Bronzeville & Hyde Park Real Estate Blog - Chicago » South Loop

Big things in store for the South Loop

Mark Killion — Wed, 16 Oct 2013 16:55:36 +0000

DePaul arena coming to the South Loop?

If the mayor of Chicago get his way, the South Loop will be the
new home of the DePaul University Sports Arena and a new hotel.
This development will be around 2200 S. Michigan.

This should start a chain reaction of commercial
development in the area.
This will be great for the South Loop neighborhood
and DePaul university.
This is a huge $92 Million dollar project.
It might be a good time to buy some land in the
South Loop

Until the next time,

Mark Killion
RE/MAX Premier Properties
1205 N Dearborn
Chicago, IL 60610

Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Short-Sales Explained

Mark Killion — Wed, 28 Dec 2011 06:07:35 +0000

What is a short-sale?

A short-sale is a type of distressed property sale.
It is not a traditional re-sale of a property.
In a short-sale, a lender agrees to accept a payoff
that is less than what they are owed.
In this type of transaction, the lender comes up short
(hence the term short-sale).

Ironically, short-sales usually take a lot longer than
a traditional sale. Some real estate professionals
joke that they should have been named “long-sales”.
It is not unusual for a short-sale to take up to
3 months AFTER an offer has been accepted by the seller.

The reason that it takes so long is because the sale
requires 3rd party approval from the lender(s). If a
property only has one lien on it, it makes the short-sale
process much easier. This is because you only have to deal
with one lien holder.

Often times, there are multiple liens on the property.
So, you have to get written approval from each lien holder involved.
These types of short-sales are more difficult (but not impossible).
All short-sale properties have a 1st lien, which is usually the
primary mortgage. Some properties also have a 2nd lien that was
a home equity line of credit (HELOC). In these types of scenarios,
you have to negotiate with the 2nd lien holder as well.
On the bright side, many 2nd lien holders will settle for as
little as 6% of the debt.

If you are considering purchasing a short-sale property, I would
recommend researching how many liens are currently on the property.
Your real estate agent will be able to do this research for you.

If a property has multiple liens on it, the short-sale process will
probably take longer. So the name of the game is patience.
There are pros and cons with pursuing a short-sale property as a buyer.
The main downside is that the process takes a long time and it can be
frustrating. The main benefit to purchasing a short-sale is that your
patience will usually be rewarded with a great deal.
Short-sales typically sell for 10% to 20% below market value!

Benefits for a Seller:

A successful short-sale is really a win-win situation for all parties
involved. The seller gets to avoid having a foreclosure on their
credit report for the next 7 to 10 years. In many cases, the lender
may also forgive the deficiency debt. There was actually a law that
passed that made sure that the forgiven debt was not counted as
income for tax purposes. But this law is set to expire at the end of 2012.

FYI: The Mortgage Forgiveness Debt Relief Act Expires in 2012

If you are thinking about selling your primary residence,
and you are upside-down in your mortgage, do it in 2012
or forever hold your peace?after this act expires, the
forgiven debt will be viewed as taxable income (doh!)

Benefits for a Buyer:

If a buyer is patient, they can pick up a great home at a
nice discount. Generally speaking, short-sale homes are
in better condition than your average foreclosure.

Foreclosures have usually sat vacant for many months.
They may have been vandalized too. However, the short-sale
process can be frustrating. The bank can take a long time
to make a decision. And many times, the bank will ask for
more money from the buyer, seller, or both to make the deal
work. However, it will all be worth it in the end when
you get a home at 10% to 20% below market value.

Benefits for a Lender:

Although a lender would rather not accept less than what
they are owed, a short-sale beats a foreclosure any day.
Today’s unsold short-sales are tomorrow’s foreclosures.

The lender knows that if the property goes to foreclosure,
they will have to sell the property at a steeper discount
when they put it back on the market. Also, the time value
of money is important. Every month that a lender holds
a property in its portfolio, they are losing money.

