MLS Now Tracks Short Sales

As of March 27th of this year, the MRED LLC, formerly the MLS of Northern Illinois, added a tag to allow REALTORS to identify closed transactions as short sales. The small (S) you see next to the sale price denotes it was a short sale. This is important information for REALTORS, Buyers and Sellers.
Recent sales will determine the future listing price of other homes in the area - as well as offers made on currently listed property. Short Sale properties are often sold at deep discounts - so having this data can help balance the value picture when comparing it to other homes.

According to MRED LLC data - 1184 Short Sales of single family attached & detached homes have occured since implementing this new tag on March 27th. While this number is not exact - it can offer a quick snapshot of one aspect of the market. REALTORS must add this tag when closing out a property in the MLS. Properties included would be those that are "Short Sale/Foreclosure/Court-Lender Approval Required,etc.". If the REALTOR doesn't add the short sale tag - the sale is not included in the data.

Here's a look at the numbers by county:

Short Sales/Foreclosures Since 3/27/08* *includes Single family attached &detached sales  as marked (S) voluntarily in the MLS by REALTORS
County	# of Homes Sold	# of Sales Marked Short Sale/Foreclosure	% of Sales
Boone County	66	5	7.57 %
Bureau County	3	0	0%
Cook County	7653	519	6.78%
DeKalb County	133	9	6.76%
DuPage County	1428	106	7.42%
Grundy County	80	4	5%
JoDavies County	0	0	0%
Kane County	735	116	15.78%
Kankakee County	150	17	11.33%
Kendall County	230	23	10%
Lake County	1076	93	8.64%
Lasalle County	137	6	4.37%
Lee County	11	0	0%
Livingston County	8	1	12.5%
Marshall County	0	0	0%
McHenry County	500	69	13.8%
Putnam County	0	0	0%
Stephenson County	6	1	16.66%
Will County	1098	122	11.11%
Winnebago County	202	8	3.96%
Other Counties	168	4	2.38%

Video Tour of Churchill Club, Oswego

Join me for my first neighborhood video tour of the Churchill Club subdivision in Oswego, Illinois. Churchill Club is located just South of Route 34 and East of Douglas Road in Oswego, Illinois. Churchill Club is a 438 acre community built by Town & Country Homes. Three different communities make up Churchill Club - the townhomes of Churchill Club, the single family homes of churchill club, and "Steeplechase" the 55+ community. The community will consist of 775 houses, 224 townhomes and 212 active adult homes (126 single family ranches and 86 duplexes).

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Behind in your Mortgage Payments? FHASecure Might Help!

Did the rate on your mortgage adjust recently? Did you fall behind on your payments after the rate went up? Then you might be eligible for the FHA Secure program. FHA Secure is a program signed into law by President Bush in 2007. If you are on an adjustable rate mortage and your rate has adjusted - FHA Secure could help you get back on track!

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;


2. Interest rates must have or will reset between June 2005 and December 2009;


3. Three percent cash or equity in the home;


4. A sustained history of employment; and


5. Sufficient income to make the mortgage payment.

Essentially, FHASecure gives you a way to refinance out of your current adjustable rate mortgage into a long term fixed rate mortgage. Often times this is hard to do if you have fallen behind in your mortgage paymets. This is treated just like any other time you would refinance your home mortgage. There will be closing costs and fees - and other guidelines and rules need to be followed. Any lender who does FHA loans will be able to tell you more about FHA Secure - or call me and I will connect you with someone I work with.

Remember - the worst thing you can do is nothing!

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Staging Your House From The Curb

I was out mowing the lawn today and couldn't help but pause to look at my house. I realized that I don't usually stand on the sidewalk and just look at my house. Do you? So I walked up and down the sidewalk looking at my house from different angles - like a buyer driving by would.

It's important to remember - the first tme a buyer sees your house, they will probably be driving by. In two or three minutes they will form a lasting first impression. Will they turn around and drive by again? Will they call an agent to schedule a showing? Will they write down that phone number and call for more information? As a seller - you want the answer to all those questions to be YES. Here are a few tips on how you can stage your home from the curb:

• Edge the lawn along your driveway, sidewalks and curbs.


