May
08

New Short Sales Resource Center to Help Chicagoland Homeowners & Investors

May 08, 2012

ADPR LogoA new educational center will address the needs of Chicago’s real estate investors and homeowners eager to take part in the upcoming guideline expansion to the Home Affordable Foreclosure Alternative (HAFA) program.

The Accredited Distressed Property Representative (ADPR) Short Sale Resource Center is the brainchild of Marki Lemons, the #1 short sales trainer and workshop leader in North America. Lemons has trained over 14,000 REALTORS on the ins and outs of short sales and foreclosures.

The ADPR Resource Center is located on the fourth floor of 716 East 47th Street Chicago, IL 60653.

“Our facility has always been open to the public,” explained Marki Lemons in an email to Chicagolandrealestateforum. “With the changes to the HAFA guidelines, our goal is now expanded to use the space as a resource center to discuss all options we would normally explore on a listing appointment, but allow people to schedule meetings to come in and meet one on one with an agent in our office who has had additional short sales education through the ADPR, CDPE, SFR, and/or HAFA classes on short sales.”

Short sales have become a rising trend in Chicago real estate. In the last quarter of 2011, short sales showed a 28.9 percent increase over a year earlier in the Chicagoland area. Short sales, as a whole, accounted for 10 percent of all homes sold during the fourth quarter of 2011.

One of the reasons for the spike in short sales is the amount of time a property sits on the market compared to foreclosures. Short sales take an average of 308 days to complete compared to a year or much longer to complete a foreclosure sale.

The Obama administration in 2009 introduced the Making Homes Affordable (MFA) program designed to help struggling homeowners. In 2010 HAFA was created to aid non- Fannie Mae and Freddie Mac loans. On June 1, 2012,  HAFA will apply changes intended to help homeowners with a focus on investors in 1-4 unit residential properties.

Some of the new changes include:

  • A new deadline of December 31, 2013.
  • Relocation assistance of $3,000 to homeowner or tenant occupied properties.
  • Secondary lienholders can now receive up to $8,500.
  • No owner occupant requirement.

These new guidelines take a weight off the shoulders of investors who previously would be liable for a deficiency judgment, tenant relocation issues, and negative credit after conducting a short sale.

On June 16, the ADPR Resource Center will host two community events ( Winning with Foreclosures & EXIT Gracefully) in conjunction with Chase, Citywide Title and Repositioning The Dream.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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