Because Every Short Sale Is Different, It Is Essential For Both Buyers And Sellers To Work With A Realtor That Is Trained, Certified And Experienced In Doing Short Sales!
I’m Short Sale Certified With Millions Of Dollars In Closed Short Sale Transactions, Offering A Full Range Of Short Sale Services For Buyers And Sellers. Serving in Cook, Lake, McHenry, DeKalb, Kane, DuPage, Kendall, Will and Kankakee Counties in Illinois. For Any Information, Call 773-520-1522
|Sellers: Click Here to Apply for a Short Sale
If you or someone you know…
-Has experienced job loss?
-Is behind on their mortgage?
-Has lost their job?
-Is facing foreclosure?
-Is unable to make mortgage payments?
-Can’t sell their home because of market conditions?
CALL ME TODAY. It’s overwhelming to be caught in a situation where you can’t even bear to look in the mailbox because the mortgage letters never seem to stop. I can help. As a Short Sale Specialist, I’ve got solutions that can help stop the foreclosure action and get your family to a better place.
Chicago Real Estate Agent, Broker, Chicago Short Sale Homes, Illinois Short Sales, Short Sale Specialist and Pre Foreclosure Expert. Chicago Short Sale Agent, Realtor, Specializes In Avoiding Foreclosure And Short Sale
Short Sale as an Alternative to Foreclosure? A short sale is an alternative to foreclosure and may be an option if: You owe more on your home than it’s worth, You are behind on your mortgage payments, You are facing a long-term hardship, You are ineligible to refinance or modify your mortgage, You can no longer afford your home and are ready or need to leave. Do not hesitate to call me for any questions you have.
Some of my current listings you can see on my websites
But I’m not only a short sale specialist, I also work as a listing real estate agent and Realtor who works with many types of transactions. Professional real estate services for buyers and sellers. VIEW MY SHORT SALE LISTINGS
Looking for MLS & Short Sale Listings? RE/MAX Northern Illinois real estate agents lead the industry in experience, professional expertise and production. Whether you need a Chicago real estate agent, a Naperville real estate agent, an Aurora real estate agent, or a Rockford real estate agent, with RE/MAX Northern Illinois you can expect exceptional customer service to both buyers and sellers.
Much has changed in the world of real estate in recent years. The influence of Internet technologies has given buyers and sellers new ways to come together. If you’ve been through the home buying process before, it’s more important than ever to pick the right real estate professional.
In the present real estate market, you want an agent who will use the Internet to your advantage. As an action-oriented real estate agent, I fully understand how today’s technology can help you find the right home. My website allows you to search thousands of listings to locate the properties that best fit your needs. It’s a great tool for home buying, and free to use.
Call me today and we can discuss what you’re looking for in a home, and where to begin. I look forward to helping you.
Chicago Real Estate Agent, Regina Zak Tomas RE/MAX agent can find you an Illinois Property or any property in the Chicago real estate area, including Northwest and Northern Suburbs of Chicago.
Real Estate Agent Why you should use a real estate agent?
If you’re considering buying or selling a home, selecting a real estate agent is the first important decision you will have to make. While there are many qualified real estate agents out there, it’s important to decide on a professional who will understand your needs and individual preferences, someone who you can respect and trust. Nearly four out of five homebuyers and sellers enlist in the help of a real estate professional or broker.Whether you’re looking to buy a new home or sell the one you’re in, choosing a professional who best fits your needs is vital.
Selecting a Real Estate Agent
In Real Estate, a Short Sale - What is it?
A Short Sale is when a lender agrees to receive less than the original amount owed on the property, via negotiations, to be able to release the lien.
The Short Sale Process
The first step is to find out if a short sale is an available option for you.
Then the property is put into the market, and after receiving an offer, the Hardship Package is given to the lender.
If the lender approves the short sale, the file moves to closing
The Seller's Benefits, The Buyer's Benefits
The homeowner can eliminate their mortgage debts without financing repairs for the purpose of the selling the property
The lender pays for commissions and closing costs.
The seller’s credit report is not negatively affected by a foreclosure
Bankruptcy can be prevented.
The homeowner can stay on the property until the procedure is finished.
Buyers can buy property that has a below-market price. Also, the short sale properties are usually in better shape than foreclosure properties (don’t need as many repairs).
Work with a Real Estate Agent, Broker
A short sale has the potential to become very complicated. As a real estate agent, I am very persistent and patient with the short sale, using my abundant amount of experience to make the process as smooth as possible.
There is no cost for professional representation! The lender covers the costs of the real estate commission. Make sure a qualified real estate professional is representing you!
FORECLOSURE VS. SHORT SALE
Current or Future Employment
Foreclosure; Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination. Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.
Short sale: A short sale is not reported on a credit report and is therefore not a challenge to employment.
