Fran Dugo, broker of the Your Choice Real Estate office in West Dundee, said that business has visibly slowed this month.
"It has slowed down," Dugo
said, adding that March and the first week of April still were humming.
"People know that 99 percent of the sales are short sales, and first-time homebuyers can't get involved with that it they have to be closed by the end of June."
said the predominance of short sales made it particularly difficult to wrap up before the federal tax credit deadlines.
Homes must be under contract by April 30 and closed by June 30 to qualify for the tax credit.
said short sales were taking a minimum of three months to complete, and some much longer.
"Most of the area is really predominated by short sales and some foreclosures," she
"There's very few conventional sales."
said the short sale process was frustrating for all sides to deal with, and in her
experience, it is not going away.
"I have spoken with the vice presidents and presidents of the banks, and they say there's another three years of this," she
As homebuyers head into the final week to take advantage of the federal tax credit, Dugo
said the most important thing for buyers to have was their bank preapproval in place.
To assist her clients, Dugo added two in-house mortgage lenders last month, Dan Herron and Rick Litton of Guaranty Bank, to her six-agent office.