I was surprised to see such even numbers from the data I pulled…

I like even numbers, but I don’t like this data.

50% of all homes sales were distressed home sales, as in; either foreclosures or short sales.

 Exactly 25% were short sales, and 25% were foreclosures, but I don’t know which is worse?

They are big numbers either way.

 What I find disturbing is the high rate of homeowners in foreclosure opting to do absolutely nothing?  I don’t understand this. 

WHY?!

 Letting the bank take your home is not the best solution.  There is a better way, and unless you are talking to a lawyer, you have no idea about the implications of letting the bank call the shots on being in foreclosure.

 If you are facing a job loss, have missed a payment, or are in foreclosure and are facing eviction… call me at 630-673-6233.  I can help you when the bank won’t.  Real estate prices aren’t getting better anytime soon, so you need someone who can help you that understands what you need to do to get out from under the property that is no longer an asset.

Julie Ferenzi | Realtor®
Plainfield IL Short Sales
630-673-6233

Nothing says summer like a heavy dose of festival food, carnival rides, and cotton candy.  I’m sure you’re sick of me posting about the many fests that take place in Plainfield IL, but I can’t help it… they’re my favorite.

This summer, the Plainfield Summer Fest is taking place in downtown Plainfield starting on Friday, July 16th at 5:00 pm and running through Sunday, July 17th to 6:00 pm.

This is the biggest of the three seasonal Plainfield Fests, and probably the most fun!  Bring the kids, slap on some sunscreen, and get ready to enjoy summer!

See you at the Plainfield Fest!

If you, or someone you know, are looking to become part of the Plainfield community, call me at 630-673-6233.  I have helped countless families join the Plainfield community in the last several years.  It’s easy to sell a home in Plainfield when you love where you live, and do business!  

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

The following luxury homes in the Grande Park subdivision in Plainfield IL have recently sold:

• 12825 Grande Poplar Cir. sold for $210,000 (S) on 2/12/10
• 26531 Rustling Birch Way sold for $230,000 (F) on 1/8/10
• 26609 Silverleaf Dr. sold for $238,000 (F) on 5/20/10
• 13323 Morning Mist Pl. sold for $270,000 (F) on 3/12/10
• 26232 Whispering Woods Cir. sold for $280,000 (F) on 12/30/09
• 12830 Grande Poplar Cir. sold for $285,000 (F) on 1/26/10
• 13318 Morning Mist Pl. sold for $285,000 on 1/15/10
• 26515 Silverleaf Dr. sold for $287,000 (F) on 4/7/10
• 13008 Grande Poplar Cir. sold for $295,000 on 3/12/10
• 26331 Whispering Woods Dr. sold for $299,000 on 4/13/10
• 12810 Grande Pines Blvd. sold for $300,000 (F) on 1/7/10
• 26531 Rustling Birch Way sold for $300,000 on 3/1/10
• 12921 Alpine Way sold for $315,000 on 5/28/10
• 26127 Whispering Woods Cir. sold for $320,000 on 5/10/10
• 26340 Whispering Woods Cir. sold for $330,000 (S) on 5/25/10
• 26428 Silverleaf Dr. sold for $340,000 on 1/4/10
• 13012 Grande Pines Blvd. sold for $350,000 on 5/25/10
• 13004 Grande Pines Blvd. sold for $359,900 (S) on 2/26/10
• 13413 Lindengate Ct. sold for $365,000 on 3/4/10
• 26415 Silverleaf Dr. sold for $375,000 (S) on 6/9/10
• 26144 Whispering Woods Cir. sold for $390,000 on 6/11/10
• 13310 Rosewood Ln. sold for $395,000 on 1/22/10
• 12903 Peppertree Dr. sold for $410,000 on 1/29/10
• 27022 Rustic Wood Ln. sold for $415,000 on 5/25/10
• 27028 Thornwood Blvd. sold for $420,000 on 5/10/10
• 13324 Wildwood Pl. sold for $466,500 on 5/27/10
• 13315 Rosewood Ln. sold for $515,000 on 5/27/10
• 12908 Peppertree Dr. sold for $540,000 on 6/7/10
• 12916 Peppertree Dr. sold for $545,000 on 5/27/10
• 27030 Thornwood Blvd. sold for $565,000 on 1/29/10

