Rockin’ Jimmy Herter is an Oak Lawn resident that started on his musical journey at the age of 10 when he won many awards for playing the saxophone.  He won’t be bringing the sax to Prime Time this coming Saturday, March 13th, but he will be playing his guitar and singing a variety of songs (around 4 hours worth).

One of Jimmy’s first bands was called The Invaders.  He is now in a popular 60’s British Invasion band called The New Invaders.  He is hoping some of his great fans will take a trip to Hickory Hills to catch him in his first solo act in a few years.

Prime Time Restaurant is one of my favorite southland restaurants that recently opened at 7750 W. 95th St., Hickory Hills, IL  60457.  The phone number is 708-599-2333.

Prime Time Restaurant features a wonderful bar/lounge area and comfortable dining rooms.  They offer soup, salads, sandwiches and dinners at reasonable prices.

Jimmy hopes you can make it.

Detached Single Family Alsip Homes Sold

# of Houses Sold |  % Change  |  Average Sale Price  |  % Change
2009     |   2008    |                     |     2009      |  2008

98            75               30.7%           $149,713   $181,471      -17.5%

Attached Alsip Condos and Townhomes Sold

Attached single family is the combination of Alsip condos, townhomes, duplexes, etc.
# of Properties Sold |  % Change  |  Average Sale Price  |  % Change
2009     |   2008        |                     |    2009      |   2008

43              50              -14%           $112,516     $125,285        -10.2%

There was one increase in statistics for the amount of Alsip homes sold in 2009.  The average sale price decreased.  Alsip condos and townhomes fared worse with decreases in the amount of Alsip condos and townhomes sold and the average sales price.

To view sales statistics starting from 2005, click Alsip Real Estate Sales Statistics.

Detached Single Family Oak Lawn Homes Sold

# of Houses Sold |  % Change  |  Average Sale Price  |  % Change
2009     |   2008    |                     |     2009      |  2008

313            268           16.8%        $237,064   $196,518       -17.1%

Attached Oak Lawn Condos/Townhomes Sold

Attached single family is the combination of Oak Lawn condos, townhomes, duplexes, etc.
# of Houses Sold |  % Change  |  Average Sale Price  |  % Change
2009     |   2008    |                     |    2009      |   2008

143            175           -18.3%         $113,013   $142,449        -20.4%

Everything is down with the exception of single family Oak Lawn homes.  Prices are down across the board and I can’t believe what I’m seeing.  The average sale price of an Oak Lawn home is now under $200,000!  We haven’t seen figures like these in many years.

Many sellers will not accept these facts and continue marketing their properties at boom prices.  A home will sell in any market if it is priced right for the current market.  If you need to sell because you’ve lost a job or have financial problems then you might consider a short sale.  Just because you owe a certain amount of money on your mortgage does not mean you can get that price in today’s declining market.

You also have to consider the amount of Oak Lawn foreclosures competing against you.  Sure, some of them are fixer uppers, but not all of them.  There are some great Oak Lawn foreclosures and some just require cosmetic updating - well worth it for the low prices, even if you have to hire someone to do the work.

For past Oak Lawn real estate sales statistics starting from 2005, click the link. The data above was provided by the Northern IL MLS and our Mainstreet Board of REALTORS.  If you’re interested in selling or buying an Oak Lawn home give Judy Orr a call at 708-536-8200 or fill out my Contact Form.

There was a period where I didn’t go to the dentist at all (in my 20’s).  When I got pregnant with my first child I had a toothache, followed by another.  I didn’t know where to go and a friend suggested a dentist in Oak Lawn.  He worked on four molars that were very bad and I swear he came at me with the Novocaine shot like a knife.  The pain was so bad I shook when I had an appointment and I was crying and complaining to my husband, who told me to visit his dentist, Dr. Antonacci from Hometown Dental.

What a difference!  He used a cotton thingy to numb my gums before the Novocaine shot.  He had a great personality.  I ended up getting a lot of dental work and finally made my twice a year appointments.

I was as happy as I could be regarding a dentist.  And then he retired (either he looks very young or retired early).  I was depressed.  Now I’d have to start over again.  I stopped going because although he had a replacement I didn’t want to try a new dentist again.

And then I must have had a problem and ended up setting an appointment with Dr. Pappas.  Wish I hadn’t waited!   He’s youngand fun and knows his stuff (he’s not too young, he’s married with four young sons).  Because I once again had work done with crowns and a cavity, I got to know him as there was a time I was getting work done where I had to come back every week for a while.

