Chicago Real Estate Soapbox

The Ins and Outs of Mortgage Struggles

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 23 Nov 2009 16:10:35 -0600

Understanding the Ins and Outs of Chicago Short Sales

So, you are or have gone into default on your home mortgage. You think you are the only one in the boat. WRONG!

Answer these questions:

My income has been reduced or lost. For example: unemployment, underemployment, reduced job hours, reduced pay, or a decline in self-employed business earnings. YES OR NO?

Your household financial circumstances have changed. For example: Death in the family, serious or chronic illness, permanent or short-term disability, increased family responsibilities (adoption or birth of a child, taking care of elderly relatives or other family members). YES OR NO?

Your expenses have increased. For example: monthly mortgage pyament has increased or will increase, high medical and health-care costs, uninsured losses (such as those due to fires or natural disasters), unexpectedly high utility bills, increased real property taxes. YES OR NO?

Your cash reserves are insufficient to maintain the payment of your mortgage loan and cover basic living expenses (this doesn't include dry cleaning, getting your nails done or Starbucks). Cash reserves include asses such as cash, savings, money market funds, stocks or bonds (EXCLUDING RETIREMENT ACCOUNTS). YES OR NO?

Are your monthly debt payments excessive, and overextended with your creditors?

What is your RFD?

"RFD" means Reason For Default.

YOU HAVE RIGHTS AND THE GOVERNMENT GAVE THEM TO YOU!

Before you consider filing for bankruptcy, know that the note (your mortgage deficiency) will survive bankruptcy. Bottom. Before you loose your home to foreclose, allow a reputable Realtor review ALL your options. The Chicago Short Sale Team does just that, we have assisted in loan modifiications because the file (your home) shouldn't go into foreclosure and we see an avenue worth pursuing that other's just don't see or understand. If you home doesn't qualify for a Loan Modification, then we look at the next level - Short Sale.

When written in Chinese, the word "crisis" is composed of two characters.

One represents danger and the other represents opportunity.

Hey Chicago, want to stop these nightmares?

Give us a shout!

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Chicago, Illinois 60641 Real Estate Market Update November 2009

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Wed, 18 Nov 2009 15:07:53 -0600

Chicago, Illinois 60641 Market Update for Single Family Homes

If one looked at the two year figure for the housing market in Chicago's 60641 Zip Code area, the figures would be devasting. For instance, the two year repot shows an adjusted price of 52.8% from 2007 to now for Single Family Homes. That is extremely significant and the reason why it is such a huge drop in value and misleading is because it includes neighborhoods of Old Irving Park, Portage Park and includes part of Albany Park. Financing ranged from FHA to conventional. The type and sizes of the homes are larger lots and homes in Old Irving Park, where Portage Park and Albany Park have similar lots sizes but FHA financing was stronger in Albany then it was in Portage Park.

With that all being said, let's look at where we are from one year ago compared to today.

Single Family Homes in Chicago, Illinois 60641 marketplace have seen a 6.9% reduction in price for Under Contract Homes with a median of $199,700. However, there is a 19.6 downward trend in final selling price with a median of $170,000. Now, remember this includes three neighborhoods and this system cannot pull out the medians for the three individual neighborhoods. I will explain why this is important shortly.

New listings of Single Family Homes in Chicago, Illinois 606041 marketplace are coming on at $249,500 versus $250,000 a year ago. It is telling me that there is a reduction in properties in Albany Park but Portage Park and Old Irving Park are still showing new listings everyday.

WHERE's THE COMPETITION?

Under Contract has increased 80%

Sold has increased 11%

For Sale has dropped 30%

This is for Single Family Homes in Chicago, Illinois 60641 Marketplace.

WHAT's TAKING SO LONG?

While more homes are going under contract, the days on the market has gone from 176 Days in 2008 up to 244 Days on the market. That is a 38.2% increase in marketing.

So, what's in store for Chicago, Illinois 60641 Marketplace?

Well, right now there are 555 Pre-Foreclosure properties that haven't even hit the market. There are 178 Bank Owned Homes of which, most of them are in the marketplace.

You are not the only ones in this position right now with the increase of pre-foreclosures. The banks have begun to release properties that thye have been holding on to for the last year. This is just the beginning of exposure. Our goal is to help those who are in the pre-foreclosure stage to get them sold so that the median price doesn't continue to drop in a significant way.

If you know of someone who is having financial mortgage struggles, have them reach out to us before they go into foreclosure. Foreclosure and/or bankruptcy isn't good with mortgages right now. The homeowner may end of owing should the home go into foreclosure.

If you are a standard sale, your best options are to either hold on to your property or get your property looking it's best to obtain the highest price in this market.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Shopping in Chicago, IL

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 16 Nov 2009 18:36:50 -0600

This past Saturday, I went shopping for homes with my sellers who are also buyers. We had a broad range of properties and about four hours of looking. Here are some issues that will arise and that you need to take into account:

Listing says "Rehabbed". Now this property was a former two flat converted into a Single Family Residence. WRONG: I pulled up the permit information and the subject property was still a two flat!

WHAT GAVE IT AWAY? There was a front and rear entrance in the lower level. What the sellers did was take the two unit position and did the extended living for two levels and then repositioned the rental unit in the basement.

2. FRONT STEPS: The walkway didn't line up with the front porch steps. So, I went under the steps and there is was, no footing for the base of the landing but the steps were "floating" on two separate bricks!

