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 sell your House Quickly in Chicago

Are you worried on how to sell your house quickly in Chicago without any hassle?

In this article I’ll dive into some ways you can start to look at to sell your local house more quickly.

There are lots of reasons people need to sell their house fast.

For instance, some of these reasons may include:

• need to relocate to another city because of a job change
• vacant property is being a burden on you
• divorce
• financial hardship
• you inherited a house that you don’t want to keep
• …among other reasons for needing to sell your house

So, if you’re looking to sell your local house fast (which who wants to sell their house slowly anyway?)… check out some of my tips below in this quick article.

Leverage The Web To Get The Word Out

Stats have shown that over 80% of house buyers go to the web first to research and find houses.

So if your house isn’t on the web… how are buyers going to find out about your house?

There are lots of ways to get your house online. You can list it on websites like Zillow, redfin,Craigslist… or even setup your own website for the property.

Then, take that property listing and get it everywhere online that you can. List it on all of the classifieds websites (again, Craigslist, Backpage, etc.).

Total Cost: FREE – Cheap (most routes are free, but some of these sites have paid versions)

Use Facebook To Spread The Word About Your Chicago House For Sale

One of the best ways to sell a house is through word of mouth.

Tell all of your friends and family that you’re selling… and have them tell everyone they know.

Also, hop on your Facebook account and share the property listing with your friends and ask them to spread the word for you to all of their friends who may be interested. What you need to do is simply send your link to your Facebook friends.

There may be a person in dire need of a house. Besides, you may also get a friend who may link you up with a buyer. The importance of using Facebook over other social networks is that it is free and you only need to be connected to the internet in your computer.

Total Cost:  FREE

Use of Local Dailies (Newspapers, Magazines, etc.)

One of the things we’ll do whenever we need to sell a house fast is also get our property in the local newspaper. It gets your house in front of lots of people… and one place lots of buyers look for houses is in the “homes for sale” section of the paper.  Put your phone number… a link to your online listing if you have one… a picture (ads with pictures get many many more responses than ads without the picture of the house).

Add in a few of the best parts about your house… the price… and end with a clear call to action on how they can setup a time to come check your house out.

Total Cost: Under $100

Get Your House On The Local Chicago Illinois MLS

The number one place buyers look for a house is the “multiple listing service”. That’s the fancy name for where houses go when real estate agents “list” a house.

A listing for your house will go into a central database that all local Chicago real estate agents in our area will have access to… so they can bring their buyers to the houses on the MLS that fit what they’re looking for.

You can get your house on the MLS without hiring a real estate agent to sell your house.  Some agents will let you pay a few hundred bucks to just list your house on the MLS for you and take no commission on the sale.

Sell Your House To A Reputable Local Property Buyer Like SellYourChicagoHomeFast.com

Last, as another option to sell your house… if you really need to sell your Chicago.

We buy houses in and around Chicago Illinois, and can close quickly.

If you want to sell your house and are curious on how the process works… and want to see what we can pay you for your house… you can get that ball rolling in a couple ways.

1. Give us a call today at (708) 401-8647: We’ll ask a few basic questions about your house… and within 24 hours we’ll make you an offer on your house. No Obligation at all. If the price works for you. Great! We can close on your timeline… in as little as 7 days.
2. Go fill out this really short and simple form with your basic house info: We’ll evaluate the property as soon as we get it today… then we’ll call you with a formal offer on your house in less than 24 hours.

It’s really simple.  You pay no fees. No commissions.

We just agree on a price that works for both of us and that’s it.

Let us make you an offer on your Chicago area house (we buy in other parts of Illinois as well). You don’t have anything to lose.  And you can have your house sold by this time next week (if you wanted us to close that fast) rather than having to wait months and months to market your house yourself the traditional way.

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! >>

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.