Foreclosure: In 100% of foreclosure (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
Short sale: In some successful short sales it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.
Deficiency Judgment (amount)
Foreclosure: In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sell in a declining market. This will result in a higher possible deficiency judgment.
Short sale: In a property managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.
Future Loan with any Mortgage Company
Foreclosure: On any future 1003 application, a prospective borrower will have to answer YES to question C in Section 7 of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will affect future rates
Short sale: There is no similar declaration or question regarding a short sale.
Foreclosure: Your score may be lowered anywhere from 250 to over 300 points, typically affecting your score for over 3 years.
Successful short sale: Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale's effect can be a brief as 12 to 18 months.
Foreclosure: Foreclosure will remain as a public record on a person's credit history for 10 years or more.
Successful short sale is not reported on credit history. There is no specific reporting item for 'short sale'. The loan is typically reported 'paid in full, settled, paid as agreed'.
REO - definition of REO - Real Estate Owned. Property which is in the possession of a lender as a result of foreclosure or forfeiture.
Foreclosure - definition of foreclosure - The legal process by which a mortgaged property may be sold when a mortgage is in default.
Definition: BPOs are often associated with foreclosures and short sales. A BPO, or broker price opinion, is a broker's opinion of the value of a property in the current market.
Do not hesitate to call me for free service and for more information, or if you have any questions about listing and selling your short sale property for free!
I don't charge any fees for short sale listing and service! In a successful short sale your bank pays for the Realtor commission, attorney fees, title company fee, and any other closing costs.
Simply list and sell your short sale property for free!
What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
Seller Deficit and Mortgage Debt Relief Act of 2007 has been extended to 2012. To qualify for the tax exclusion of up to $2 million of debt forgiven or canceled by a mortgage lender on primary residences, the mortgage proceeds must have been used to buy, build, or make substantial improvements on the property. Both mortgage restructuring and foreclosure qualify.
Other things to know about short sales:
- The short sales procedure can and does vary from lender to lender.
- Seller will not receive any excess funds.
- Seller may not remain in the property after the sale even with permission of the new owner.
- Seller will not receive a refund of any escrow accounts.
- Seller may be asked to sign a note for the deficiency at closing.
- There can be no substitution or assignment by buyer.
- Even though a short sale is pending, the lender can still foreclose on the property
- Buyers must be patient because the short sale process can take several months.
In a short sale, your lender takes the loss, on the upside, a short sale is far less destructive to your credit rating than a foreclosure,
Deed-in-lieu may be your fastest way outbut, on the downside, if the lender eventually sells the home for a price that doesn’t pay off the original mortgage amount, he can get a deficiency judgment and try to collect it from you.
There are several downfalls to a deed in lieu. As with short sales, you probably cannot get a deed in lieu if you have second or third mortgages, home equity loans, or tax liens against your property.
In addition, getting a lender to accept a deed in lieu of foreclosure is difficult these days. Many lenders want cash, not real estate -- especially if they own hundreds of other foreclosed properties.
The sellers shall contact the real estate attorney and or certified public accountant to obtain qualified counsel relating to implications of selling the property.
What to do if your home won’t sell Consider lowering price
Pricing, property condition more important to today's buyers Selling in this market is not easy. But, sellers who understand the market can do well selling today. They must be realistic about what they need to do to prepare their home for sale. Sellers also must be committed to the process. There is no margin for error when it comes to pricing. If you can't bring yourself to price to sell, you're not a committed home seller.
Simple tips for making your home more energy efficient Owners-Conserving Energy
10 tax tips for home sellers IRS Tax Tips
Short sales links advertising
Find a RE/MAX Northern Illinois Real Estate Agent
When it comes to choosing and working with your real estate agent, consumers who do their homework can save thousands of dollars and experience a smooth financial and physical transition. So don't waste time and resources - decide what's most important to you, and then find a professional real estate agent. Are you buying or selling a loft? A condo? A rural property? Raw land? An investment property? Short sale? Pre Foreclosures? Foreclosure? Perhaps cost is your main concern or timing. Whatever you decide, please contact Regina at (773) 520-1522 - Chicago Top Agent, Broker.
The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. HAFA alternatives are available to all HAMP-eligible borrowers who: 1) do not qualify for a Trial Period Plan; 2) do not successfully complete a Trial Period Plan; 3) miss at least two consecutive payment during a HAMP modification; or, 4) request a short sale or deed-in-lieu. HAFA Policy Updates
Bank Foreclosed Properties. A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.
Real Estate Foreclosure Listings
Free credit report This site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from Equifax, Experian and TransUnion.
Chicago Agent For the well-informed real estate professional.
