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How much you should offer on a pre-foreclosure or bank owned property depends on a few different factors, but if you play your cards right, it could lead to a really great deal on Plainfield on Naperville real estate.

Plainfield and Naperville Short Sales:

If you are making an offer that has not yet been foreclosed on and that is subject to bank approval, you are making an offer on a property that is still in the possession of the homeowner. The owner decides which offers make it to the bank for the final approval. Offers that are too low will eat up the buyers time in which they may elect to decline the offer; but offers that are close to or near market value may entice the lender to accept less than what is owed to satisfy the debt of the homeowner in default.

Short sale approval can take anywhere from 1 day to 8 weeks, depending on the lender, and the amount of accounts in default that a case manager is handling. Most lenders are in the process of negotiating hundreds of loans in default. The response of each lender will be determined by the efficiency of the way the required information is packaged by the person in charge of handling the short sale.

If the sellers financial information is missing or incomplete, the file will sit on a desk, unaddressed for days or even weeks! The case managers are overloaded with files from sellers in default and they will not chase down the person in charge of the short sale for missing information. If you have an offer in on a short sale and you have not received a response after 4 weeks, ask the person handling the file to check with the lender to make sure that all required information is on file and accessible to the case manager. You need to make sure that the person performing the short sale has good contact with the bank and that they are proactively pressing the bank for a decision.

Plainfield Bank Owned Properties or REO's:

Bank owned properties are corporate owned homes that have been sent to the auction but which were returned to the bank's possession when there were no bids offered above the banks opening bid. (which is usually for the amount that is owed.) These properties are then marketed by an experienced REO agent who sets the price, taking into consideration the condition of the property and the banks desire to quickly sell their property at a fair market price. On the other hand

How much should you offer for those distressed properties in Plainfield or Naperville?

What condition is the property really in?

Are the repairs cosmetic or is there structural damage that needs more than just a little elbow grease? Homes with serious issues such as structural damage or mold issues will always be the most deeply discounted properties on the MLS, but they will also require the most amount of money and time in repairs, especially if the mold inside of the house is toxic. The next two areas of the house that will yield a decent discount it damage to the drywall, the carpet or flooring, sinks, cabinets and counter tops... and missing mechanical appliances such as a furnace, air conditioner, sump pump, & hot water heaters. The final degree of discount comes from the things that may not be perfect, that are easy and inexpensive to fix.

What kind of cash reserves will you have to make repairs?

Most of the homes that area bank owned will need some kind of work. They may need new carpeting, appliances, landscaping. Keep those repairs in mind when discounting the property by comparing the Plainfield or Naperville neighborhood values to the amount of work, and the amount of money that needs to be spent, in order to bring the property up to the neighborhood market values. Make sure you will have the money available to you to make those repairs, especially if they are required by the lender (for FHA loans) or by the village.

Are there other offers on the house?

If you are making an offer on a pre-foreclosure home in Plainfield or Naperville and you find yourself in a multiple offer situation because the listing agent discloses that there are multiple offer on the property; it is always in the best interest of the buyer to bring your best offer to the bank. Presenting offers to the seller is the first hurdle to overcome, but then you still have to get the bank to agree to the loss it is willing to accept. Most often the real negotiation begins after the offer has been handed off to the bank. A seller that truly understands the process, knows that they have the best chance of having the short sale accepted by their lender to avoid the foreclosure, by getting the best offer as quickly as possible.

A few tips from an agent in the trenches:

• Don't submit a ridiculously low offer if you want a quick response.
• Lenders will not typically accept offers asking for seller paid closing costs, points, or fees. There are exceptions, but only when the contract is heavily negotiated. Make sure your financing is solid you want to be taken seriously.
  
• Lenders will NEVER accept an offer that is subject to a home sale contingency. Never, ever, ever. Nope, just to be clear it won't happen.
  
• The bank will most likely counter any offer that comes across their desk. It's their policy, and I always expect it to happen and anticipate it.
• Most short sales take anywhere from 2-8 weeks for approval. Foreclosures are at record all time highs, and there are a limited amount of loss mitigators in each department.
• A contract that is subject to bank approval is not fully executable until it is accepted by the lender, which means your offer could be bumped mid process by a better offer. This is subject to debate by several local area attorneys as to whether the contract becomes fully executable when signed by the seller, or when it is approved by the bank. I would refer to a real estate attorney to clarify if this situation were to arise.
• Liens, property taxes, and homeowners association fees need to be paid prior to closing by the seller (lender) and it's important to take those losses suffered by the bank when assessing the loss the bank is willing to accept.
• On an FHA loan, the minimum amount that a bank can accept on a short sale is a NET offer of 82% of the APPRAISED value of the property. This is what the bank needs to see on their side of the HUD on the closing or settlement statement.
• Only work with an agent who knows about the foreclosure process if you are buying a pre-foreclosure or bank owned property.
  

If are looking for an REO or pre-foreclosure house in Plainfield or Naperville, IL, I can provide you with a current list of properties available for sale in the area. It's really important to be pre-approved for a loan before you even begin to look at these types of properties because the lenders are looking for a quick close. I can arrange a meeting with one of the mortgage brokers that I work with if you are ready to get pre-approved for a loan.

Call me for your complimentary list of foreclosed or pre-foreclosure properties in the Will county area at 630-673-6233 for access to the hottest market in real estate right now.

