Julie's Blog

Bankruptcy and Short Sales... why waiting to file bankruptcy might make more sense.

Julie Ferenzi (CENTURY 21 Hometown) — Mon, 08 Mar 2010 22:25:27 -0600

If you are planning on selling you home through a short sale, you might want to hold off on filing for a bankruptcy if you haven't already. *As a disclaimer, I am not an attorney and I am not offering legal advice.*

A bankruptcy halts all foreclosure proceedings until the bankruptcy is discharged or dismissed; permission from the court must be given to sell the property as part of the bankruptcy. Permission can be granted, but it will delay and prolong the short sale process without a doubt.

Another reason you may want to hold off on a bankruptcy is, in the event of having a deficiency judgment filed against you, you can include the deficiency in the bankruptcy after you close the short sale of your home. Deficiency judgments are becoming more common in situations where income is not the cause for failing to make payments such as divorce or separation, though this is not always the case.

If you have questions about short sales or how a bankruptcy could affect your ability to sell, call me at 630-673-6233. Using an agent that is knowledgeable in short sales will make the difference in getting the bank to agree to the short sale whether you are involved in a bankruptcy, or not.

Julie Ferenzi | REALTOR®
Plainfield IL Homes for Sale
Short Sale Specialist
630-673-6233

An Ounce of Prevention is Worth a Pound of the Cure... Or a Closing

Julie Ferenzi (CENTURY 21 Hometown) — Tue, 12 Jan 2010 21:57:38 -0600

This whole short sale business has my nerves on end. I've got between 1 and 2 homes closing every month since I've filled the pipeline, but wow... I swear I learn something new every single time.

I've been too busy to blog. Not only is real estate keeping me busy, but I do have 5 young children that keep me pretty busy too, lol! Despite the fact that my head is spinning and my nerves are shot, I thought it was worthwhile to stay up a little later tonight to write this post.

One of my properties was supposed to close on Thursday, after a long process for an approval from Wells Fargo on both a 1st and a 2nd mortgage. The buyer held off on the inspection until the final approval came from the bank (in Illinois buyers have 5 business days from the bank's approval).

Upon the inspection, despite the fact that I have been trying to keep tabs on this vacant property, the battery in the thermostat died. The heat hadn't been on for several days, but as many of us know ,we've had a record breaking winter with snow and cold... when the Village of Plainfield met the FHA inspector and the property inspector there this morning the flood gates were open.

Water poured from the light fixtures, the seams in the drywall, the floor boards...

After some scrambling on both sides (thanks to the best selling agent I could have ever hoped to have on the other side of this transaction!) and thankfully to the buyer who is a contractor, who was willing to do the repairs tonight so we could have the property re-inspected tomorrow, it will pass the FHA inspection and the financing issue was resolved.

The closing is on for Thursday. Whew! This one was definitely by the skin of our teeth. (and I'm still not counting the chickens yet.)

BUT, not before I spent 2 hours in my car waiting for the sellers to show up to have a Power of Attorney notarized, along with the Deed to the property... only to find out the seller does not have a drivers license or state I.D. that I told him he needed almost every day for the last 3 weeks.

Now I have to meet the seller at his work at 9:30 am to get all of the paperwork from him to bring to the closing, 1 day off schedule. I also had to pay the lien from the village for the water bill out of my own pocket to clear the title.

Here's what I learned this go-round about short sale listings... especially as they are taking longer and longer to get approved:

Winterize all vacant properties October 1st, NO MATTER WHAT!

Get P.O.A. early if you will need it to close. Never trust a seller to the follow through at the finish line.

Prepare a disclosure that requires complete seller cooperation to complete the short sale once the property is under contract with a buyer. Any breech of contract can and most likely will have legal and financial implications.

Change the batteries in the thermostat upon signing the listing.

Require the sellers to keep all the utilities on in their name upon signing the listing.

Inform the sellers that they are required to pay for all liens on the property prior to closing.

Bend and sway. That's my motto.

Without it, I would certainly break.

Experienced Short Sale Agent in Plainfield IL | Plainfield IL Homes

Julie Ferenzi (CENTURY 21 Hometown) — Thu, 22 Oct 2009 10:14:30 -0500

There are no guarantees when it comes to short sales, but I've got an excellent record of having my short sales get approved. I hire professionals to negotiate my short sales and work hard to make sure my sellers have the best opportunity to avoid having a foreclosure, and to keep from having their defaulted loan affect their credit any further.

Short sales in Plainfield IL take anywhere from 3-6 months to get bank approval. My quickest response being just 4 weeks, while my longest negotiation took just over 6 months. Negotiations not only depend on the lender, but also on the individual investor who financed the loan through the mortgage servicer.

