Vince Romano

Vince Romano
Keller Williams Success Realty
Offices in Algonquin, Barrington, Huntley, and Crystal Lake

(847) 631-0600 
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The Vince Romano Group News

The Vince Romano Group's Short Sales Team
Do you know the difference between a foreclosure and a short sale? Read more about my team and how we can help you! FULL STORY ->
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Renter's Wrongly Assume Home Ownership is a Pipe Dream: Industry Specialists Say "No" Are you currently renting? Do you think home ownership is out of your reach? The Vince Romano Group will gladly assist you in the process from becoming a renter to a home owner! FULL STORY -> 
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From the community
April 26, 2010 at 6:02 p.m.

Vince Romano, RE/MAX Unlimited Northwest realtor, said that many people facing foreclosure these days will fail to take advantage of another option ? a short sale. Some simply are unaware of the opportunity. Others will miss out because they waited too long. The latter situation is often brought on by the cumbersome nature of the process.
To make it easier for more people to turn to a short sale in their time of financial crisis, Romano has teamed with Heritage Title of McHenry, which is offering a streamlined short-sale process. Romano also requently works on short sales with Attorney Carey Schulze of Crystal Lake.
Heritage has a guy who sits at a desk, Romano said. All day long, all he does is negotiate short sales.
Joe Rutkowski, a short sale negotiator, is that guy in McHenry County. Rutkowski said he relieves realtors and attorneys of that responsibility so they can concentrate on their actual jobs.
Romano described a short sale as when a home is worth less than is owed. He said the bank or lender agrees to write off the loss. He added that other fees, usually associated with the sale of real estate transactions, are also waived.
Rutkowski said the homeowner must demonstrate a hardship in terms of making the payments, though he said a hardship is somewhat loosely defined. He described one case where the financial hardship was that a homeowners job required him to move out of the area.
Rutkowski said a bank or lender will not initiate a short sale until all the required forms are submitted. Therein lies the rub.
To obtain a short sale, the homeowner must submit a listing agreement, sales contract, HUD form, buyers pre-qualification letter, financial forms, including income and monthly expense records, the last two years of tax returns, a bank statement for the last 60 days, pay stubs for the last 30 days and a hardship letter.
There are 100 or more pages and, every page, you have to put the loan number on there, he said.
Romano said that, frequently with short sales, banks have homeowners repeatedly submit forms. It can be infuriating and time consuming.
Thats where I come in, Rutkowski said. Once you do a lot of short sales, youre working with the same people ? the same contacts. I know all the forms ? their systems.
By making the process easier for the lender, Rutkowski moves the process along. That can represent a difference of 60 to 120 days as opposed to short sales that take up to a year or more. In turn, that makes life easier for the realtor, the attorneys and, ultimately, for the seller and buyer.
Fred Roediger, the owner of Heritage, said short sales help banks avoid foreclosing on homes. Though the lender will take a loss, its not as much as with a foreclosure.
One of the biggest benefits for the homeowner is in relation to their credit history. This is about getting their credit in better shape sooner, Roediger said. If the house goes to foreclosure, their credit is scarred for seven years. A short sale only affects their credit for two years.
Rutkowski said approximately two thirds of all homes sold in the county these days are sold through short sales. Until two years ago, most people never heard of a short sale, he said.
As Romano put it, people were receiving loans for 100 percent of the value of homes or taking on interest-only loans where they paid none of the principal each month. When the housing market fell, many of these people found their homes upside down in terms of value-to-debt ratio. Until that changes, and the economy picks up, a short sale is a welcome alternative for many distressed homeowners.  
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