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

Have you missed a few payments on your mortgage?  Are you worrying about how you are going to pay the bills this month?  Have you recently found yourself out of a job?

You are not alone.

Look around… 

Long grass.  Weeds in the yard.  Stickers on the door.

One day you have neighbors, one day they’re gone.

Families all over Plainfield IL are facing a similar situation, and we haven’t hit the bottom yet.  3 years ago, you could list your house for sale and cash out on your equity if you found yourself in this unfortunate situation.  Now?  You probably owe more on your house than it’s currently worth based on the current rate of depreciation.

You don’t know where to turn, but I do. 

I have been helping families in foreclosure for my entire career in real estate.

Don’t let your house foreclose without trying to settle your debt with your lender. 

My team, both the attorney I provide to my clients and the negotiator I assign to your file, (at no cost to you…) are top notch.

You will not find a more efficient, or capable, coordination of your best interest in the world of real estate.

If you need someone to handle your short sale without the stress that can make a person crazy, call me at 630-673-6233.  I can help you get out from under the crushing pressure of a mortgage that is no longer in your best interest, and potentially save you from the credit implications later.

Julie Ferenzi | Realtor®
Plainfield IL Short Sales
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

I’m addicted to HGTV!

Of course I count the endless hours I spend watching all of my DVR’d shows as research for my work as a Plainfield IL Realtor.

If you are even thinking about selling your house in Plainfield IL, you really need to do your homework.  I suggest starting with a few worthwhile shows on HGTV and TLC.

The first one, (and my personal favorite) “My House is Worth What?” on HGTV.  This shows highlights 3 homeowners in 3 different areas of the country in every show.  In the end a local Realtor assess the return on investment for many common upgrades and features.  It’s surprising to see what common mistakes many homeowners make when improving a property after purchase, but equally as surprising where spending a little can eek huge rewards!

The second one on TLC is “Clean Sweep“. If you have clutter, this show will tell you exactly how to address it!  These homes look exactly like model homes when the owners realize that it IS okay to get rid of things if you are not using them anymore.  Sometimes you aren’t actually outgrowing your home, you’re probably just accumulating way too much stuff.

The third and fourth are “Designed to Sell” and “Design on a Dime“.  A MUST for anyone needs to compete with neighboring properties for a sale in this market!  Not only is it filled with great ideas for making your home appeal to buyers, but it also tells you how to do it on a budget.

The fifth is definitely “Property Virgins“.   In a market where first time home buyers are dominating the market place, it helps to think like a first time home buyer.  This show takes you along for the ride as buyers hop on the emotional roller coaster of home ownership.

Many Plainfield IL homes for sale may need a little tweaking when it comes to getting it sold, so when it comes to getting your property ready to sell, there is a lot of information available right at your finger tips.

If you or someone you know are getting ready to sell your Plainfield IL home, call me at 630-673-6233.  I can definitely tell you what it will take to get an offer on your home!

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

Owning a home has always been part of the American Dream, but for many homeowners in Plainfield IL right now, it is quickly becoming a nightmare.

What do you do?  Where do you go?  How do you pick up the pieces after things fall apart?

No one mentions the word foreclosure at a real estate closing.  No one prepares you for a “worst case scenario” before you sign the papers.   When you fall behind on your first mortgage payment, all of those smiling faces at the closing table are long gone.  Who do you turn to for answers, and who can you trust?

As a veteran in the trenches of Plainfield IL short sales and loan modifications, I don’t just try to get you to list your house with me.  If there is any earthly way for you to keep your home, my team and I will pursue it.  If you can’t, we’ll help you close on your home by settling with the bank for less than what you owe with a new buyer through a short sale, all while minimizing or eliminating your tax obligations to the IRS.

I don’t take what I do lightly.  There is a heaviness on my heart at night when I think of the responsibility that lay ahead for my clients in foreclosure. I take the trust placed in me with full conviction to always work in your best interest.  I care about what happens to you after the sale of your home, and will do whatever I can to help you start again including finding a new home to rent.

