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

If you are looking for Plainfield or Naperville IL homes for sale, don’t let the fear of the unknown keep you from the owning a piece of the American Dream! Here are some answers to these common questions.  “Who does what… and when?”

• Your Plainfield or Naperville IL Realtor® will probably ask you to contact a mortgage lender or broker to get pre-approved.  This is important because the lender/broker will help determine the price range you can  afford based on your income.  A pre-approval letter will help validate your offer when you are ready to make one.  Contacting  an attorney and home inspector even before you are ready to make an offer will save you time later.

• You’ve taken a tour of several Plainfield and Naperville IL homes for sale with your Realtor® and you’ve found your dream home.  Now it’s time to make an offer!

• After your offer is accepted, you’ll need to contact both your attorney and the home inspector to over-see the transaction.  The cost of the services of both professionals is anywhere from $250-$400 for an attorney and $250-$350 for a licensed home inspector.  The cost of the attorney can be included in the closing costs, but the home inspector will need to be paid for at the time that the services are rendered.

• After the attorney and and lender have the signed contract in hand, they will both “get to work” on your file.  The attorney will review the contract within the time allowed on the contract for attorney review (usually 5 days) and the lender will begin the process that leads up to underwriting your loan and have it approved on or before the loan commitment date.

• A copy of the home inspection report will be supplied to both you and your attorney, and any repairs or requests will be negotiated by the attorney’s on both sides of the transaction.  Necessary repairs will either be made or compensated for, or the buyer will have recourse to back out of the transaction provided that the inspection took place within the time-frame allotted by the contract.  It is then at the buyers discretion whether or not to proceed with the transaction, if the seller refuses to make any necessary
  repairs.

• A loan commitment must be provided by the date in the contract.  Providing timely financial information to your lender will ensure the execution of  a timely approval process in accordance with the contract for purchase.

• Once you have your loan commitment… Pack your bags!  It should be smooth sailing from here.  It looks like you’ve got yourself a new home!
  

I have worked with countless buyers over the last few years and this post answers the timeless questions regarding the responsibilities and obligations of both the buyers and sellers in any given transaction.  I love working with buyers because the excitement that comes from owning a new home is contagious!  Buyers looking for new home have an energy that can’t be beat.

If you’re looking for Naperville of Plainfield IL homes for sale, I can help!  Call me at 630-673-6233 to reserve you time with me to preview properties this weekend.

Read also: How to pay your Plainfield or Naperville House off Sooner!

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

Not using a Realtor when looking for Plainfield or Naperville IL homes for sale never crossed your mind probably for good reason… you don’t have to pay for your representation, the seller does it for you. Having buyers representation provided at the cost of the seller is a wonderful thing.  You are protected by the laws and regulations set forth by the state of Illinois in accordance with my licensing, and I get paid at the closing table for my time, knowledge and experience, in maintaining the transaction.  Win-win, right!?

Well… almost.  There isn’t a single moment in a buyers transaction that I am guaranteed to be paid for my time and effort.  My services are rendered in advance on the assumption that you will be purchasing a home sometime in the near future using me for your buyers representation or as your Plainfield or Naperville IL real estate agent.

Not everyone understands the crazy way in which a Realtor actually gets paid, or in some cases, doesn’t.  There are many people in the general population who think that agents merely “show people houses”, but the truth is, that is only the beginning.

Depending on the buyer, the “showing houses” part of the transaction can be a tedious and time consuming part of the transaction, as it should be.  Finding the perfect home for some people can take weeks or months; for others it can be the very first house they see. 

The time involved in this process goes well beyond opening the doors of the houses my client chooses to preview.  It takes time to search for specific criteria, pre-view neighborhoods, map out showings, call listing agents, and drive to and from the appointments.

After you’ve found the perfect house, it’s my job to provide you with closed comps for you to base your offer on.  Making sure that you know the market in neighborhood you are making an offer on, is my responsibility in representing you.  Alerting you to a great find is equally important if you are concerned about missing out on a great deal. 

