When is the right time to talk to a mortgage lender? when you have the first thought of wanting to buy a home. It is a great time to buy rather than rent. with such low interest rates & property prices where they are, you can usually own with a monthly mortgage payment lower than rent you'd pay on a similar piece of property. Your real estate broker can offer names of reputable lenders so you can be properly pre-qualified so you know the top purchase price to keep you in your comfort zone. Short sale, foreclosure, traditional non-distress sales...all options in today 's real estate market. For more info on short sales & debt forgiveness, contact the author of this Blog; Kay Russell, Broker, Keller Williams Fox Valley Realty. http://KayRussellRealty.com
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Friday, August 17, 2012
Monday, October 10, 2011
Short Sale-Foreclosure Jackpot
I now work with an investor who has the ability to pay cash to buyout a homeowner who is on the verge of a foreclosure. The homeowner usually stays in the home a bit longer than imagined, we help them avoid a nasty foreclosure on their credit report as a result of this investor's deep pockets and knowledge of all related aspects to the process. We then are set up to help people launch a new life with hope and relief.
It was a good day in St Charles, and the Fox River Valley when I met this foreclosure avoidance investor and his team. Short Sales are right up our alley too. If a person owes more to the bank than their home is worth in this real estate market, and need to sell, that's the time to contact me at russellgroup1@yahoo.com. I can show you the way back to a time when every phone call was an opportunity not a bill collector trying to put you out of your home. My goal is to put our team's experience to work and get every foreclosure avoided!
I am Kay Russell, a real estate broker at Keller Williams Fox Valley Realty in St Charles, Illinois in the Far Western Suburbs of Chicago where Kane County and DuPage County schools are top in the State of Illinois and the Metra commuter train runs right downtown Chicago. St Charles, Illinois chosen by Family Circle Magazine as the NUMBER 1 Place in the USA to raise a family. russellgroup1@yahoo.com
It was a good day in St Charles, and the Fox River Valley when I met this foreclosure avoidance investor and his team. Short Sales are right up our alley too. If a person owes more to the bank than their home is worth in this real estate market, and need to sell, that's the time to contact me at russellgroup1@yahoo.com. I can show you the way back to a time when every phone call was an opportunity not a bill collector trying to put you out of your home. My goal is to put our team's experience to work and get every foreclosure avoided!
I am Kay Russell, a real estate broker at Keller Williams Fox Valley Realty in St Charles, Illinois in the Far Western Suburbs of Chicago where Kane County and DuPage County schools are top in the State of Illinois and the Metra commuter train runs right downtown Chicago. St Charles, Illinois chosen by Family Circle Magazine as the NUMBER 1 Place in the USA to raise a family. russellgroup1@yahoo.com
Sunday, January 9, 2011
Short Sales, People Losing Their Homes, Healing Credit
My first thoughts this morning are about all the people who are losing their homes and now what? In the recent past I have had spirited conversations with so many of my clients who are passionate and compassionate about all the people who are losing their homes at this time. One of my recent buyer clients asked an insightful question, “Why aren’t the banks just reducing the amount of the monthly payment to let the people stay in their homes rather than foreclose on them, leaving them empty until they finally get sold?” Many people do not qualify for the loan modifications that have been offered in the past few years. Even if they do we are seeing a disappointingly low number of them actually get done. I think I heard something like less than 50% that apply for a loan mod are successful.
