The most recent home sale closings in the Wesmere Subdivision in Plainfield IL are:

2010 Closings:

• 5826 Emerald Pointe Dr. closed on 2/4/10 for $155,000 as a short sale
• 2216 Preston Lakes Ct. closed on 1/29/20 for $185,000 as a short sale

 2009 Closings:

• 1702 Whispering Oaks Dr. closed on 1/29/09 for $120,000
• 1711 Heritage Pointe Dr. closed on 11/16/09 for $107,500 as a foreclosure
• 5915 Arbor Gate Dr. closed on 06/26/09 for $124,500 as a foreclosure
• 2208 Portside Lakes Ct. closed on 4/24/09 for $135,000 as a foreclosure
• 5914 Glass Pointe Ct. closed on 10/21/09 for $140,000 as a foreclosure
• 1915 Chestnut Grove Dr. closed on 5/1/09 for $141,000 as a foreclosure
• 2004 Prairie Ridge Dr. closed on 6/12/09 for $150,000 as short sale
• 2223 Preston Lakes Ct. closed on 7/29/09 for $155,000
• 1623 Manor Oaks Dr. closed on 3/25/09 for $159,000 as a short sale
• 1609 Lake Pointe Ct. closed on 8/11/09 for $165,000 as a short sale
• 5757 Lake Pointe Dr. closed on 5/19/09 for $165,000 as a short sale
• 1714 Hidden Oaks Ct. closed on 9/29/09 for $165,000 as a foreclosure
• 1818 Prairie Ridge Dr. closed on 10/29/09 for $165,000 as a foreclosure
• 1912 Spring Ridge Dr. closed on 12/29/09 for $172,000 as a short sale
• 1912 Westmore Grove Dr. closed on 9/22/09 for $180,000 as a foreclosure
• 1820 Arbor Falls Dr. closed on 7/9/09 for $183,000
• 5827 Emerald Pointe Dr. closed on 10/16/09 for $184,000
• 5915 Lake Pointe Dr. closed on 6/16/09 for $185,000
• 1914 Westmore Grove Dr. closed on 6/1/09 for $188,700
• 1811 Arbor Gate Dr. closed on 5/18/09 for $190,000 as a foreclosure
• 1728 Tall Oaks Dr. closed on 5/1/09 for $193,000 as a short sale
• 1902 Prairie Ridge Dr. closed on 8/16/09 for $195,000
• 1713 Manor Oaks Dr. closed on 8/24/09 for $199,900
• 1905 Prairie Ridge Dr. closed on 2/20/09 for $203,000
• 2311 Willow Oaks Dr. closed on 4/7/09 for $205,000
• 1917 Arbor Fields Dr. closed on 10/14/09 for $209,000
• 1913 Long Ridge Ct. closed on 6/12/09 for $216,000
• 1916 Westmore Grove Dr. closed on 5/15/09 for $218,000
• 5501 Hickory Grove Dr. closed on 9/2/09 for $236,500
• 1900 Arbor Fields Dr. closed on 11/10/09 for $237,900
• 5609 Sierra Highlands Dr. closed on 6/29/09 for $240,000
• 5307 Brier Glen closed on 7/16/09 for $240,000
• 2001 Ridge Moor Dr. closed on 8/10/09 for $240,100
• 1907 Maple Glen closed on 7/1/09 for $241,000
• 1704 Sierra Highlands closed on 4/10/09 for $280,000

2008 Closings:

• 2121 Willow Lakes Dr. closed on 9/12/08 for $173,000
• 2049 Winding Lakes Dr. closed on 10/31/08 for $180,000
• 5808 Lake Pointe Dr. closed on 1/16/09 for $190,000
• 1905 Prairie Ridge Dr. closed on 2/20/09 for $203,000
• 2200 Brindlewood Dr. closed on 3/3/09 for $206,000
• 1881 Westmore Grove Dr. closed on 12/19/08 for $208,000
• 5310 Floralwood Ct. closed on 12/15/08 for $211,000
• 1907 Spring Ridge Dr. closed on 1/30/09 for $215,000
• 5208 Brindlewood Dr. closed on 9/25/08 for $222,750
• 5406 Maple Glen Ct. closed on 9/10/08 for $228,000
• 5301 N Brier Glen Dr. closed on 10/17/08 for $255,000
• 1920 Chestnut Grove Dr. closed on 9/29/08 for $255,000
• 1714 Sierra Highlands Dr. closed on 9/19/08 for $257,000
• 1700 Grand Highlands Dr. closed on 12/05/08 for $259,000
• 1605 Grand Highlands Dr. closed on 10/03/08 for $266,500

If you want to know what your home in the Wesmere 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?  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 IL Real Estate
630-673-6233

The 1st quarter Plainfield IL single family market report is now available.  I have interpreted this information has been taken directly from the MLS.  In a follow up post I will compare and contrast the 1st quarter of 2008 and 2009.

