Schaumburg Short Sales - Schaumburg Real Estate

The most common question I receive nowadays is what is a Short Sale? There are many Schaumburg short sales homes for sale. The long and the short (no pun intended) of a short sale is that they are a huge pain in the neck. The easiest way to break down a short sale is let’s say you owe me $100. You say Aaron I want to give $50 instead of $100 and it will take me six months decided and I may come back and say no.

Basically a short sale is when the bank is taking less than what is owed on a home. That is the good part. The true problem comes in to play when you submit your offer. You have absolutely no idea what amount of money the bank is looking for. You would assume that the bank would like to get the homes off of the books as soon as possible. The truth is that Johnny pencil pusher sitting behind the desk at the bank could care less about the deal at all. There is no rhyme or reason when it comes to negotiating a short sale. You very likely will not hear back from any for at least 4 months (I’ve seen some that have take 13 months, and some that have never received a counter offer).  There is also a chance that even if your offer is submitted at list price the bank will say they want more. 

So the moral of the story on short sales is that they make no logical sense and it’s almost impossible to pinpoint what if anything will happen. I highly recommend short sales for investor in the Schaumburg Real Estate market. If you are a regular buyer with any time frame or emotional attachment I recommend going for a regular Schaumburg home for sale.

Let’s say you are one of the brave ones that wants to give a short sale a try here are a few thing to look for.

1.)   The listing agent has experience with short sales

2.)   They have a professional negotiator working with the bank

3.)   How many loans are on the home. It’s much more difficult if there is more than one bank.

4.)   Which bank has the loan? Wells Fargo, Chase, and Bank of America are VERY hard to work with.

5.)   How far along is the short sale process

6.)   Are there any liens or taxes owed on the home?

Short Sales are a great way to good an amazing value on a home but, also a great way to spin your wheels and go nowhere fast. If you do decide to buy a Schaumburg Short Sale home prepare yourself for the ride. Happy home hunting!!!

When is the Right Time to Purchase a Home?

With the uncertainty of the economy, it is completely understandable to be afraid to take that next step towards purchasing a Schaumburg home. But, the real question is what are you really afraid of? From experience it’s one of three things most people are either are nervous about the economy, don’t think they have enough money for a down payment, or are waiting for the market to hit rock bottom. If you are unsure about your job or finances PLEASE WAIT TO PURCHASE A HOME. Just because the market time is right to purchase, it doesn’t mean the time is right for you. If you are scared about a down payment nowadays all you need is 3.5% of the purchase price to put down on a FHA loan. But, if you are waiting for the market to hit bottom ask yourself… When do we know when the market is at the bottom? Prices begin to go up!  

So you have to really ask your self is the right time to purchase? If that answer is yes you are about to enter the greatest Schaumburg Real Estate market to purchase a home and obtain a great value. If you are going to purchase a home just make sure you go through the process properly and find someone to help guide you through the number crunching process.

The main reason that we are having the economic problems is that home buyers got into mortgages they simply could not afford. Remember the home price means nothing if the payment is not comfortable. So you first want to be in contact with a mortgage professional that can get you preapproved. It is a fairly easy process. With some basic information about your income, debts, credit score, and job history you can get a working idea of what your numbers look like. Most people think it is hard to obtain a mortgage. That is not the case. People are able to obtain a mortgage that should be able to obtain a mortgage. If you have a credit score of 620, have 3.5 percent to put down, make a decent salary, and have a good debt to income ratio, odds are you can purchase a home. 

If you want to find out if you can buy a home Feel free to click below to fill out a short mortgage application http://www.aaronwittenstein.com/custom3.shtml. Jason Spock with Woodfield planning will be in touch with you to talk about your numbers. Don’t be unnecessarily nervous to take the next step. Just take the time to gather some information and find out what’s best for you.

For more information visit www.AaronWittenstein.com

Real Estate Shortage within the next 18 months!!!

Seems a little far fetched doesn't it. But, if you look at the numbers it makes a little more sense. Currently the average buyer is at the age of 30. There are 80 million echo boomers (people between the ages of 18-31) that will be entering the real estate market within the next few years. That's a potential of 80 million new buyers.

Currently many people are under water on their home and simply cannot sell if they wanted to. New construction has almost come to a full stop since the peak of the market. Also, now people live longer than they used to, so odds are they will be staying in their homes longer.

With all these new buyers and the lack of inventory all signs point to a shortage. It simple economics, the law of supply and demand! With the way the current Schaumburg Real Estate market is you can pick the home of your dream at a cheap price, with low rates, and take your time doing it. It a little more time you may not have the luxury. Do you really want to have to pick your second choice because you waited too long? 

We are in a very unique market that no one has ever seen before. The fact is even though the Schaumburg Real Estate market will see a shortage prices will most likely not go up. It sounds a little weird doesn’t it? Once again we are in a very unique Schaumburg Real Estate market and there is a very good explanation. We are still in a slow economic period, people are scared about their jobs and wages are going down. Some people that used to make 200k per year are taking less of salary so they can have a job. 