3. Listing says: "New Floors". Did they remove the old wood floors or put laminant or new hardwood floors on top of the existing floors, the sub-florring that creates a huge burden for those floor joists should they not be replaced or sistered.

4. Warped Hardwood Floors: No heat in the house - can be remedied by serious sanding but they never are the same once they warp.

5. Gutters: Look at the pitch of the roof, but most homes in Chicago should have the larger gutters and downspouts. The regular sized downspouts are good for ranch style homes only. Larger ones even for the bungalows because of the width, pitch of roof.

6. Waterline: If the property has 30 water fixtures (commode counts as one, shower counts as one, combo shower and tub count as two, double vanity counts as two, etc.) the later line needs to be a minimum of 1-3/4" but for safe side get a 2" water line. Now, just because you can see that new copper coming out of the ground and it looks great, doesn't mean that the waterline has been changed in the street. That's right. That copper waterline can be modified from your front yard "B" Box and that has nothing to do with your street connection.

7. If the house is rehabbed, you need to ask if there are new drain tiles. One way to know if there are new drain tiles is that the City would require them in serious renovation work as well as require a sump pump and you should also have a front yard ejector pump as well. No sump pump, I doubt if there are new drain tiles.

8. Rehabbed: If a home is rehabbed, most older homes have floor joists that are 2 x 6's. Those 2 x 6's are stronger then most 2 x 10's in today's lumberyard. Now, those 2 x 6's have been cut up to bits because of the age of the house. Here's an example:

This is what your floor in your rehabbed home may just look like. Not too great.

9. Rehabbed: What do you roof rafters look like? Are they 2 x 4's or are they 2 x 10's? Big difference.

These are just some of the issues that surfaced while we were shopping for homes this weekend. Let me know if you have a question or concern. And remember, just because a home has a permit doesn't mean that everything was done correctly.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Interesting Expanded Details about the Homebuyer Tax Credit UPdate

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Thu, 12 Nov 2009 12:35:34 -0600

CHICAGO HOMEBUYER TAX CREDIT UPDATE!

On November 6, 2009, President Obama signed a Bill to extend the tax credit for first-time homebuyers through June 30, 2010. The Bill also opens up opportunities for others who are not buying a home for the first time.

TWO TAX CREDITS

First Time Homebuyer: To qualify, you canot own a home within the last three years to be eligible for the this tax credit. The tax credit is 10% of the purchase price wiht a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for hte full tax credit amount. (See your accountant as well as your lender for what you would qualify for)

CURRENT OWNERS: The Tax Credit Program now gives those who already own a residence, some additional reasons to move on up to a new home. This incentive comes in the form of a "tax credit" of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

WHAT ARE THE NEW DEADLINES?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

TAX CREDIT VERSUS TAX DEDUCTION

It's important to remember that the tax credit is just that .... A TAX CREDIT! The benefit of a tax credit for the homebuyer, is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all is said and done.

So, if a first time homebuyer were to owe, let's say $8,000 in income taxes, they would qualify for a tax credit of $8,000 , and would owe nothing.

The Tax Credit is REFUNDABLE. If you have little or no income tax liability, and you are eligible for a tax credit as a first time homebuyer for $8,000 and you have an income tax liability of $4,000, you can still receive a refund check for the remaining $4,000. (Again, please consult your tax attorney or accountant as well as your lending institution for the figures you would qualify for)

INCOME CAPS INCREASE TO HELP QUALIFY FOR THE TAX CREDIT

UPDATE: Single Taxpayers who earn up to $125,000 are eligible for the total tax credit amount. After $125,000, there is a partial credit with an INCOME CAP in the amount of $145,000 before the single taxpayer is disqualified from the Homebuyer Tax Credit.

Joint Filiers who earn up to $225,000 are eligible for the total tax credit amount. Again, after $225,000 there is a partial credit with an INCOME CAP in the amounht of $245,000 before you become disqualified for the Homebuyer Tax Credit.

Isn't time you took advantage of an opportunity? Pick up the phone today and let me give you more specifics about how Home Affordability is still a good investment in your life and for your future.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

The Power of Gratitude

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Wed, 11 Nov 2009 12:09:28 -0600

I went to a Gratitude Breakfast this morning and I feel the need to share with you the transformation how words can make change through GRATITUDE.

There is an enormous amount of negativity that exists in our culture. 87% of all news reported is negative. Between 1990 and 1998 the murder rate in the USA dropped 20%, however, the news reporting of murders rose 600%!

We live in a culture of fear generated by politicians, advocacy gorups, markters, the news media and others that are highly skilled in tapping into our primal fears.

In the business world, complaining is rampant. Cynicism kills ideas, teamwork, possibilities, hope, and definitely appreciation.

Blaming each other or anyone moves us away from claiming our responsibility for our lives and the power we have to make significant cahnges and move us forward.

"WHAT YOU 'ARE' SPEAKS SO LOUDLY, I CAN'T HEAR WHAT YOU ARE SAYING" - Ralph Waldo Emerson

I Timothy 4:4-5 "For every creature of God is good, and nothing to be refused, if it be received with thanksgiving; for it is the sanctified by the Word of God and Prayer. "

RECOGNIZE THAT YOUR WORD IS YOUR WAND, THE POWER OF WORDS!

"Kind words can be short and easy to speak, but their echoes are truly endless" - Mother Teresa

Building a collection of affirmations and mantras.

