Real Estate continued

By Britta Rivera

IS 2016 THE END OF SHORT SALES?

If you look at the trend of massive amounts of sellers originally applying for a short sale to now, there is a huge decline. As a real estate agent, I noticed my short sale transactions in 2015 were down about 40% from the previous year. The overall inventory of short sales currently on the market has also been reduced.

If you’re considering a short sale, it’s good to contact your bank to inquire about a short sale; make certain to explain your reason for considering one. This has streamlined the process in many cases.

Finally, learn the facts about a short sale and consult with your accountant about the tax consequences in advance. An experienced short sale Real Estate Agent and Attorney is a great source of information for getting started.

The good news is… the Debt Forgiveness Act was recently extended through 2016.

If you’re interested in securing a property, selling your home, or more information on

available inventory, feel free to contact me today.

Britta Rivera

Baird & Warner, Real Estate Broker

Britta.rivera@comcast.net

Direct: 312.806.3297

Brittariveraventure@wordpress.com

During the past 12 months, it has also become clear banks are not as inclined to approve a short sale. They tend to create unnecessary obstacles, which frustrates sellers who sometimes become discouraged. It makes it appear as though the banks would prefer a foreclosure over a short sale. There was a huge difference in the amount of approvals in 2014 vs. 2015. This has also discouraged agents to list short sales and even show them to clients. Bottom line…many agents now feel they are a complete waste of time.

To sum it up, if you are considering a short sale, know that it is not as easy as in past years. However, there is some hope…short sales are still a part of the housing market. They simply can’t be ignored and banks have still continued to approve them, even though it may take more effort.

Continued from real estate page

HOW MUCH CAN YOU SAVE WITH HOMEOWNER'S EXEMPTION IN COOK COUNTY

By Britta Rivera

Senior Citizen Homestead Exemption

Seniors can save up to $250 a year in property taxes, and up to $750 when combined with the Homeowner Exemption. For the 2012 tax year, the applicant must have owned and occupied the property as of January 1, 2012 and must have been 65 years of age or older during the year for which you are applying.

Senior Citizen Assessment Freeze Exemption

Qualified senior citizens can apply for a freeze of the assessed value of their property. Over time, in many areas, this program results in taxes changing minimally and often decreasing as surrounding properties continue to rise in assessed value. This is the most valuable homeowner exemption program. The value increases over the years as it eliminates the impact of regular reassessment increases that may occur every three years.

For the 2012 tax year, the applicant must have owned and occupied the home on January 1, 2011 and January 1, 2012 and have been responsible for the 2011 and 2012 taxes.

Disabled Veteran Homestead Exemption
Administered through the Illinois Department of Veteran's Affairs.

Call 312.814.2460.

Circuit Breaker Program
Seniors and disabled citizens receive a state grant based on property taxes, nursing home costs or pharmaceutical expenses.

For information, call the Illinois Department on Aging at 1.800.252.8966.

FULL SUMMARY OF SAVINGS exemptions from the Cook County Treasurer's

Senior Citizen Tax Deferral
The household income limit to participate in this program has increased to $55,000. This program works like a loan from the State of Illinois to qualified senior citizens, with an annual interest rate of 6%. Any portion or all (up to $5,000 per year) of the tax may be deferred until the house is sold or until the death of the taxpayer. To apply, contact the Cook County Treasurer's Office at 312.443.5100.

Home Improvement Exemption