In the first 3 months of 2009, 157 single family homes sold in Plainfield IL.  Homes are currently selling at 95% of their asking price in 167 days on average.

100 of the 157 homes that sold this quarter were 4 bedroom homes, which was 63% of the market share of the homes sold.   There were only 9 Plainfield IL homes that sold, but those home sold at about 96% of their asking price, up 1% from the total average.  The average market time on the 5 bedroom homes were about 26% higher than the total average of 167 days.

 Plainfield IL 1st Quarter Single Family Market Report for 2009

If you, or someone you know are thinking about listing your home for sale in Plainfield IL this Spring call me at 630-673-6233.  

If you are behind in payments you may qualify for a short sale or loan modification.  Call me to confidentially discuss your options regarding foreclosure.

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

The following closed real estate transactions for properties in Plainfield, in the Grande Park subdivsion are:

• 26537 Rustling Birch Way closed on 10/27/08 for $349,990
• 13303 Morning Mist closed on 10/03/08 for $362,000
• 26661 Lindengate Cir. closed on 1/30/09 for $362,500
• 12904 Peppertree Dr. closed on 10/30/08 for $367,000
• 12712 Grande Pines Blvd. closed on 2/01/09 for $389,900
• 27114 Rustic Woods Ave. closed on 2/13/09 for $415,000
• 13426 Lindengate Ct. closed on 9/25/08 for $425,000
• 26005 Whispering Woods Cir. closed on 2/05/09 for $445,000
• 26501 Rustling Birch Way closed on 12/12/08 for $455,800
• 26112 Oakcrest Ln. closed on 11/14/08 for $472,500
• 12842 Grande Pines Blvd. closed on 9/20/08 for $475,000
• 13033 Timber Wood Cir. closed on 10/31/2008 for $525,000
• 27015 Rustic Wood Ln. closed on 11/21/08 for $549,900
• 12911 Grande Pines Blvd. closed on 9/17/08 for 560,000
• 12924 Grande Pines Blvd. closed on 2/13/09 for $644,678

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?  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 IL Homes
630-673-6233

The most recent real estate closings in the Caton Ridge Subdivision in Plainfield are:

• 6512 Cascade Ridge Dr. closed on 11/5/08 at $194,000
• 2217 Country Ridge Dr. closed on 12/3/08 at $215,000
• 2215 Cedar Ridge Dr. closed on 10/3/08 at $218,000
• 6501 Breckenridge Dr. closed on 2/27/09 at $252,450

If you want to know what your home in the Caton Ridge 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 IL Homes
630-673-6233

According to Crain’s Chicago Business an index of Chicago-area single family home prices will decline 8.1% in 2008 and another 2.2% in 2009.  Prices for Plainfield and Naperville IL homes for sale, in general, have held up well against the current rates of depreciation, but the price declines are a necessary evil for bringing some long term stabilization to the real estate market.  Plainfield IL home values have returned to their 2005 values which was pretty much the peak of the area’s appreciation during the real estate gold rush that swept across the nation.  I personally think that one of the reasons that appreciation was so high and depreciation has been relatively low in areas like Plainfield and Naperville IL has to do with the new development that took place during the years of 1998-2004. 

The lure of lower home prices on new construction became a concession to the distance that buyers were willing to travel for a newly constructed home in under developed suburban areas.  Buyers were able to buy low for a longer period of time until the development of the area caught up with the amenities of older and more established neighborhoods north and east of Naperville and Plainfield IL. 

After the area became developed, the prices in the area caught up with the national rate of appreciation, in addition to the quickly captured equity of “moving so far away” from where residents were originally from.  I think that those two factors softened the blow for the immediate rate of depreciation, BUT… that may not be the end of the story.

Plainfield IL home owners may have a tougher storm to weather in the long run.