• Make sure those lightbulbs work in your outside lights.


• Is your address easily seen from the street?


• Do have downspouts on all the gutters?


• Are the windows clean?


• Put fresh mulch down in plant beds, around trees, etc.


• Pull those weeds!


• Trim tree branches that block a clean view of your home from the street.


• Powerwash the siding, the driveway, the sidewalk and anything else you can think of!


• Buy a new doormat.


• Secure anything that is loose - siding, gutters, trim.

Tracking the Real Estate Market in Oswego, Montgomery, Yorville & Aurora.

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Loan Modification - Your Lender might help you create a better Loan!

>What is a Loan Modification?

In Loan Modification - your lender might forgive late fees, give you a better interest rate, switch you from an adjustable rate to a fixed rate, recapitalize missed payments & more! It's hard to believe any lender would be so cooperative - I know. But in light of the current mortgage & foreclosure crisis - lenders are looking for ways to work with borrowers. Essentially, Loan Modification is a way to wipe the slate clean of all missed payments, late fees, etc. and start fresh with the same lender.

>How does Loan Modification work?

As a Home Retention Consultant, I regularly approach homeowners who are behind in their mortgage to see if there is a way to get them back on track. Many times - I actually have a proposed loan modification from the lender. Before doing a loan modification, lenders might ask you to fill out a financial information form. It asks for all kinds of information you probably don't want to provide - current income & expenses, outstanding debts, etc. They want to get a full view of your current financial situation. Here's an example of a recent Loan Modification I delivered:

• Loan would be brought current with lender


• Credit reporting would start reflecting current loan payments


• Interest rate was reduced by 1.25%


• Loan term was changed from an adjustable rate to a 30 year fixed


• Loan balance was increased to reflect missed payments.


• Monthly payment was reduced by 5% - even though the loan amount went up significantly (this property was in the higher end custom market)


• An upfront payment of the new mortgage amount was required as an initial contribution.


• Next payment wasn't due for 1 1/2 months.

The lender will often require one mortgage payment at the time you sign the loan modification agreement. This is a sign of good faith that you can make the payments and will cover some of the late fees, back interest, etc. For most people - this is a good solution. But if you are unemployed, this really doesn't help.

>Will my lender work with me?

A loan modification isn't as common as a forebearance plan, but it's worth asking your lender about. Loan Modifications are regulated by HUD (Housing & Urban Development) - check out the Loan Modification FAQ at HUD. Look on the back of your most recent mortage statement. Yeah, all that tiny print. Each lender usually lists several different phone numbers or departments. Look for something that says loss mitigation or loan workout or home retention. Lenders always have a dedicated department that works with borrowers behind in payments. If all else fails, call the 800# and ask for the loss mitigation department.

>Ask Questions & Do Your Homework

There are many companies out there that will approach you offering to help negotiate with the lender on your behalf. Be careful - some are legitimate and others could be a scam. Most will charge you a months mortgage payment to create a workout - this will be in addition to any upfront money your lender might require. Truth is - you can call the lender yourself and see if they will offer a modification.

>Be Persistent!

You are dealing with large banks with many different departments sometimes spread across different states. People answering the phones have more work than they can handle. It isn't personal. No one is going to have as much incentive to get you a good deal as you are.

If you want more information - keep checking my blog for other Foreclosure Prevention Strategies. If you're uncomfortable doing a loan modification on your own, call me and I'll be happy to help in any way I can. For Free. Why would I do this? If I can help you prevent foreclosure now, I hope you will recommend my services to other people who might need help preventing foreclosure, selling a home or buying a home. It's a win-win situation.

Remember - the worst thing you can do is nothing. Persistence Pays.

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Loan Forebearance - Lender Phone Operators Are Clueless!

Yesterday I sat down with a pre-foreclosure client interested in keeping her home. The lender/Loan servicer was Ocwen Bank. As I sat and talked with her about options - we discussed a forebearance program. She thought this sounded like a good option so she pulled out her most recent mortage statement and called the lender. Of course - the back of their statement says something like - if you're behind in your payments call our collections department and talk to one of our payment counselors. Yeah, right. Nevermind the 20 minutes it took to get to the right person. 3 or for transfers later - we think she got the right department. Problem was - the person on the other end of the phone said there was no forebearance program. That's right. When asked three times "Do you have a forebearance program"...the anser kept coming back "NO".