Sometimes I make money in the transaction when a property closes, but I will never cash a check that hurts a seller in foreclosure financially.  

I have references available upon request. I keep in touch with all the families I have helped through the process who can tell you what their experience of working with me was like.

I know what I’m doing when it comes to short sales in Plainfield IL and any of the surrounding areas.  I work for you, and empathy for your situation will always be my main focus.  Don’t trust someone to sell your home that does not have a plan.  My track record for getting short sales closed is 99% flawless.  The one and only transaction that I could not get to the closing table was a 2 flat in Oak Park that had zoning issues that could not be resolved in the appraisal.

If you have a home in foreclosure in Joliet, Shorewood, Romeoville, Naperville or Plainfield IL, call me.  I can help.  You’re more likely to avoid a foreclosure when you hire me over anyone else to manage your short sale and sell your home in Plainfield IL.

Julie Ferenzi | Realtor®
Plainfield IL Homes for Sale
630-673-6233
J T 4 N Z @ m s n . c o m

I hope this post doesn’t come off the wrong way… because the worst thing that can come out of this is that I sound like a megalomaniac.  Actually it’s almost exactly the opposite.

There are a lot of people out there that don’t care much for Realtors.  Let’s face it, there are plenty of agents out there that have done a really good job of disgracing the industry; but for every agent that portrays all of the negative stereotypes associated with helping people buy and sell homes, on the flip side, you might just get lucky and find someone like me.

I eat, sleep, and breathe real estate.  I just love it.  I always have.  I’m not in it for the money, because, in case you haven’t been watching the news, real estate hasn’t been a very lucrative profession lately.  This is the worst housing market since the great depression.  Yet, somehow I just can’t talk myself out of being excited about what I do.  Sometimes it involves a paycheck, and unfortunately even after many long hours invested in working with a client… sometimes it doesn’t.  Not everyone finds exactly what they are looking for at a price they can afford, but that’s just part of the business.

All Realtors have access to the MLS.  For what it’s worth, you pretty much do too.  Anyone can search for homes on the Internet, that’s why I now have my website linked directly to Realtor.com.  Anything else is just a lead capturing tool for agents to use to convince you to do business with them.  I’ve had those fancy personalized home search pages on my site before, and I realized that the truth is, if I provide you with valuable information and I am an informative resource to you in the home buying or selling process in Plainfield IL or a surrounding community… I don’t need to launch a stealth marketing campaign to earn your business.  I’d rather attract clients who chose to work with me, rather than attack innocent victims who just happened to stumble across my website doing a Google search with a barrage of unsolicited emails and phone calls.

I’m not sure what to think of the amazing turn of events I’ve been lucky enough to intercept, but I am so thankful and happy to be working with the best group of buyers I have see all summer.  The first time buyers credit has placed an absolutely wonderful  and amazing group of new home buyers in my life.  All three families are closing on their new homes in the next 30 days!  Chad and Sophie Peterson, Dane Justice and Jennifer Carter, &  Dennis and Molly Kim.  They have all been SO much fun to work with!  Of  course, by nature, I never want the fun to end… so I’m just going to have to find an excuse to keep in touch or get together again once they are settled into their new homes!  Dinner in downtown Plainfield?

I’d like to think that the #1 reason you’d like to work with me (other than being good at what I do, of course!)  is that I’m fun to work with!  I’m casual and down to earth.  My hair is often thrown back into a ponytail, I’ve never worn a business suit to work, and my modest Dodge Caravan has the same long lost stash of french fries hiding under the seats of my car as most of my clients, thanks to my 5 darling kids who often live life on the run with their busy mom :o)

I know you have a lot of Plainfield IL real estate agents to chose from.  Your business if important to me.  I know that if you like what I’ve done for you, I have a better chance of not only keeping your business… but earning it from your family and friends as well!