As I’ve been out showing property I’ve witnessed so many seriously damaged properties, whether offered for short sale or those which have already been foreclosed upon, it’s really quite upsetting. There are plenty of perfectly beautiful, well kept homes on the market whether available as a normal transaction, or as short sale or foreclosure. However, there are so many homes that have been abandoned where it seems nobody is keeping watch over the condition of the home. Not long ago I was showing a home that would several years ago have been worth over $600,000 but now was listed for $350,000 in a very lovely neighborhood. On paper it sounded just great and my buyer clients could not wait to get in and see it. The home featured hardwood floors, volume ceilings, a kitchen with cherry cabinetry open to the family room with a floor to ceiling soaring fireplace. We were pretty excited, thinking this one sounded like it could be “the one.” Well, it was “one” something, for sure. What a travesty! I unlocked the front door and immediately felt the familiar annoying sense in my sinuses that sweeps over me when I’m exposed to mold or mildew. We went into the home, me wondering if my buyer clients were as overwhelmed by the smell as I was. Almost at the same time we all three exclaimed how awful the smell was, but they wanted to see what the kitchen and family room looked like so we moved carefully over the living room and dining room floors, crossing the severely buckled hardwood floors, made the turn into the kitchen and I will not soon forget what I next saw. Indeed, the kitchen opened beautifully into a large family room. On the opposing wall, that of the floor to ceiling two story fireplace at the far end of the room, was a sight that made me momentarily wonder if I had just entered an Indiana Jones movie set. There was so much mold growing on that wall you could barely see the fireplace. It looked like some ginormous vine growing all over that wall and it was now creeping over the other walls in the room. We all three turned and almost trampled each other as we charged for the front door, unable to get out of there and breathe fresh air fast enough. An otherwise gorgeous home ruined by being left vacant, unattended, unloved, probably by a perfectly wonderful family who had fallen on hard times, like so many other people in our country today. This family had been foreclosed on by the bank and forced to move, probably to a rental somewhere, who knows where? At some point the pipes had burst in the house, the formerly beautiful hardwood floors had buckled and the mold was on the move. I do not know the outcome of that house but can imagine.
Then, there was the 24 room house I showed in an upscale Western Suburb of Chicago a few months ago. 8 Bedrooms, 8 Bathrooms, plus a Kitchen you can only imagine. Really something! The house was a foreclosure property. Very high end. Exquisite actually…except for all the items that had been plundered from the home by the previous owner. All the light fixtures were missing with wires dangling from the ceilings or walls (in the case of sconces), all the very high end kitchen appliances including the built-ins had been pulled, and I could go on but I won’t. The buyer to whom I was showing that property had so many questions; “Why didn’t the bank just let the family stay here until the house sold?” “Why would someone disassemble a home in such a cannibalistic way?” They had other questions, but that’s enough for now. My answer to these questions over the past few years has become an honest and instinctive “You don’t know what is going on with another, but you can be sure that everyone you meet is bearing some kind of burden. I no longer judge anything I see.” Far be it from me to pretend to know what any of the stories are behind all the difficult situations I encounter on a daily basis. Someone for whom I hold tremendous respect said to me just yesterday, “We thought a number of years ago we were getting our big lessons in life, but we weren’t. It is now that we all are getting the big challenges and lessons.” Whether that is your outlook or not, I think it says it pretty well. Basically this person was saying they feel like everyone is having an opportunity to examine their life, to make modifications, to reevaluate every little thing, and in many cases it calls for a shedding of all the old ways in an effort to usher in the new, simpler approach to life.
In spite of the sadness conveyed in the above paragraphs, one thing remains true, and that is now is the most magical moment in history to buy property. Prices have never been lower and interest rate are amazing! If a person has money, or at least good credit and an interest in buying, now is the time. If a person has the desire but does not have good credit, I may even have the solution for that situation too. I have discovered a fantastic company, organized and run by some amazing women, who can show you the way to improving your credit, whether it be by a mere 8 points or to help bring you back from all the other nasty things that can go wrong in your credit history. If you are someone who needs that help just send me a message at russellgroup1@yahoo.com and I will discretely put you in touch with them. Helping people restore their credit seems to be a new passion of mine. There are just too many times in life where having good credit makes all the difference between being able to do something or not, have something or not, have a certain job or not (seriously - this is a real aspect of troubled credit). It’s time to move past the fear of the phone ringing by the vicious bill collectors. I want my clients to all feel free from fear, happy, and enjoying their greater good. This is something we can work on together.