My husband used to live in Orland Park so he kept his Orland Park dentist.  I kept trying to get him to switch to Dr. Pappas of Hometown Dental Care.  Then I got a glimpse of Dr. Pappas’ new partner, Mischa J. Ivetich, DDS.  I knew hubby would like her and I told him about her to lure him to make the switch.

He made his first appointment and when he returned home he said, “You told me she’s a 10.”  I said, “I think she’s pretty.”  He replied, “She’s an 11!”  Needless to say, she is now his dentist.  I always request Angie to do my cleanings.

So if you’re looking for a great dentist call Hometown Dental care at 708-424-8110.  They are located at 4084 Southwest Highway, Hometown, IL  60456

I am working with a cash buyer so have been privy to viewing some Oak Lawn foreclosure homes. The prices range in the high $120,000’s.  He has placed several offers on these Oak Lawn homes and has been met with multiple offers on most. We finally had one of his offers accepted and he is now deciding whether he wants to continue on with the purchase after the home inspection.

Some buyers don’t realize that you get the inspection option even with a foreclosed property. They are usually all sold in “as-is condition” but if an inspection shows major repairs that you don’t feel you can afford to fix, then this is your chance to cancel the contract. You also have the typical attorney review.

With foreclosures, you write up a regular purchase contract but that will be followed by addendums from the mortgage holder. I once had an Oak Lawn condo with some lengthy addendums and my buyer’s attorney told him he had never seen such addendums before. My buyer walked away from that one but found an even better Oak Lawn condominium and signed those addendums.

I am waiting for an answer regarding another offer I sent in last week for another Oak Lawn home in foreclosure. I have requested that the listing agent notify me of receipt of the offer but I haven’t heard anything back from him.

I’ve dealt with many different reo/foreclosure agents/brokerages and some are very good with communicating, but for the most part I’ve had a difficult time. With my current accepted buyer’s contract, we received the signed contract more than 2 weeks after it was accepted by the mortgage holder. It threw all dates off and we’ve asked for an extension. The listing brokerage claims they never received a copy of the signed contract but they’ve already made a couple mistakes and they never, ever call me back even though they tell me they will.

A lot of these reo brokerages have popped up within the past couple of years. Some have good systems, others don’t. I was surprised that I haven’t heard anything back from the offer I recently submitted because this agent isn’t in one of these little, independent reo brokerages. He works for a popular franchise, so I thought he’d be a bit more forthcoming. Yet he cannot even acknowledge that he received the offer.

This lack of communication from these foreclosure/reo companies makes us all look bad. My buyer clients can’t understand why we can’t find things out or get proper paperwork. Some of these buyers have called the listing brokerages themselves and then they understand what I’m up against as they couldn’t get an answer either.

But that just shows that they felt they needed to go over my head because I wasn’t getting them the information they needed. That makes me look bad, especially when I’m constantly repeating over and over that I’ve called again today and they said this and that…

In fact, I’m going to call the listing agent of the most recent Oak Lawn foreclosure home after I’m finished with this post. It’s too bad we have to keep bugging these agents and it wastes everyone’s time when all they have to do is shoot off a quick e-mail or make a quick call. In my opinion, if they can’t do these simple tasks they shouldn’t handle these kinds of listings.

If you’re looking for a foreclosure home in Oak Lawn or any other southwest suburb, give Judy Orr a call at 708-536-8200 or use the Contact Form.

I am now with Classic Realty Group but work mainly out of my home office in Oak Lawn.  I grew up in Oak Lawn, as did my husband, and we’re still here.

I love the fact that we can walk to the train (it’s great for downtown closings), Starbucks, Freshline and more.  I love how Oak Lawn keeps reinventing itself and is able to attract new vendors and restaurants.

Oak Lawn still offers a great location being the closest southwest suburb to downtown Chicago and capitalized on that by building three higher-end condominium complexes near the newer train station.  I had to get a medical test done and it was great having Christ Hospital about 5 minutes away.  I’m a city girl and love having everything close, including the I-294 access another 5 minutes away (depending on the traffic back-up).

With everything the village has to offer you can still get more for your money with Oak Lawn real estate.  The average Oak Lawn homes price in 2008 was $237,064 compared to $271,028 in Tinley Park and $380,829 in Orland Park.  2009 prices will probably be lower in all 3 villages but I think they will reflect the same trend.

If you’re thinking of buying or selling Oak Lawn real estate give your local neighbor, Judy Orr, a call at 708-536-8200.  Judy lives, shops and works in Oak Lawn and knows the village.  Fill out the Automated Home Finder form to get listings sent directly to your e-mail from the MLS or just do your own Oak Lawn MLS search.