1. Everyday in everyway I open new doors of opportunity.

2. I can, I will, it is.

3. I have a wonderful business in a wonderful way. I give wonderful service for wonderful pay.

4. My inner world creates my outer world.

5. My highest desires are manifesting now.

Hebrews 12:2 - "Let us fix our eyes upon Him"

"IF YOU WISH YOUR MERIT TO BE KNOWN, ACKNOWLEDGE THAT OF OTHER PEOPLE."

There is art, magic and power in acknowledging other people.

Ways to create Reactive Acknowledgement

1. Thank you notes

2. Recognition for a job well done.

3. Compliments

Proactive Knowledgement is the art and magic and power we seek. It is transformational in our relationships.

BEGIN BY APPRECIATING YOURSELF. All gratitude and appreciation fundamentally begin and end with our opinion and perception of ourselves. However, we often seem to go about this backwards: Trying to succeed, achieve and prove things to ourselves and ohters so that we feel deserving of appreciation, instead of appreciating ourselves to begin with.

Appreciating ourselves it NOT: Arrogance, An ego trip, Being better then other people, Selfish, Bragging.

Appreciating ourselves IS:

Celebrating our success
Speaking about ourselves in a positive way
Accepting compliments with gratitude and ease
Forgive ourselves for our mistakes
Taking care of ourselves

HOW?

ALL CRITICISM

ACCEPT YOURSELF AND THINGS EXACTLY AS THEY ARE

TRUST YOURSELF AND LIFE AND BELIEVE THAT YOU ARE SUPPORTED

and ASK God in His infinite wisdom to help and guide you.

We we lead by example, others will follow.

Ephesians 5:19-20 "Speak to one another in psalms, hymns and songs. Sing and make music with your heart ...."

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Open House at 1516 S. Wabash #701, Sunday, November 15th

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Sun, 08 Nov 2009 16:42:33 -0600

YOU ARE CORDIALLY

invited

to the first Open House
for Unit #701

at Landmark Lofts

this coming Sunday

November 15, 2009
from 1:00 to 3:00 p.m.

This is a first offering of this awsome corner loft unit. It was a two bedroom unit but the owners removed the wall to include "the pool table"! Natural oak floors with natural custom 42" maple kitchen cabinetry accented with black granite countertops, a working island with additional cabinet storage. Stainless Steel applicances include a side-by-side refrigerator bar, dishwasher, Oven/Range, Sinkerator, Microwave.

The Master Bedroom is spacious with a remote control light ceiling fan, walk-in closet, and my favorite, the deep soaking tub for those long days in the master bathroom with 6' single bowl vanity.

We will have information on the new extended Tax Credit for New Homebuyers as well as for Repeat Buyers at the Open House along with information about other properties that might be of interest.

Directions: Roosevelt to Wabash. Just south of 15th Street on the west side of the Street.

Hope to see you there!

Questions: Barb at 773.746.5395

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Chicago, IL - Adventures in Chicago Real Estate Week ending November 7, 2009

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Sat, 07 Nov 2009 15:26:56 -0600

CHICAGO, IL - ADVENTURES IN CHICAGO REAL ESTATE is a weekend update of the events that occured during the previous week with respect to Chicago Real Estate, Listings, What Happened, etc.

NEW LISTING at Landmark Lofts, Chicago, IL 60605

1516 S. Wabash #701, Chicago, IL 60605 is an awesome corner Loft Condo Unit with an unobstructed east view that features exposed brick walls, hardwood floors, custom fireplace, 42" Qualify Ktichen Cabinetry in natural maple enhanced with a balck granite countertop and accented with stainless steel appliances.

This is a 1,200 square foot unit, located on the 7th floor with to bedrooms, 1.5 bathrooms.

Selling Price: $325,000

Garage Parking is sold separate for $25,000. This garage space is a premium location.

Click here to see more photos.

TAX CREDIT IS APPROVED/EXTENDED: Yes, the tax credit has been approved for first time homebuyers and they must be under contract by April 30th, 2010 and closed by June 30th, 2010.

Repeat buyers who have lived in their home for the last 5 out of 8 years, may also qualify for the Tax Credit, a lesser amount and the cap on purchase price is $800,000.

New House Bill approved and parts are effective immediately with respect to homeowner notifying tenants in a proper time frame with respect to the subject property being / going into foreclosure. Failure to do so results in the tenant seeking retaliation and homeowner paying a $200 fine. New owners of deeds to foreclosures, must submit notice and can amend leases to reflect change in utility arrangements in the lease.

WANTED:

Client in need of minimum 3 Bedroom/1 Bathroom home with finished basement in the Niles, Mt. Prospect, areas TO RENT. If you know of someone who has a home available for rent, please contact Barb Van at 773.746.5395
OLD IRVING PARK NEIGHBORHOOD: Client is looking to purchase a single family residence with minimum of three bedrooms, that is rehabbed or new construction. Serious disqualification would be the basement height as my client is 6'4" tall. Requires minimum of 8' clearance. Pick up the phone and call Barb Van at (773) 746-5395 if you are not on the market and considering selling.

