Norridge Short Sale & Foreclosure information

www.sellwithme123.com | Michael Sorensen | RE/MAX CITY | Tel 773-987-8224

Norridge Short Sale Agent, Norridge Real Estate, MLS Listings, Norridge Homes For Sale, Norridge Condos, Norridge Pre Foreclosure Help.

Norridge, Illinois Foreclosure update

Short Sale Homes & Foreclosure Properties in Norridge, IL.

There are 55 bank owned properties in Norridge, IL.
There are 121 foreclosures pending in Norridge, IL.
There are 21 properties listed as Short Sale in the MLS in Norridge.

Short Sale Houses For Sale in Norridge.
12 Single Family Homes are listed in the MLS as Short Sale in Norridge.

Short Sale Condos For Sale in Norridge.
9 Condos or Townhouses are listed in the MLS as Short Sale in Norridge.

Chicago Foreclosures
14,873 bank owned properties in Chicago, IL.
22,654 foreclosures pending in Chicago, IL.

Related Terms and Definitions:

Short Sale (Pre Foreclosure Workout Solution)
Definition: A Short Sale is a real estate sales transaction contingent upon successful negotiations with the seller''s lender(s), lien holder(s), and/or other third parties, to obtain approval to sell the property for less than is owed on the mortgage. The purpose of a short sale is to settle the mortgage with the lender and avoid foreclosure. Generally, a short sale seller should have a legitimate financial hardship (job loss or substantial reduction in income, business failure, divorce/ separation, medical reasons/ health problems, military service, etc..) and does not have enough equity in the property to pay back what is owed on the mortgage, back taxes, and closing costs. 

Why is it called a Short Sale? - The proceeds of the sale fall short of the property owner''s real estate debt obligations (mortgage loans, real estate taxes, real estate commissions, etc..).

Why Banks agree to do Short Sales? Banks agree to do short sales when a short sale makes more financial sense to bank than foreclosure. Short Sales usually sell 10% below the current fair market value. An average loss per foreclosure is 65%. An average loss on a Short Sale is 40%, that is a savings of 25% on average Short Sale versus Foreclosure Sale (REO).

Who pays the seller''s closing costs in Short Sales?
The lender. Realtor''s commissions, seller''s attorney legal fees, title insurance, property taxes, are paid by the seller''s lender from the proceeds of the short sale, at closing.

What is a HAFA Short Sale?
http://makinghomeaffordable.gov/hafa.html

Foreclosure.
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. In Illinois, a borrower would have to miss at least 3 mortgage payments before the lender can start the foreclosure. The foreclosure process takes at least 7 months to complete, in most cases longer.

REO.
Definition: Real Estate Owned. Refers to Bank or Corporate owned property aquired through foreclosure. If a property does not sell at the sheriff sale (auction), it converts back to the lender and becomes an REO (bank owned).

BPO.
Definition: Broker Price Opinion. Lenders order BPO''s or property appraisals in order to establish FMV (Fair Market Value).

---------------------------------------

Michael Sorensen Short Sale Group @ RE/MAX CITY

www.msorensen.illinoisproperty.com 

I SOLD 108+ Homes Since 2009

MICHAEL SORENSEN - RE/MAX CITY
TEL (773) 987-8224
www.msorensen.remax-ni.com

#1 Agent For The #1 RE/MAX in Chicago

Looking to Sell? Click Here

Free Market Evaluation or Search MLS (click images below)

Norridge, Illinois (from Wikipedia)
http://en.wikipedia.org/wiki/Norridge,_Illinois

Norridge Name Origin

The name "Norridge" was suggested by resident Mrs. Link. "Nor" comes from Norwood Park Township, and "Ridge" comes from the nearby suburb of Park Ridge.

Norridge is sometimes referred to as "Island Within A City", because along with nearby Harwood Heights, it is surrounded by Chicago on all sides. A history book of the same name was written by Norridge author Tom McGowen.

Norridge History

Located in Norwood Park Township, the first names of what would become Norridge were "Goat Village", due to a local residents goat farm, and "Swamp" due to a lack of streets and the area''s swamp-like conditions. Norridge started out as an 80-acre subdivision that ran from Ozanam Avenue in the West to Olcott Avenue in the East and from Irving Park Road in the South to Montrose Avenue in the North. In 1948, Norridge was about to be annexed by Chicago when a local improvement association moved to incorporate as a village, ending the city''s effort to incorporate it. That year, Karl Kuchar was elected the first President of the Village of Norridge. The 1950s was a decade of growth and development, encouraged by the construction of a waterworks system, the paving of sidewalks, streets, and curbs, and the installation of storm and sanitary sewers. In 1954 Norridge annexed land north from Montrose to Lawrence. Also that year, Norridge Youth Committee was established.

Norridge borders the Cook County Forest Preserves and was home to several horse stables including Happy Days Stables at Montrose and Cumberland. Most of the stables were gone by the late 1970s.

In 1969, WRHS Television opened. In 1976 WRHS Radio began playing music at Ridgewood High School.

Norridge Demographics

As of the census of 2000, there were 14,582 people, 5,727 households, and 3,991 families residing in the village. The median income for a household in the village was $47,787, and the median income for a family was $57,007.

Norridge Education

Public elementary school districts serving Norridge include

• Pennoyer Elementary School District 79
• Norridge School District 80 (Giles School and John V. Leigh School)
• Union Ridge School District 86

Public high school districts include:

• Maine Township High School District 207 (Maine South High School)
• Ridgewood High School

Norridge Politics

Karl Kuchar was elected the first Village President in 1949. He resigned on November 14, 1951. Trustee Joseph Sieb succeeded him as President. Mayor Sieb was elected to a full term in 1953 and went on to be elected to 12 consecutive terms. At the time of his death, June 23, 1998, he had served as Mayor for 46 years and 222 days, longer than any other mayor in Illinois. Trustee Earl Field was appointed to fill the vacancy in the President''s office on July 8, 1998 until the general election in 1999, when he was elected to a full term. Mayor Field served until his death on March 20, 2009. Trustee Ronald Oppedisano was appointed Acting Mayor on March 26, 2009 and ran in Field''s place on the April 7, 2009 election, which he won.

Trustees Kucharski, Gregorio and Stefanowicz, as well as Clerk Bernardi and Acting President Oppedisano, won the election on April 7, 2009. They were sworn in on May 1, 2009.

As of the 2009 election, the current elected officials of the Village of Norridge are as follows:

• Ronald A. Oppedisano - President (since 2009)
• Judith Dunne Bernardi - Village Clerk (since 1996)
• Ursula A. Kucharski - Trustee (since 1981)
• Dominic S. Falagario - Trustee (since 1999)
• Robert Martwick - Trustee (since 1999)
• Jacqueline P. Gregorio - Trustee (since 2001)
• Dennis Stefanowicz - Trustee (since 2005)
• Dominic Sulimowski - Trustee (since 2009)