We went on one of the first days of opening.  Although our order got a little goofed up, they fixed it and the food was good.  At Prime Time you can order your slab of prime rib and have it spiced up and thrown on a grill!  It is very tasty and I’m not a lover of prime rib.

But there’s much more than prime rib.  There is a selection of appetizers, salads, soups, sandwiches and entrees.  We’ve been there a few times and ended up there on Sweetest Day where they offered Chocolate Covered Cherry Martinis for $5.00 (and they tasted just like the name) and one of the specials was Surf and Turf for $29.00.  I wasn’t expecting much for that price but the filet mignon was delicious and the lobster tail was larger than anticipated.  I’ve been happy every time we’ve eaten there.

It has a nice ambiance with a sharp yet comfortable bar area in front and the dining room behind it.  It reminds me of a restaurant that would be in Orland Park or Oak Brook or even downtown.  It is nice inside without being pretentious so we’ve always felt comfortable.

We’re so happy to have a bit of a higher end restaurant that isn’t too expensive yet is nice and new and enjoyable.  This has become our favorite local restaurant and we’ll be planning on going back again and again.  We’d love it to be successful as so many places are closing down in today’s economy.  So please give it a try.

Prime Time Restaurant is located at 7750 West 95th Street, Hickory Hills, IL 60457
Phone number - (708) 599-2333

This particular short sale was even more of a challenge because there were two mortgages, but at least they were both with the same bank.  I still had to go through two different departments to pull it all together.

Short sales are not short

Although 3 months might seem like a long time for a buyer to wait for an answer from the bank, that is actually a rather quick turnover for a short sale approval, especially when there were two mortgages to consider.  I have heard of short sales taking 6, 9 months, a year and longer.  And that doesn’t mean to get to closing - that is just to get the approval or a “No.”

It’s interesting that I have had success with my short sale listings when more than half do not get approved.  And my time frame is around 3 months to get them to closing.

The process

There is a proper way to create the short sale package and it’s different for each bank.  The first thing is that the seller must contact the bank and explain their situation.  The bank will tell them what they need to do and should send them the short sale package, or at least a sheet explaining what is needed.  The seller has to create a “hardship letter” to explain their situation and the reason for requesting a short sale.  In other words, if you’re upset because your home isn’t worth what you paid for it but you’re still able to make the mortgage payments, you will not be approved for a short sale.

Once they give you a verbal go-ahead, you can list your home and you must list it at a price you think the bank will accept (could be anywhere from 10% to 20% of the appraised value of the property - it is a guestimate with each different bank).  You need to price your home low enough to get activity (many buyers steer away from short sales because of the timing issue so you need to make the price tantalizing enough to get them to at least look).

Some agents price the home way too low in the hopes of getting multiple offers and creating a bidding war.  They figure buyers will bid over asking price and hopefully the bank will accept the highest bid.  Unlike foreclosures, the seller can only accept one offer and once the offer is accepted by the seller it is then sent on to the bank along with other required paperwork to get the bank’s approval.  And that’s when the wait starts.

Some listing agents just sit and wait, I am very pro-active when it comes to short sales

Many inexperienced agents fax in the offer and the required paperwork and sit back and hope and wait for a return phone call or e-mail or fax with an approval letter.  I can’t tell you how many times I had to fax and re-fax the paperwork as it was constantly lost.

When I called I was usually transferred around many times.  I would finally get someone in the correct department only to be told they never received the contract.  Of course, I had proof it was successfully sent but that didn’t matter.  I kept a list of the date I called, who I spoke to and what was said.  Most of the time it was the same thing, “We don’t have the contract.”

What happens in the beginning is that they need to find the person who is going to handle the file.  That seems to take a month or more and that’s when I think the multiple faxes just get put in a pile, waiting to be disbursed.  I was told by one of these processors that if he worked 24/7 he still couldn’t get through all of the files on his desk.

I’ve heard stories of rude bank personnel and I have to say I’ve been lucky.  Everyone I’ve spoken to has tried to be helpful and friendly.  Of course, I am very friendly to them.

During all of these calls, I finally spoke to a wonderful gentleman who told me they had indeed received all of the necessary paperwork and were just waiting to assign it to a particular processor.  Of course, after I spoke to him I got other people who insisted they still didn’t receive the paperwork.  Oh well, try again another day.

Once it was finally assigned to a processor there was e-mail communication and I worked quickly to get all of the other paperwork needed to continue with the processing.  Handling the 2nd mortgage was much quicker.  It seemed like we were assigned someone to handle the file very quickly (once I found out that a different department handled the 2nd mortgage).

