Chicago Real Estate Reader

Can you still flip Northwest Chicago real estate in this market and make a profit?

May 28, 2011 by Goran Utvic Chicago Real Estate Broker 7 Comments

Can you still flip Northwest Chicago real estate in this market and make a profit?

Every time I come across a good deal and contact Investors I get a lot of hesitation…unlike the late 90’s and early 2000’s when everybody wanted a piece of the action. Well believe it or not, Investors are flipping properties now in this market and making more profits than they ever have!…because a lot of people are hesitant and do not think there is money to be made. That’s exactly what the investors that flipped the properties listed below want you to keep on thinking!

You don’t have to take my word for it, look up the public records for yourself…or email me I’ll send you the MLS Sheets

5210 W Grace St. Chicago, IL 60641 Bought for $118,150 on 11/05/2010 as a foreclosure…property was remodeled and flipped on 2/28/2011 Sold for $242,000 under contract in 9 days!

5758 W Dakin St , Chicago, Illinois 60634 Bought for $125,000 (foreclosure) on 12/15/2010 flipped and Sold 4/26/2011 for $252,000 under contract in 8 days!

6325 W Melrose St, Chicago, Illinois 60634 Bought for $105,000 (foreclosure) on 12/30/2010 flipped and Sold 5/11/2011 for $230,000 under contract in 4 days!

One thing these Investors had in common is that they worked with a Realtor that gave them access to foreclosure listings. You can get setup to receive REO foreclosures property listings here

If you email me I’ll send you the MLS sheets so you can see for yourself with before and after pictures that show what work was done to these foreclosure properties.

Goran Utvic - Real Estate Broker/Construction Consultant, My Internet Marketing Strategies and Negotiating Expertise = Best Price For You When Buying or Selling a Home!

Call Now (773) 273-9155

Licensed Real Estate Broker in: Illinois HomeSmart Connect Real Estate 7240 W Devon Ave Chicago, IL 60631

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What do you need to search Northwest Chicago Foreclosures

May 10, 2011 by Goran Utvic Chicago Real Estate Broker 3 Comments

What do you need to search Northwest Chicago Foreclosures

Whenever you are going to view foreclosure properties you want to make sure that you have the right tools and resources with you at all times!

Foreclosure homes are vacant and should be secured but that doesn’t mean that something or someone has not unsecured the property since the banks rep last checked on the property.

First you want to view foreclosure with a licensed Realtor…never alone. Always, have your cell phone…you want to make sure that you let someone know when you are going to view foreclosure properties and be specific with the place/times and when you should be back…this way if there is an emergency someone will know how you can be found.

I like to carry a flash light because many times bank homes are winterized (water has been turned off to prevent freezing) and the electricity has been shut off. I’ll also wear what I call my lawn mowing clothes/shoes when viewing foreclosures because most of the time the properties are dirty…also a good idea to carry hand sanitizer or even a small first aid kit in the car.

Make sure you bring a When searching for foreclosure deals you need to think like a detective.

note pad so you can jot down all the items in the home that need to be repaired and note in detail the overall condition of the foreclosure property. Your Realtor can help you with calculating the costs of repairs and provide you with the properties repaired value so you can make the determination on whether or not the foreclosure is worth your while.

You can do most of your searching right from your computer by having your Realtor send you foreclosure email notifications whenever a foreclosure comes to the market, with the notifications you can weed out the properties that are not of interest to you and go and view the foreclosures that look good on paper…just remember that sometimes it may look good in the printout but when you get there it could totally not be what you expected.

We are seeing foreclosures selling from 40 to 80 cents on the dollar and depending on the condition some are selling for even less!

There are deals out there and with the right tools and resources getting a deal on a foreclosure property is that much easier!

If you have any questions on how I can help you in finding and getting a deal on a foreclosure property you can call me direct at [312] 217-4354 or by email: info@ilbankhomes.com

What Documents Do You Need For A Short Sale…Checklist

May 6, 2011 by Goran Utvic Chicago Real Estate Broker Leave a Comment

What Documents Do You Need For A Short Sale…Checklist

These are documents that a realtor needs in order to start the short sale process. Remember not all homeowners qualify to short sell their home, with these documents a determination can be made as to whether or not you are eligible.

PROOF OF INCOME(PAYSTUBS,SOCIAL SECURITY AWARD LETTER,PROFIT AND LOSS STATEMENT IF SELF-EMPLOYED)
MOST RECENT MORTGAGE STATEMENTS BOTH FIRST AND SECOND
ALL LETTERS RECEIVED FROM LENDER/SERVICER
2009 & 2010 TAX RETURNS
COPY OF UTILITY BILLS
REAL ESTATE TAX BILLS
PROOF OF HOMEOWNERS INSURANCE
TWO MOST RECENT BANK STATEMENTS
HARDSHIP LETTER

If you have any questions about the short sale process and eligibility send email to: shortsales@ILbankhomes.com

What Are My Options When I Cannot Pay My Mortgage?

April 14, 2011 by Goran Utvic Chicago Real Estate Broker 1 Comment

What Are My Options When I Cannot Pay My Mortgage?

First of all do not make the mistake of avoiding contact with your lender. You can find out what options your lender has for you and how they can help. There are programs that you may qualify for like a loan modification or a short refinance.

Do not hide the fact that you are in need of help by not talking to your friends and family about your situation, they may be able to help. There is no embarrassment, this is happening all over the U.S.

You can get what’s called a “work out agreement” with the bank if you think your situation will improve the bank will hold off on the foreclosure proceedings. You would still have to bring the payments up to date.

If your credit is still good you may be able to refinance with your bank and group all of your debt onto one lower interest rate loan. This will help provided the amount of income you earn can pay for this new loan amount.

If you have equity in your house, you may want to consider selling and buying a more affordable home.

If you do not have any equity in your home, you can sell it as a short sale. A short sale is when the bank is willing to accept less than what the mortgage amount is. This is something a homeowner cannot do on their own, the bank is going to want you to hire a Realtor to sell as a short sale. A short sale may be the best option with the least amount of impact in getting back on track.

The bank may be willing to take a deed in lieu of foreclosure, in other words you leave your home and any equity there may or may not be…as far as the affect this has on your credit rating it is better than foreclosure. Most banks will not except a deed in lieu in a declining market.

The worst option is foreclosure, it has the worst impact on your credit and could prevent you from being able to buy a home for years to come. The bank could also be awarded a deficiency judgement which means you would owe the bank what it has lost through the foreclosure process.