After a quick search on the web - I found several references on Ocwens website to their success in customer forebearance. Ocwen even boasts a 70% success rate for people put on forebearance over the last 2 years. When dealing with these large banks - you have to remember that the person answering the phone probably doesn't know much more about the company than you do. They sit in an office, charged witha particular task. If you don't fit the mold - they often don't know what to do with you. YOU MUST BE PERSISTENT. And it's going to take time. If you aren't getting anywhere - ask to talk to a supervisor.

Lenders always have a dedicated department that works with borrowers behind in payments. Don't bother with collections - they will just try to get a payment out of you. And forget that generic 800#. Even if, by some miracle - you actually get through to a live person, they will have no idea what you are talking about. They will just transfer you somewhere else - anywhere else!

Document who you talk to. Ask for a name each time you call. note the time you talked to them. Ask what department they are in. Ask where the call center is. In one call - you could be transferred to different departments in different states.

If you're having a problem communicating with your lender, put it in writing. Most people aren't aware of a RESPA rule that requires a lender to respond to your written inquiry. RESPA stands for Real Estate Settlement & Procedures Act. RESPA spells out particular rules for how real estate deals and loans must be handled. For exmaple, RESPA states that if you write to your lender regarding an innacuracy on your account or to dispute charges - they must acknowledge receipt of your letter in 20 days and respond with an answer within 60days. The best way to ensure this kind of communication is to send a certified letter to your lender. That way you have proof.

"Nothing in the world can take the place of persistence. Talent will not; Nothing is more common than unsuccessful men with talent. Genius will not; Unrewarded genius is almost a proverb. Education will not; The world is full of educated derilicts. Persistence and determination alone are omnipotent.......Calvin Coolidge, US President 1923-1929

Forebearance - A Payment Plan To Catch Up On Missed Mortgage Payments

>What is Forebearance?

If you're behind in your mortgage payments - you may be looking for an alternative to selling your home. I sit down with a lot of homeowners looking for any option other than selling. If you had a temporary hiccup in your income but now you're back on track - forebearance may be an option. Essentially, Forebearance is a payment plan that allows you to catch up on money you owe your lender. You must be able to make your normal mortgage payment in addition to the extra amount that you and your lender agree upon.

>How Does Forebearance Work?

In a typical forebearance plan - your lender will ask you to fill out an application. This application will ask for income and expense information to determine if you can actually afford a program. Not everyone gets approved. If you are approved -your lender creates a payment plan that allows you to make additional payments every month in order to catch up on what you owe. If you are behind 2 or 3 payments, you've also racked up some late fees and interest owed to the lender. If you're mortage payment is $1,200 dollars - that means 3 months of back payments would amount to nearly $4,000 with late fees and interest. That's a hefty chunk of change.

>Will My Lender Work With Me?

If you're wondering if your lender offers a forebearance program - they probably do. Look on the back of your most recent mortage statement. Yeah, all that tiny print. Each lender usually lists several different phone numbers or departments. Look for something that says loss mitigation or loan workout or home retention. Lenders always have a dedicated department that works with borrowers behind in payments.

>Think twice & do your homework!

If you really want to pursue this program - be careful and make sure you can afford the extra payments. IF YOU ARE JUST TRYING TO PUSH OFF THOSE PAYMENTS AND HOPE THINGS WILL GET BETTER, IT DOESN'T MAKE SENSE. All you will accomplish is owing more money and ending up in the same situation a few weeks or months down the road. If you miss one of these forebearance payments - your lender will just continue down the foreclosure path. Starting a forebearance program will temporarily halt any progress towards a foreclosure - but they don't have to start over when you miss a payment.

>Be Persistent!

You are dealing with large banks with many different departments sometimes spread across different states. People answering the phones have more work than they can handle. It isn't personal. No one is going to have as much incentive to get you a good deal as you are.

