Meet Our Team - Chicago Top Agents - Short Sale & Foreclosure Experts
Michael Sorensen - Broker/Associate, SFR, CDPE. Chicago Short Sale Listing Specialist. Chicago Short Sale Seller's Agent. Chicagoland Short Sale Property Marketing Expert. Free Short Sale Listings in Chicago & Suburbs. Free Short Sale Attorney on my team.
Tel: (773) 987-8224 - Chicago
Tel: (847) 696-1664 - Suburbs
Hometown: Park Ridge, IL
Serving: Chicago and all Suburbs
Languages: English, Polish, basic Spanish
Experience: 13+ years. 300+ Homes Sold.
Zillow Reviews of Michael Sorensen
★★★★★ Highly likely to recommend.
Michael Sorensen is the best of the best!!!! Michael Sorensen has recently sold our house in Chicago. We highly recommend him. Michael is very professional, experienced and knowledgeable. We were well informed all the time through the whole process.
★★★★★ Highly likely to recommend.
Throughout the whole process, Michael and his team were wonderful and very informative. He explained every part of the process in great detail and made me feel very comfortable. I've already recommended his services to a family member. He saved me from a horrible housing situation and I couldn't be happier with the results.
★★★★★ Highly likely to recommend.
Michael is very professional at what he does, answers all questions that you have and I highly recommend him for any of your realty services, we sold our condo within 2-3 months which it was very fast and was very happy about the services that he provided us with. :)
★★★★★ Highly likely to recommend.
I faced financial hardship and underwater mortgage, but wanted to be a responsible homeowner and prevent foreclosure. After evaluating my options, I decided to try short sale. My internet search for a real estate agent specializing in short sale led me to Michael Sorensen. My main reason for picking Michael was that he had successfully closed short sales in Chicago and suburbs way, way more than any other agent. So I listed my home with Michael in June. Based on numerous short sale stories, my expectation was that it will take at least six months to successfully close. To my delight, I actually closed in October, less than four months on the market! Several similar homes in same subdivision remained listed for well over a year. Michael gave me some good advice that ended up saving me a few bucks as well. I would highly recommend Michael Sorensen to homeowners trying to sell, especially underwater homeowners who are thinking about a short sale.
★★★★★ Highly likely to recommend.
I'm active duty in the military and needed to sell my house before I transferred to my next duty station. My house lost some value and I need it to sell it as a short sale. We didn't know who to contact and did some searching on the Internet. We found Michael and decided to give him a call. It was the best decision we could have made. Michael was very professional and helped us throughout the process. He answered all of our questions and showed he had a lot of experience. Through his guidance we were able to sell our house on time. We highly recommend him. Thank you Michael!
Domy w Chicago - Kupno, Sprzedaz nieruchomosci w Chicago
Mowimy Po Polsku
Terms & Definitions:
Short Sale. (Pre Foreclosure Sale, Short Sell, Short Pay Sale)
Definition: Short Sale is a Real Estate Sales transaction where the proceeds of the sale fall short of the property owners outstanding real estate debt obligations (mortgage loans, real estate taxes, etc..).
A mortgage is a loan to finance the purchase of real estate. Its a legal document that ties a promissory note (to repay the loan) to the property. The owner holds the title to the property but the lender has a lien on it, as a collateral for the loan.
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage.
Definition: Real Estate Owned. Refers to Bank or Corporate owned property aquired through foreclosure. If a property does not sell at the sheriff sale (auction), it goes back to the lender and becomes an REO.
Definition: Broker Price Opinion. Its a mini appraisal. Lenders order BPO or property appraisals to establish FMV (Fair Market Value).