The Grande Park Subdivision in Plainfield IL is comprised of custom and luxury single family homes on premium home sites. The Grande Park subdivision is located near Rt. 30 and 127th  Street in Plainfield IL.  Construction in the community began in 2006 and homesites are currently available for new construction, though many of the custom home builders in that area have spec homes available for purchase.

Students attending public school in the Grand Park Subdivision in Plainfield IL attend the following schools if they are in the Kendall County and Oswego Township section of the subdivision:

• Grande Park Elementary
• Bednarcik Jr High
• Oswego East High School

Students attending public school in the Grande Park subdivision in Plainfield IL attend the following schools if they are in the Will County and Wheatland Township section of the subdivision:

• Walkers Grove Elementary
• Richard Ira Jones Middle School
• Plainfield North High School

If you want to know what your home in the Grande Park Subdivision is worth, or have a property in another subdivision in Plainfield IL, 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?  I specialize in short sales and I have been helping homeowners in foreclosure for over 5 years.  Call me to see how doing a short sale on your property can help you through this difficult time.

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

In the world of short sales, there are no rules.  Just trends.  Lots of them.  That change like the wind.  On a daily basis.  Without notice.  Sometimes on a whim….

Can you tell I’m frustrated?  I could certainly use other words, but that wouldn’t be nice.

So before I get into this too deeply, I just have to put up this little disclaimer:  I am not an attorney.  I do not give legal advice.  All of the information contained on this website is for informational purposes based on my experience as a Plainfield IL short sale and real estate professional.  

Now, where was I?  Oh, yeah.  I was about to complain.

Deficiency judgments are getting nasty on the sellers side of the transaction by both the bank, and the sellers.  This week my seller had her short sale approved by Bank of America after almost a year.  The lender was not willing to consider the payment as a full satisfaction, which left the seller subject to the possibility of having a deficiency judgment filed against them.  Despite whether the seller sold short, or lost the home to foreclosure, the lender still has the right to file a deficiency judgment against the seller. Basically the end result is the same…. BUT my seller decided to reject the short sale approval and proceed with a foreclosure at the advice of her bankruptcy attorney.

Say what?!  You’d rather let the bank foreclose than wrap this thing up and be done with it?

Unfortunately, my seller has been getting some very bad advice from family and friends that know nothing about this process, and IN the process has lost sight of the reasons that she sought my services in the first place.

Well, the end result of this situation is that the buyers, who have been holding on to this transaction since the beginning of February, (and made repairs to the house at their own expense that preserved the value of the home because the seller was not willing to do so)  who have lost their $8,000 tax credit, who are getting married in a month… now have no where to live.

Will Bank of America change the language on their short sale approval?  Probably not.  Would the end result have been the same?  Probably.   Is filing bankruptcy the weapon of choice with homeowners who think foreclosure is better than a short sale?  Definitely.

What is the number one reason that a short sale is better than a foreclosure?  You can pick up the pieces of a short sale 2-3 years after you close.  It takes 7 years to recover from a foreclosure.  I can’t speak for anyone else, but this looks like pretty simple math to me!

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

Now that the home buyer credit has expired for qualified buyers, those that missed out on the opportunity to get the credit will now be looking to save some money on the purchase of their new home.  Short sales were overlooked during the frenzy to purchase a property before the credit expired because of the length of time it took to get them approved, but they are now back in the game.

But exactly how long do short sales to get approved?  

Knowing that I wasn’t going to get an easy answer, I decided the most objective way to get the info that I wanted was to analyze the data from the last 30 days.  I found a lot of similarities among the listings, and a few surprises too.  Among the variables in the world of short sales, the lender and the person behind the short sale makes all the difference.

