Another Oak Lawn Foreclosure Home Sold

Another Oak Lawn foreclosure home was sold to a great family who I know will fix it up and have a wonderful home to create memories in.  They got a nice house for the money and it was a pretty smooth transaction.  The house is actually in move-in condition and most of the work would be in the basement.

There are currently about 15 single family Oak Lawn foreclosures.  Some of them already have accepted contracts and are waiting for bank signatures and some have fully executed contracts and are just waiting to close, but there are always available foreclosure properties, both attached and detached, at any given time in the village.

These offer some great values and are in all price ranges.  When I say there are “approximately” 15 it’s because listing agents don’t always specify a property is a foreclosure, or REO/bank owned.  Sometimes we can tell by the wording used, and a specific MLS search for foreclosures doesn’t bring them all up depending on how the listing agents entered them.

When we search for buyers we search in their price range and with the amenities they need.  If there are Oak Lawn foreclosures in the list then we can go see them.  Buyers have to understand that if it’s a decent home and priced below market value there will probably be multiple offers in today’s active market and the property will likely sell above asking price, especially in the lower price ranges for the village.

If you’re interested in looking at Oak Lawn foreclosures, or any Oak Lawn or southwest suburban property, give The Judy Orr Team a call at 708-536-8200 or use the Contact Form.

Another Oak Lawn home sold and a happy first-time home buyer.  I grew up around 106th & Kenton.  At the time the 2-story my folks had built was considered big – like the McMansions of today.  It was like going back in time when I showed a home on the street I grew up on and it was the exact same style as our home.  I was 10 when we moved to Oak Lawn from Blue Island.  This was a section of Oak Lawn that was prairie land until they started building new subdivisions.  Our subdivsion was one of the last to be built in the area.

These Were Original Owners

It was an estate sale of one of our original neighbors.  They had this home in the family for many years.  My brother played with one of the boys in the house.  Although the kitchen had been redone, the rest of the house was pretty much original condition.

What I found interesting was the fact that this large home (at the time) only had 1 1/2 baths.  One full bath on the upper floor with 4 bedrooms and a half bath downstairs near the back door.  With a family of 5, I don’t remember having to stand in line waiting to use the bathroom.  But this is almost functional obsolescence, having a large house with 4 bedrooms and only 1 full bathroom.

It Wasn’t As Big As I Remembered

This was the largest floorplan in the subdivision.  My father finished the basement himself with a huge L-shaped rec room with a bar and a separate utility/laundry room with a range/oven for summer cooking.  The basement on this house was unfinished and I couldn’t even imagine all the space we had in what appeared to be such a small area.

Everything seemed smaller.  When I lived in my Oak Lawn home that living/dining room combination sure seemed big when I had to vacuum it.  Same with the family room.  These rooms felt dwarfed to me.  I knew the kitchen wasn’t huge as we had our table pushed towards one corner, but it never felt cramped.  The bedrooms appeared small to me and I had two twin beds in my bedroom and so did my brothers.  I couldn’t even imagine my furniture ever fitting, but it did.

I usually have a good eye and can visualize what can be done in a room.  But my faded memories made the true size of this home almost shocking to me.  I guess I’m deluded by all the large homes I show but I show many homes that are smaller.  It was just the jolt of my memory and fact.

The bottom line is, for the single first-time buyer that purchased the home, it is plenty big and he will have a lot of work ahead of him, which is what he wanted.  I hope he invites me over when he’s finished with it.

If you’re interested in looking at Oak Lawn homes for sale give us a call at 708-536-8200.  Our family team lived in Oak Lawn for many years and we know the area.

Another Oak Lawn foreclosure home sold by Judy Orr.  This was a tough one.  My buyer really wanted this home as he had been in it before many years ago as a friend’s parents owned it.  He had an emotional connection to this home.

We placed our first bid

I showed my buyer the history of the listing that conveyed multiple accepted offers that fell apart at some point during the transaction.  This told us that we would most likely be up against multiple offers on the home.

