Foreclosure effects in Chicago Illinois – What sellers need to know

by Richard Cascio on March 9, 2015 in sellers, short-sale-information

Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Chicago Illinois and what local house sellers need to know. First we will look at the effects and the ways of easing them.

Foreclosure Effects in Chicago Illinois to Sellers

• Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Illinois is of course the loss of the home to the bank.
• Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points.
• Depression and Stress – Your mental health is at stake because of the high pressure situation. Going through a foreclosure is emotionally exhausting and frustrating to say the least.
• House Values In Your Community – Another one of the big foreclosure effects in Chicago Illinois is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area.

How You Can Ease The Effects Of Foreclosure In Chicago

For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process.

First…

1. Call your bank and work with them:  Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house.  Or, if you just want out of the house but you owe more on the house than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure.
2. Talk with a local real estate expert, like SellYourChicagoHomeFast.com: We know the local Chicago real estate market well and are very experienced in the foreclosure process here in Illinois.  Give us a call at (708) 401-8647 and we can guide you toward the resources that can possibly help you.
3. Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Chicago houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house.  Just call us at (708) 401-8647 or shoot us your details through this website. 

With the above knowledge on foreclosure effects in Chicago – what sellers need to know, you can guard yourself by calling SellYourChicagoHomeFast.com at (708) 401-8647 and we shall assist you in the shortest time possible to sell your house. However, to fast track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution!

How to Sell your House by Yourself in Chicago: A Short Guide

Selling your house is something you’ll have to do maybe just a few times in your life.  And unless you know a local Chicago real estate agent who will sell your house for free or a hugely discounted commission… it can be a real pain in the rear and an expensive process for you as well.

So… you landed on this page about “How to sell your house by yourself in Chicago Illinois” because of a few reasons I’m guessing…

• You have no or very little equity in your house so you can’t afford to pay a real estate agents commissions
• You have equity but want to try to save money selling the house yourself before you resort to hiring an agent
• You’re in foreclosure (or heading that way) and just need to sell fast without incurring thousands in agent commissions
• You can’t wait the months and months it sometimes takes to sell a house in the Chicago area in this market so you want to try to sell it more quickly

Whatever one you land in… there are ways to sell your house yourself here in the local Chicago real estate market.

Since 2013, the housing sector has been experiencing a major recovery. Selling your house at this time will definitely be profitable if you do it right. In most cases, it is about using smart marketing strategies and being realistic about your expectations on what you want to achieve with this sale.

This article will provide some guidelines to help you sell your Chicago area house yourself.

How To Sell Your House By Yourself In Chicago Illinois – Let’s Dive In

Know The Chicago Real Estate Market Well 

The first and most important step is doing a market research on your neighborhood in the Chicago Illinois area. This step involves visiting various home marketing sites (Zillow, Eppraisal the Chase home value estimator, etc), calling a real estate agent or two to see what your home is worth, or reading about the various market pricing techniques.Proper homework on these issues will allow you to come up with a right price for your house and also helps you to avoid making certain selling mistakes.

If you don’t want to hassle with trying to come up with a home value yourself… give us a call at (708) 401-8647 and we’ll give you an honest fair valuation of what your house is worth on the retail market (if you’re going to wait the 3-6+ months to find the perfect retail buyer). And if you want to… we’ll make you a fair all-cash offer on your house to give you that option of selling quickly (we can close in as little as 7 days if you want to).

Assess the market

This step is almost similar to conducting market research, only that in this case, you are bound to your neighborhood and similar houses. Are there lots of houses for sale in your neighborhood here in Chicago? If so, what is the average that they are listing for?  Are there lots of foreclosures in your neighborhood? That may drag your house price down.

Assess the house

As a seller, your house should be in top condition or shape in order to sell at a good price. Identify certain unique characteristics about it and emphasize them during the marketing. For example, in a Chicago, a house with a drive way parking may be more attractive to buyers compared with one with a garage parking.

Also, does your house require repairs?  Does it need to be repainted inside or out?  How is the condition of the roof?  Is the landscaping in good shape? Is the house outdated at all? (you know, those popcorn ceilings ;-).  All of these things can make the house more attractive or less attractive depending on the buyer… which changes the price they’re willing to pay.

After all of this… come up with an asking price for your Chicago home that is fair… isn’t so high it’ll take you 12 months to sell the house… but is attractive so you get a frenzy of buyers who are ready to buy it quickly.

Use Photos or Videos

Chicago buyers are obsessed with media. Taking walk-through videos of the house and using the videos to advertise will enable you to reach a wider market. In fact, these videos are considered more transparent than taking photos.  However, this should not stop you from using the latter option since it is more affordable compared to the video.

So take some great pictures. Take a picture of every room in the house that helps show it off. Take a picture of the house from the outside in a few different angles… people want to see the house before they ever show up to see it. So having great pictures of your house online could be the difference between getting the right buyer quickly… and waiting months and months to sell.