2011 Sales Analysis for Short-sales in Bronzeville Chicago

We can gain a better understanding of short-sales by analyzing
transactions that successfully closed. I did a custom data analysis
of the Bronzeville neighborhood in Chicago, Illinois for 2011.

According to the MRED MLS system, there were 59 short-sale transactions
for the 12 month period ending 12/25/2011. That is an average of five
closed short-sale transactions per month! This number will probably increase in 2012.

Here are a few things that jump out at me:

* Most of the short-sales are happening with Bronzeville condos.
I expect this trend to continue.

* The biggest discounts are being realized with Single Family Homes.

* The amount of time it takes to get the short-sale approved is pretty
consistent across all property types. It takes about 3 months for
the bank to approve the average short sale. And this is AFTER a
written offer has been submitted by a qualified buyer.

If you would like a FREE evaluation of your specific situation,
please contact me. I have experience with short-sales,
and I have helped distressed homeowners avoid foreclosure.

———————————————————————–

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Marilyn Monroe Statue – Downtown Chicago

Mark Killion — Sat, 23 Jul 2011 02:31:02 +0000

Marilyn Monroe Statue – Downtown Chicago

There is an eye-catching Marilyn Monroe statue on
North Michigan Ave. It is near 400 North Michigan Ave,
right past the Chicago River. It is a great tourist attraction.
I always thought that Marilyn was larger than life!

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Taking pictures after my Loop showing appt.

Mark Killion — Thu, 21 Oct 2010 01:10:02 +0000

I took a few pictures on the way back from my Loop
showing appointment. It was a beautiful Sunday in October.
It would have been a perfect day, but the Bears managed to lose
to Seattle. Downtown Chicago is really pretty. I hope you like the pictures!

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

I’m going to keep my eye on you!

Mark Killion — Mon, 30 Aug 2010 04:15:36 +0000

I just had to take a few pictures of this Giant Eye sculpture.
This sculpture is near Van Buren and State Street in the Loop.
It is a very interesting sculpture. It gets a lot of attention.
From my pictures below, I’m sure you can see why.
It was created by sculptor Tony Tasset.
I read somewhere that he has an eye for art.

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Buckingham Fountain

Mark Killion — Mon, 30 Aug 2010 04:00:05 +0000

The Buckingham Fountain is a major attraction in Chicago.
But, of course, you already knew that.
It is located near 500 South Lake Shore Drive.

I decided to visit the Fountain today.
I took a few pictures while I was there.
I would like to share them with you.
I hope you enjoy them!

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

FHA Approved Condos

Mark Killion — Mon, 23 Aug 2010 02:51:34 +0000

Many potential buyers don’t realize that most condos are NOT
FHA approved. FHA prefers to insure loans on single-family homes,
two-to-four unit properties, and some mixed-use properties.
So in order to buy most condos, you will have to use conventional
financing. Conventional financing requires a 20% down payment.
FHA only requires 3 1/2 % down. So that is a HUGE difference.
Many buyers simply don’t have that much cash available to use
as a down payment.

However, you can often find a handful of condos on the market
that are actually in FHA approved buildings.

If you are looking for a FHA approved condo, please send me a note
to mark@markkillion.com

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Enjoy the Bronzeville Lake Front and Beach – 39th Street – Chicago

Mark Killion — Tue, 10 Aug 2010 03:38:33 +0000

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY

Driving Down Lake Shore Drive

Mark Killion — Tue, 10 Aug 2010 03:15:40 +0000

Chicago Rent Price Analysis 2010

Mark Killion — Thu, 08 Jul 2010 15:37:13 +0000

Chicago Rent Price Analysis 2010

I decided to analyze Chicago Rental prices for
the 2nd quarter of 2010. This analysis shows
the average rent price by neighborhood and
bedroom count.

This report can be very useful for both
investors and tenants. I also provide assistance
to both groups. I can help investors buy
and sell investment properties. I can also
help tenants lease quality condos and homes.

Click Here For Report

If you have any questions, please feel free to
leave a comment or visit my website:

Bronzeville Real Estate

Until the next time,

Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!

Visit me online: www.773property.com

EQUAL HOUSING OPPORTUNITY