Today it is harder than ever to buy a home; the process is frustrating and time consuming. You need a Realtor with in-depth knowledge of your target marketplace and the buying process, who can skillfully navigate the issues and obstacles.

The process starts with questions – Are you buying with cash or are you getting financing? Do you get prequalified or preapproved? Do you get FHA, conventional, or rehab financing? Does it make a difference which lender you use? Just the start of the process can be confusing. And as you move along through the process, it can become more complicated, confusing, and frustrating.

You need someone to advocate for you – someone who will take the time to explain everything and tell you what you need to know. Someone who will give you knowledge so that you know what to expect and what questions to ask.

I specialize in working with home buyers in the South Loop, Bronzeville, Kenwood, Hyde Park, and nearby communities. I have extensive and unique knowledge gained not just from representing buyers and sellers of property, but also from being president of a large condominium association, owning rental property, owning condos and single family homes, working as the Treasurer of a large insurance company, and having an MBA from the University of Chicago. I understand the marketplace, the buying process, and issues with getting financing. I provide the expert guidance you need in order to take advantage of the opportunities in today’s real estate market.

Pam Dempsey
Managing Broker
ABR - Accredited Buyer's Representative
SFR - Short Sales and Foreclosure Resource

Bronzeville Properties LLC
773-548-3300 office
312-560-8498 cell
pamdempsey@msn.com
www.BronzevilleProperties.com

One very significant issue facing the real estate market this year is the expiration at the end of the year of both the Mortgage Forgiveness Debt Relief Act of 2007 and the end of the Home Affordable Foreclosure Alternatives (HAFA) program.

Under the Mortgage Forgiveness Debt Relief Act of 2007, many homeowners are relieved of the responsibility for paying income tax on mortgage debt forgiven through short sale, foreclosure, or loan modification.

The HAFA program allows certain homeowners to sell their homes as “short sales” and be relieved of any future responsibility for the deficiency (difference between mortgage balance and amount the home sells for).

If you are considering what to do with your property and its worth less than the debt on the property, there are compelling reasons to do a short sale versus allowing the property to go to foreclosure, and there are compelling reasons to do a short sale in 2012. Since short sales can take a long time, if you want to do a short sale to benefit from the Mortgage Forgiveness Act and/or the HAFA program, you need to list your property early in 2012.

With short sales and foreclosures, you need to be concerned about:

• future liability for the deficiency (what your lender gets versus what’s owed on the mortgage)
• the income tax implications for debt that is forgiven
• the impact on your credit score.

This can be complicated to understand and will depend on various factors - it is imperative that you consult with qualified attorneys and accountants.

Please contact me if you would like to understand what your property is worth in today’s market, if you are interested in discussing “short selling” your home, or if you have any questions about the real estate market.

Pam Dempsey
773-548-3300 office
312-560-8498 cell
pamdempsey@msn.com
 

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