If you want more information - keep checking my blog for other Foreclosure Prevention Strategies. If you're uncomfortable doing a loan modification on your own, call me and I'll be happy to help in any way I can. For Free. Why would I do this? If I can help you prevent foreclosure now, I hope you will recommend my services to other people who might need help preventing foreclosure, selling a home or buying a home. It's a win-win situation.

Remember - the worst thing you can do is nothing. Persistence Pays.

Victoria Meadows, Oswego - Market Report 1st Quarter of 2008

Victoria Meadows in Oswego is located just north of Rt. 34 and West of Orchard Rd. So far this year, only 1 home has sold in the first quarter. That isn't much data to go on when comparing quarters- but if the trend continues, we are in for much longer market times.

Average market time for the first quarter of 2007 was 72 days (only two homes sold) - while average market time this year (only 1 listing sold) is approching 200 days. It's hard to make comparisons when so few homes have sold - but if you compare the price of 4 bedroom homes - you can see that the sales price is down almost 8% this year. This value seems inline with the 8.8% drop in Oswego home values being reported by Zillow.

Click here to view a copy of the market report

WebHomeOfTheWeek.com - Downtown Westmont Condo

This weeks web home of the week is an amazing condo located in downtown Westmont. These condos are really setup more like townhomes. The first floor of the building contains shops - while the second floor (above the parking garage) has entrances to the units. This unit was previously a builders model and has hardwood floors, corian countertops, stainless steel appliances and a long list of upgrades. The price was recently reduced from $369,900 to $359,900.

There is an excellent opportunity to get a great property for a great value here. You can walk to the train station and all the shops in downtown westmont. Although the property is listed at $359,900 - based on my own research into comparable sales, I see the value between $300,000 to $325,000. The property is a potential short sale - so you may be able to offer even less. But that all depends on what the bank will approve!

If you'd like more information on this property feel free to call me at 630-846-4663.

New Oswego Village Hall - Take a Tour!

As of last week, the new Oswego Village Hall is open! It's a beautiful brick structure at the corner of Rt. 31 & Washington in Downtown Oswego. This Saturday from 8:00am - 11:00am you ca have breakfast with the Village President and Village Board. Coffee, Pastries and a tour will be a great way to start out your Saturday morning. The street address of the new village hall is 100 Parkers Mill, Oswego IL. 60543.

Mowing your lawn for mothers day - it could bring you buyers!

Mothers Day means a lot of people will be driving to see their mother.

Maybe along the way they plan on driving by a couple houses for sale or checking out a new neighborhood. If you mowed your lawn on Tuesday - it may be getting pretty long by Sunday. High profile holidays offer a great opportunity to showcase your home.

I often hear sellers say "No one will be out looking at houses on Mothers Day or Christmas or Thanksgiving". Truth is - the buyers are out. Anyone seriously looking for a home will drive neighborhoods any chance they get. Having a well-manicured lawn could help your home stand out and get some curious buyers walking through next week. So even if you mowed the lawn a few days ago - another quick cut could help.

But don't stop there. During the fall - raking up those leaves could help you rake in buyers. Without even knowing it - buyers associate a well-manicured lawn with a well-kept house. Attention to detail on the outside - usually spells attention to detail on the inside. During the winter, having clean sidewalks and a plowed driveway is a great way to attract buyers. It says - these people care about their house. It also means they don't have to trudge through the snow.

Here's a list of upcoming high profile celebrations in 2008 that give you a chance to help attract buyers. But remember - there are always big events happening locally that make a difference too. Does your town hold any annual festivals? Also - don't forget things like Superbowl Sunday, Oktoberfest, or Black Friday - the biggest shopping day of the year.

• Memorial Day - Monday, May 26th
• Fathers Day - Sunday, June 15th
• Fourth of July - Friday, July 4th
• Labor Day - Monday, September 1st
• Columbus Day - Monday, October 13th
• Halloween - Friday, October 31st
• Election Day - Tuesday, November 4th
• Veterans Day - Tuesday, November 11th
• Thanksgiving Day - Thursday, November 27th
• Black Friday - Friday, November 28th
• Hanukkah - Sunday, December 21st
• Christmas Day - Thursday, December 25th

By the way - Happy Mothers Day Mom!