I can’t tell a buyer what they need to offer on a foreclosure.  I do tell them that if there is a good indication that there will be multiple offers then they have to make an offer depending on their motivation for the particular property.  If they love it and don’t want to lose it, they will probably have to offer higher than list price.  If they want to take a chance then offering full price might get them the home, but there is no guarantee.  If they don’t care whether they win or lose the bid then they can offer lower and hope no one offers more.

My client’s loan officer told him what to offer

I was dismayed to hear that my client was listening to his loan officer’s suggestion as to what to offer.  I’m out in the field showing and selling foreclosures almost every day.  The loan officer packages the mortgage application – he does not show or sell any listings, either regular sales, short sales or foreclosures.  He had no business telling my buyer what to offer.  And guess what?  My buyer’s offer was not accepted – because it was too low!  My buyer was upset and realized that he should not have listened to his loan officer.  Remember, he really wanted this house.

We got a second chance

As had happened many times prior, the transaction fell apart with the other buyer.  We had another chance!  This time around, he listened to my counsel and made an offer higher than list price.  And this time his offer was accepted.  We recently closed on it and he and his wife are very happy buyers.

I know buyers get advice from others

I realize that buyers, especially first-time buyers, get advice from friends, family and the news.  In this case, it was a loan officer.  As you can imagine, that loan officer is not on my short list of loan officers I share with buyers.

Although I don’t tell buyers what they should offer, I give them examples of how other buyers have had their foreclosure offers accepted.  Unless your friends, family or others have purchased a foreclosure listing recently, they do not understand the process.

Whether you’re interested in a foreclosure, short sale or regular sale of Oak Lawn homes, give Judy Orr a call at 708-536-8200.

Condos have been hit hard in this economy.  Not only did we sell the unit at 9815 S. Nottingham, Chicago Ridge, IL, but we sold it in 21 days!  We had a good match of our area and price knowledge plus our marketing coupled with a seller who cooperated and formed a great team with us to get the condo sold.

This just goes to show that even in a slow market if you price a property correctly it can sell quickly.  No matter what the current market is, buyers will only pay market value.  If you’re property is priced at or below market value you should get a sale in a decent time frame and at the highest price the market will bear.

If you need to get your property sold give Judy Orr and her team a call at 708-536-8200 or use the contact form.

How did single family Alsip homes compare from 2011 to 2012?

Like many southwest suburbs, there was a double digit increase in the amount of homes sold and in the case of Alsip real estate it was more than a 50% jump.  That’s the good news.  The bad news is that prices continue to decrease.  It’s only a single digit, but it still shows us that the bottom might not have been reached yet.

If you’d like to see all Alsip real estate sales statistics since 2005, just click the link.  You’ll be able to see how the market has changed over the years.

If you’re interested in buying or selling an Alsip home Judy Orr a call at 708-536-8200 or use the Contact Form.

I just closed on an Oak Lawn home where my buyers used the CityLIFT grant and received $15,000 towards the down payment.  The closing was pushed back a couple of weeks because the CityLIFT program is separate from the mortgage (although they both worked together) and there had to be a meeting with the buyer and other paperwork and reviews before the grant was finally approved.  But for $15,000 I think it was worth it!

As I mentioned in a previous blog post about the CityLIFT down payment assistance program, if there is any money left over after the original grant period, they might take other applicants.  I’m not sure if there is already a waiting list or if it will be opened anew.  As far as I know, it is only offered by Wells Fargo and you must remain in the home for at least five years or you have to pay some of the money back.

The following table shows year-to-date sales statistics for single family Oak Lawn homes for 2012.

The good news is that there was a healthy double digit increase in the amount of sales and the decrease is in single digits compared to the double digit price decrease single family Oak Lawn homes saw last year.  It is still unbelievable to me that in 2006 average home prices were $275,210 and in 2012 they have fallen to $156,207.  Prices have decreased steadily since the peak of 2006.  You can see Oak Lawn real estate sales stats since 2005 by clicking the link.