A Recipe to take the chill out of your bones:

Barley Vegetable Soup

Ingredients:

1 Cup Chopped Onion
1/2 Cup bias-sliced carrot
1/2 Cup sliced celery
2 Cups sliced fresh mushrooms
1-15 oz. can red beans, rinsed and drained
1-14.5 oz can stewed tomatoes
1-10 oz package frozen whole kernel corn
1/2 Cup regular barley (not quick-cooking)
2 tsp. dried Italian Seasoning - crushed
1/4 tsp. ground black pepper
3 cloves garlic, minced
5 Cups vegetable or chicken broth

Directions:

IN a 3-1/2 TO 5 quart cooker, place onion, carrot and celetry. Add mushrooms, red beans, undrained tomatoes, frozen corn, barley, Italian seasoning, pepper and garlic. Pour broth over mushroom mixture in cooker.
Cover and cook on low-heat setting (crockpot) for 8-10 hours or on high-heat setting for 4 to 5 hours. Makes 6 servings.

Take care, and will catch up next Saturday for Adventures in Chicago Real Estate.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Illinois Mortgage Foreclosure - Tenant Notice HB3863

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Fri, 06 Nov 2009 18:07:38 -0600

If you are a Landlord or Tenant, you need to read this with both eyes open.

HB3863 "Amends the Code of Civil Procedure. Provides that the homeowner notice attached to the summons in a residential mortgage foreclosure action shall include directions concerning giving written notice to any tenants about the foreclosure and the tenant's right to remain on the premises.

Provides that an occupant may file an action for failure to provide notice and recover $200 plus actual damages, attoreny's fees, and costs.

Provides that a purchaser of property in a foreclosure must give notice to any occupants of the property that he or she has acquried the mortgaged real estate.

Provides that a mortgator in a foreclosure must notify any occupant of the foreclosure action.

Provides tha the purchaser of property sold at a court foreclosure sale must provide a notice of rights to occupants of the proeprty within 7 days after the confirmation of the sale.

Provides that until the rights of possession in a condition that is safe, healthful, and fit for occupancy.

Provides that a receiver shall give similar written notices and may not increase the rent without leave of court. Provides that the court may allow a rent increase by a receiver or a mortgagee in possession if it finds that an increase is necessary to operate the property, after notice to all occupants affected by an increase, but nothing in the Act shall alter the lease. Makes other changes. Effective immediately.

FURTHER AMENDS the Mortgage Foreclosure Article of the Code of Civil Procedure in relation to residential property foreclosures. Makes various changes regarding the duty of a holder of hte certificate of sale or deed, a purchaser, a mortgagee in possession, and a receiver to: make a diligent inquiry to ascertain the identities and addresses of all occupants of dwelling units of the mortgage real estate and notify all known occupants of dwelling units of the mortgage real estate and he or she has acquired the mortgaged real estate; provide a notice of rights and information about the new ownership advising where inquiries about rent or proeprty repairs may be made and the notices shall be posted at common entrances or at the primary entrance of each dwelling unit; maintain utility services that had been the owner's obligation; and maintain the property. Provides that a holder or purchaser and an occupant may enter into a new lease that changes the respective utility obligations. Provides that, in a foreclosure action filed on or before the effective date of the Act, a holder or purchaser, receiver, or mortgagee in possession required to serve notice or otherwise comply with specified provisions shall have an additional 60 days to comply with the Act. Makes other changes. Effective 90 days after becoming law."

Source: 96th General Assembly - House Bill 3863

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

CHICAGO - YOUR CALL CANNOT BE COMPLETED AS DIALED

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Fri, 06 Nov 2009 16:04:13 -0600

You think I'm kidding?

Well, tomorrow the new addition of the area code "872" goes into effect as an overly across the existing "312" and "773", all landline users in the City of Chicago must dial the full 11- digit number ("1" plus the number) to complete any call.

Cell phone users can skip the "1" but will have to dial "872" before entering the "312" or "773" exchange. That means, you have to reprogram your listings!

Tomorrow will be real interesting day for everybody, I believe.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

CHICAGO, IL 60605 - 1516 S. Wabash, #701 is on the market

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Thu, 05 Nov 2009 20:12:22 -0600

SOUTH LOOP LOCATION - Chicago, IL - 1516 S. Wabash, #701 is on the market

Corner Unit is an Exposed Brick Loft with 1,200 Square Feet

Garage Park is sold separately for $25,000

This is the 7th floor location out of 10 Floors.

This Kitchen is spacious that features a working, easy to entertain and cook.

I like the fact that this unit is a corner unit and that lends with more flexibility in floor plan as well as natural light.

Speaking of natural light - wait until you see part of the 26' of windows!

Now we are talking windows plus the ceiling height is 15'!

There are two remote control ceiling fans in this unit. One is located in the Living Room and the other the Master Bedroom with dimmer controls.

Can't you just imagine how the City nights look from this unit?

Here is the corner configuration that has the connection with the outdoors and usage of wall space.

I love the possibilities of this unit. The current owner removed the wall for the second bedroom so that their pool table could be used.

So where the pool table is to the right, the wall could be put back into place, should the new homeowner require a true two bedroom unit.

Here's more of an isolated view of the kitchen and all it has to offer.

Here is the lobby area for the Building at 1516 S. Wabash, Chicago, IL

This is the location. It's ideal because a park is just up the block by 250'.

There is a kiddy play area, a dog play park, and benches for just sitting and reading under the trees.

Shopping is just one block north, the Red Line is 2 blocks north on Roosevelt as well as the Brown Line.

Welcome to 1516 S. Wabash, Chicago, IL 60605

Welcome to a great location, a great corner loft unit and a great park area.

Give me a call today and let your dreams come true.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Short Sales and Loan Modifications Can Work

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Wed, 04 Nov 2009 12:21:40 -0600

Over the course of the last couple of months, I have assisted and helped close to 50 families across this nation understand their rights when it comes to facing a mortgage crisis.

