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Illinois Short Sales

Information specific to Illinois short sales and special issues faced in Chicago and the surrounding suburbs.

Location: Chicago Illinois and surrounding suburbs
Members: 27
Latest Activity: Feb 2, 2016

Discussion Forum

Closing Protection Letters, getting them paid on a short sale

Started by Jim Schneider May 22, 2015. 0 Replies

This one comes up on almost every short sale I've had. The lender kicks back the fee for the closing protection letter. I get the feeling that since they have no idea what it is, they assume it's a…Continue

Tags: Letter, Protection, Closing

Honest Bankruptcy attorneys?? Referrals?

Started by Jeanne Dominguez. Last reply by Jeffrey W Wolff Aug 13, 2014. 4 Replies

Hello Illinois friends!Does anyone have a reputable BK attorney in they can recommend in Illinois? I would like to interview them and refer clients to them. I have a few short sale clients who need…Continue

Municipal Pre-sale Inspections with Short Sales - what a great combo!

Started by Jim Schneider May 28, 2012. 0 Replies

Many of the Chicago Suburbs have one type of municipal pre-sale inspection or another. Chicago has a zoning compliance review (except condos), some others have simple storm-water inspections, others…Continue

Freddie Mac HAFA deals closing post 11/1/11 and Illinois

Started by Patrick Smith Jan 5, 2012. 0 Replies

Last week I closed a Freddie Mac HAFA deal that violated the 8% transaction cost cap.  Did it by brute force attack on Freddie Mac and the servicer, and was lucky to succeed.  I was told that this is…Continue

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Comment by Sherrie Barker on March 22, 2012 at 6:56am

Does anyone have a good contact and email address/phone number, for Credit Union 1 in Lombard, IL., I have short sale approval letter from Bank of America, first. Credit Union 1 has been telling me for three wks, they are reviewing through a committee. We are due to close with the first by April 27. Would like to escalate up the chain with Credit Union 1. Thank you! - Sherrie Barker, Performance Marketing America, Las Vegas, NV. ([email protected], or 702-245-5107)

Comment by Jim Schneider on January 4, 2011 at 9:12am

Barb,

Welcome to Illinois Short Sales, please post any particular Illinois Short Sale issues you have encountered. We are really getting a good showing from with Illinois short sale agents from all over Illinois.

Comment by Jim Schneider on January 4, 2011 at 7:18am

Jeanne, welcome. I know Lockport has many short sales currently. Are you facing any special issues there, or have you encountered any issues with Illinois Short Sales?

Comment by Jim Schneider on January 4, 2011 at 7:15am
Welcome Thomas to Illinois Short Sales, your site for Illinois Short Sale issues and issues with Chicago Short Sales. Are you seeing any particular local issues with your short sales that issues with Illinois short sales particularly? Any Chicago short sale issues that have come up?
Comment by Jim Schneider on January 3, 2011 at 5:14am

Welcome Evelyn to Illinois Short Sales

Any special Illinois short sale issues or issues from around Montgomery Illinois?

Comment by Jim Schneider on January 2, 2011 at 6:46pm

John,

We'll have a lot more about condo short sales tomorrow, I'll save my thunder on that until then but you gave me a pretty good intro.

I have personally noticed an up tick in HUD homes, please share with us more about this coming wave if you can.

Comment by John A. Zentmyer on January 2, 2011 at 6:35pm

 Jim,     

 

 A good number of my listed short sales are  sellers having Bankrupted before I got them as clients. Its more of a liquidation sale in short? Sellers are aware they can't keep the home but will stay until it sells. And the banks are VERY willing to make it a speedy transaction. I have dealt with the HOA taking possession of a unit when a short sale was accepted, they won't deal and will not allow it sold. They want their money and that's it 9 times out of 10.

 On another note?

 Have you heard the number of HUD homes that are coming in Illinois?? Illinois agents need to know this is the next big wave for our biz.

Comment by Jim Schneider on January 2, 2011 at 6:21pm

Welcome John, Good to see someone from the Plainfield / Joliet area joining. Any issues you are seeing in regards to short sales in the south suburbs or short sales in Illinois in general?

Comment by Jim Schneider on January 2, 2011 at 9:51am

Announcement: Tommorow the Illinois Short Sale Group on Short Sale Superstars will launch a new discussion on a major issue facing Condo units in default on HOA fees, I call it the Association's Nuclear Option.  Read up, or find out about it the hard way!

This issue effect's Chicago condo short sales, other Illinois condo short sales, even townhouse short sales when there is condo ownership and delinquent fees.

Comment by Jim Schneider on January 2, 2011 at 9:29am

Dennis and Ralph,

Welcome to the Illinois Short Sales Group! Have you had any short sale in Chicago or short sales in Illinois that had special quirks because of local or state laws? Please Post!

 

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