweet beer) at 18th / carpenter and the other is at this location at Sangamon. This grup meets at the formerly Pilen Cafe building by Nightwood on 21st and Halsted right up the block form us… if your into them check them out online.

If you are looking to buy or sell in Pilsen.. .well… you couldn’t talk to anyone more qualified, statistically than myself. I have been the top selling agent in the lower west side in the last 7 years… and understand the subtle issues of the challenging market right now.

So if your looking for a Broker.. a real pro… who’s personally closed 90 million.. and if you want someone who is born and raised here and personally and has a opinion and will lay it out for you and not be a pushover? We should interview each other.

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 buying and/or selling process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (312) 953-6725.

If your a short seller or know anyone in that position.. please hook us up.. I’m good at that too. Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Click here to request a copy.

Thanks for reading this, I love what I do and hope to serve you too… Phil Buoscio.

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

Ouch. No Morgan El Stop. Bad Feds.

Phil Buoscio — Thu, 02 Sep 2010 23:02:03 +0000

You bought ‘cuz you loved the scene….
The busy Randolph and Fulton market area.. which is lovely for it’s dichotomy of grungy fish smelling trucks backing up and blocking streets against hi-end galleries or shops… love it.. essential Chicago fix is gotten on a mid-day bike ride through here(highly recommended).
Here was this wonderful loft with ceilings you could bounced ideas around and enjoy the west setting son after work with a chardonnay chilled in your hand on your deck… but you didn’t plan on the long walk to the el… or to be clad to the bus for that long.. cuz you were banking on all the Realtors’ chatting up the probability of the el stop going in.
So if you bought a condo.. like a few I know counting on that Morgan street el stop of the green line materializing.. you bet wrong. But don’t worry you’ll meet more people walking and stay in shape walking to the further el stop east. The Morgan station (at 1000 west) was to be the first of a few stations between Clinton and Ashland.. to cover the rich creamy filling of the n’hood between.
Danny Davis says the station will be built… but don’t take that to the bank. Official said it would be open in 2012.. but now bets are off for it to be soon with the funding crisis in all directions.

Do you want to buy a condo. Do you want someone who is born and raised here and personally closed 90 million and has a opinion and will lay it out for you and not be a pushover?

Thanks for reading this, I love what I do and hope to serve you too… Phil Buoscio.

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

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

Stearns Quarry Park 2700 s Halsted Is Open!

Phil Buoscio — Thu, 02 Sep 2010 22:53:21 +0000

Yeah… it sat there and sat there.. .and sat there… and we all drove by thinking what the hell is going on.. this is Daley land and they can’t get the CPD to get this thing done.. what happened to the 11th ward sting?

Well it’s finally open… and the Pols were falling over themselves to get credit for some green space and a cool open hole in the ground that I knew was never there til I went and check it out. Yes, a real open deep quarry like in the movies.. city right there in brideport. If you have not seen it you’ll be amazed… it’s behind that big hill on Halsted.. back behind it.

It was the only quarry within the city limts and later became… yes, you guessed it… a landfill!! It was then filled with tons of garbage. So there are wonderful things under that big mound. The 35 foot of garbage provides views though.. and there’s grass on top now.

If your looking at buying a home near this quarry… and taking advantage of the orange line, the 55 on ramp and the cool aura of Bridgeport.. .I know the area very well.
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 buying 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.

Oh yeah.. .and if your 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.