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Photo provided courtesty of FreeFoto.com

Price Reduced - Amazing Elburn Opportunity

I listed a cute little house in elburn a couple weeks ago and we reduced the price this week from $139,900 to $129,900.

From the street you might think it's a little small but once you walk in- you'll be amazed at what you get for the money. The front door leads into the kitchen which has plenty of room for a table & chairs

I'm not just promoting my own listing when I say this is the best value in elburn! Everything inside is in immaculate condition - new carpet in the great room - cathedral ceiling, custom built in bookcases, pergo style flooring in the bedroom and bathroom!

If you're a first time homeowner - this is a great opportunity to get a very nice house at a great price!

Sandwich, Illinois - Market Report Jan-April 2008

Sandwich, Illinois is located off Rt. 34 about 15 minutes west of Yorkville, 25 minutes south and west of Aurora. Sandiwch is a great town - small enough to feel like the hometown's of yesteryear but big enough to have all the modern conveniences you need. Someone recently asked me about foreclosures in Sandwich - after looking through the MLS I saw four bank owned properties and 5 or 6 pre-foreclosures.

SANDWICH SOLD JANUARY - APRIL 2008

Detached Single

Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 17 100% $226,788 $219,047 97% 223 $0 0% 3 13 100% $216,200 $204,831 95% 209 0% 4 4 100% $261,200 $265,250 102% 270 0%

Attached Single

Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd 3 2 100% $177,900 $176,450 99% 244

Bo Buchanan, Kettley Realtors

58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

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Downtown Oswego War Memorial

This weekend I had some time to walk around in Dowtown, Oswego and I stopped by the war memorial just outside the Oswego Public Library. Although I had passed by the memorial many times, I had never stoped to read the plaques and discover this unique Oswego Landmark.

The War meorial has a granite pillar memorializing each branch of the service and and an eternal flame burning above them. To the side there is a brick pathway "Veterans Memorial Walkway" that leads across the railroad tracks and down to the river.

As you walk down the pathway, there is a plaque commemorating each war the United States has fought and how many soldiers died in each war. From the Spanish-American War to the war in Iraq - every conflict is included. I found it a very educational experience. When you start adding up how many soldiers have died to protect the freedoms we take for granted in this country - it is a humbling experience.
Wondering how close you are to the conveniences of downtown Oswego? Check out your WalkScore

Bo Buchanan, Kettley Realtors

58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
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Boulder Hill, Montgomery IL. April 2008 Market Report

April was not a very active month for Boulder Hill. Only 5 homes closed with an average market time of 110 days. That means if you're thinking about selling your home - don't plan on a sale completing until sometime in August. That's if you list now. With an average market time over 100 days - you'll need to list your home soon to make sure it closes before the holidays!

Detached Single

Bedrooms # Sold % Sold Avg LP (Sold) Avg SP SP:LP Ratio Avg MT (Sold) Avg LP (Unsold) % Expd All 5 100% $175,680 $169,340 96% 110 $0 0% 3 3 100% $176,200 $172,133 98% 100 0% 4 2 100% $174,900 $165,150 94% 124 0%

Although 5 homes sold in Boulder Hill, there are currently 65 homes for sale - 8 of those currently under contract. The average List price is just over $181,000 with the average sold price just over $177,00. Compared to the same time last year - 13 homes sold with an average sales price just over $200,000. That's an average price drop of $23,000!

Hometown, Oswego -April, 2008 Market Report

Hometown, Oswego is located just west of the river in Downtown Oswego and next to the new Oswego Village Hall. For the second month in a row there were no sales recorded in Hometown. Since the beginning of 2008 - 4 homes have sold. This same time last year - 6 homes were sold between Jan & Feb, 2007 with 2 of those sales closing in April, 2007.

Currently, there are 8 homes for sale in Hometown, Oswego.

HOMETOWN, OSWEGO - CURRENT LISTINGS

Detached Single

Bedrooms # Active Avg. LP Avg. MT All 8 $221,650 101 2 or Less 2 $173,750 56 3 6 $237,617 116

Market Time is significantly longer this year than it was last year with prices significantly lower.