On May 14, 2009, the Obama Administration announced its Foreclosure Alternatives Program (FAP) providing incentives and uniform procedures for short sales and deeds-in-lieu of foreclosure under the Making Home Affordable Program.

Eligible borrowers are those who meet minimum requirements under the Home Affordable Modification Program but do not qualify for a modification or do not maintain payments under a modified loan. Under FAP, servicers, borrowers (homeowners losing their homes), and second lien holders may qualify for incentive payments. Other program features include standardized documentation, valuation based on either appraisals or broker price opinions (BPOs), timelines, and limits on commission reductions. The program terminates at the end of 2012. 

Short sales occur when a bank agrees to let homeowners who have fallen behind on their mortgage to sell their home for less than they owe on their mortgage. Visit www.treasury.gov for detailed information on the program changes.

The Making Home Affordable Program is designed to help homeowners obtain modifications to their loan so they can afford to stay in their home. Where a modification is not possible, new incentives encourage the “quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” according to U.S. Treasury Secretary Timothy Geithner. FAP fact sheet.

 Today’s Closed Properties
314 Callan #1E – Evanston – $79,000 (foreclosure)
1748 Grey – Evanston – $142,000 (foreclosure)
1506 Greenwood – Evanston – $185,000
2141 Ridge #2C – Evanston – $200,500
1230 Western #208 – Lake Forest – $215,000
1717 Greenwood – Evanston – $203,580 (foreclosure)
512 Lee #2S – Evanston – $280,000
900 Chicago #311 – Evanston – $300,000
9243 Crawford – Evanston – $315,000
332 Skokie Valley – Highland Park – $320,000
920 Madison – Evanston – $415,000 (short sale)
2201 Forestview – Evanston – $565,000
226 Aspen – Highland Park – $640,000 (short sale)
3211 Wilmette – Wilmette – $656,000
315 Weatherford – Lake Bluff – $703,000
385 Deere Park – Highland Park – $775,000

Contract Pending – (list price=LP)
1111 Darrow – Evanston – $64,900 LP
2106 Keeney – Evanston – $109,900 LP
1426 Fowler – Evanston – $134,900 LP
1101 Green Bay – Highland Park – $180,000 LP
209 Dodge – Evanston – $229,900 LP
800 Elgin #713 – Evanston – $249,900 LP
929 Elmwood – Evanston – $465,000 LP
1601 Seward – Evanston – $495,000 LP
1107 Tower – Winnetka – $549,000 LP
510 Beverly – Lake Forest – $775,000 LP
1291 Estate – Lake Forest – $$895,000 LP
1491 Asbury – Winnetka – $999,990 LP
708 Apple Tree – Glencoe – $1,000,000 LP
1426 Asbury – Winnetka – $1,395,000 LP
2744 Sheridan – Highland Park – $1,750,000 LP
1025 Eastwood – Glencoe – $2,599,000 LP
327 Leicester – Kenilworth – $2,795,000 LP
Based on information from Midwest Real Estate Data for the period May 19, 2009 through May 23, 2009. Listing and solds by various Participants of MRED

For more real estate information, please call me at 847-512-2724 or email me at TPareti@rubloff.com

Under a new state Notary Public Act, any Cook County deed transfer must include the thumbprint of the seller on a notarial record. The new thumbprint law, a three-year pilot project, will go into effect June 1, 2009.

The notary will be required to keep the thumbprint record for seven years. The purpose of the law is to prevent real estate fraud.

According to the law, sellers can be charged up to $25 to cover fingerprint processing costs.

There has been some criticism of the law.  

• Attorneys won’t notarize deeds anymore because they don’t want the liability of keeping the thumbprints for seven years.
• Sellers would be forced to attend closings.
• Title companies would charge to create and store the record.
• Many homeowners do not have fingerprints on file anywhere so there would be no way to check for accuracy.

Today’s Closed Properties
1590 Clavey – Highland Park – $182,000 (short sale)
336 Onwentsia - Lake Forest – $860,000
Based on information from Midwest Real Estate Data for the period March 13, 2009 through March 14, 2009. Listing and solds by various Participants of MRED

For more real estate information, please call me at 847-512-2724 or email me at TPareti@rubloff.com

In a belt-tightening effort, the Chicago Transit Authority (CTA) is unloading its vast real estate portfolio, including property in Evanston.

The CTA is selling a single-story brick building at 1210 W. Chancellor, just across the street from Peter Jans Golf Course. The 1,820 square- foot building was used once as a storage facility but now sits vacant at the corner of Chancellor St. and Bryant Ave. The building is located two blocks east of Northwestern’s Jack Ryan Stadium and two blocks west of the CTA purple line Central stop.

The land is zoned R5 general residential, and has 4,966 square feet.  CTA is taking bids for the property – it is not listed in the Multiple Listing Service. For more information, call 866-323-0640 or go to ctarealstate.com.

The CTA is also taking bids to lease three vacant retail stores at the Central Street stop, near Evanston Hospital. Each retail space is approximately 1,000 square-feet. CTA estimates there are 281,000 riders annually at the station.

The addresses are 1022, 1024 and 1026 Central Avenue.  CTA is also selling about a dozen buildings located along CTA lines in Chicago.

Today’s Closed Properties
1817 Grey -  Evanston -  $170,000 (foreclosure)
5343 Harvard -  Skokie -  $485,000 
8637 Keeler – Skokie -  $719,,000 (foreclosure)
1087 Oak Ridge – Glencoe  -  $989,000
2707 Hawthorne -  Wilmette - $1,160,000  
645 Maple – Winnetka -  $1,485,000
Based on information from Midwest Real Estate Data for the period March 3, 2009 through March 4, 2009. Listing and solds by various Participants of MRED

For more real estate information, please call me at 847-512-2724 or email me at TPareti@rubloff.com

   I’m happy to announce that I have just earned the National Association of Realtor’s Green agent certification. The certification compliments my EcoBroker designation.  Both the NAR’s Green agent and EcoBroker certification programs trained me to become more familiar with issues and trends relating to energy efficiency, solar energy, indoor air quality, water quality, radon and green building programs.

 As a certified Green real estate professional, I can separate the facts from the fiction. My specialized training in  Green—through the EcoBroker and NAR’s Green Designation Courses— makes me uniquely qualified to provide you with real Green knowledge, not just lip service. I am uniquely positioned to market Green homes. I understand the benefits of energy-efficient and environmental features in homes, such as the homes you build, and can communicate the value of these features to prospective buyers.

Today’s Closed Properties
2021 Lake #2021 – Wilmette -  $310,000
Based on information from Midwest Real Estate Data for the period Feb. 6, 2009 through Feb. 9, 2009. Listing and solds by various Participants of MRED

For more real estate information, please call me at 847-512-2724 or email me at TPareti@rubloff.com