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MICHAEL SORENSEN

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Meet Our Team - Chicago Top Agents - Short Sale & Foreclosure Experts



Michael Sorensen - Associate Broker, ABR, SFR, CDPE. Listing specialist. Seller's Agent. Property Marketing Expert. Negotiabe commission rates. 
 
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: 12 years. 300+ Homes Sold.
 
 
 
 
Domy w Chicago - Kupno, Sprzedaz nieruchomosci w Chicago
    Mowimy Po Polsku 
 
 
SHORT SALE FORECLOSURE SEARCH 
 
 CMA - Estimated Market Value of Your Property  
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..).
 

Mortgage.
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.

Foreclosure.
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.

REO.
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.
BPO.
Definition: Broker Price Opinion. Its a mini appraisal. Lenders order BPO or property appraisals to establish FMV (Fair Market Value).
Links:
Chicagoland Area Important Telephone Numbers & Links:
www.mredllc.com/cityinfo/index.asp
 
BUYERS: Search Foreclosures - 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): Search Foreclosures
Search Homes on Your Cell Phone: m.chicagoshortsalepro.com
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 - Search Illinois Foreclosure listings in Chicago & Northern Illinois:  
 
Search Illinois MLS ListingsIllinois Property Search by MapCMA - Estimated Market Value of Your Property
>> Sign up for My Property Finder >> Search Foreclosures
Search from over 100,000 properties available for sale. You can search by Map or MLS number, property address, school district, find short sales or bank foreclosures. There is no need to search other websites since my sites are updated daily with virtually every property for sale from all MLS participating brokers, not just RE/MAX, Coldwell Banker, Century 21, Keller Williams, Baird & Warner, Prudential, and many others.
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. 
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Purchasing a Home
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).
More info..
 
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 seller?s 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

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 property?s 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.
Comparing Schools
A good public school system can be an important consideration for Chicago Illinois homebuyers, even if you don?t have school-aged children. That?s 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
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 buyer?s 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, homeowner?s association dues, and other assessments that are specific to the area that you are moving into.

Documentation costs

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.
The Purchase Contract
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:
  1. Set forth the terms of the sale
  2. Establish the rights and obligations of the parties involved
  3. Specify what actions will be taken in order to close the sale, and
  4. 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 seller?s disclosure obligations will be.
  • What the seller?s obligation to maintain the property will be.
  • What the seller is warranting about the property.
  • What the buyer?s 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 buyer?s 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. 
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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. 
 
 

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