Norwood Park Chicago Short Sale & Foreclosure information

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Chicago Norwood Park Short Sales & Foreclosures

168 bank owned properties in Chicago Norwood Park.
256 foreclosures pending in Chicago Norwood Park.
51 properties listed as Short Sale in Chicago Norwood Park

Chicago Foreclosures
12,403 Bank owned/ REO/ Foreclosed properties in Chicago.
18,468 Mortgage defaults (foreclosure pending) in Chicago.

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 sellers 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 owners 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 sellers closing costs in Short Sales?
The lender. Realtors commissions, sellers attorney legal fees, title insurance, property taxes, are paid by the sellers 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 BPOs or property appraisals in order to establish FMV (Fair Market Value).

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Prepared by:

Michael Sorensen - RE/MAX CITY
Chicago-Norwood Park Office
7020 W. Higgins Ave
Chicago, IL 60656

# 1 Agent For The #1 Re/Max in Chicago in completed Short Sale transactions.
CDPE - Certified Distressed Property Expert specializing in Short Sales.

"I SOLD over 100 properties since 2009 exceeding $25 Million in sales volume"

TEL 773-987-8224
TEL 847-696-1664

www.ChicagoShortSalePro.com

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About Norwood Park Chicago (from wikipedia)
http://en.wikipedia.org/wiki/Norwood_Park,_Chicago

Norwood Park is one of 77 well-defined Chicago, Illinois community areas. It is a middle-class neighborhood on the far Northwest Side of the City of Chicago, Illinois. Named after Henry Ward Beechers novel Norwood, or Village Life in New England (1868), it is home to many of the city firefighters, police officers, and other blue collar workers. Norwood Park is known especially for its abundance of green: lawns, parks, churchyards, and trees are its visual hallmarks.

Every Memorial Day there is a parade that runs through Norwood Park. The parade has been a local tradition for more than 80 years, starting in 1922. The community area also boasts the oldest extant building in Chicago, the Noble-Seymour-Crippen House, and Taft High School.

Norwood Park Neighborhoods.

Old Norwood.
The Norwood Park Historical District (also known as Old Norwood) is a historic district in Chicago, Illinois. It is bordered by Bryn Mawr, Avondale, and Harlem Avenues, and is home to the Noble-Seymour-Crippen House, which was built in 1833 and is widely considered to be the oldest house Chicago.

The district was added to the National Register of Historic Places in 2002.

Big Oaks.
Big Oaks is bounded by Foster Avenue to the north, Nagle Avenue to the east, Gunnison Street to the south, and Harlem Avenue to the west. Opposite of the neighborhoods southern border at Gunnison Street are the suburb Harwood Heights, and an unincorporated area housing Ridgemoor Country Club. Many of the citys police officers live in Big Oaks, and in recent years the area has seen an increase in the number of Polish immigrants.

At one time, the area was dominated by a large golf course called Big Oaks Golf Course. In the early 1950s, the golf course was demolished and hundreds of homes replaced it.

The neighborhood contains two schools: Daniel Carter Beard School, located on West Strong Ave, and St. Monica Catholic School, located on North Mont Clare Ave.

Union Ridge.
Union Ridge is bounded by Bryn Mawr, Foster, Nagle, and Harlem Avenues. Union Ridge contains one school, John W. Garvy Elementary School, located on Foster and Rutherford Avenues. Union Ridge Cemetery is located on Higgins and Talcott Avenues.

Oriole Park.
Oriole Park is bordered by the I-90 to the north, Foster Ave to the south, Harlem Avenue to the east, and Canfield Avenue to the west.

The area is home to Oriole Park, which is located in the center of the neighborhood south of Bryn Mawr Ave. The park covers over 18 acres (7.3 ha) of land. The park is a Chicago Park District facility.

The Oriole Park Library is located on Balmoral Ave next to Oriole Park School. It operates under the Chicago Public Library.

Oriole Park Elementary School is located on Oketo and Balmoral Avenues and is the only school in the area. The school operates under Chicago Public Schools.

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