Did you know that the Government wants you to refinance at todfay's lower fixed interest rates and they are willing to pay for you to do it?! If you have a Fannie Mae or Freddie Mac Loan, you may qualify to refinance even if you owe more than your home is worth.

But if you are late in your payments or your credit score is low, then consider a Home Affordability Loan Modification. That is not the same as a refinance.

What the Loan Modification program does is it reduces your current monthly mortgage payments. They take into account the income that you have coming in, your expenses (such as food, insurance, heat and electricity, running water, clothing, etc.) Then the lender looks at your hardship letter - which is the cause of the delinquency. They run the numbers and see if you are a good risk and the majority of the files that I have reviewed, all were worth it!

To ensure long-term affordability, the modified payments will be kept in place for five years and the loan rate will be capped for the life of ht elona. After five years, the interest rate can be gradually increased by 1% per year to the conforming loan survey rate in place at the time of the modification.

Now, even if you are NOT IN DEFAULT, let's say you have an interest only program or an ARM (Adjustable Rate Mortgage). Were you aware that the banks will review your file and get you out of that ARM and the interest only programs? Yup!

SHORT SALES - A short sale is when you owe more than the price you sell your home for. You are short on paying the bank in full, hence the term "SHORT SALE".

IF YOU OWE $500,000 TO YOUR LENDER AND YOU SELL YOUR HOME FOR $275,000, YOU WILL BE SHORT $225,000. THAT DEFICIENCY AMOUNT WILL BE ASKED FROM THE HOMEOWNER'S EXISTING LENDER(S) TO BE WAIVED. SHORT SALES SHOULD BE HANDLED BY AGENTS THAT HAVE EXPERIENCE AND KNOWLEDGE IN THIS AREA. IF ALL THE OTHER OPTIONS ARE UNAVAILABLE TO YOU, THEN WE MIGHT WANT TO CONSIDER A SHORT SALE.

OH, DON'T WORRY, the Bank pays for the closing costs right now. That includes the commission, the title, transfer tax stamps. You can, and it is imperative that you stay in your home until just before the CLOSE ON THE SALE OF YOUR HOME!

What is expected by you from the Bank? Pay your utilities. Keep the house/building in good repair. That way, you will be albel to save money for when you need to move and have monies left over.

Before you loose your home to foreclosure, allow me to help you review ALL your options. My goal for you is to help you keep your home and re-establish your good credit for the future!

We are your neighbors. We are local. We care.

Pick up the phone today and I'll show you how to "ditch the history" and get you on the Road to Recovery.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

The Illinois HOME START Loan Program

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Tue, 03 Nov 2009 18:40:00 -0600

The Illinois HOME START Loan Program is for first time homebuyers. The program offers two loans: the Home Start 30 Year Fix Rate Loan and an optional Home Start Down Payment Assistance Loan.

So, let me begin with the HOME START Down Payment Assistance Loan because that's an area where most first time homebuyers want to research.

How it works: The HOME START Down Payment Assistance Loan helps gives first time homebuyers access to additional funds upfront to help with the down payment. Subsequently, the homebuyer will see a 0.5 precent increase on the current rate for the first loan.

WHAT YOU GET:

10 Year forgivable loan
0% interest rate
Non-amortizing
Maximum loan amount is three percent of the purchase price up to $6,000

WHO QUALIFIES:

First time homebuyers (never owned real estate before) Military Veterans are exempt from this requirement, btw!
You must qualify and secure a HOME START 30 Year Fixed Rate Loan
Homeownership counseling is required (doesn't hurt and usually helps one to succeed in homeownership)

WHAT's the CATCH?

Income Restrictions
Cannot combine this with any other grant sources funded by the Illinois Affordable Housing Trust Fund or federal HOME funds
Must be used wiht the 30 Year Fixed Rate Loan

HOW TO APPLY

Locate an IHDA partner lender a www.ihda.org

Now, the HOME START 30 Year Fixed Rate Loan is a 30 year loan obviously with a fixed rate that is insured by FHA (Federal Housing Administration).

Some restrictions apply: Your income and purchase price limits apply and you can't use wiht a Mortgage Credit Certificate!

Qualification Guidelines for the HOME START 30 Year Fixed Rate Loan are as follows:

You must be a first time homebuyer (no previous ownership) U.S. Military Veterans are exempt from this qualification!
Minimum credit score of 640
Must be able to contribute one percent or $1,000 of the purchase price from their own savings
Ya gotta have homeownership counseling. Against, this isn't bad because it helps you understand homeownership.

So, this is what I'll do for you, if you purchase a home from me, I will buy you a 13 month home warranty package for your home, just in case something goes wrong with you home during your first year. This helps you adjust to homeownership.

NO GAMES. NO GIMMICKS. Pretty straight forward. You have been given options and I just put the icing on the cake for you.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Chicago, IL 60645 - Rogers Park Market Report for 2-4 Unit Buildings

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Tue, 03 Nov 2009 17:50:58 -0600

Well, the dumpster picture got your attention and if I got your attention then this report will make your day even a better one. Here's why ....

Chicago - Roger's Park Neighborhood in the 60645 Zip Code Market Report says that your value has stablized! SHOCKER? Nope.

In the last 365 days, 29 2-4 units have been active with 34 closed and 10 units under contract.

In the last 180 days, 20 2-4 units have closed, 10 units under contract and 29 are still for sale.