Get Your House “Listed” On The Local Chicago MLS And Market It

You can find no or low fee real estate brokers these days who will charge you a few hundred bucks to put your house on the local Chicago MLS.  This gets your house in front of all of the real estate agents quickly (so be prepared to pay those “buyers” agents a 2-3% buyers broker fee if you plan to have their support in helping you find a buyer.

Place ads in the local newspaper, signs on the roads, and hold an open house.

All Of This Sound Like A Lot Of Work To Sell Your Chicago House Fast Yourself?

It can be.

And in the end, many Chicago house sellers think they’re saving money and time by marketing the house themselves… when in the end it costs them more money to go that route.

When you sell your own house here are some things you need to consider…

• If you’re not a good marketer or aren’t ready to spend a bunch of time marketing your house right… selling it yourself may not be your best bet
• If you don’t do a good job preparing the house and the marketing materials… and working with buyers to really build the value of your house in their minds… you may actually sell the house for 3-8% less than you may get for the same house an experienced person marketed the house for you
• Too many sellers never think about holding costs or opportunity costs… every month that your house doesn’t sell means another mortgage payment, tax payment, insurance, utilities, etc.  If your mortgage payment is $1,500/mo… and $1,300 of that is interest… if it takes you 7 months to sell your house… that cost you an extra $9,100 (not to mention taxes and insurance you paid during that time).  So, if you were able to sell that house more quickly… would it make sense for you to provide a buyer a discounted price today so you can close quickly and move on? Something to think about.

If you’d rather not put up the hassle of trying to sell your Chicago house yourself… and would rather just sell it quickly for a fair price without paying any commissions or fees…

… here at SellYourChicagoHomeFast.com we actually buy local Chicago Illinois houses.

We’d love to make you a fair, NO OBLIGATION and NO HASSLE cash offer on your house.

We can close quickly (in as little as 7 days if you wanted to)… which would save you thousands of dollars vs. trying to sell the house yourself and waiting for months.

Also, when we buy local Chicago houses we do all repairs that are needed (we pay for it ourselves) so you don’t have to worry about that.

If you want to see what we can pay for your house, give us a call today at (708) 401-8647 or just fill out the quick simple form through the link below.

Selling Your Chicago House Yourself? –
Get A Cash Offer From Us First Before You Waste
Time, Money, And Energy Selling It Yourself >>

How to Avoid Foreclosure in Chicago

While the housing market is rebounding, many people in Chicago] are still struggling to make their mortgage payments.

If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are a number of things that you can do to avoid foreclosure in Chicago. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Chicago with your home.

The Keys of How To Avoid Foreclosure in Chicago Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Chicago have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options:

• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Chicago are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Chicago are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.

Give us a call anytime at (708) 401-8647 or
fill out the form on this website today! >>

How to stay in my home after foreclosure in Chicago

A recent study estimates that 47% of foreclosed properties are still occupied.

When you first see that stat you may be surprised… but we’re not.

What most people don’t realize is that banks aren’t in the business to own homes.

They are in the business to loan people money. But when they have to foreclose on a house… the bank is forced to own the home until they’re able to sell it to get all or most of their money back.

But, what they had found is that when a Chicago foreclosed house goes vacant… there is a much greater chance that the house will fall into disrepair.  Often times the bank would rather have you in the property even after you stop paying your payments and the foreclosure is started because it wards of vandals and keeps the house in good working order.

There’s been a lot of talk in the media about people living for free after foreclosure – and even many stories about banks “abandoning” properties.

In those stories, people are avoiding house payments for months, even years.

Man, that sounds great! Let’s all live for free. (wink)

Wait… it can’t be that simple, right?

Right.

No bank would purposely neglect collecting payments. The only way that you get to live without making any payments is when some major mistakes were made.

But you might get lucky! It’s possible, and it’s happened before. However, it’s not exactly legal to avoid payments that you owe, and it can get you in serious trouble.

So why are so many foreclosed homes occupied? It’s important to remember that no one wants the house to be vacant. Vacant homes are targets for vandalism and crime.

Staying in the property can help the bank maintain the value of their investment, so it’s actually in their best interests to keep it occupied. Partly because of the ways that the foreclosure laws are structured in Illinois, banks may ask you to leave while wanting you to stay.

There are a few perfectly legal ways to remain in your home, even after foreclosure.

How To Stay In My Home After Foreclosure In Chicago

Not all these options are available (depending on your situation and your lenders), and you’ll need some expert advice along the way to help you get through.

1) Wait it out. Honestly, this is a pretty bad option, but it seems to be increasingly common. You definitely shouldn’t run away and abandon your house when the first notice of default shows up. Remember that the proceedings and the process takes months and sometimes years. It’s not over until it’s over, so don’t give up too early. On the other hand, don’t wait until the sheriff shows up to evict you to start packing up your stuff.