Why? Because there is a large demographic of first time home-buyers in Plainfield IL. This demographic continued to rise every time a new developer built a subdivision on vacant land.  First time home buyers who bought a home from 2003-2005 were easy prey for unscrupulous mortgage lending schemes.  It was also an opportunity for new homeowners to be tempted by the market to strip their newly acquired homes of any and all available equity. 

First time buyers that find themselves in the wrong hands can often be misguided and misled to make bad decisions.  The best piece of advice I could ever give someone looking to buy a home it this:

Don’t let someone else tell you how much house you can afford. 

Now, I’m not saying that you shouldn’t seek the advice of a mortgage professional when it comes to buying a home, because that’s the first thing I’m going to tell you to do, BUT… I hope you already have an idea of what kind of a payment you can comfortably make before you start shopping for a loan.  Commit to that payment before you start shopping for a house because it’s really easy to inch up past that mark as you take in the excitement of buying a house.

Another reason things may get worse for sellers in Naperville and Plainfield IL, is that tighter lending restrictions have made it more difficult to reduce the inventory of homes available for sale from owners who want, or need, to sell their homes, and we all know from high school economics class that when there is a surplus of anything it drives prices down. 

Foreclosures in Plainfield IL are still on the rise and as long as there are bank owned properties, neighborhoods with a high volume or REO homes for sale will continue bring down the area values.

Home prices are still relatively high in comparison to area income levels and in order for home prices to stabilize, prices need to decline. 

Sellers in Naperville and Plainfield IL who are serious about selling their homes in this market will need to be serious about their homes value based on market time, active comparisons, and closed comps within the last 3-6 months.  Sellers who are not willing to price their homes according to the current market conditions will find themselves holding on to a property that is never going to sell. 

To find out what your house is worth right now, or to learn about the market conditions in your Naperville or Plainfield IL neighborhood, call me at 630-673-6233 contact me at the tab at the top of this screen for your custom market analysis or market report.

Julie Ferenzi | Realtor®
Plainfield IL Homes
630673-6233

Naperville and Plainfield IL homeowners who are interested in resolving their foreclosure situation through a short sale now have a better option when they chose me to represent them in the sale of their home.  I work with a negotiator ready to assist you with the process of selling your home for less than what is owed by your lender at no out of pocket costs to you.

I have come across a lot of pre-foreclosure listings on the MLS recently that will require a short sale with their lender in order to avoid a foreclosure. I’ve talked to a lot of agents in the process of showing many of these listings, and there is a pretty wide range of how Plainfield IL real estate agents are handling these short sales.

While I have performed short sales for some of my own listings in the past, I have to say that it is a tedious and time consuming process that I never care to do again.  But that’s not the only reason I don’t like performing short sales.  I don’t do them anymore because I’m a Realtor, not a loss mitigator or a debt negotiator.

Naperville and Plainfield IL homeowners in foreclosure now have a better option and more hope of successfully having their short sale approved by their lender. 

Why Lenders Would Rather Negotiate With a Short Sale Specialist/Attorney Instead of a Realtor:

• Many short sale specialists/attorney’s have established relationships with many of the lenders and can quickly and effectively supply all required documentation and information required to proceed with negotiations. 
• Since the real estate market is so pre-foreclosure and bank owned driven in Naperville and Plainfield IL, many Realtors are performing short sales out of sheer necessity, but since many Realtors were never trained to perform short sales, the lives of the loss mitigators who are handling these files are overwhelmed with packages that are incomplete or missing information.  Loss mitigators work on files that they know they can close, if your short sale package is missing any information it will sit on the “dead” pile for weeks or months before it is even looked at, if ever.
• Due to the level of inexperience with short sales by so many Realtors, loss mitigators have come to dread files in which they know they will be negotiating with a Realtor, to the point of being difficult and uncooperative in some situations.  If an attorney is handling the documentation, the loss mitigator knows that all of the documentation will be thorough and complete.

I’m not saying that there aren’t agents out there who successfully perform short sales, but if they are trying to manage more than 2 or 3 short sales at once, they won’t be left with much time to actually market your home for sale, or be available to answer your questions or phone calls.   Each short sale involves anywhere from 40-55 hours of work to complete depending on the lender.

What will you get when you list your home in foreclosure with me?

• A professionally negotiated short sale with experienced short sale specialist at no cost to you.
• Legal advice from a real estate attorney.
• Convenient option of Power of Attorney to avoid having to attend the closing.
• An experienced negotiator that is familiar with special circumstances such as 2nd mortgages, liens, and IRS situations.
• A professionally marketed property complete with a full MLS description, photos, advertising, virtual tour, and Internet presence.

