Lenders May Be Not-So-Fast to Foreclosure

Daily Real Estate News | January 11, 2011

Lenders May Be Not-So-Fast to Foreclosure 

After a pivotal court ruling last Friday in Massachusetts, lenders are likely to be more willing to help home owners who are struggling to make their mortgage payments.

Last Friday, the Massachusetts Supreme Judicial Court ruled that two foreclosures in the case were invalid because the banks didn’t follow proper steps to show they had the authority to foreclose on the homes.

The case likely has set a precedent for the rest of the nation’s lenders to follow: Before you foreclose on a home owner, make sure you have authority to do it.

“What banks are going to have to do is make sure they’ve dotted their I’s and crossed their T’s before going through with a foreclosure,” says Stuart Rossman, director of litigation at the National Consumer Law Center.

This could mean an even slower pace for foreclosures as banks take extra caution on their paperwork, says Roy D. Oppenheim, senior partner at Oppenheim Law in Weston, Fla.

Experts say the court ruling was a positive for home owners who are in the middle of the foreclosure process, those trying to work out modifications, refinance, or do a short sale. They say that reaching a deal with lenders may become easier.

“I am expecting the banks to do fewer foreclosures and to engage in serious conversation in pre-foreclosure with borrowers,” Oppenheim says. “We’re already seeing [some] modifications that included for the first time principal reduction.”

Source: “Foreclosure Ruling May Be Good News for Homeowners,” MarketWatch (Jan. 11, 2011)

I think it will be interesting to see what this year brings with short sales and foreclosures. I know that I personally deal with a lot of short sales and it seems like they really dominate the market. I feel that buyers are starting to shy away from these types of sales because of the length of some of the processes. Anyways, only time will tell what happens with these properties and the market we're in now!

- Ashley

Couple Found Squatting in Upscale Foreclosure

Daily Real Estate News | January 7, 2011

Couple Found Squatting in Upscale Foreclosure 

An Orange County, Calif., couple has been arrested on charges stemming from squatting in a foreclosed home in a luxurious Newport Beach neighborhood, city prosecutors say. The couple squatted for more than three months before they were discovered, authorities say.

Chis Wayne Duncan, 42, and Robin Ann Duncan, 36, face charges of second-degree burglary, among other charges.

Prosecutors say the couple hired a private investigator to locate foreclosed and vacant homes in Orange County. They then had fake leases drafted so utility companies would change utility bills to put it under their name as renters, authorities say. After an appraiser tried to enter the home, prosecutors say the couple had the locks changed.

Source: “DA: Couple Squatted in Ritzy Newport Beach Foreclosure, Put Utilities in Their Name,” Associated Press (Jan. 6, 2011) 

I think it's crazy that they got away with it for so long! I just had to share this story with you!

- Ashley

Does it make more sense to rent or own in 2011?

Daily Real Estate News | January 6, 2011

Tables Turn in 2011 on Rent vs. Own 

Rents have surged as home prices have dropped, which have prompted some to ponder whether homeownership is really worth it. Moody’s Analytics data has suggested that it makes more financial sense to rent than buy in many U.S. cities, but Moody’s chief economist Mark Zandi now says that is about to change.

"By mid 2011 and certainly by end of 2011, buying will be superior to renting in most parts of the country," Zandi says.

Home prices are expected to fall further, making more homes affordable, whereas rent prices are expected to continue to rise this year.

The following are a few of the top cities where it makes more sense to buy than rent, according to Moody data. (Experts often recommend buying when the price-rent ratio is below 15 and rent when it’s above 20.)

▪ Cleveland: 11.43
▪ Pittsburgh, Pa.: 11.71
▪ Detroit: 12.32
▪ Phoenix: 12.35
▪ Atlanta: 12.82
▪ Tampa, Fla.: 13.08
▪ Orlando, Fla.: 13.1
▪ Cincinnati: 13.74
▪ Las Vegas: 13.89

Source: “Rent vs. Own Ratio to Flip in 2011?” Fortune (Jan. 4, 2011)

I definitely agree that rent prices will continue to rise because of the high demand of renting nowadays. Sellers who took a hit to their credit by short-selling or being foreclosed upon are now forced to rent since they cannot get a mortgage. Rentals do not last very long on the market and we often get several applications the first day being on the market! There are still amazing deals on homes out there that we may never see again. Especially for first time homebuyers, who have nothing to sell, the savings over their 30-year mortgage would be incredible right now! Call me if you are looking to buy! 708-307-9616

- Ashley

Recipe of the Month: December 2010

Here is a yummy recipe for homemade banana cake. It is perfect with some cream cheese frosting (super easy to make).