See a pattern here at all?

The major peak price was at $230K to $240K with the next peak price at $270-$330K.

The low-end pricing was at $160k to $180K. Now, remember that these properties were/are foreclosures and would require some work to them. Those amounts of monies are averaging between 10% to 20% in this price point based on the selling price. That is minimal work for mechanical, roofs, etc. Doesn't include the porches, kitchens and bathrooms.

IN THE LAST 180 days compared to the previous year's 180 days, this is where it shows that the market is strengthening in Rogers Park's 60645 zip code area

The median price a year ago was $279,950 and the Median Price currently is at $278,450K which reflects just .05% drop which to me isn't much and it shows stablization.

If one looked at the past 365 days to the previous years 365 days, the average price was $345K compared to the current 365 days which is at $278,450! That shows a 19.3% drop in price or a grand sum of chunk change in the amount of $66,500 from the previous year's average price compared to the current last 365 days.

So, even while Rogers Park is showing a list of 347 pre-foreclosures, those pre-foreclosure include East Rogers Park which carries a long list of troubled condominium developers and owners. Thus minimizing the the West Ridge Neighborhood of Rogers Park here in Chicago.

So, if you have expired, and are considering re-entering the marketplace, now is the time. Pick up your phone and let's get you back in the market and get you sold this time.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Chicago, IL 60645 - West Rogers Park Market Update for Single Family Homes

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Tue, 03 Nov 2009 12:01:30 -0600

Chicago, IL 60645 - West Rogers Park Market Update
for Single Family Homes - November 2009

Rogers Park was the first neighborhood that I lived in when I moved to Chicago. The neighborhood was close to Evanston where I first moved here from Michigan.

The Alderman, Bernard Stone, is known as the "Vice-Mayor of Chicago" and is one of the most honest Alderman here in the City of Chicago.

So, before I start telling more stories about my favorite places let me tell you some pretty good and exciting news about the market in this northside neighborhood.

The activity for the last 365 compared to the previous 365 days has showed a marked improvement. Granted there are roughly 20 homes that are for sale in the price range of $50K to $300K, but the strongest value selling price range is in the $300K to $550K showing 50 properties are currently for sale.

In the last 365 days, 35 properties have closed out in the $50K gto $300K price range.

Now, here's the really good news:

365 days for homes in the Chicago, IL 60645 market place describes the average home for that period of time:

The Average Price: $367,163

Days on Market: 149

Price Changes: 23

Percentage of Price Changes: 42.6%
(I will be discussing this "weak" market pricing in another post)

Average Style: 3 Bedrooms and 2 Baths

Average Square Footage: 2,013

Price Living Area: $182.00 per square foot

Stay tuned for a closer look at what is selling in the Rogers Park Neighborhood in Chicago, Illinois's 60645 Zip Code Area.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

A Different Approach to Recycling

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 02 Nov 2009 13:25:23 -0600

On April 24th of this year, my Momma took her last breath on earth and her first breath in Heaven.

What this post is about is that Momma had refilled alot of her prescriptions. She never used them because she ended back at the hospital after being home for 24 hours after heart surgery.

This is about really getting it together and doing things right.

Momma's medicine was taken and given to an organization that redistributes medicines to those who can't afford to pay for their prescriptions.

Her eye glasses recycled.

Her clothing, given away along with one of the boxes that we laughed about "White Shoes Not Worn"!

This isn't about forgetting Momma. She can never be forgotten because she made a difference for us as her children, her grandchildren had it the best and then her great-grandchildren .... well, let's just say that they knew Momma's routines about not being ready and would dash into her bedroom to find her.

This is about doing some good for those who are alive. I had a short sale that I closed on recently, the wife's husband had renal failure. There was a 5' x 4' box of those absorbant diapers for adults that were still packaged and were not used. She was going to throw them away.

I hope this gives you some ideas of a different type of recycling. The only thing that can never be replaced, are those who left us. But those who left us, left some pretty good memories.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Coupon funds people in need

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 02 Nov 2009 12:34:31 -0600

Hey Chicago, in December, Jewel-Osco along with Keller Williams Lincoln Square will be supplying coupons that can be used on a designated day in the month of December, 2009 to assist those who are less fortunate right now and require a grant. A portion of what you purchase, goes toward a Charitable Arm of Keller Williams.

Also, the Food Pantries during the holiday season tend to run low and Keller Williams Lincoln Square will be doing a food collection event in conjunction with the Jewel-Osco Coupon Program. If you care to drop off non-perishable foods at our new office at the corners of Lincoln and Montrose (2156 W. Montrose), or if you have food that you would like to donate, please contact me at 773-746-5395 and I'll be glad to stop by and pick up the food.

This year is one of the hardest for people in America. I ask that you consider not going to Starbucks for a week and taking those monies and buying some food for those who really are in need of some nourishment.

I'll even take coats, mittens, scarves and hats that are in good condition to keep some of these people warm.

Give me a call Chicago! Let's make this Thanksgiving and Christmas alot less lonely for some deserving families.

I thank you in advance.

Barb Van
Keller Williams Lincoln Square
2156 W. Montrose
Chicago, IL 60625
773-746-5395

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

ADVENTURES IN CHICAGO REAL ESTATE

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Sun, 01 Nov 2009 16:47:24 -0600

Adventures in Chicago Real Estate is about the daily issues that I see the consumers facing in this financial crisis. That being said, let's get talking about what's happening out there in Chicago, Illinois.