Below is a list of FAQ’s regarding short sales provided by the law firms

foreclosure specialists:

Q:     The benefits of a short sale?
A:     You can sell the house and walk away.  Credit typically indicates “settled debt”.  The foreclosure gets dismissed.  No deficiency judgment.  No bankruptcy.

Q:     Will I owe the bank any money?
A:     The bank releases and typically writes off the deficiency.

Q:     Will I owe any income taxes on the deficiency?
A:     No, on December 20, 2007 President Bush signed into law the Mortgage Forgiveness Debt Relief Act of 2007 ensuring that any deficiency   written off as part of a short sale will not be taxed.

Q:     What about my closing costs?  Will I need to bring any money to closing?
A:     No.  All of your closing costs, the real estate commission, any back taxes owed, attorney fees, title company charges, etc., will be allowed by the lender and subtracted from the sale price.

Q:     What if I sign a contract to sell my house and the bank doesn’t approve the sale?  Will the buyer be mad?
A:     The buyer has been informed and understands that that this is a short sale and that your obligations are contingent upon your bank’s approval.  It is the real estate agent’s job to price the property to sell and then meet the banks appraiser at the property.

Q:     I owe $600,000 to the bank the but the house will probably sell for $300,000.  Will the bank accept such a huge loss?
A:     It typically has nothing to do with the loan payoff.  It is based on the value of the real estate based upon a bank appraisal of the property.

Q:     I have a second mortgage on the this house for $50,000.  How is this going to be handled?
A:     The property is in foreclosure.  The second mortgage holder knows that the first mortgage is in foreclosure because they were served summons and complaint.  Therefore, the second mortgage holder will release their lien, but they will need to be paid something.  Therefore, when an offer comes in, the Buyers agent will be called and notified that the buyer will need to bring money to closing to release the second mortgage.  This will be addressed in the contract addendum.

Q:     I owe the IRS money and I think they put a lien on my real estate.  How is this handled?
A:     Our foreclosure specialists usually get these released without paying the IRS any money.  They will do a preliminary title search on the property to determine what is present and what needs to be dealt with prior to the Contract for Purchase and Sale, or what needs to be dealt with during the contract phase.

Q:     Does the attorney handling the short sale represent me or the bank?
A:     The attorney’s office represents the seller, and they welcome your questions.  They can be contacted at the office or by cell phone.

Q:     Where will the closing take place?
A:     There are closing locations throughout the state of Illinois.

Q:     I am not going to sell this house for under $300,000!
A:     The Realtor will obtain authority to reduce the price each week in order to tell the property quickly.  No matter what the property sells for, the seller will not be receiving any proceeds from the sale.

Q:     What do you need from me?
A:     Financials I.E. last years tax returns, bank statements, check/pay stubs, W-2’s and a hardship letter.
If you have any additional questions regarding a short sale, or listing your home in foreclosure for sale, please contact me directly at 630-673-6233 or e-mail me using the contact link at the top of this page.   I look forward to working with you.

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

There were 16 closings on Plainfield IL town homes from February 8th through March 8th, 2009.

They range in price from $90,000 all the way up to $305,000.  The Plainfield IL home that sold for $90,000 was a foreclosure in the Carillon subdivision near I-55 and Weber Rd.  The property that sold for $305,000 was in the Creekside Crossing subdivision near Drauden and Indian Boundary Rds.

In addition to the one foreclosure closing, 2 additional properties closed as short sales, which brings the total amount of distressed property sales for the last month to 18.7% in Plainfield IL.

For an updated list of property closings in Plainfield IL, or for a complimentary Comparative Market Analysis, please contact me either by phone or by e-mail.  If you or someone you know are having trouble making your mortgage payments, I may be able to help.  Loan modifications and short sales are available to qualified homeowners.

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

As anyone who has been living in Plainfield IL for the last year knows, the downtown area has recently been renovated.  Unfortunately, that meant avoiding the area for quite some time.  About 2 months ago, my car needed some work so I took it up to Plainfield Automotive Inc. on Rt. 59. Since the time it was going to take to fix my car was going to overlap lunch time, I decided to walk into town to get a bite to eat.  I wasn’t sure where I was going to go, but I started down Rt. 59 in the rain and turned down Des Plaines St and ran right into The Front Street Cantina in Plainfield.