I believe strongly in using single property websites for all of my listings, and I feel the one I used for my own Oak Lawn home helped sell it.  Below is an ad for a listing I’ve posted already but this is to introduce the new single property website for 6438 W. 94th Pl., Oak Lawn IL  60453

Spacious 3 bedroom, 2 bath ranch with beautiful brick family room addition

• Home
• Photos
• Local
• Schools

Judy Orr

Classic Realty Group

708-536-8200

judyorr@gmail.com

Licensed In:
IL

6438 W. 94th Pl.

Oak Lawn, IL

Bedrooms: 3-4

Bathrooms : 2 (2 full)

List Price: $185,000

This home is a fooler, it is larger than it appears from a drive-by. Step into the living room and you’ll notice the hardwood floors. The kitchen has a separate cooking and eating area with lots of cabinets and counter space. All appliances will stay.



This all-brick ranch style home features 3 bedrooms and 2 full bathrooms. There is a huge 15′X30′ brick family room addition with a beautiful stone woodburing fireplace with a gas starter. There is a wet bar and an extra storage closet.



The main level laundry room is spacious with another storage closet. There is also an office that could be used as a 4th bedroom, craft room, den, play room for the kids, etc. Lots of possibilities with this beautiful home that has fresh paint, is neutrally decorated and is in move-in condition.



The school next door is a middle school and does not have recess or outdoor sporting events, so it is a quiet area with activity only in the morning for drop-off and afternoon pick-up during the school year. The school provided a wall between the parking lot and the home. This is a long-term resident – approximately 30 years in this home.



There is a patio out back with a nice sized yard. You can access the 2 car garage via the side driveway.

Features List

• One level living	• 3-4 bedrooms	• 2 1/2 car garage
• Side drive	• Hardwood flooring	• Spacious kitchen
• All appliances stay	• Huge family room	• Stone fireplace
• Wet bar	• 2 full bathrooms	• Brick addition
• Extra storage	• Large laundry room	• Office
• Patio	• Large yard	• Central air
• Gas heat	• Neutral decor	• Move-in condition

Schedule a Showing/Request Info

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We’ve just listed two new condominiums and would like to share our new single property websites with virtual tours we just started using.  We’ve been using single property websites for a long time but we just switched vendors.  Click through each address link to view each listing.

9815 Nottingham, Chicago Ridge, IL  60415 – Only $52,900 for this 2 bedroom, 1 1/2 bath unit with all appliances, including washer & dryer - what a deal!

11109 Spathis, Palos Hills IL  60465 – Located in popular Lagoon in the Hills with beautiful water views, this 2 bedroom, 2 bath unit features a fireplace plus a 2 car attached garage with private laundry.

If you’re interested in either of these units there is contact information on each website.  There are also links to search other properties.

I believe we will be seeing a boon of buyers for Oak Lawn homes during the redemption period for all buyers that were qualified to receive a $15,000 grant from the CityLIFT Program.  There were workshops held October 26th & 27th for those buyers that qualified.

I was working with buyers who were told they would be qualified and they wanted to get a head start.  So we were viewing homes and going back for 2nd showings but they were waiting for the program to kick in to make an offer.  They still seemed undecided and as soon as the end of October arrived and other buyers were out looking with their grant money, homes were starting to sell.  But my buyers were still taking their time.

They wanted to see everything on the market.  One day we saw the best home yet in their price range.   They decided on a 2nd showing at a later date.  When that date arrived, the home was sold.  They were upset and asked about another home we had seen over a month prior – SOLD!  Other homes on their list – all sold.  This gave them a new motivation to start getting serious and they finally made an offer and got their home.

Here is the list of towns available for the CityLIFT grant money:  Bedford Park, Bellwood, Berwyn, Blue Island, Calumet City, Chicago, Chicago Heights, Cicero, Clearing, Country Club Hills, Dolton, Ford Heights, Forest View, Glenwood, Harvey, Hazel Crest, Lansing, Lynwood, Markham, Matteson, Maywood, Oak Lawn, Park Forest, Richton Park, Riverdale, Sauk Village, South Chicago Heights, South Holland, and Stickney.  There are no funds available at this point in time but buyers can check after December 28, 2012, to see if all the grant money was used.

There might be money available after the 28th of December so if you are interested give Judy a call at 708-536-8200.