Increase in the Number of Real Estate Contracts, but Closings Difficult

sudler-sothebys-logo16 June 2009 ? Over the last 60 days we have seen an increase in contracts, but it is becoming a roller coaster ride until closing. As we reach mid-month we are seeing the greatest impact on our clients as a result in the ever changing loan modifications, especially jumbo loans ($417,000 and higher in the Chicago market) resulting in an increasing amount of delayed closings and contracts falling through all together. Realtors® should prepare their buyers and sellers for the ups, downs, and longer time frames of the mortgage contingency process. This is occurring with even the most qualified of buyers. The best thing to do is be patient and work through the issues as they arise with the lender, the buyer, and seller?s attorneys to get to the closing.

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About Andrea Geller

Andrea Geller, Realtor® with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain's Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea's commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors® and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY®, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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