Oak Park Short Sale Agent | Oak Park Foreclosure REALTOR | Oak Park Home Buyers & Sellers
KOROLL HALEY | RE/MAX Partners | TEL 708-288-8383
Oak Park, IL Foreclosure update
174 bank owned properties in Oak Park.
294 mortgage defaults (foreclosure pending) in Oak Park.
96 properties were listed in the MLS as Short Sale in Oak Park.
Short Sale Houses in Oak Park.
28 Single Family Homes were listed in the MLS as Short Sale in Oak Park.
Short Sale Condos in Oak Park.
68 Condos/Townhouses were listed in the MLS as Short Sale in Oak Park.
Chicago Foreclosure update
13,706 bank owned properties in Chicago, IL.
19,475 foreclosures pending (mortgage defaults) in Chicago, IL.
Oak Park Real Estate Agent, Oak Park Homes For Sale, Oak Park Short Sale Realty, Oak Park Pre Foreclosure Help.
Related Terms and Definitions:
Short Sale (Pre Foreclosure Workout Solution)
Definition:A Short Sale is a real estate sales transaction contingent upon successful negotiations with the sellers lender(s), lien holder(s), and/or other third parties, to obtain approval to sell the property for less than is owed on the mortgage. The purpose of a short sale is to settle the mortgage with the lender and avoid foreclosure. Generally, a short sale seller should have a legitimate financial hardship (job loss or substantial reduction in income, business failure, divorce/ separation, medical reasons/ health problems, military service, etc..) and does not have enough equity in the property to pay back what is owed on the mortgage, back taxes, and closing costs.
Why is it called a Short Sale? - The proceeds of the sale fall short of the property owners real estate debt obligations (mortgage loans, real estate taxes, real estate commissions, etc..).
Why Banks agree to do Short Sales? Banks agree to do short sales when a short sale makes more financial sense to bank than foreclosure. Short Sales usually sell 10% below the current fair market value. An average loss per foreclosure is 65%. An average loss on a Short Sale is 40%, that is a savings of 25% on average Short Sale versus Foreclosure Sale (REO).
Who pays the sellers closing costs in Short Sales?
The lender. Realtors commissions, sellers attorney legal fees, title insurance, property taxes, are paid by the sellers lender from the proceeds of the short sale, at closing.
What is a HAFA Short Sale?
Definition: Repossession of a real property. A legal process by which the lender forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. In Illinois, a borrower would have to miss at least 3 mortgage payments before the lender can start the foreclosure. The foreclosure process takes at least 7 months to complete, in most cases longer.
Definition: Real Estate Owned. Refers to Bank or Corporate owned property aquired through foreclosure. If a property does not sell at the sheriff sale (auction), it converts back to the lender and becomes an REO (bank owned).
Definition: Broker Price Opinion. Lenders order BPO or property appraisals in order to establish FMV (Fair Market Value).
Over 150 Properties SOLD
KOROLL HALEY - REALTOR
Oak Park Resident
TEL (708) 288-8383
Short Sale Foreclosure Home Buyers Expert
Free Market Evaluation or Search MLS (click images below)
Oak Park, Illinois official website: www.oak-park.us
Oak Park, Illinois (from Wikipedia)
Oak Park, Illinois is a suburb bordering the west side of the city of Chicago in Cook County, Illinois, United States. It is the twenty-fifth largest municipality in Illinois. Oak Park has easy access to downtown Chicago (the Chicago Loop) due to public transportation such as the Chicago L Blue and Green lines, CTA buses, and Metra commuter rail. As of the 2000 census, the area had a total population of 52,524. A census estimate for 2003 showed that the population had dipped to 50,824.
OAK PARK DEMOGRAPHICS
As of the census of 2000, there were 52,524 people, 23,079 households, and 12,970 families residing in the village. According to a 2007 estimate, the median income for a household in the village was $74,614, and the median income for a family was $103,840. The per capita income for the village was $36,340. Oak Park has a long history of encouraging and maintaining racial and ethnic diversity, much of which was started in conjunction with the 1966 Chicago Open Housing Movement. The village operates a Diversity Assurance Program within its housing programs department to ensure a stable, diverse, and integrated population. Years ago, Oak Park eliminated the use of "For Sale" signs in front of houses, widely considered one of the keys of success to maintaining the high diversity. However, this law was declared unconstitutional, being overturned by the Supreme Court 1977 decision in the Linmark Associates, Inc. v. Willingboro case.