BUYERS: Search from Thousands of Chicago Short Sales & Chicago Bank Foreclosures For Free (Select Advanced Search + Select MLS or City or Zip Code + Short Sale + Foreclosure + Bank owned/REO)
BUYERS. Are You Looking To Buy a Short Sale Home in Chicago? Foreclosure House in Chicago? REO/ Bank owned/ foreclosed properties in Chicago or Suburbs? Find Chicago Short Sales -
Serving Addison, Arlington Heights, Algonquin, Alsip, Antioch, Aurora, Bannockburn, Barrington, Bartlett, Belvidere, Bensenville, Berwyn, Bloomingdale, Bolingbrook, Buffalo Grove, Bridgeview, Burbank, Burr Ridge, Carol Stream, Carpentersville, Cary, Cicero, Crystal Lake, Deerfield, Deer Park, Des Plaines, Downers Grove, Dundee, Edison Park, Elgin, Elk Grove Village, Elmhurst, Elmwood Park, Evanston, Fox Lake, Forest Glen, Franklin Park, Geneva, Genoa, Glencoe, Glendale Heights, Glenview, Grayslake, Great Lakes, Gurnee, Hainsville, Hampshire, Hanover Park, Harwood Heights, Hawthorn Woods, Highland Park, Hinsdale, Hoffman Estates, Huntley, Ingleside, Inverness, Island Lake, Itasca, Ivanhoe, Irving Park, Jefferson Park, Joliet, Kenilworth, Kildeer, La Grange, Lake Bluff, Lake in the Hills, Lake Forest, Lake Villa, Lakeview, Lake Zurich, Lemont, Libertyville, Lisle, Lincoln Park, Lincolnshire, Lindenhurst, Lombard, Long Grove, Marengo, McHenry, Melrose Park, Morton Grove, Mount Prospect, Mundelein, Niles, Naperville, Norridge, Northbrook, Northfield, North Center, North Chicago, Northlake, Norwood Park, Northshore, O Hare, Oak Brook, Oak Lawn, Oak Park, Old Town, Orland Park, Palatine, Park Ridge, Plainfield, Prairie View, Portage Park, Prospect Heights, Richmond, River Grove, Riverwooods, Rockford, Rogers Park, Rolling Meadows, Roselle, Round Lake, Schaumburg, Schiller Park, Skokie, Sleepy Hollow, South Barrington, South Elgin, Spring Grove, Spring Grove, St. Charles, Stone Park, Streamwood, Sugar Grove, Summit, Sycamore, Sugar Grove, Tinley Park, Vernon Hills, Villa Park, Winnetka, Wadsworth, Wauconda, Waukegan, Wayne, Westchester, Wheaton, Wheeling, Willowbrook, Wilmette, Winthrop Harbor, Wonder Lake, Wood Dale, Woodridge, Woodstock, Zion, Illinois.
When buying a home in Chicago or Suburbs Illinois, its important to think carefully about your offering price?but also your offering terms. Most purchase offers define both. And in some cases, terms and conditions can represent thousands of dollars in additional value for buyers or additional costs.
Terms may include inspections, requests for specific property repairs, or timing considerations, such as a conditional purchase clause (if, for example, you must first find a buyer for your current home).
Determining a price
Some Chicago Illinois homebuyers mistakenly believe there is a predetermined formula for offers that offering prices should be X percent lower than the sellers asking price or the amount they are really willing to pay.
In practice, your offer price actually depends more upon the basic laws of supply and demand. If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.
How to make an offer
The process varies by state. In most cases, you complete an offer that your buyers agent presents on your behalf. The owner, in turn, may accept the offer, reject it or make a counter-offer.
Because counter-offers are common (any change in terms can be considered a counter-offer), its important that you remain in close contact with your buyers agent during the negotiation process so that any proposed changes can be quickly reviewed.
Inspections are common in residential realty transactions in Chicago Illinois. Depending on your needs and where you live, they may include:
- mold inspections
- green issues, including energy efficiency and eco-friendliness
- surveys to determine boundaries
- appraisals to determine value for lenders
- title reviews
- structural inspections
Structural inspections are particularly important. During these examinations, an inspector evaluates the property for any material physical defects and whether expensive repairs and replacements are likely to be required in the next few years.
For a single-family home or investment property in Chicago Illinois, these inspections often require two or three hours. You should plan to attend too. This is an important opportunity to examine the propertys mechanics (plumbing, wiring, etc.) and structure, ask the home inspector questions and learn far more about the property than is possible with an informal walk-through.
A good public school system can be an important consideration for Chicago Illinois homebuyers, even if you don?t have school-aged children. Thats because good schools can enhance the resale value of your home and make it more attractive to a broader pool of buyers and tenants. To conduct your own comparisons of schools in Chicago and Suburbs Illinois, go to School Match, which offers Chicago and Illinois school research and data consulting services. Here you?ll find test scores, student-teacher ratios, spending and education levels for residents, and more.School Match provides verified school data, as opposed to self-reported data, which can lead to various misinterpretations. Data that has been independently verified allows you to make better school district comparisons before you move.
Closing costs are simply the fees associated with 1) purchasing a home, 2) borrowing money, and 3) preparing paperwork to finalize the sale. Your total closing costs will vary depending on where your new home is located in Illinois, what type of property you are buying, the price of your home and the complexity of the transaction.
It is extremely important that you work closely with your buyers representative in the early stages of your home search to estimate what these costs could be, since closing costs can easily represent thousands of dollars.
The main categories are:
Discount points to buy down the mortgage
If you want to reduce the ongoing cost of your mortgage over the life of the loan, you?ll want to consider this optional fee. Amounts can vary significantly, from 0.5 to 3 points on the total mortgage amount. This is a one-time charge that is fully deductible as mortgage interest.
Costs for originating the mortgage
This generally includes a variety of fees such as the loan origination fee, the appraisal fee and the cost of credit reports. Other related closing fees may include hazard and mortgage insurance, and interest accrued on the mortgage between closing date and the end of the month.