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As you may have noticed I recently transferred real estate offices.  I joined RE/Max Professionals South in Plainfield, IL this week, and I know that it was not only the best choice for me, but also for my clients.

RE/Max is the industry leader in real estate and they also hold the market share in the Plainfield, Naperville and Shorewood, IL.  I chose RE/Max because of the brand recognition, and technology and support that they offer to their agents.  I was not only impressed with the office, but also by the brokers and staff the operate the office.  Rich Conte, Lisa Mulcahy, and Dan Persico welcomed me with open arms.  They were not only professional, but fun to be around.  I believe that energy is contagious and I wanted to be part of this from the second I set foot in the office on Renwick Rd.

There are 3 offices affiliated with our brokers: RE/Max Professionals Select in Naperville, IL, RE/Max Professionals South in Plainfield, IL, and RE/Max Pinnacle in Shorewood, IL. 

RE/Max not only offers the exposure that my clients expect, they also offers the professional service my clients deserve.  I have met many agents in the field over the years and I have always had a great experiences with all of the RE/Max agents in Plainfield that I have worked with in past transactions.

This is a smart move for me, and I know that my clients will continue to benefit from my relationship with RE/Max Professionals South for years to come! 

Now you can find me at:

RE/Max Professionals South
24014 W. Renwick Rd.
Plainfield, IL 60544
815-609-0100 Office
630-673-6233 Direct

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About Me:

I became involved in real estate in 2004 as a real estate investor along with my husband Anthony. We bought and sold two homes in Eagle Ridge subdivision in Plainfield during the height of the real estate gold rush and I have been a real estate addict ever since!

I am the mother to 4 great kids... who sometimes drive me crazy, but that always make every day a little brighter.

Our family has been living in Plainfield for the last 9 years, and we really love it here. My husband and I were both born and raised in Addison, IL and were almost high school sweethearts. We've known each other since grade school and we are so lucky that we've found such a great place to raise our family and watch them grow up.

Most of my extended family now lives in the Plainfield area as well.

Most People Don't Know That I...

• Flew on an airplane for the first time last November at the age of 31 from Chicago to L.A. and then back again!

• Spent almost every summer of my childhood on Diamond Lake in White Cloud, MI at our summer home. I learned about the simple things growing up there for part of the year.

• Have a long lost sister that I lost to adoption in 1963. We reunited in the summer of 2002... 6 weeks after my father died of esophageal cancer. We are not only sisters now, but also great friends. I am so lucky and blessed to know her now and get to have my 5 new nephews in my life!
  

• Was a strict vegetarian for almost 9 years. I changed my diet with my first pregnancy in 1997 to include poultry at my Dr.s request. I still limit the amount myself on account of a guilty conscious...

• Own a hideous 2000 Dodge Caravan with over 150,000 miles on it that my husband uses to drive to work. It is littered with bumper stickers that make people stuck in traffic smile. They are really great words to live by!

• Am addicted to celebrity gossip. I know it's wrong. I've tried to stop... but it's just too much fun!

• Believe in the power of attraction, and that like attracts like. (yes, I read the Secret and I'm really into Oprah)
  

• Was a hairstylist in a former life. I am still licensed because I still like doing it, but I haven't worked in a salon in almost 5 years.

• Can play a mean set on Guitar Hero. (Think you can beat me? Bring it!)

My Favorite Quote:

"It's better to be hated for what you are,

than loved for what you are not."

(True story. I have the bumper sticker to prove it.)

My Favorite Books:

Anne of Green Gables
The Perks of Being a Wallflower
Phantoms
Ramona Quimby: Age 8
Hand Over the Chocolate and No One Gets Hurt
The Epidemic
Stiff

My Favorite Movies:
Pulp Fiction
Resevoir Dogs
Return of the Living Dead
Bennie and Joon
A Streetcar Named Desire
Natural Born Killers

Areas of Expertise In Real Estate:

• I love working with 1st time buyers and sellers... and I'm good at it. I'm thorough in explaining the process... and the excitement of being part of a life changing event for another family never gets old!

• I have helped several homeowners through the process of foreclosure. I've worked with sellers who were able to successfully avoid a foreclosure, as well as sellers who were not. I understand the foreclosure process and I'm a always eager to help a homeowner in default through the efforts of performing a short sale. All short sales are performed by attorneys on your behalf as your listing agent.
  

• I understand the criteria for working with investors and the ratios required for real estate investments because I was a real estate investor myself.

• Evaluating current market property values in Plainfield and Naperville, and being able to easily assess values in any neighborhood or community. My experience in arriving at property values comes from my experience as a BPO agent, providing property valuations for national lenders for their investment portfolios.
  

• I strictly adhere to the Illinois Human Rights Act and all Fair Housing Laws.

• Listening to my clients and customers, and relating on a personal level. Most of my business comes by way of referral. My happy and satified customers are the reason I continue to be successful in a somewhat turbulent real estate market. I have made more friends than I ever expected in real estate because I make helping you buy or sell real estate in Illinois... personal.

Testimonials:

"Julie is simply a pleasure to work with. Her attitude is infectious and her desire to learn and grow is refreshing. Shes just authentic." - Jeff Turner, President, RealEstateShows.com

"My wife, newborn and I really appreciated how much Julie sacrificed for us. She would set up showings with little notice and although we ended up renting again, we will definitely contact Julie for our first home." - Yoshi, Tamiko and Davey