In a nutshell, here’s what I found out:

• 2017 Stafford St. was listed for 24 days.  The property closed 5 1/2 months later.
• 4503 Wood Duck Ln. was listed for 174 days.  The property closed 5 weeks later.
• 2304 Timber Trail was listed for 181 days.  The property closed 1 1/2 months later.
• 1908 Crestview Dr. was listed for 435 days.  The property closed 1 1/2 months later.
• 2916 Stillwater Ct. was listed for 14 days.  The property closed 3 1/2 months later.
• 16316 S. Lexington Dr. was listed for 299 days.  The property closed 5 months later.
• 2605  San Mateo Dr. was listed for 32 days.  The property closed 5 months later.
• 24328 Bristol Ave. was listed for 38 days.  The property closed 2 1/2 months later.
• 13351 Ione St. was listed for 139 days.  The property closed 2 1/2 months later.
• 24225 Norwood Dr. was listed for 212 days.  The property closed 2 1/2 months later.
• 14735 Independence Dr. was listed for 29 days.  The property closed 1 month later.

Some lenders are great to work with… some aren’t.  Sometimes things get hung up with the bank negotiators… and sometimes the negotiators actually help us out.  Sometimes the investors are given bad advice and they hold out like a hopeful homeowner that things will get better… and sometimes they realize that a bird in the hand now is worth two in the bush.

If you are waiting on a short sale to be approved, patience is the now the new key to your front door. 

Good luck!

If you or someone you know needs someone with short sale experience to guide you though selling your home for more than what you owe, call me at 630-673-6233.  I can help you navigate your way to a successful resolution in regard to a foreclosure situation.  References available upon request.

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

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 not always.

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

Has Plainfield IL finally hit its plateau in the national real estate debacle?  Well if the first month of the new year is any indicator, that just might be the case.

Plainfield IL single family home sales increase by 3.5% in January 2010 when compared to January 2009… and that is great news for Plainfield!

Unfortunately, the attached family home sales decreased by 1.9%, but considering that the volume of closings in 2010 was double that of 2009… those numbers may have well been skewed by the increase in volume and not a fair comparison.  The good news in these numbers is that the volume of Plainfield IL town house closings increased by 53% in 2010 when compared to 2009.

On average, single family Plainfield IL homes are still selling at about 95% of their current asking price.  Market time has increased by about 30 days when compared to the same time last year, but considering the high national rate of unemployment that’s really not so bad!

If you are getting ready to buy or sell in Plainfield IL or a surrounding area, call me at 630-673-6233.  I am a full time Realtor and I have lived in Plainfield for over 10 years.  I love what I do and I can show you, or your buyers, why Plainfield IL is the only place you’d want to live… just ask any my past clients!

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

Is the Plainfield IL real estate market out of the woods?  Maybe not yet, but I was impressed with the closed comp numbers I saw when I pulled the December Plainfield IL closings from the MLS.

It looks like, on average, single family homes in Plainfield IL closed at about 97% of their asking price when sold.  That’s up about 1% from the numbers we’ve been seeing over the last few months.  The attached home sales news isn’t as promising, but townhomes and duplex’s are still closing at about 94% of their asking price when sold.  2 bedroom single family homes are fairing the worst in Plainfield at just 87% of their asking price, but 3 bedroom homes are closing at 98%!!!

I’m not sure what to contribute the rise in the net to sellers when compared to their asking price, but a number of factors could be at play:

• Sellers know that it is now impossible to list high and hope for an offer and thus are pricing their homes more aggressively.
• Short sales are being listed at market value and selling below market value, which increases the percentage artificially for homes that have sold well below asking price.
• Demand for homes that do not require bank approval (short sales) are on the rise.  Buyers anxious to take advantage of the tax credit do not want to wait for bank approval, and believe it or not… bidding wars are actually occurring in this market!
• Shortage of homes for sale that can sell quickly can actually increase the value of the homes that are non-distressed because of the ability to close quickly.