As of now the Schaumburg Real Estate market has not quite begun to pick up so it is still an amazing time to get a great home at even better price. Do you ever remember hearing your parents or grandparents say I remember when I could have had that home for 50 thousand dollars back in 1947. Do you want to be the one saying that or do you want to say I bought that home for 200 thousand dollars and it’s now worth double. Now is the time to be doing that! All sign point to this being the greatest opportunity to purchase a home ever!!! Don’t be reactive be proactive. If you have any questions feel free to contact me at 847-477-9474 or visit my website at www.AaronWittenstein.com

HOME SALES UP FROM LAST YEAR

A little bit of positive Schaumburg Real Estate news. Even though home prices may be down the number of home sales are up in Schaumburg and over all of the Chicagoland Area. That’s a point not to be overlooked: Homes are still selling, and in fact this year they sold in larger numbers than last year. In the Chicagoland area, 77,792 homes were sold from July 1, 2009, to June 30, 2010, according to Midwest Real Estate Data (MRED). That’s a 29 percent increase from last year. Each one of those sales potentially provides a small boost to the sputtering economic recovery, with other home related purchases such as new appliances, furniture, and other home furnishings.

And who could blame a home buyer for splurging a bit on extras for the home when the house itself came at such an attractive price? Low prices in Schaumburg and other area and low mortgage rates have made this a fantastic year for buyers-that is. With money being so cheap your dollar will spread much further than years past. With mortgage rates as low as 4.25 percent, home prices low, and many homes to chose from you can exactly what you want at a great price. Now is a great time to get it all price, condition, quality and location.

If you are looking to get a deal on Schaumburg Real Estate or any other areas the winter may be the best time to do it. Generally in the winter people are more focused on purchasing presents than real estate. Typically sellers on the market are motivated to sell and banks want to get their inventory off the books before the end of the year. All of these signs point to you the buyer being able to get a great value on a home. So if you are really in the home market to get a good deal, you should really think about moving when it gets a little colder out because you can take advantage of a time that most people will not. What a better present to buy yourself and your family than a “home for the holidays”. And with the low prices and mortgage rates you may have enough extra cash over to buy some presents.

If you have want to search for all homes in the MLS fee free to go to www.AaronWittenstein.com. There are plenty of regular sales, foreclosure homes and short sales. Now is the time to purchase don’t let this opportunity pass you by.

Real Estate in Schaumburg, Illinois

Are you looking to purchase a home in Schaumburg, Illinois? Schaumburg is a pristine community that has a good variety of people. The school district is one of the best in the state of Illinois with some of the highest paid teachers. Schaumburg is a family oriented community that continues to grow each year. Property value in Schaumburg has retained its value even when the economy fluctuates.

Real estate in Schaumburg Illinois thrives throughout year to year. If you are a buyer looking to purchase a home in Schaumburg check out AaronWittenstein.com. Aaron is on of the best realtors in Schaumburg and can help buyer purchase a home or sellers get top dollar for their home in a timely manor.

For updated listings in Schaumburg click here. Buyers who are represented by a realtor tend to have an easier time finding what they need and getting the price that they are looking for. How do you know what to look for when purchasing a home? How do you know what to do to get your home prepared to sell? Below is a solid guideline list for both buyers and sellers:

Exterior:

• Repair or replace missing and/or damaged fence slats, stakes and posts.
• Remove dead tree and shrubbery that it causing damage (or may cause damage) to the house
• Power wash siding, walkways, decks, under the eaves and anyplace where dirt and spider webs are a problem.
• The garage door should open easily and quietly.
• Clean grease and oil spots from concrete or asphalt surfaces.
• Polish door handles, door knockers and anything that should be shiny.
• Replace/repair any broken or unsightly items.. such as handles, mailboxes, lock pads.
• A fresh coat of paint anywhere, in or on a house says to buyers "this house is cared for."
• Make repairs to worn shingles or roofing tiles and gutter seams
• Clean out the gutters.

Interior:

• Rub a bar of soap on all window and slider tracks to aid in ease of opening.
• Keep stairways tidy and assure that all handrails are sturdy, secure and safe.
• Repair or replace missing or damaged tile, hardwood, vinyl and baseboards.
• Repair or replace or reface countertops: broken tiles, chipped laminate.
• Pay close attention to bathroom sink and tub surrounds. New caulking may be needed.
• Replace old, outdated and soiled carpeting.
• Re-enamel, patch or replace badly chipped or stained fixtures. Tub, tile and porcelain refinishers are often less expensive than purchasing new.
• Repair noisy or leaky toilets and faucets. Clean faucets filter screens for a nice even flow.

When purchasing a home it is important that major renovations had a building permit issued when they were completed. This ensures that your home was safely built according to state, county and city ordinances.

Schaumburg Illinois has one of the best park districts around offering services for residents of all ages. This includes sports, exercise classes, pools and much more. Do you own an airplane? Schaumburg has its own airport for the recreational aviation lover.

Schaumburg is a great place to live so take a look at our listings now!