Banana Cake 

Ingredients: 1/2 cup butter
1 1/2 cups white sugar
4 eggs
3 bananas, sliced
1 cup sour cream
1 teaspoon baking soda
2 cups all-purpose flour

Directions: Preheat oven to 350 degrees F. Spray a 10 inch Bundt pan with non-stick cooking spray.
In a large bowl, cream together the butter and sugar until light and fluffy. Beat in the eggs one at a time. Beat in the sliced bananas, sour cream and baking soda. Beat in the flour. Pour batter into prepared pan.
Bake in the preheated oven for 60 minutes, or until a toothpick inserted into the center of the cake comes out clean. Let cool in pan for 10 minutes, then turn out onto a wire rack and cool completely.

Let me know what you think! : )

- Ashley

Recent Feedback from One of my Sellers

I just wanted to share with you all some recent feedback from one of my sellers:

"The experience was professional, impressive, and you were very helpful throughout the entire process. Your IT background really shined in your use of various media's to advertise our condo."

-- Sean C., Oak Lawn, IL

Need help selling your home? Give me a call at 708-307-9616 or email me at sales@ashleywydra.com!

- Ashley

3 Reasons to Sell a Home Soon

3 Reasons to Sell a Home Soon

What do you tell a client who asks whether to sell a house now or wait? Steve McLinden, real estate adviser with Bankrate.com, offers these three good reasons not to wait, even though the holidays are approaching:

1. The market is improving. Most markets have either turned or are close to turning.

2. All real estate is local. Homes in great locations are always in demand.

3. Spring is coming soon. Many potential buyers are starting their online searches right after the holidays, making mid- to late February a great time to start marketing.

Ready to get your home on the market? I also think that since a lot of buyers have time off work during the holiday season, now is the ideal time to put your home on the market! Contact me at sales@ashleywydra.com or 708-307-9616.

- Ashley

Recipe of the Month: November 2010

Overnight French Toast


This is a very easy breakfast/brunch dish that you prepare the night before and just pop in the oven in the morning! Of course, it's from my favorite recipe website, allrecipes.com! (http://allrecipes.com/Recipe/Overnight-French-Toast-II/Detail.aspx)

 

Ingredients:
2 tablespoons corn syrup
1/2 cup butter
1 cup packed brown sugar
1 (1 pound) loaf French bread, sliced
5 eggs
1 1/2 cups milk
1 teaspoon vanilla extract
1/4 teaspoon salt

Directions:

1. Combine the corn syrup , butter, and brown sugar in a small saucepan and simmer until the sugar has melted. Pour this mixture over the bottom of a greased 9x13 inch casserole dish.
2. Place the bread slices over the sugar-butter mixture in the dish. In a bowl, beat together the eggs, milk, vanilla, and salt; pour this mixture over the bread. Cover the dish and let it stand in the refrigerator overnight.
3. The next morning, preheat oven to 350 degrees F (175 degrees C).
4. Uncover the pan and bake for 45 minutes. Serve while hot or warm or the French toast will harden in the pan. It can be reheated.

This is such a great recipe and it's so perfect for having out-of-town guests this Holiday season and providing them with a gourmet breakfast! Let me know if you give it a try!

- Ashley

Just listed: 19436 S Foxford Lane, Mokena, IL 60448 for $349,900

Check out this listing: 19436 S Foxford Lane, Mokena, IL 60448 for $349,900

Recipe of the Month: September 2010

These awesome pumpkin cookies with cream cheese frosting are always a hit! There is pudding in the cake mix so they are very moist and delicious! The cream cheese frosting is a snap to make. I hope you will try them out and let me know what you think!


Pumpkin Cookies
Ingredients:
- 1 cup butter flavored shortening
- 1 cup white sugar
- 1 egg
- 1 teaspoon vanilla extract
- 1 cup canned pumpkin puree
- 2 cups all-purpose flour
- 1 teaspoon baking soda
- 1 teaspoon salt
- 1 teaspoon ground cinnamon
- 1 (3.4 ounce) package instant vanilla pudding mix
- Cream Cheese Frosting
Directions:
1. Preheat oven to 350 degrees F. Grease cookie sheets.
2. In a large bowl, cream together the butter flavored shortening and sugar. Beat in the egg and vanilla, and then stir in the pumpkin puree. Combine the flour, baking soda, salt, cinnamon and vanilla instant pudding mix; gradually mix into the pumpkin mixture. Roll into walnut sized balls and place them 2 inches apart onto the prepared cookie sheets.
3. Bake for 12 to 15 minutes in the preheated oven, until lightly browned at the edges. Allow to cool completely before frosting with cream cheese frosting.


