By Britta Rivera
IS 2016 THE END OF SHORT SALES?
Prior to the housing market crash back in 2007, most had not heard about a Short Sale nor understood what it meant. This includes Real Estate Agents, Attorney's and struggling homeowners. However, as home prices continued to decline and the economy crumbled, many sellers and agents soon became very familiar with the term “Short Sale” and how it could help. But is 2016 the end of short sales?
First let’s begin with a refresher, “What is a short sale?” A short Sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan. In simple terms, your home value is no longer above what you paid for it, so banks may allow you to sell it for the current market value. But don’t let the word “short” fool you….they take some time!
During the past several years, millions of homeowners have successfully completed a short sale transaction; however, banks have tightened up in the past two years.
First let’s begin with a refresher, “What is a short sale?” A short Sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan. In simple terms, your home value is no longer above what you paid for it, so banks may allow you to sell it for the current market value. But don’t let the word “short” fool you…. they take some time!
Initially, banks were slow to approve short sales and virtually had no systems in place to handle them. But as the years went by and they realized short sales were the “new normal”, banks began to implement procedures to accommodate them.
Short sales originally took up to a year for bank approval, but after several years of fine-tuning the process, they dropped to about 120 days on average. However, with the shorter timeframe, came stricter rules for qualifying. Which brings us back to the original question, are they going away?
HOW MUCH CAN YOU SAVE WITH HOMEOWNER'S EXEMPTION IN COOK COUNTY
By Britta Rivera
Many have asked...How much can I save with a homeowner's exemption? Well, it's important to make sure you first apply for one, or you will miss out on thousands in savings. The website below actually breaks it down for you in simple terms and describes the many exemptions available.
This is an important part of the benefits of homeownership, so make sure to go this link (www.cookcountytreasurer.com) and check your status. In most cases, the senior citizen homestead/homeowner exemptions are most often missed.
Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.
The Cook County Assessor’s Office now automatically renews Homeowner Exemptions for properties that were not sold to new owners in the last year.
In neighborhoods where assessments have increased sharply, this exemption also now can help buffer the reassessment and be worth as much as $2,000 ($20,000 in Equalized Assessed Value multiplied by the local tax rate)
This program is administered by the Cook County Assessor's Office. New owners should apply to:
Cook County Assessor's Office
118 North Clark Street, Room 320
Chicago, IL 60602
312.443.7550
You may find applications and additional information at: cookcountyassessor.com
Taxpayers whose single-family home, townhouse, condominium, co-op or apartment building (up to six units) is their primary residence can save $250 to $2,000 per year, depending on local tax rates and assessment increases. First-time applicants must have been the occupant of the property as of January 1 of the tax year in question.
Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption.
Park Lane
LUXURY RESIDENCES
CHICAGO
The Park Lane Residences, Chicago,
includes 40 luxurious residences
ranging from approximately 1,500-square-foot, one-bedroom homes
to grand penthouses of more than
7000 square feet with unrivaled panoramic lake views.
" The Smarter
Approach to
Real Estate "
BRITTA RIVERA
Real Estate Broker
From the developer with a love for restorations to the mavericks running his or her brokerage like a fine tuned machine, Agents and Brokers... redefining real estate in the Chicago Metropolitan area.