In Rogers Park, a northern community that butts up against Skokie, Evanston and swings around with Lincolnwood, has just seen an increase in pre-foreclosure activity. There are roughly 345 pre-foreclosure properties that are not even on the market, that may have or have not considered some options besides foreclosure (and I'm not talking bankruptcy!). Most of the foreclosure activity is seen within the condominium portion of Chicago Real Estate.

South Loop - This is truly amazing and I about flipped when I saw this. There is a low in available condominiums in the $280K to $300K range in this neighborhood and those are the condominiums that are selling! While there is 439 active listings, there are only 189 pre-foreclosures in the Chicago, IL 60605 zip code and a small portion of bank owned properties.

Freddie Mac REO Incentive Ending - If you have a contract dated October 30, 2009 and will close by December 31, 2009 and it is your PRIMARY RESIDENCE, Freddie Mac's SmartBuy program pays closing costs of up to 3.5% of a home's purchase price. BUT and I say, BUT, Freddie will still continue to provide two years of home warranty coverage on homes it sells from it's REO inventory.

Don't make an assumption that Freddie Mac is just going to hold out their hand and say ... "Hey, here it is!" You'd better follow up to make sure that the home you are buying qualifies under this program and if it isn't, there are other programs out there in the REO inventory world.

Oh, BTW, you have no options on the Product Service Provider for Home Warranties. It is provided by Cross Country Home Services but I bet it doesn't cover pre-existing conditions.

BPO'S: I had a call from a bank in California this week to discuss an exterior BPO, done on a short sale listing that I have at 7505 Keeney in Niles, IL 60714. That call lasted 45 minutes with me explaining that while the brick looked great on the outside, the inside needed alot of attention. "How much attention?", asked the bank. IN the area of roughly $60K - $100K and that's the prices I get. As I told the bank, "the costs could be higher because I go to Walmart with coupons."

Value Wise: There is some good product value out there but you need to understand what you are buying and don't go in blindly. When looking at 2-3 Unit properties, what are they getting in rent? Will that rent support the mortgage payment, insurance, real estate taxes, and replacement costs for furnaces, water heaters, roof, windows, etc. If you are considering a condominium - for pete's sake, look at the association and see what is on their by-laws for the last couple of meetings. Are they professionally managed (not all management companies are created equal), self-managed (sometimes good, sometimes bad), are there any short sales or foreclosures in the building that has left the association "hanging" with some unpaid assessments?

Inspections: If you are buying a condominium - just don't inspect the unit itself, but do a forensic inspection of the common elements. Look for deferred maintenance instead of Cinderella.

Until next Sunday, I hope this helps guide you just a tad. If you have questions, then reach out to me at 773-746-5395.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Foto Friday - Chicago Lincoln Square's Skyline

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Fri, 30 Oct 2009 19:57:05 -0500

This photo was taken tonight outside my office here in Chicago in the Lincoln Square neighborhood. This is a rare suset at this time of year and so, I just had to capture it and share it with you. I'm not a novice at this but must admit, God makes some pretty good sunsets!

Have a safe and Happy Halloween tomorrow!

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

It's Halloween Time at Keller Williams Lincoln Square and YOU are invited ..

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Fri, 30 Oct 2009 19:18:57 -0500

This is the best time of the year and Keller Williams Lincoln Square will be participating in "Kids Safe Trick or Treating Day" her in Lincoln Square from 11:00 a.m. to 4:00 p.m. on Saturday, Halloween Day, October 31st, 2009.

We hope to see you here all dressed up and ready for some really great treats.

We are at the corner of Lincoln and Montrose Avenues.

I hope to see you here!

Have a safe and Happy Halloween!

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Chicago - Cook County Tax Bills are about to Hit

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Thu, 29 Oct 2009 14:01:04 -0500

Hey Chicago and Cook County, if you are one of those who is going to get slapped with a new and improved real estate tax bill, listen up:

I had a neighbor that just came into our office to get a valuation of his property. His tax appeal attorney said that he needed a CMA. A CMA only works if your home is dated, you have metal kitchen cabinets, cast iron sinks with the wing for drying. If you are improved, the CMA won't help you much as the values are based on a "curve" generalistic type of basis.

That being said, this is what was missed on this man's appeal:

A. Square Footage was wrong on his building

B. It was a two-flat. I asked him if he had income coming in for the building and did he have any vacancies this past year. You know what he said? "My second floor has been vacant since my Mom died a couple years ago!" You have loss of income on the building.

C. He served in the Army (never reported)

D. He is retired and on a fixed income! Not noted.

E. He has the metal kitchen cabinets with fuses.

F. Never filed a seniors exemption or the senior freeze!

Before you go off and get upset about your bill, review your information online at the Cook County Assessor's Office and see if the information is correct!

Have some questions, give me a call.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

CHICAGO - 4432 N. Avers is on the market

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Wed, 28 Oct 2009 21:01:25 -0500

This Spacious Estate Home has just been put on the market and is looking for a new owner.

It is situated on a 52' x 125 lot.

Zoning: RS3

Three bedrooms on the first floor with a finished second floor that has a lot of character on the inside.

Come take a walk with me ....

No, that is not a brick wall. It is actually wallpaper but it does look real!

I like this room because of the natural light and the foyer is set apart from this room so minimal cold air comes in.

My Mom's pet peeve!

The ceilings are 10' tall! This home has space, room beyond your wildest dream. This is a home that you can stay in it forever and ever.

