Jack Lewitz's (evanstonilrealtor) Blog

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Real Estate Broker/Owner - Exit Strategy Realty



The Short Sale review process begins with ordering the Broker Price Opinion (BPO).   A BPO is nothing more than comparing “Apples to Apples” (Single Family to Single Family, Condo’s to Condo’s and Multi-family to Multi-family) and coming up with a “Current Market Value” for the Subject Property. ...
You have a complete Short Sale Package and now  your ready to submit it to the Loss Mitigation Department of the Bank. While you may be happy to get this to the bank… The Loss Mitigation Department may not be as happy as you. Each file handler in a loss mitigation department handles about 300-50...
      How much is your home worth today? Depending on which county you live in your home has lost between 22%-42% of its value since 2007. (Information provided in the table below comes from the MLS) County Avg Price 2007 Avg Price 2008 Avg Price 1st Qtr 2009 Cook $377,370 $327,801 $231,606 % Dec...
Information comes from the MLS.   More striking is the percentage of pre-foreclosure and foreclosures sales for the first quarter of this year. 4 out of 10 sales in the first quarter of 2009 was a pre-foreclosure or foreclosure sale. For every Short Sale sold there was an equal number of Bank fo...
  Information comes directly from the MLS. The number of homes in pre-foreclosure or foreclosure appears to be the focus of most people these days and for a number of reasons. First, the shear number of homes in foreclosure is growing everyday. In Cook County 20% of all active listings are eithe...
      According to Realty Tracs February 2009 report on Foreclosures. Illinois is listed as the 7th largest in terms of the number of home foreclosures. State Rank # of Homes in Foreclosure Nevada 1 1 in 70 Arizona 2 1 in 147 California 3 1 in 165 Florida 4 1 in 188 Idaho 5 1 in 358 Michigan 6 1 ...
  Governor Pat Quinn signs Foreclosure Bill Public Act 95-1047 on April 5 ,2009. The new bill will give more time to homeowners to work with housing counselors and lenders together in order to avoid foreclosure. The new law requires Lenders to send a notice to all homeowners who are 3o days past...
    Are you thinking about buying a foreclosure property? Buying a foreclosure is not as simple as it sounds and requires some expertise. If you are a first time home buyer, I recommend you find yourself a Realtor who can assist you with the process. There are many different ways to buy a foreclo...
    Are you upset about declining home values in your neighborhood. If you are you are not alone. The other day I was asked by a neighbor to do a “Market Value” on her home because she is a senior and is thinking about selling her home and moving to a retirement community. When I completed the “M...

Jack Lewitz

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