Thanks for checking in and taking the time to read my wanderings the first thing on this early Sunday morning. Now you go have yourself a nice day - you deserve it! Wishing you all the best, Kay Russell, Broker Associate, Keller Williams Fox Valley Realty, St. Charles, IL http://GoRussellRealtor.com
As I’ve been out showing property I’ve witnessed so many seriously damaged properties, whether offered for short sale or those which have already been foreclosed upon, it’s really quite upsetting. There are plenty of perfectly beautiful, well kept homes on the market whether available as a normal transaction, or as short sale or foreclosure. However, there are so many homes that have been abandoned where it seems nobody is keeping watch over the condition of the home. Not long ago I was showing a home that would several years ago have been worth over $600,000 but now was listed for $350,000 in a very lovely neighborhood. On paper it sounded just great and my buyer clients could not wait to get in and see it. The home featured hardwood floors, volume ceilings, a kitchen with cherry cabinetry open to the family room with a floor to ceiling soaring fireplace. We were pretty excited, thinking this one sounded like it could be “the one.” Well, it was “one” something, for sure. What a travesty! I unlocked the front door and immediately felt the familiar annoying sense in my sinuses that sweeps over me when I’m exposed to mold or mildew. We went into the home, me wondering if my buyer clients were as overwhelmed by the smell as I was. Almost at the same time we all three exclaimed how awful the smell was, but they wanted to see what the kitchen and family room looked like so we moved carefully over the living room and dining room floors, crossing the severely buckled hardwood floors, made the turn into the kitchen and I will not soon forget what I next saw. Indeed, the kitchen opened beautifully into a large family room. On the opposing wall, that of the floor to ceiling two story fireplace at the far end of the room, was a sight that made me momentarily wonder if I had just entered an Indiana Jones movie set. There was so much mold growing on that wall you could barely see the fireplace. It looked like some ginormous vine growing all over that wall and it was now creeping over the other walls in the room. We all three turned and almost trampled each other as we charged for the front door, unable to get out of there and breathe fresh air fast enough. An otherwise gorgeous home ruined by being left vacant, unattended, unloved, probably by a perfectly wonderful family who had fallen on hard times, like so many other people in our country today. This family had been foreclosed on by the bank and forced to move, probably to a rental somewhere, who knows where? At some point the pipes had burst in the house, the formerly beautiful hardwood floors had buckled and the mold was on the move. I do not know the outcome of that house but can imagine.
Then, there was the 24 room house I showed in an upscale Western Suburb of Chicago a few months ago. 8 Bedrooms, 8 Bathrooms, plus a Kitchen you can only imagine. Really something! The house was a foreclosure property. Very high end. Exquisite actually…except for all the items that had been plundered from the home by the previous owner. All the light fixtures were missing with wires dangling from the ceilings or walls (in the case of sconces), all the very high end kitchen appliances including the built-ins had been pulled, and I could go on but I won’t. The buyer to whom I was showing that property had so many questions; “Why didn’t the bank just let the family stay here until the house sold?” “Why would someone disassemble a home in such a cannibalistic way?” They had other questions, but that’s enough for now. My answer to these questions over the past few years has become an honest and instinctive “You don’t know what is going on with another, but you can be sure that everyone you meet is bearing some kind of burden. I no longer judge anything I see.” Far be it from me to pretend to know what any of the stories are behind all the difficult situations I encounter on a daily basis. Someone for whom I hold tremendous respect said to me just yesterday, “We thought a number of years ago we were getting our big lessons in life, but we weren’t. It is now that we all are getting the big challenges and lessons.” Whether that is your outlook or not, I think it says it pretty well. Basically this person was saying they feel like everyone is having an opportunity to examine their life, to make modifications, to reevaluate every little thing, and in many cases it calls for a shedding of all the old ways in an effort to usher in the new, simpler approach to life.
In spite of the sadness conveyed in the above paragraphs, one thing remains true, and that is now is the most magical moment in history to buy property. Prices have never been lower and interest rate are amazing! If a person has money, or at least good credit and an interest in buying, now is the time. If a person has the desire but does not have good credit, I may even have the solution for that situation too. I have discovered a fantastic company, organized and run by some amazing women, who can show you the way to improving your credit, whether it be by a mere 8 points or to help bring you back from all the other nasty things that can go wrong in your credit history. If you are someone who needs that help just send me a message at russellgroup1@yahoo.com and I will discretely put you in touch with them. Helping people restore their credit seems to be a new passion of mine. There are just too many times in life where having good credit makes all the difference between being able to do something or not, have something or not, have a certain job or not (seriously - this is a real aspect of troubled credit). It’s time to move past the fear of the phone ringing by the vicious bill collectors. I want my clients to all feel free from fear, happy, and enjoying their greater good. This is something we can work on together.
Thanks for checking in and taking the time to read my wanderings the first thing on this early Sunday morning. Now you go have yourself a nice day - you deserve it! Wishing you all the best, Kay Russell, Broker Associate, Keller Williams Fox Valley Realty, St. Charles, IL http://GoRussellRealtor.com
Monday, September 6, 2010
This Month In Real Estates: Sept. 2010
Which states have the highest foreclosure rates? Are you thinking about buying a foreclosure property? Then check this out...