There were still timing glitches between the two mortgages and it was nail biting trying to coordinate the closing.  We were actually told by the first mortgage that the file would be closed since we didn’t close by the time specified, which was impossible since the 2nd mortgage hadn’t been approved yet.

A letter from the seller’s attorney helped keep that file open and we finally closed!  Of course, the buyer had to be very patient during the entire process and I did keep communication up with the selling agent.

A happy ending

The seller was able to get her home sold without having to foreclose.  The buyer got a beautiful home for a very low price - lower than what I would have considered market value to be.  The home was in very good condition.

Short sales aren’t for everyone

Another thing I had to do during the short sale was help the seller through her roller coaster emotions.  The wait was as frustrating for her as the buyer.  At times she was ready to just walk away and let it foreclose.  Other times she was calm and realized that this was what she needed to do.

Many sellers go through the same thing and some become uncooperative.  This reason, along with the time frame and the constant follow-up needed with the bank and everyone involved with the transaction makes many agents shy away from either listing or selling short sale properties.

But not me!  So if you’re having financial troubles and are thinking about ways to get out of your mortgage debt just give me a call at 708-536-8200 or use the contact form.

I enjoy being able to walk since it’s so close.  But I’ve never been crazy about their food.  However, I do have to admit that with their ever changing menu I’ve been finding some good stuff.  I enjoyed their version of “sliders” and I had a beef stroganoff the other day that I finished (I usually take half home).  It was on the smaller portion section of the menu so I didn’t feel too guilty, although I still could have taken half home.  But it was so good I couldn’t stop eating it.

There were a few other items on the menu that I’d like to try so we’ll definitely be going back soon.  We are located near the downtown area of Oak Lawn and I love the fact that we can walk to many of the restaurants and other establishments.  If we ever move, I’ll really miss our convenient location.

If you’d like to search for Oak Lawn homes for sale, click the link which will take you to the Oak Lawn MLS search.  Or give me a call at 708-536-8200.

Prices start at $82,500 for a 2 bedroom, 1 bath ranch style home all the way up to $625,000 for a 3 bedroom, 2 bath home that was built in 1962.  I have to say, I do not see this particular home being worth that kind of money and thought it was a typo but it’s been on the market for 15 days.

It is a split level style home and although the photos look nice, I still can’t believe the price tag!  Almost sounds like someone put it on the market that doesn’t really want to sell.  I do notice it is listed with an out-of-area brokerage so maybe they really don’t know the values here since they’re located in Hinsdale.

Hinsdale is a very high priced area so maybe the listing agent has those high prices in her head, but that doesn’t mean you can bring Hinsdale pricing to Oak Lawn!  I did not expect to see such a ridiculously priced listing when I began writing this post.

In fact, the more I study the photos and description, this split has old fashioned patterned mirrors in what appears to be the living room and/or dining room.  So it’s not as if it’s lavishly updated.  It does list some updates but nothing that would justify that price.

I cannot see this home getting any showings, let alone offers.  As a resident of Oak Lawn, this home might be in the $300,000 price range (and might be lower in today’s slow buyer’s market).  Again, this is sight unseen and I might be missing something valuable, but I don’t know where I’m missing what could be more than $300,000 of value!

This just goes to show that sometimes a local agent should be used to get a home sold.  We know the values in our area.  This listing will sit on the market for a very long time at this price, and I truly feel this is a travesty for the sellers.

Of course, the sellers could have demanded this price but I wouldn’t take such an overpriced listing.  Was a Comparable Market Analysis done?  All I keep thinking is that it’s a typo/mistake and no one caught it yet.

I’m so dumbfounded I checked the listing agent’s inventory and she does have 10 properties (in different statuses) over $1,000,000 so she’s used to higher prices than we deal with in Oak Lawn, IL.  I did a quick search for similar homes in the area and the next highest priced home was a 3 bedroom, 2 1/2 bath quad level priced at $384,900.

Oh well, I’ve got to get over whether it’s a simple typo or sellers (and possibly an agent) with their heads in the clouds.  As I said, they’ll be lucky to get a showing at that price.  Unbelievable!

If you’re considering living in Oak Lawn, Illinois, give Judy Orr a call at 708-536-8200.  As you can see, there is a price range for everyone and I can find you something in your price range and with the amenities you desire.  If you’re selling an Oak Lawn home, please allow me to create a Comparative Market Analysis for you.  I have been working this entire week with Oak Lawn buyers and your home might be perfect for them.  You can always use my contact form if you have any questions.