Cook County Treasurer's Office Lake County Treasurer's Office DuPage County Treasurer's Office Will County Treasurer's Office Kane County Treasurer's Office Kendall County Treasurer's Office McHenry County Treasurer's Office
Biuro Posrednictwa Obrotu Nieruchomosciami w Chicago. Domy Odebrane Przez Bank w Chicago i Okolicach. Chicago Short Sale Po Polsku, Polski Agent Nieruchomosci, Polski Realtor, Kupno Domu, Sprzedaz Domu, Kondominia, Nieruchomosci w Chicago, Domy Na Sprzedaz w Chicago, Pozyczki. Short Sale Po Polsku
"My husband and I can not say enough about how wonderful it was to work with Regina. We always knew that she was in our corner, trying to get us the most for our money. We would highly recommend her to anyone looking for a trustworthy, patient, and reliable agent.
Dayna Malow http://www.daynamalow.com/ "
"Regina was very helpful through the whole home buying process. As first time home buyers, we had many questions about the whole process. She offered great advice in selecting a home, ranging from repair and maintenance considerations to the closing process.
Scott Burns, http://www.scottburnsjazz.com/ "
I want to thank you for taking the time to visit my website. As a consummate real estate professional, I’m committed to providing the absolute best service to my clients. I feel that by educating my clients I put them in the position to make informed decisions, and I can take care of the details so that any transaction runs smoothly.
If I can be of service to you in any way either now or in the future, please let me know. I’d enjoy the opportunity to help you with any of your real estate needs. Once again, thanks for visiting the site. Don’t hesitate to call or e-mail me with any of your real estate needs.
The information contained on this Web site is provided for informational purposes only and should not be construed as legal advice on any subject matter. The links are to be accessed at the user’s own risk, and the author of this Web site make no representations or warranties about the content of these links. You may not copy, modify, upload, download, post, transmit, republish or distribute any of the content, including without limitation the code, contained in this Web site without my prior written permission.
Don't Lose Your Home to Foreclosure, As a Licensed Real Estate Broker, Certified Loan Originator, Certified Distressed Property Expert, I Can Help You!
My Service is totally FREE - There is no cost for professional representation! The Lender Covers The Costs Of The Real Estate Commission, Attorney Fees, Title Company Fee, And Any Other Closing Costs. If you will not satisfied with my work, you may cancel the short sale listing at any time without any cost to you!
Whether You Have Missed One Payment or Many Payments, I Have The Skills To Process Your Short Sale Successfully! Twenty-three years of work experience with over 500 sold homes has given me the experience to successfully work with every conceivable selling or buying situation, from the most difficult to the most straightforward.
Welcome To My Website!
My name is Regina Zak Tomas. I am a Licensed Real Estate Broker with over 23 years of experience, Certified Loan Originator, Certified Distressed Property Expert - Short Sale Specialist. A full time agent since 1990, I know the Chicagoland area well and have a wide knowledge of Northern Illinois. A large part of my business is based on referrals, from many satisfied past clients. As your real estate agent, I will work hard for you, whether you are buying or selling, regular sale or short sales. I take your home purchase very seriously and will not let you down. I am available anytime to my clients by phone, email, or in person, 7 days a week. Don’t hesitate to give me a call or email me for any information you might need for your real estate.
Why work with the best? I Do Not Use Other Agents, Teams, Or Assistants! I personally deal with the listing, buying and selling. Each of my clients is treated personally and with professional care, which combined with my experience and collected certificates, causes former clients to eagerly return to me for business and to recommend me to their friends.
Access My Progressive Property Marketing Plan! My Marketing Plan
I know that the online marketing is key to real estate success. You can see my website on many front pages like Google, Yahoo, etc. In addition, I advertise listings in various websites like Craigslist, Oodle, HotPads, Zillow, Backpage, Vast, etc. I am the Top Agent Broker, with many satisfied clients. Why list with me? List With Regina Zak Tomas My Website is on the front of many sites, including Top Agent America’s Most Popular Realtors Online and Lender Lister Top Sites www.LenderLister.com/topsites/
Chicago Homes for Sale Chicago real estate.
Illinois Real Estate This link can help you find all Illinois homes for sale or short sale.
Tips for First Time Buyers make your home buying process successful
Many homeowners don’t have a relationship with a real estate professional unless they have made the decision to sell their home. People often do not realize that a real estate agent can be a great resource for homeowners. As an experienced real estate agent, I’d be happy to help you with any home needs you may have. I have valuable information on home maintenance, remodeling, refinancing, and other related topics. Much of this information can be found on my website. I think you’ll find that a relationship with a real estate agent whom you trust is a great asset. If I can be of assistance now or in the future, please give me a call.
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IRS Publication #4681: Canceled Debts, Foreclosures, Repossessions, and Abandonments
Get prequalified, or get preapproved? Prequalification & Preapproval
Buying Foreclosures: Inspect Before You Buy