Tuesday, July 13, 2010
Short Sales Gone Wild!
We've been really busy working the Short Sale market. Crazy! Today I just got an offer in on another property that is going the Short Sale route. Luckily, I have an experienced short sale negotiating team in place which makes the whole process efficient and as smooth as possible. We have a high success rate. You may ask, though, "What is a short sale?"
In the past when people have purchased a home, especially say between 2005 and 2007, they paid a price according to the market at that time. That buyer may also have taken advantage of getting a 100% financed loan, which many lenders were offering. The thought behind that was that since property values kept going up, a buyer could purchase a property, hold it for a few years, then sell it and realize a profit, pay off that 100% loan and still be ok, ready to move on to the next purchase. Well, then property values dropped. A lot. Then, as the economy eroded and people lost jobs, or lost income, or perhaps health issues came up...any number of hardships which caused those homeowners to be unable to keep up with their mortgage payments, another issue came up and that was how to get out from under the mortgage they could no longer afford. Welcome to the world of short sales.
If a homeowner truly can prove a hardship and the value of their home has dropped beneath what they owe for it, and they are falling behind on their payments, before the homeowner loses the house to foreclosure we, in real estate, can try and help them qualify for a short sale, market the home, get that homeowner out from under that heavy burden. Many people who have had to go the short sale route had previously tried to get a loan modification done but were unsuccessful for a variety of reasons. A short sale on your record is not as damaging as a foreclosure or a bankruptcy. We can help the homeowner determine if they might qualify to do a short sale.
Where did the phrase short sale come from? If the property is selling for less than is owed to the bank, and the bank agrees to let that happen, then the bank is selling themselves short....or it is a SHORT SALE.
In the past when people have purchased a home, especially say between 2005 and 2007, they paid a price according to the market at that time. That buyer may also have taken advantage of getting a 100% financed loan, which many lenders were offering. The thought behind that was that since property values kept going up, a buyer could purchase a property, hold it for a few years, then sell it and realize a profit, pay off that 100% loan and still be ok, ready to move on to the next purchase. Well, then property values dropped. A lot. Then, as the economy eroded and people lost jobs, or lost income, or perhaps health issues came up...any number of hardships which caused those homeowners to be unable to keep up with their mortgage payments, another issue came up and that was how to get out from under the mortgage they could no longer afford. Welcome to the world of short sales.
If a homeowner truly can prove a hardship and the value of their home has dropped beneath what they owe for it, and they are falling behind on their payments, before the homeowner loses the house to foreclosure we, in real estate, can try and help them qualify for a short sale, market the home, get that homeowner out from under that heavy burden. Many people who have had to go the short sale route had previously tried to get a loan modification done but were unsuccessful for a variety of reasons. A short sale on your record is not as damaging as a foreclosure or a bankruptcy. We can help the homeowner determine if they might qualify to do a short sale.
Where did the phrase short sale come from? If the property is selling for less than is owed to the bank, and the bank agrees to let that happen, then the bank is selling themselves short....or it is a SHORT SALE.