I felt like a loser sitting down in the restaurant all by myself since the kids were with my father in law at home, but that wasn’t about to stop this hungry pregnant girl from embarrassing myself!

I’d never been to the Front Street Cantina to eat before, but the food was absolutely delicious.  They had some really terrific lunch specials and authentic complementary chips and salsa.  I thought to myself, this is the perfect place to bring the family for some casual authentic Mexican food, or great place to grab a couple of drinks with friends on the weekend.

I’ve been back several times since my recent discovery of  The Front Street Cantina in Plainfield IL (but this time I wasn’t alone ), and everything I’ve tried on the menu is delicious.  My personal favorites are the Chicken Fajitas and the Cheese Enchiladas.  The food is served fast and hot, which is great if you get the chance to sneak in on your lunch break.

If you’ve never been to The Front Street Cantina in Plainfield, I highly recommend it.  You won’t be dissapointed!

The Front Street Cantina is located at:

15120 N. Des Plaines St.
Plainfield, IL 60544
1-815-254-3474
Or check them out at the their two other locations in Wheaton and Naperville!

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

The governments plan to help homeowners in foreclosure may leave you looking for answers as the specifics of the plan are hard to sift through.  Loan modifications through the private sector may be a better a better solution for homeowners in Plainfield IL and the surrounding communities.

I have been working with Dan Garcia over the last 4 years in the foreclosure arena.  Dan performs both loan modifications and short sales for homeowners in foreclosure.

The answer to turning this economy around is the ability to help the real estate market recovery from foreclosures.  In my opinion, there are two ways to do this:

1. Clearing short sale properties from the market to keep them from competing with the regular real estate market by selling them quickly.
2. Find a way for homeowners to renegotiate their debt with their lender to stay in their home.

My two step approach to solving your Plainfield IL foreclosure situation involves examining the possibility of modifying your original loan, and in the event that the lender is not willing to negotiate the debt, moving on with the process of selling the home through a short sale.

Through examining the possibility of modifying your loan, you know definitively whether there is any possibility of keeping your home or whether you need to sell. It allows you to proceed with confidence onto the short sale swiftly and prepare your Plainfield IL home for sale.

If you want to know more about loan modifications or short sales, call me at 630-673-6233. 

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

There seems to be quite a bit of confusion when it comes to how a “lease options” and “rent to own” homes really work.

Most landlords aren’t going to give you money toward the down payment from the rent that you pay each month because the rent is only covering their costs and expenses as they apply to the property.  In this market many of the investors that own these properties have be very competitive when pricing their homes to rent, in fact, often to the point of having to out of their own pockets every month to make the mortgage payment.

In addition, when it comes to “rent to own” homes, your best bet in a market like this is to accept the opportunity to purchase at a later date, and negotiate the terms at the end of the lease for the purchase price.  I say this only because the 2009 home values are expected to decline another 16%  nationally before next year, for a total depreciation from the peak of the 2006 prices of 34%!!!   Why would you contract to purchase a home today that you would likely be able to purchase a year from now for 16% less?  When you are talking about a $200,000, house that’s a lot of money!

The meaning of “rent credits” and “rent to own” homes has been re-defined in every market, but work best for the buyer/tenant in an appreciating market, when it is a good idea to secure today’s prices in tomorrow’s market… but that’s not the case anymore.   The truth is, “rent to own leases” or “lease options” rarely end up working in the tenants favor, or actually result in a sale.

In addition if a  buyer is purchasing a home with FHA financing, the seller is not allowed to assist with the buyers down payment, a situation that would violate the guidelines for an FHA purchase.

A tenant will not be able to walk into a rental opportunity paying $1650 for a 3-4 bedroom single family home in Plainfield IL, and get $200 a month in rent credits for an FHA purchase later down the road.   It just doesn’t work like that.   You need to keep an eye out for situations that play on your desire to own that home, that leave you without a house in the end.

Buying a home has gone back to the days of old:

• Save your money for a down payment.
• Maintain a great credit score.
• Minimize your debt to income ratios.

Not exactly what you wanted to hear, right?   I know, it seems like a heist after the truth is brought into the light.  “Rent to Own” in this market isn’t really anything more than what you could be doing on your own to purchase any home within the next 2-5 years.

I hope this clarifies the misconception that is associated with what renting to own really means.  It’s really a vague term that has many meanings and implications, that are best addressed within individual situations and with the assistance of an attorney.

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