I take the stress of facing foreclosure off the shoulders of homeowners. There are no guarantees in dealing with short sales, but I've got a great record. With the exception of one home in Oak Park, I've gotten approvals on every short sale listing I've ever taken. The only reason the home in Oak Park did not close was due to zoning and appraisal issue with the village, that ultimately prevented the sale.

I have a system that takes the guess work out of getting the bank to see the value in accepting less than what is owed to them vs. waiting until an auction date is set, especially in the Midwest where winter can reek havoc in a non-winterized property that sits vacant through harsh climates like here in the Plainfield IL area.

Call me at 630-673-6233 to confidentially discuss your situation. Feel free to ask questions and see if a short sale makes sense for you and your family. I'm here to help, and I have answers for those tough questions.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Time is running out! First time buyers credit expires on November 30th | Plainfield IL Homes for Sale

Julie Ferenzi (CENTURY 21 Hometown) — Mon, 14 Sep 2009 21:23:26 -0500

Time is running out in Plainfield IL for buyers to take advantage of the first time buyers tax credit of up to $8,000. If you are a first time home buyer you need to close by November 30th, 2009. This poses a big problem for buyers that are tangled up in short sales because there is no guarantee of if and when those contracts will close.

The inventory of homes available has dramatically decreased in the last 3 months since the details of the first time buyers tax credit were announced, but there are still great opportunities for home ownership available.

I can help you take advantage of the first time buyers tax credit by searching for homes that are not short sales and that are available for a quick close in Plainfield IL, by sellers who are motivated for an offer on their property! I’m clearing my schedule for qualified buyers to take advantage of this amazing opportunity before time runs out.

Call me today so you can get into your new home in Plainfield IL by November 30th… and get your first time home buyers $8,000 tax credit!

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Cumberland Subdivsion Real Estate Closed Sale Prices | Plainfield Real Estate

Julie Ferenzi (CENTURY 21 Hometown) — Mon, 09 Mar 2009 23:56:52 -0500

The following properties recently closed in the Cumberland subdivision in Plainfield, IL:

6919 Great Falls Dr. closed on 1/23/09 for $100,000
2115 Three Forks Dr. closed on 9/15/08 for $130,200
2114 Cumberland Dr. closed on 1/23/09 for $149,000
6907 Applegate Dr. closed on 9/23/08 for $155,000
2114 Cumberland Dr. closed on 3/04/09 for $175,000 (resold by investor)
1718 Mystic Dr. closed on 11/14/08 for $190,000
1907 Cumberland Ct. closed on 1/27/09 for $195,000
1716 Mystic Dr. closed on 12/04/08 for $208,000

If you want to know what your home in the Cumberland subdivision is worth, or have a property in another subdivision in Plainfield, contact me at the tab on the top of this page or call me at 630-673-6233. It would be my pleasure to help you with any of your real estate questions.

Are you behind in your mortgage payments? You may qualify for a loan modification or short sale. Call me to find out if you qualify for either of these programs.

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233

The Pain Behind a Short Sale | Plainfield IL Homes for Sale

Julie Ferenzi (CENTURY 21 Hometown) — Fri, 21 Aug 2009 22:50:47 -0500

Ugh, I HATE short sales… and no, it’s not because of the all the extra paperwork or problems that come with the process. It’s heartbreaking to see families have to leave their homes behind and start over.

I have 5 kids, and because of what I do, I lay awake every night wondering what we would do if we had to pack up everything we have, and give up everything my husband and I have worked for simply because our house was no longer worth what we paid for it, and we could no longer afford it.

I have listed 4 homes this year for friends who are behind in their payments. Friends, who 18 months ago… would never have imagined themselves in this situation.

A few months ago my daughter and I watched the American Girl movie, Kitt Kittridge, about the Great Depression. I had no idea at the time that was exactly the future we were facing, but it’s very real.

Children my kids went to school with last year won’t be returning to their schools this year. This is incredibly sad. Neighbors are abandoning their homes. My subdivision is lonely, and it’s all because the government screwed up.

When this all started last year, I was bitter because I thought that short sales were the “get out of jail free” card that homeowners who “bit off more than they could chew” were getting away with, but that view point has changed dramatically over the last few months.

I’ve been showing homes for the last 3 months to buyers and it’s becoming increasingly difficult to not notice the personal touch of happier times of these abandoned homes.

Sports themed or Disney Princess decorated bedrooms, abandoned toys, swing sets in the back yard… and of course, the family portraits. That’s what kills me the most. I can only imagine the pain contained with the walls I am peddling.