 I always make helping you find your new home a priority.  I never ever forget how exciting it is to buy a new home, and for all the crazy things that happen along the way, having a sense of humor is not only necessary survival skill in this market… it’s a job requirement.   

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

My neighbor Mike Brill owns a Rainbow International franchise.  He bought it right before Hurricane Katrina hit because I remember when he was out of town for quite some time doing work down there helping with the clean up.  Recently we were in the market to have our carpets cleaned, so I asked Mike to let me know the next time he had the truck home from the warehouse so we could have him clean them for us.

Honestly, for having 5 kids and 2 dogs, they are in pretty good shape, but even still… I wasn’t sure they could take another beating from my Hoover Steam Cleaner, which is why I called in the professional!

He had this awesome “rake thing” he used to pull up the pile on the rug so it looked a lot fluffier and less matted to the floor.  I was pretty sure there was no hope for that to happen, so as you can guess, I was ecstatic to have it look like anything more than berber.

There were 2 red stains from a sugar-free kid catastrophe that were the bane of my existence.  I guess this is the perfect time to admit I have a compulsive vacuuming problem.

If you saw Mike’s super secret stain removal process you’d believe in magic all over again.  Short of actually cutting them out of the rug I never would have ever believed that they could have been removed.  I’m telling you… MAGIC!

I promised not to give away any trade secrets, so you’ll just have to call him to clean your carpets if you want to see for yourself :o)

Aside from making my carpets look new again, there’s another reason that I mention Mike’s Rainbow International Company.   He’s specially certified in mold remediation which is huge in the real estate market. Many investors and buyers with 401K FHA loans are looking for someone to give them advice and perform mold removal when it comes to ridding foreclosed and short sale homes of mold… and not everyone is certified to do it.

If you are going to deal with a mold issue, it’s important to make sure that you have it dealt with properly because of the sellers responsibility to disclose previous mold.  If you purchase a home that has a mold issue, you will be responsible for disclosing it when you become the seller of that home someday.

Whether you need your carpets cleaned or need to address a mold abatement situation, give Mike a call at 815-726-2173 at Rainbow International, and tell him I sent you!

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

Ugh, I HATE short sales… and no, it’s not because of the all the extra paperwork or problems that come with the process.  It’s heartbreaking to see families have to leave their homes behind and start over.

I have 5 kids, and because of what I do, I lay awake every night wondering what we would do if we had to pack up everything we have, and give up everything my husband and I have worked for simply because our house was no longer worth what we paid for it, and we could no longer afford it.

I have listed 4 homes this year for friends who are behind in their payments.  Friends, who 18 months ago… would never have imagined themselves in this situation.

A few months ago my daughter and I watched the American Girl movie, Kitt Kittridge, about the Great Depression.  I had no idea at the time that was exactly the future we were facing, but it’s very real.

Children my kids went to school with kids from last year, that won’t be returning to their schools this year.  This is incredibly sad.  Neighbors are abandoning their homes.  My subdivision is lonely, and it’s all because the government screwed up.

When this all started last year, I was bitter because I thought that short sales were the “get out of jail free” card that homeowners who “bit off more than they could chew” were getting away with, but that view point has changed dramatically over the last few months.

I’ve been showing homes for the last 3 months to buyers and it’s becoming increasingly difficult to not notice the personal touch of happier times of these abandoned homes.

Sports themed or Disney Princess decorated bedrooms, abandoned toys, swing sets in the back yard… and of course, the family portraits.  That’s what kills me the most.  I can only imagine the pain contained with the walls I am peddling.

“The American Dream”.  Abandoned.  Given up on.

I never finished college, although I’m close,  I always imagined myself in a position of helping others.   By doing short sales, I give people hope in getting closure in their current financial situations… and I do it with compassion.

 If you are behind in payments, I can help… and I can do it with dignity!  Call me.

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