OAK PARK HISTORY
In 1837, Joseph Kettlestrings purchased 172 acres of land just west of Chicago. By 1850, the Galena and Chicago Union Railroad was constructed as far as Elgin, Illinois, and passed through what would later become Oak Park. In the 1850s the land on which Oak Park sits was part of the new Chicago suburb of Cicero, Illinois. The population of the area boomed during the 1870s, with Chicago residents resettling in Cicero following the Great Chicago Fire of 1871.
The Village of Oak Park was formally established in 1902, disengaging from Cicero following a referendum.
Oak Park has had a history of alcohol prohibition. From the time of its incorporation, no alcohol was allowed to be sold within its village limits. But this law was relaxed in 1973, when restaurants and hotels were allowed to serve alcohol, and was further loosened in 2002, when select grocery stores received governmental permission to sell packaged liquor.
Oak Park expansive homes, parks and an excellent school system have continued to bring in residents and tourists from all around the world. Recently, Oak Park demographics have shifted from long-term, more conservative residents, to younger, urban, more liberal residents. The division between old and new residents was demonstrated by a formal survey of residents taken in 2004, which found that more than half of its current residents had lived in Oak Park for less than ten years, and one-third had lived in the village fewer than five.
The village has attempted to balance historic preservation and economic development. For example, a pedestrian mall on Marion Street in the center of the village was opened to traffic, using brick pavers similar to the original early 20th century street and bluestone sidewalks, intended to highlight the historic character of the area. Even the lighting fixtures were chosen to evoke the look of streetlights that lined the street in the 1920s. The effort to remove the mall from downtown Oak Park has won acclaim throughout the region from urban planners and preservationists alike.
Oak Park is a popular tourist destination in the Chicago area, as many come to view the many Frank Lloyd Wright buildings found throughout the village. The largest collection of Wright-designed residential properties in the world is in Oak Park. Other attractions include Ernest Hemingway birthplace home and his boyhood home, the Ernest Hemingway Museum, and the three Oak Park homes of Tarzan creator Edgar Rice Burroughs.
Oak Park is known in the Chicago area and throughout Illinois for its Oak Park River Forest High School, which is also the public high school for the bordering village of River Forest. A comprehensive college preparatory school, OPRF has had a long history of not only turning out alumni who have made contributions in a wide variety of fields, but have consistently been eminently notable in their fields. Among these many contributors with which the school is associated are Pulitizer Prize winning author Ernest Hemingway, football hall-of-famer George Trafton, McDonalds founder Ray Kroc, city planner Walter Burley Griffin, comedian Kathy Griffin, and the voice of iconic cartoon character Homer Simpson, Dan Castellaneta.
OAK PARK GEOGRAPHY
Oak Park is located immediately west of the city of Chicago. The boundary between the two municipalities is Austin Boulevard on the east side of Oak Park and North Avenue on the villages north side. Oak Park also borders Cicero along its southern border, Roosevelt Road, from Austin to Lombard; and Berwyn from Lombard to Harlem. Harlem also serves as its western border, where between Roosevelt and South Blvd, it borders Forest Park and between North Blvd and North Ave to the west it borders River Forest.
The entire village of Oak Park lies on the shore of ancient Lake Chicago, which covered most of the city of Chicago during the last Ice Age and is today called Lake Michigan. Ridgeland Avenue in eastern Oak Park marks the shoreline of the lake, and was once an actual ridge. One of North America four continental divides runs through Oak Park. This divide, a slight rise running north-south through the village, separates the St. Lawrence River watershed from the Mississippi River watershed, and is marked by a plaque on Lake Street at Forest Avenue.
According to the United States Census Bureau, the village has a total area of 4.7 square miles (12.2 km?). None of it is covered by water.