No matter why these figures are on the upswing, it’s good news for Plainfield IL!  And after all of the rainclouds that have been adding to the real estate storm we couldn’t wait to get away from, it’s nice to see a little bit of the silver lining.

It’s important to work with an agent that isn’t going to sell you a bottle of snake oil to get your listing.  My fees are reasonable, and you are going to get a dedicated full-time agent who you can access easily.  If you want to know what you your home is worth, I’m going to give it to you straight.  My suggested list price is based on carefully analyzed data from the last 6 months in your Plainfield IL subdivision.

If you are thinking of buying or selling a home in Plainfield IL call me at 630-673-6233.  

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

It’s going to start to get a little harder for some FHA buyers to qualify for a loan.  Starting April 5th, 2010 buyers will now need a FICO score of 580 or higher to qualify for a 3.5% down loan.  All buyers with a FICO score of 579 and under will require a 10% down payment in addition to PMI insurance, meaning loans just got a whole lot more expensive for FHA buyers.  But it is very important to note that most lenders will not lend to buyers with a FICO score of less than 620.

All FHA loans after April 5th, 2010 will include an increase in PMI insurance of .5%.  There are also plans for seller concessions to be reduced from 6% to 3%, but no date has yet been released for that change.

Traditionally FHA loans were not FICO score driven, but as the market continues to soften, financial regulations are being put in place for buyers.  Plainfield IL home buyers need to pay special attention to these requirements when trying to take advantage of the first time home buyer credit.

If you are thinking of buying a home in Plainfield IL, or a neighboring community?  It’s important to move quickly to take advantage of the tremendous opportunity between now and April 5th.  Don’t miss out on the most affordable time to purchase a home… right now!

Call me at 630-673-6233 to get connected with a local Plainfield IL loan officer for your complimentary loan pre-approval from one of my preferred lenders!  There has never been a better time to buy a home in Plainfield IL!  Don’t get locked out of today’s market!!!

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

If your Plainfield IL home is in foreclosure… don’t leave!!!  You may have up to a year (or longer) from the time you miss your first payment before you need to leave your home.  Illinois is a judicial state in which the lender must actually use the court system to sue you to take back their collateral. The process takes between 5-18 months depending on the lender.

Here’s why you don’t want to abandon your property after you’ve only missed 1 or 2 payments:

• The lenders are overwhelmed with foreclosures right now.  They don’t know what to do with the inventory of homes they are taking back from the borrowers.  Lenders like Bank of America (which took over all of Countrywide’s loans in an aquisition) and Wells Fargo have so many loans in default that many are taking longer than usual to process which means you have more time in the house before the house is sold at auction.
• The lender can file a deficiency judgment against you. The difference between what you owe and what the house sold for either through a short sale or at the auction.  The longer the house is vacant, the higher the likelihood it can become damaged from things like vandalism and broken water pipes.  If the lender loses part of the value it could have claimed through a sale, they may decide to hold you liable through filing a deficiency judgment.
• You aren’t paying the mortgage.  While this sounds like a completely wrong reason for staying in your home, you should be taking this opportunity to save all the money you can for when you do need to move. Most likely you will need to have an increased (often double) security deposit on any rental you’re going to move into.
• You can always do a short sale!  Selling your home for less that what you owe, with the lenders permission, is the best win-win solution to the problem of the foreclosure.  You are and the lender are both informed of what is going on behind the scenes.  The lender is aware of the condition of the property, as well a your intent.  You are aware of the banks time-line and you can steer the final outcome of the conditions of the sale in your favor in many cases.  Credit recovery with a short sale happens much more quickly than with a foreclosure.
• Homes that are occupied and taken care of always sell for more than vacant homes.

I can help you maximize your options in taking control of your foreclosure situation.  If you, or someone you know, are in foreclosure… call me at 630-673-6233 to discuss ways to direct the process in your favor.  I have references available upon request from sellers I’ve helped in foreclosure that I’d be happy to share at our first meeting.

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