“The American Dream”. Abandoned. Given up on.

I never finished college, although I’m close, I always imagined myself in a position of helping others. By doing short sales, I give people hope in getting closure in their current financial situations… and I do it with compassion.

If you are behind in payments, I can help… and I can do it with dignity! Call me.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Closed Real Estate Transactions for Prairie Knoll Subdivision in Plainfield | Plainfield Real Estate

Julie Ferenzi (CENTURY 21 Hometown) — Tue, 10 Mar 2009 15:00:40 -0500

These homes have recently closed in the Prairie Knoll subdivision in Plainfield, IL:

13830 Trillium Ln. closed on 12/17/08 for $245,000
13826 Trillium Ln. closed on 10/31/08 for $250,000
13717 Marigold closed on 10/22/08 for $302,695
13916 Briar Ln. closed on 10/13/08 for $304,360

It looks as though the builder recently sold off their remaining homesites with the properties that sold in October of 2008, and they are no longer building new construction in the subdivision. The Prairie Knoll Subdivision was built by Town & Country Homes, and construction in that area began in 2003. The neighborhood features distinct and interesting architecture. There is an annual $227 homeowners association fee for the neighborhood that is paid once a year.

If you want to know what your home in the Prairie Knoll subdivision is worth, or have a property in another subdivision in Plainfield, contact me at the tab on the top of this page or call me at 630-673-6233. It would be my pleasure to help you with any of your real estate questions.

Are you behind in your mortgage payments? You may qualify for a loan modification or short sale. Call me at 630-673-6233 to find out if you qualify for either of these programs.

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233

43% of all Joliet IL home sales in the last 30 days were short sales or foreclosures | Joliet IL Homes

Julie Ferenzi (CENTURY 21 Hometown) — Mon, 25 May 2009 22:47:43 -0500

There were 60 home sales in Joliet IL over the last 30 days. Of those 60 homes that sold 43% of them were short sale or REO properties.

The difference in the number between short sales and bank owned properties in Joliet IL is somewhat alarming. 40% of the homes were actual bank owned foreclosure sales, while only 3% of those sales were short sales.

The discrepancy in this number can either be attributed in the difficulty of getting a short sale accepted by the lender, or because more and more homeowners are simply walking away or giving up on trying to avoid a foreclosure.

The range in home prices that closed in Joliet IL over the last 30 days was $26,500 - $479,000

If you are looking for a home in the northwest side of Joliet IL, call me at 630-673-6233. I can help you get the best deal on a new Joliet IL home with my experience of the current real estate market, including my experience with short sales.

If you own a home in Joliet IL and you are behind in payments, call me about doing a short sale on your home at no cost to you to avoid a foreclosure.

Julie Ferenzi | Realtor®
Joliet IL Homes
630-673-6233

51% of Plainfield IL home sales in the last 30 days were short sales or foreclosures | Plainfield IL Homes

Julie Ferenzi (CENTURY 21 Hometown) — Mon, 25 May 2009 22:07:27 -0500

The Plainfield IL home sales for the last 30 days from April 15th, 2009 through May 15th 2009 are now more than 50% short sales or foreclosure sales.

That's great news for buyers... but it's bad news for the economy and the real estate market in general. It means things aren't getting any better for homeowners in foreclosure, and homeowners who are current on their mortgages are losing the value of their homes at warp speed.

42 of the 82 homes sold were either foreclosed or bank owned homes, or short sales.

The price of homes sold in the last 30 days ranged in price from $119,000 to $430,255. Surprisingly the home that sold for $119,000 wasn't actually a distressed property. It was a small 2 bedroom ranch, sold by a motivated seller. The bulk of the short sale and bank owned properties that sold were definitely in the lower end of the price range, and the homes that sold in the higher price brackets were regular residential home sales, which makes sense.

Buyers have a great opportunity to purchase a lot of home for the money in Plainfield IL right now. The downside to making an offer on a bank owned home or a short sale listing is that there are often multiple offers on these homes, (especially the ones in great condition) and the wait time on a response for a short sale can take anywhere from 4-10 weeks to get approved.

There is definitely an upside to buying a foreclosure or short sale is priceless in a market like this. Buying below market value, while prices are still declining, offers a little more protection from depreciation than paying retail prices. The biggest difference will be in the amount of work you may need to put into the house to make it compare to some of the retail priced homes.

If you want to buy a home in Plainfield IL and are interested in purchasing a short sale or bank owned home, call me at 630-673-6233. It's important to work with an agent that not only has performed short sales, but understands the process involved.