Cream Cheese Frosting
Ingredients:
- 2 (8oz) packages cream cheese, softened
- 1/2 cup butter, softened
- 2 cups sifted confectioners' sugar
- 1 teaspoon vanilla extract
Directions:
1. In a medium bowl, cream together the cream cheese and butter until creamy. Mix in the vanilla, then gradually stir in the confectioners' sugar. Store in the refrigerator after use.

Let me know if you try this recipe!

- Ashley

Garden Update: August 2010 - MUMS!!!

Hi there everyone,

I'm so excited that I've already gotten some Mums for my garden! I really love fall and am looking forward to also getting my mini pumpkin and hay bale for my porch! Anyways, here are some current pictures of my garden in August:

Here are two of the Mum plants on my porch.

Here are the other two Mum plants.

My sweet potato vine on my front porch has gotten HUGE!

I'm really excited about my new Venus Fly Trap! These plants are awesome and live in your house year-round.

All of the flowers in my garden have gotten huge and basically taken over!

My red bell peppers are looking good! Yum!

This plant has grown as large as a bush! It started as only a tiny plant in the spring when I bought it because I thought it looked cool.

My pretty purple flowers!

Well, that's my update for now. I can't wait until my Mums start blooming and I can get the rest of my fall decorations!

- Ashley

Recipe of the Month: Cookie-Brownie Bars

These cookie-brownie bars as I so cleverly call them are absolutely delicious and amazing! I made them once for a concert at the Ravinia and they were devoured. They have just the right amount of richness.

Cookie-Brownie Bars

Ingredients:
• 1 (18.25 ounce) package white cake mix
• 2 eggs
• 1/3 cup vegetable oil
• 1 (14 ounce) can sweetened condensed milk
• 1 cup semisweet chocolate chips
• 1/4 cup butter or margarine, cubed

Directions:
1. In a bowl, combine the dry cake mix, eggs and oil. With floured hands, press two-thirds of the mixture into a greased 13-in. x 9-in. x 2-in. baking pan. Set remaining cake mixture aside.
2. In a microwave-safe bowl, combine the milk, chocolate chips and butter. Microwave, uncovered, on high for 45 seconds; stir. Microwave 45-60 seconds longer or until chips and butter are melted; stir until smooth. Pour over crust.
3. Drop by teaspoonfuls of remaining cake mixture over top. Bake at 350 degrees F for 20-25 minutes or until lightly browned. Cool before cutting.

Next time you need a great snack for any event, you should seriously try this recipe. I'd love to hear your comments when you make them!!!

- Ashley

Build-to-Suit in New Lenox! Great location and lot!

Build-to-Suit in New Lenox! Great location and lot!

Just listed: 19436 S Foxford Lane, Mokena, IL 60448 for $369,900

Just listed: 19436 S Foxford Lane, Mokena, IL 60448 for $369,900

Article in the Wall Street Journal Online

Hey Everyone, So I was perusing through the Internet and reading stories about real estate when this one in particular caught my attention. The headline read "Redfin: Less Than Half of All Home-Sale Attempts Successful in ‘09". That's less than a 50% success rate! No wonder sellers are so hesitant to list their home in this economy! "A survey of seven major housing markets found that less than half of all attempts to sell a home in 2009 had, as of last Wednesday, resulted in a sale." (http://blogs.wsj.com/developments/2010/08/16/redfin-less-than-half-of-all-home-sale-attempts-successful-in-09/). When buyers see all these properties sitting on the market for so long without selling, they definitely should see opportunities for great deals. Not that they should take advantage of these desperate sellers, but many sellers are settling for lower offers just to get rid of their houses so they can move on. The good news for these distraught sellers is that they will luckily make up for some of that loss in their next purchase! Interest rates are so low right now so not only will they get a low interest rate on their mortgage, but they will also get a good deal on their purchase of a home. It really does all even out in the end. Here is data from Cook County: County Name Listings Activated in 2009 # 2009 Listings Sold % 2009 Listings Sold # Still Active % Still Active Cook County, IL 134,710 44,789 33.3% 7,893 5.9% Here's the link to the entire article: http://blogs.wsj.com/developments/2010/08/16/redfin-less-than-half-of-all-home-sale-attempts-successful-in-09/ - Ashley

Just listed: 11915 Holly Court, Plainfield, IL 60585 for $224,500

Just listed: 11915 Holly Court, Plainfield, IL 60585 for $224,500