Park Ridge Short Sale & Foreclosure information

www.sellwithme123.com - Park Ridge REALTOR - TEL 847-696-1664

In Park Ridge, Nobody Sells More Homes Than RE/MAX - see our market share in Park Ridge IL: http://media.reliancenetwork.com/dynamic/realestate/company/62/ftp/marketshare/Feb_12/C2011-12-Park-Ridge-Market-Share-M0068-LS.pdf

Park Ridge Real Estate agent, Park Ridge Homes For Sale, Park Ridge Short Sale Agent, Park Ridge Pre Foreclosure Properties, MLS Listings in 60068.

Park Ridge Real Estate News, Foreclosure update.

Park Ridge Short Sale Homes & Bank Foreclosure Properties in Park Ridge

There are 112 bank owned properties in Park Ridge.
There are 221 foreclosures pending in Park Ridge
There are 62 properties listed in the MLS as Short Sale in Park Ridge.

Short Sale Houses in Park Ridge.
There are 54 Single Family Houses listed in the MLS as Short Sale in Park Ridge.

Short Sale Condos in Park Ridge.
There are 6 Condos or Townhouses listed in the MLS as Short Sale in Park Ridge.

Short Sale/ Foreclosure 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.

Short Sale Example.
Seller owes on the mortgage: $400,000
Current market value/ Purchase offer: $300,000
Sellers total closing costs: $24,000
In this example, the sellers lender would have to agree to accept $276,000 as a full payment in order to issue the short sale approvals.

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.

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 to establish FMV (Fair Market Value).

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

Prepared by:

Michael Sorensen - RE/MAX CITY
Number 1 Agent for The #1 Re/Max in Chicago.
CDPE - Certified Distressed Property Expert specializing in Short Sales

"I SOLD 110 Homes since 2009 totaling $25 Million"

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

www.ChicagoShortSalePro.com

Looking to Short Sell? Click Here

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

Park Ridge, Illinois (From Wikipedia)
http://en.wikipedia.org/wiki/Park_Ridge,_Illinois

Park Ridge, Illinois, is a Chicago suburb of 37,775 residents. It is located fifteen miles northwest of downtown Chicago, it is close to OHare International Airport, major expressways and rail transportation. It is a part of the immediate Chicagoland area, bordering two of the northwestern Chicago neighborhoods of the Far North Side (Edison Park, Chicago and Norwood Park, Chicago).

As its name suggests, Park Ridge lies on a ridge. The soil is abundant with clay deposits, which made it a brick-making center for the developing city of Chicago. Park Ridge was originally called Pennyville to honor George Penny, the businessman who owned the local brickyard along with Robert Meacham. Later it was named Brickton. The Des Plaines River divides Park Ridge from neighboring Des Plaines, Illinois, which is west of Park Ridge. Chicago is both south and east of Park Ridge, and Niles and Unincorporated Maine Township to its north.

Park Ridge is the hometown of former First Lady & current United States Secretary of State Hillary Rodham Clinton. When she visited Park Ridge on the occasion of her 50th birthday in 1997, the city renamed the southeast corner of the intersection of Elm and Wisner Streets, next to her girlhood home, "Rodham Corner".

Park Ridge, Illinois official website: www.parkridge.us