Thursday, March 11, 2010
What's the Mood of the Market
A FRIEND ASKED ME A QUESTION ON HIS BROTHER'S BEHALF. HIS BROTHER IS LIVING IN A NEW HOME HE HAD BUILT A FEW YEARS AGO AND WANTS TO MOVE. HIS REAL ESTATE AGENT (Not Me) HAS SUGGESTED THAT THE BOTTOM IS GOING TO FALL OUT OF THE MARKET AND PERHAPS HE SHOULD TAKE HIS HOME OFF THE MARKET AND SELL IT SOMETIME DOWN THE ROAD. THIS QUESTION PERTAINS TO SO MANY PEOPLE, I AM POSTING MY RESPONSE IN MY BLOG:
That's quite a crystal ball that agent has, and I hope they are not correct. Although that dramatic of a decline is not something I've heard about or am aware of we have perhaps learned these past few years to be less surprised by such dramatic changes. The market here is expected to take another dip, but the dip we've taken so far has been down about 26%-28%, depending on which economist you follow, and I am unaware of another anticipated free fall like that. If you follow Case-Shiller Indices you will see that there was a tiny increase about 6 mos ago and another decline about 3 mos ago in the Chicagoland market with another tiny decline anticipated by Nov 2010. After what we've been through that one won't even feel like a pinch. There are many other factors, however, that I would need to be in tune with to offer any more of an opinion. For instance, in your brother's subdivision do they have an unusually large number of foreclosures? If so, that is wreaking havoc with getting loans financed even if you are fortunate and have a buyer. In August we will see what kind of impact all the commercial loans coming due has on the market. There are a huge number of commercial balloons coming due which could be candidates of foreclosure and that could give the market another hiccup. Have I put you to sleep yet? I would suggest to your brother that if he needs to sell for financial reasons like a majority of people out there today (can't afford the house anymore for whatever reason, be it change in financial circumstance or whatever) that he needs to speak with someone who is experienced in handling short sales. Be sure to tell him that won't hurt his life or his credit like a foreclosure or bankruptcy will. People who are hurting right now may tend to sit idly by and hope things will improve. That is my hope too, but if there is a need for financial relief this is not a time to be ashamed or hard on yourself. It's time to ask for help, to ask for guidance on how to move through the tricky waters of finding your way to the other side of debt and disappointment. I would be happy to either help out or to recommend someone in whom I have confidence in this regard. We actually have a short sale team here at Keller Williams Fox Valley so we are able to offer special, experienced attention to ushering a homeowner and their property through the process. We have an extraordinary success rate of getting them done and allowing the owner to move along with life. If, however, your brother is not in a financially distressed situation, and just is wanting to move for the fun of it, then he may want to either reconsider and stay put until things level out a little (think maybe by 2012 we'll feel a lot better) or if he's really got the "I've got to move bug" bad then maybe he may want to consider renting his house out if he can do so for enough money to pay for the mortgage, and rent wherever he's going. Lots of options. Please let me know if I can be of help. I can be reached at 630-513-3810 at my office at Keller Williams Fox Valley Realty. http://GoRussellRealtor.com for more details on the market plus more
That's quite a crystal ball that agent has, and I hope they are not correct. Although that dramatic of a decline is not something I've heard about or am aware of we have perhaps learned these past few years to be less surprised by such dramatic changes. The market here is expected to take another dip, but the dip we've taken so far has been down about 26%-28%, depending on which economist you follow, and I am unaware of another anticipated free fall like that. If you follow Case-Shiller Indices you will see that there was a tiny increase about 6 mos ago and another decline about 3 mos ago in the Chicagoland market with another tiny decline anticipated by Nov 2010. After what we've been through that one won't even feel like a pinch. There are many other factors, however, that I would need to be in tune with to offer any more of an opinion. For instance, in your brother's subdivision do they have an unusually large number of foreclosures? If so, that is wreaking havoc with getting loans financed even if you are fortunate and have a buyer. In August we will see what kind of impact all the commercial loans coming due has on the market. There are a huge number of commercial balloons coming due which could be candidates of foreclosure and that could give the market another hiccup. Have I put you to sleep yet? I would suggest to your brother that if he needs to sell for financial reasons like a majority of people out there today (can't afford the house anymore for whatever reason, be it change in financial circumstance or whatever) that he needs to speak with someone who is experienced in handling short sales. Be sure to tell him that won't hurt his life or his credit like a foreclosure or bankruptcy will. People who are hurting right now may tend to sit idly by and hope things will improve. That is my hope too, but if there is a need for financial relief this is not a time to be ashamed or hard on yourself. It's time to ask for help, to ask for guidance on how to move through the tricky waters of finding your way to the other side of debt and disappointment. I would be happy to either help out or to recommend someone in whom I have confidence in this regard. We actually have a short sale team here at Keller Williams Fox Valley so we are able to offer special, experienced attention to ushering a homeowner and their property through the process. We have an extraordinary success rate of getting them done and allowing the owner to move along with life. If, however, your brother is not in a financially distressed situation, and just is wanting to move for the fun of it, then he may want to either reconsider and stay put until things level out a little (think maybe by 2012 we'll feel a lot better) or if he's really got the "I've got to move bug" bad then maybe he may want to consider renting his house out if he can do so for enough money to pay for the mortgage, and rent wherever he's going. Lots of options. Please let me know if I can be of help. I can be reached at 630-513-3810 at my office at Keller Williams Fox Valley Realty. http://GoRussellRealtor.com for more details on the market plus more
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