2) Go to court. In very rare cases, judges are granting stays and delaying evictions. This is really only a valid option if you (and your attorneys) can prove that the bank has neglected a legal requirement during the foreclosure process. During the past few years, a lot of fraudulent behavior at banks has been uncovered – so we may see an increasing trend of using the courts to stop foreclosure. Fighting banks with lawyers is very difficult, expensive and time-consuming, even if you’ve got a perfect case (most people don’t stand a chance).

3) Propose a move-out bonus. Often buyers of occupied foreclosure properties spend thousands of dollars on lawyers and other costs of eviction, so why not save everyone the time and expense by taking some of that money yourself? It’s known as “cash for keys”. It sounds a little greedy, but greasing the wheels does help everything to run smooth. Plus, you can help out the bank and the buyers by not abandoning the house to squatters before they’re ready to take possession.

4) Rent it back. It may sound crazy, but some banks are willing to take on previous homeowners as tenants in their property. That’s only a short-term fix, as they’ll want your agreement to vacate the premises as soon as they find someone to purchase the property. In some cases, we can even purchase the property and rent it back to you.

It’s really good that you’re reading this page and exploring your options. We help homeowners like you to find creative solutions.

We can’t help everyone, but we might be able to help you.

We buy local Chicago Illinois houses like yours from people who need to sell fast.s

Give us a call anytime at (708) 401-8647 or

fill out the form on this website today! >>

Who can buy my home with cash in Chicago Illinois?

Selling a home in this tough economy is no walk in the park. If you are facing a foreclosure, then chances are you are grappling with the question, “who can buy my home with cash in Chicago?” Well, fret not! There are several options that you can explore when putting your home up for fast sale.

Here are three most common options worth considering; however, if you need to sell your home fast for quick cash, then be sure to call SellYourChicagoHomeFast.com first at (708) 401-8647. We have cash in the bank, and are able to buy any home, anywhere in Chicago Illinois.

#1 Sell your home fast for cash to a local Investor
If you are determined to find a quick buyer, a local Chicago home buying company such as us here at SellYourChicagoHomeFast.com is one option for you. We buy houses in Chicago and surrounding areas in Illinois when sellers need to sell fast.  If you’re looking to get the full market retail value on your home… and you have time to wait for it to sell (3-6 months) look at option number two. But if you need to sell your house fast and are willing to sell it less than the full retail value that you may be able to get by listing it w/ an agent and waiting until it’s sold… we’d like to make you a fast-fair offer on your house today... or call us directly at (708) 401-8647. 

#2 Sell your home fast for cash with a Real Estate Agent
If you have a bit more time and can wait for the right retail buyer to come along, and you can pay the 3-6% in real estate agent commissions on the sale… listing your local Chicago Illinois house with a real estate agent is a great option.

A real estate agent is one option for getting your property across to cash house buyers… It is possible to sell your house quickly for cash through a real estate agent.

However, this begins by finding the right agent. Start by asking at least five local Chicago agents to assess your home and show you some comparable homes that they have recently sold for cash. The agent you settle for should list your home in as many property websites as possible in order to broaden the market reach and of course put it on the local Chicago area MLS (multiple listing service).

It is also important that they advertise your home in the local publications buyers tend to look at (newspapers, etc.). To help speed up the process, consider offering the agent an attractive incentive if they manage to sell the house within a specified time frame. With this option you will of course pay the real estate agent commissions… so be prepared to figure that into your overall costs.

#3 Sell your home fast for cash with a FSBO Listing
According to experts, 90 percent of all property searches now begin online… and if you have time to wait to get your house sold… and the time to show potential buyers your house as they come calling… selling your Chicago house “For Sale By Owner” may be a good fit.

There are tons of web based real estate agents that you can approach to list your home on their websites and some agents will let you purchase a listing on the MLS for $300-$500+. . Additionally, you can list your home on websites like Craigslist as well as online property directories in your area. To attract potential buyers, be sure to accompany your listing with clear photos of your home.

So, who can buy my home with cash in Chicago?If you are grappling with this question, you need to realize that it is possible to sell a home fast for cash… the main thing you need to decide right now is how fast you need to sell your Chicago house.  If you have 3-6 months and can pay the real estate agent fees… list your house with an agent.

But if you don’t have enough room in the house sale to pay an agents commissions… or you can’t wait the time it may take to sell your house at full retail… chatting with a reputable local real estate buyer like SellYourChicagoHomeFast.com may be a great option to explore. All you have to do is know your options when it comes to selling property for cash. Click here to learn more home for cash selling tips. Better still, fill the web form below for a fast fair all cash offer for your home.

Fill out this form to get your fast-fair cash offer for your Chicago house.