Writing the contract and negotiating the transaction are also time consuming and necessary components to my profession.  My phone rings at the grocery store, the dentist, and even at 2:00 AM!!! 

Once the sale is pending there’s still work to be done.  Getting in contact with the loan officer or mortgage broker and attorneys are necessity.  Keeping in constant contact with both of these individuals throughout the remainder of the sale is key to a successful closing.  Unexpected requirements, or changes to dates and mortgage criteria, can have devastating effects on a transaction if they are not discovered until the last minute.  It’s my job to intercept these situations.

The end result will be that approximately 4-6 weeks after your offer is accepted you’ll be carrying cardboard boxes over the threshold of your new home.

One thing that any real estate agent hopes is that you’ll treat us with the same respect and honesty we give to you.  Using more than one agent is misleading and time consuming for the agent who won’t be getting paid…  I don’t know of many people who work for free, but this happens every single day in the world of real estate when buyers fail to disclose that they are already working with another agent when asked. 

If you are unhappy for any reason with the service the agent you have chosen, just be kind and release them of their duty.  Using two agents when you can only purchase one house isn’t really honest or fair when one of them won’t be paid for the time and effort.

I’m not exactly sure that everyone completely understands what an agent really does to earn their commission, but I hope that this information is a good resource for anyone in the market for buyers representation when searching for Plainfield or Naperville IL homes for sale.

If you want to more about what my representation can do for you, call me at 630-673-6233.

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

I was checking the MLS for a client tonight that is specifically looking for foreclosures in Plainfield IL.  I was surprised by how many newly listed single family homes I found under $200,000 on the market tonight.  I keep close tabs on the market in Plainfield IL, but recently there have been quite a few drastic price reductions on bank owned (otherwise known as REO’s) and pre-foreclosure listings in Plainfield IL in the last 2 weeks.

The difference between the kind of homes that were foreclosed on 5-6 years ago and Plainfield IL foreclosures, is that owners in this market are taking their belongings, and walking away. 

In the past the interior foreclosures were damaged and destroyed by the previous owner out of anger and frustration from their situation.  Today, owners are simply throwing their hands up and waving the white flag.  Most of these owners have tried to sell their homes in  Plainfield,IL by doing a short sale, but simply ran out of time to find a buyer before the auction date.

Many foreclosed homes in the Plainfield area are in excellent condition and are simply in need of minor cosmetic repair.  New carpet, paint, and possibly some new appliances will make them as good as new and are a relatively quick fix and relatively low cost repair.

Don’t get me wrong though… there are some extremely beat up, dirty, smelly, nasty, abused homes out there!  Trust me, you don’t want to see one of those on a hot summer day!  (Not on a full stomach anyway ;)  I have invested in Plainfield foreclosures for the last 2 years.  I know what to look for, and I know what makes buying Plainfield IL foreclosures a great deal as both as an owner occupied property as well as for an investor.

I know investors are looking to purchase at 60-70% equity positions and that owner occupied buyers want to protect their new home purchase from the current predicted rate of depreciation of 15-20% over the next 3 years.

Don’t leave your next home purchase to chance.  Call me at 630-673-6233 to find out why purchasing at the right price can leverage your position of equity and help decide which of the Plainfield and Naperville IL homes for sale are right for you.

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

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

Clearwater Springs and Aspen Falls most recent closings in Plainfield IL are:

• 6983 Paradise Cir. closed on 10/14/2008 for $174,989
• 2709 Abode Dr. closed on 11/24/2008 for $211,000
• 6800 Bazz Dr. closed on 2/24/2009 for $260,000

During this six month period from September 2008 through February 2009, 16 neighborhood listings expired without selling.  Keep watching for more updates on neighborhood closings and market prices.  Do you want to know what your Plainfield IL home is worth?  Click on the tab at the top of this page and submit your information.

Julie Ferenzi | Realtor®
Plainfield IL Real Estate
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