Call me at 630-673-6233 and I can put you in touch with my mortgage broker who can help you determine what kind of a loan you qualify for.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Plainfield IL Spring Fest 2009 | Living In Plainfield

Julie Ferenzi (CENTURY 21 Hometown) — Thu, 14 May 2009 00:12:11 -0500

This weekend is the Plainfield Spring Fest, starting this Friday May 15th and running through Sunday May 17th.

I saw a sign as I was driving through the downtown area this weekend with the dates and times:

Friday May 15th from 4:00 -midnight
Saturday May 16th from 10:00-midnight
Sunday May 17th from 12:00- 6:00 pm

Now don’t quote me on the times I’ve posted here… I was driving at the time, but I’m pretty sure this is what I stored in my brain from my photographic memory!

There will be a carnival, a craft show, food vendors, a beer garden, and live entertainment. One of my favorite booths had always been the fresh strawberry shortcake stand, but I haven’t seen it there for the past 3 years. I remember when we first moved to Plainfield that this Spring Fest was once called the Plainfield Strawberry Festival. I wonder why they changed the name, and where did those delicious strawberry shortcakes go?

Here is the schedule of events for the 2009 Plainfield IL Spring Fest:

Friday, May 15th
6:00-9:30pm Plainfield’s Biggest Open Mic Jam
9:30 -11:30pm Echo Son

Saturday, May 16th
11am - ATL Youth Cheerleaders
12:30 Elite Martial Arts
1:30-3:30pm Hot Hot Robot
4:00-6:00pm 40 Miles to Chicago
6:30-8:30pm The Catch
9:00-11:30pm Velocity

Sunday, May 17th
12:00-2:30pm The Debe Welch Band
3:00-6:00pm Beat Apple

If you’re able to make it out there this weekend, have fun! I know we are looking forward to it. The Plainfield Springfest is being supported by the MainStreet Plainfield Organization and it’s sponsors.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Rented Properties in Plainfield IL for April 2009 | Plainfield IL Rental Homes

Julie Ferenzi (CENTURY 21 Hometown) — Tue, 05 May 2009 22:19:34 -0500

In hopes of keeping my readers up to date on the rental market in Plainfield IL, I will start listing the properties that have rented month by month. Hopefully this will give anyone considering a rental home in Plainfield IL an idea of the price ranges of homes available for rent.

The following properties rented in Plainfield IL in the month of April 2009:

2 Bedrooms Single Family Plainfield IL Rental Homes:

13918 S. Oakdale Ct. rented for $1,200
2414 Millpond Ct. rented for $1,230
5007 Elmira Ct. rented for $1,300
16250 Fairfield Dr. rented for $1,350
5102 Edgewater Ct. rented for $1,395
21316 W. Douglas Ln. rented for $1,500
13212 Lake Mary Dr. rented for $2,100

3 Bedroom Single Family Plainfield IL Rental Homes:

14052 Edgewater Ln. rented for $1,275
5520 Stonybrook rented for $1,275
21512 S. Empress rented for $$1,300
14219 S. Napa Cir. rented for $1,300
4920 Montauk Dr. rented for $1,375
21252 Edison Ln. rented for $1,395
23814 Mistwood Dr. rented for $1,400
14624 Samuel Adams Dr. rented for $1,500
2018 Alpine Way rented for $1,550
5307 Riviera Blvd. rented for $1,595
1304 Broadlawn Dr. rented for $1,700
12925 Tipperary Ln. rented for $2,175

4 Bedroom Single Family Plainfield IL Rental Homes:

1617 Brighton Ln. rented for $1,625
2817 Stonebridge Dr. rented for $1,850
6307 Ventura Ct. rented for $2,000
13358 Wellesley Ct. rented for $2,250

If you or someone you know are thinking of renting a home in Plainfield IL call me at 630-673-6233. I’ve been working the rental market in Plainfield IL since the beginning of the real estate market decline. I’ve placed 7 families in rental properties in the last 2 months. No one works harder when it comes to placing families into new homes!

If you are behind in payments you may qualify for a loan modification or a short sale. Contact me to find out if you might qualify for one of these options to avoid a foreclosure.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Plainfield IL Short Sale Information | Plainfield IL Homes for Sale

Julie Ferenzi (CENTURY 21 Hometown) — Sat, 25 Apr 2009 21:58:14 -0500

Short sales offer a pretty fair discount on single family homes in the area and right now there are many homes in Plainfield IL available to chose from, but the banks aren’t going to give them away for pennies on the dollar.