OAK PARK NEIGHBORHOODS
Though located within a small geographical area, the village of Oak Park contains several distinct neighborhoods. Some regions of northern Oak Park, commonly defined as being north of Lake Street, contain such areas as the historical Frank Lloyd Wright District. Various mansions are found in northern Oak Park, especially along tree-lined Chicago Avenue, East Avenue, and north Oak Park Avenue. The area between Lake Street and Madison Street, or the mid section of Oak Park, is home to various architectural styles, with 19th-century Victorian mansions located beside smaller homes of the post-World War 2 era. Southern Oak Park, south of Madison Street, contains the Seward Gunderson Historic District, and some of the first homes in the area from the 1900s. Some people characterize Oak Park as both middle-upper and upper class.
There are several business districts within Oak Park, such as the Harrison Street Arts District along the I-290 expressway and Chicago Avenue at Harlem, but some consider downtown Oak Park as the main business district, bordered at the west by Harlem Avenue, at the east with Oak Park Avenue/Euclid Avenue, south by South Boulevard/Pleasant Street, and north by Ontario Street. However, there is a growing vacancy rate within downtown Oak Park. Some of the independent, "mom-and-pop" stores have moved out, making room for brand-name chain stores such as Cold Stone Creamery and Starbucks. There has been a great deal of heated discussion and debate within the village as to the cause of these vacancies and the solution to ending this problem. In the past several months a number of those vacant store fronts have been occupied.
OAK PARK EDUCATION
The public primary schools (Lincoln, Mann, Longfellow, Beye, Holmes, Whittier, Irving, and Hatch) and the middle schools, Percy Julian Middle School (formerly Nathaniel Hawthorne), and Gwendolyn Brooks Middle School (formerly Ralph Waldo Emerson), are operated by the Oak Park Elementary School District. These schools are part of educational District 97, which just approved its strategic plan for the next six years.
Oak Park is the home of two high schools: Oak Park and River Forest High School (also known as OPRF), the sole school in educational District 200, and Fenwick High School. OPRF is a public school which is jointly run by Oak Park and neighboring village River Forest, and Fenwick High School is a Catholic college preparatory school run by the Dominicans. Both high schools have a long history of high academic standards. OPRF, for example, bestows an award upon select, distinguished alumni (the Tradition of Excellence Award), including Ernest Hemingway, Ray Kroc, Dan Castellaneta, football Hall-of-Famer George Trafton, actress Mary Elizabeth Mastrantonio, and astronomer Chad Trujillo. OPRF is also one of the few high schools in the country, and one of seven in Illinois, with the ability to induct students into the Cum Laude Society. The high school is also known for its highly antiquated graduation dress code, which requires males to wear dark suits and females to wear white dresses, as opposed to the typical caps and gowns worn at most graduation ceremonies. This has caused much debate within the school over the past few decades, and many see it as undermining OPRF liberal, seemingly open-minded culture. Fenwicks notable alumni include Heisman winner Johnny Lattner, Pulitzer winner Philip Caputo, former Sears CEO Edward Brennan, Illinois Governor Pat Quinn, Sun-Times general manager John Barron, Procter & Gamble CEO A. G. Lafley and notable professionals in the NBA, such as Corey Maggette, as well as NFL and NHL players.
OAK PARK ARCHITECTURE
Frank Lloyd Wright spent the first 20 years of his 70-year career in Oak Park, building numerous homes in the community, including his own. He lived and worked in the area between 1889 and 1909. One can find Wrights earliest work here, like the Winslow House in neighboring River Forest, Illinois. There are also examples of the first prairie-style houses in Oak Park. He also designed Unity Temple, a Unitarian church, which was built between 1905 and 1908. There were several well-known architects and artists that worked in Wright Oak Park Studio, including Richard Bock, William Eugene Drummond, Marion Mahony Griffin, and Walter Burley Griffin. Many buildings in Oak Park were built by other Prairie School architects such as George W. Maher, John Van Bergen, and E.E. Roberts. Additionally, there are various architectural styles of the late 19th and early 20th centuries located throughout the town, including the Seward Gunderson Historic District.
Koroll Haley - Oak Park Real Estate Agent, Oak Park Homes For Sale, Oak Park Houses For Sale, Oak Park Condos For Sale, Oak Park Short Sale Realtor, Oak Park Short Sell and Pre Foreclosure Help.