Taxes and other local fees
Charges will vary according to local government requirements in Chicago and many suburbs in Illinois. Some may demand that property taxes be pro-rated according to when you officially own your home. You may also be required to pay personal property taxes, homeowners association dues, and other assessments that are specific to the area that you are moving into.
You will have to pay for any research involving public records and title history for your new Chicago or Illinois property. This insures that the title is unencumbered by other ownership claims or liens and can be delivered to you at closing. Other costs include recording and transfer fees, which cover legally recording the deed to your name.
Most Chicago and Illinois real estate buyers agents use standard pre-printed purchase contract forms, filling in the details specific to your purchase terms. These legally-binding documents are used to:
- Set forth the terms of the sale
- Establish the rights and obligations of the parties involved
- Specify what actions will be taken in order to close the sale, and
- Establish time frames for those steps to be completed
While most Chicago Illinois buyers are usually fully aware of terms regarding price, closing date, and financial arrangements, there is a tendency to overlook much of the rest of the contract. However, since all the contract terms will be binding, it is important to understand what you are agreeing to before signing the contract. Not doing so can be a costly mistake, especially if there are problems or difficulties in the transaction.
When an offer becomes a contract
A purchase contract is created when there is a meeting of the minds on all terms when you and the seller have come to agreement and signed the offer form along with any counter-offers and addenda. Real estate contracts must be in writing; verbal contracts to purchase real estate cannot be enforced.
Some of the items that you may be agreeing to may include:
- What personal property will be included or excluded from the sale.
- Who will pay for required repairs or retrofits.
- What the sellers disclosure obligations will be.
- What the sellers obligation to maintain the property will be.
- What the seller is warranting about the property.
- What the buyers inspection rights will be.
- What will happen in the event either party does not comply with the contract.
- Whether or not the buyer can get out of the contract upon an attorney review and/or other contingencies.
- What will the parties? legal rights and attorney fee provisions be in the event of a breach of contract.
Do your homework in advance
It is highly recommended that you read and review the pre-printed forms with your buyers representative before you write and sign a purchase offer. That way, once you are ready to present a bona-fide offer, your focus will be on the primary issues of price, terms, and closing date.
Reviewing and understanding the Illinois purchase contract form ahead of time can also help you strengthen your negotiating position, protect yourself from incurring unnecessary costs or problems, and gain a better understanding of what you will need to do to conclude the sale.
Addison, Arlington Heights, Algonquin, Alsip, Antioch, Aurora, Bannockburn, Barrington, Bartlett, Belvidere, Bensenville, Berwyn, Bloomingdale, Bolingbrook, Buffalo Grove, Bridgeview, Burbank, Burr Ridge, Carol Stream, Carpentersville, Cary, Cicero, Crystal Lake, Deerfield, Deer Park, Des Plaines, Downers Grove, Dundee, Edison Park, Elgin, Elk Grove Village, Elmhurst, Elmwood Park, Evanston, Fox Lake, Forest Glen, Franklin Park, Geneva, Genoa, Glencoe, Glendale Heights, Glenview, Grayslake, Great Lakes, Gurnee, Hainsville, Hampshire, Hanover Park, Harwood Heights, Hawthorn Woods, Highland Park, Hinsdale, Hoffman Estates, Huntley, Ingleside, Inverness, Island Lake, Itasca, Ivanhoe, Irving Park, Jefferson Park, Joliet, Kenilworth, Kildeer, La Grange, Lake Bluff, Lake in the Hills, Lake Forest, Lake Villa, Lakeview, Lake Zurich, Lemont, Libertyville, Lisle, Lincoln Park, Lincolnshire, Lindenhurst, Lombard, Long Grove, Marengo, McHenry, Melrose Park, Morton Grove, Mount Prospect, Mundelein, Niles, Naperville, Norridge, Northbrook, Northfield, North Center, North Chicago, Northlake, Norwood Park, Northshore, O Hare, Oak Brook, Oak Lawn, Oak Park, Old Town, Orland Park, Palatine, Park Ridge, Plainfield, Prairie View, Poland, Portage Park, Prospect Heights, Richmond, River Grove, Riverwooods, Rockford, Rogers Park, Rolling Meadows, Roselle, Round Lake, Schaumburg, Schiller Park, Skokie, Sleepy Hollow, South Barrington, South Elgin, Spring Grove, Spring Grove, St. Charles, Stone Park, Streamwood, Sugar Grove, Summit, Sycamore, Sugar Grove, Tinley Park, Vernon Hills, Villa Park, Winnetka, Wadsworth, Wauconda, Waukegan, Wayne, Westchester, Wheaton, Wheeling, Willowbrook, Wilmette, Winthrop Harbor, Wonder Lake, Wood Dale, Woodridge, Woodstock, Zion, Illinois.