Here are a few things you can expect when writing an offer on homes that require 3rd party lender approval:

Short sales take time. If you are not willing or able to wait the 6-10 weeks required for lender approval, a short sale is probably not the right choice for you.
The lower the price, the less likely your offer is to be accepted. The further your offer is from the list price on the MLS, the less interested the bank will be in your offer.
Be prepared to submit a counter offer. Lenders always counter the original offer, so be prepared to increase the ante, even by a little or the lender will close the file and wait for another offer.
Cash offers don’t always entice lenders. If the offer is too low, it doesn’t matter how it is financed or paid for.
The homeowner is still in control of all decisions regarding the property, with the exception of requiring lender approval to sell the home for less than what is owed. The submission of all offers to the bank is at the discretion of the homeowner, not the Realtor® or bank.
A general rule of thumb for acceptance on a short sale is about 70-80% of the fair market value. The lender will order a Brokers Price Opinion or BPO on the property to determine fair market value. While the bank will usually not disclose the determination of that report, I can provide a market analysis of the area and provide a reasonable value for the property.

If you are buyer or investor looking for a great deal on Plainfield IL real estate, call me at 630-673-6233 for your complimentary list of short sale listings available now.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Plainfield IL Townhome and Duplex Real Estate Values 2008 & 2009 | Plainfield IL Homes for Sale

Julie Ferenzi (CENTURY 21 Hometown) — Sat, 25 Apr 2009 21:51:22 -0500

With all of the news on t.v. and talk on the radio, you might be wondering how the value of your Plainfield IL townhouse or duplex is doing. Many homeowners today are keeping a close eye on their Plainfield IL property values with good cause.

While there is definitely depreciation going on in the market, there are other factors contributing to the health of the Plainfield town home and duplex market.

The volume of sales for the attached single family market in Plainfield IL is down drastically from March of 2008 when compared to March of 2009 by approximately 72%. There has also been an increase in market times of about 26% for those sales on average, meaning it’s taking about 26% longer to sell 72% less homes.

The townhome and duplex market in Plainfield IL has suffered an approximate 19% decrease in property value on average in March 2008, when compared to the same month in 2009.

Homes are still sold at approximately 95% of their asking price in both 2008 and 2009, meaning that for reasonably priced townhomes or duplexes, homeowners could expect to get about 95% of their list price and concede about 5% in the process of negotiation.

Plainfield IL Townhome and Duplex Market Data For March 2008:

Plainfield IL Townhome and Duplex Market Data for March 2009:

If you or someone you know has a property to sell in Plainfield IL, call me at 630-673-6233.

If you are behind in payments or in foreclosure, you may qualify for a loan modification or short sale. Call me to confidentially discuss the possibility of avoiding a foreclosure through one of these options.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233

Plainfield IL Foreclosures | Plainfield IL Homes

Julie Ferenzi (CENTURY 21 Hometown) — Sat, 25 Apr 2009 21:45:04 -0500

Comparing the 4th quarter of 2008 to the first quarter of 2009 in Plainfield IL:

There were 197 new filings in the 4th quarter of 2008, compared to the 250 filings in the first quarter of 2009 for an increase between the quarters of 21.2%.

In comparing the number of newly filed foreclosures in Plainfield IL from the 1st quarter of 2007, 2008, and 2009 there is a steady increase in the number of foreclosures each year.

1st Quarter Figures for newly filed single family Plainfield IL foreclosures by year:

2007: 116 new filings
2008: 218 new filings
2009: 250 new filings

There was a 12.8% increase in foreclosures from 2008 to 2009
There was a 46.8% increase in foreclosure from 2007 to 2008

As you can see from these figures, Plainfield has not seen the bottom of this market yet, though it does seem to be slowing down. The second quarter of 2009 will paint a better picture of the trajectory of the market, and the time frame in which we can expect to see a recovery in the market values of Plainfield IL.

Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233

New Construction Home Sales in Plainfield IL | Plainfield IL Homes

Julie Ferenzi (CENTURY 21 Hometown) — Sat, 25 Apr 2009 21:42:37 -0500

Many analysts believe the number of new home sales is an indicator of the health of the real estate market. Today I contacted the Village of Plainfield to get some figures on the number of permits requested by new home builders in Plainfield IL.

New permits issued for new construction:

2007 = 404 permits
2008 = 172 permits

In the last 6 months only 26 new permits were requested through the village. As you can see there has been a drastic reduction in the amount of permits that have been applied for between 2007 and 2008, which shows a decrease of 57.5%.

Subscribe to my site through e-mail subscription and never miss a post. Stay tuned for more Plainfield IL market reports.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233