I love this dining room because of the size, shape and the natural light that comes into the house.

Spacious kitchen, newer white kitchen appliances.

One just can't get enough of natural light!

Bambo Laminate Flooring.

And yes, that is a tiled ceiling ....

Plenty of counterspace to work on.

What is really great is that there is a den area right off of the kitchen with a 10' wide double sliding closet.

See that door ....

Here's my favorite part

I just love porches. I love the ability to watch the sun set during the summers.

I love to find a place to sit back and relax ..... read or rest.

A spacious side yard.

Room to entertain, start your own soccer team ... you name it, the possibilities are endless!

This is a Keller Williams Lincoln Square Listing.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

Shouldn't Realtors be fighting this bill?

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 26 Oct 2009 14:56:14 -0500

THIS IS A MAJOR HEADS UP FOR ANYBODY THAT OWNS A HOME. A MUST READ. Don't pass "go" without reading!

Do you know what the American Clean Energy & Security Act of 2009 wants to do to your home? They want the EPA Commissioner consent for approval before you sell your home. No consent. No sell!

Let me try it another way: How about the EPA needs to inspect and rate your home and any requirements they want, you have to comply!

This even effects mobile homes!

Via Norm Werner (Real Estate One):

I have been seeing alarmist ads of TV about the American Clean Energy & Security Act of 2009 for some time now, but it took an email from one of my past customers to get me to look into it a bit further. I certainly had no idea that it may have such a dramatic impact on housing and the ability for owners to sell their homes as it appears that it may. A part of the problem is that very few people anywhere, including the Congress, have any real idea of what is hidden in this bill and what impact it might have on everyday life.

The name of the bill is innocuous enough. I mean who can argue that we don't need cleaner energy and that saving on energy use and costs wouldn't somehow make us all more secure. But in this nice sounding bill, as in many things in life, the devil is in the details. The bill, as it was passed by the House of Representatives and sent to the Senate, is 1427 pages long. It has 835 Sections dealing with all sorts of rules regulations and programs. The bill was sponsored primarily by Representative Henry Waxman of California, which in itself explains a lot.

When I received the email from my past client, he passed on some comments that he had received from someone who apparently took the time to read through the bill and highlight the areas that should be of concern to homeowners. Below, in parentheses are a few of his comments. The author has obviously reached his own strong opinions about the bill, so take these with a grain of salt. Since this Arthur has interspersed so much of his personal opinion into the content below, you may wish to go read the bill yourself, which you can do at http://www.govtrack.us/congress/bill.xpd?bill=h111-2454 . I have also put a complete PDF version on my Web site at http://www.themilfordteam.com/PDF/HR2454_Bill.PDF

Beginning 1 year after enactment of the Act, you won't be able to sell your home unless you retrofit it to comply with the energy and water efficiency standards of this Act.

    H.R. 2454, the "Cap & Trade" bill passed by the House of Representatives, if also passed by the Senate, will be the largest tax increase any of us has ever experienced. The Congressional Budget Office (supposedly non-partisan) estimates that in just a few years the average cost to every family of four will be $6,800 per year. No one is excluded. However, once the lower classes feel the pinch in their wallets, these voters may get a tax refund (even if they pay no taxes at all) to offset this new cost. Thus you, Mr. and Mrs. Middle Class America, will have to pay even more since additional tax dollars will be needed to bail out everyone else.

    But wait. This awful bill (that very few or no one in Congress has actually read) has many more surprises in it. Probably the worst one is this: A year from now you won't be able to sell your house.

    Yes, you read that right. The caveat is (there always is a caveat) that if you have enough money to make required major upgrades to your home, then you can sell it. But, if not, then forget it. Even pre-fabricated homes ("mobile homes") are included. In effect, this bill prevents you from selling your home without the permission of the EPA administrator.

    To get this permission, you will have to have the energy efficiency of your home measured. Then the government will tell you what your new energy efficiency requirement is and you will be forced to make modifications to your home under the retrofit provisions of this Act to comply with the new energy and water efficiency requirements. Then you will have to get your home measured again and get a license (called a "label" in the Act) that must be posted on your property to show what your efficiency rating is; sort of like the Energy Star efficiency rating label on your refrigerator or air conditioner If you don't get a high enough rating, you can't sell. And, the EPA administrator is authorized to raise the standards every year, even above the automatic energy efficiency increases built into the Act.

Sect. 202:
    Building Retrofit Program mandates a national retrofit program to increase the energy efficiency of all existing homes across America .

    Beginning 1 year after enactment of the Act, you won't be able to sell your home unless you retrofit it to comply with the energy and water efficiency standards of this Act. You had better sell soon, because the standards will be raised each year and will be really hard (i.e., ex$pen$ive) to meet in a few years. The Act allows the government to give you a grant of several thousand dollars to comply with the retrofit program requirements if you meet certain energy efficiency levels. But, wait, the State can set additional requirements on who qualifies to receive the grants. You should expect requirements such as "can't have an income of more than $50K per year", "home selling price can't be more than $125K,.

Sect. 204:
    Building Energy Performance Labeling Program establishes a labeling program that for each individual residence will identify the achieved energy efficiency performance for "at least 90 percent of the residential market within 5 years after the date of the enactment of this Act." This means that within five years, 90% of all residential homes in the U.S. must be measured and labeled. The EPA administrator will get $50M each year to enforce the labeling program. The Secretary of the Department of Energy will get an additional $20M each year to help enforce the labeling program.

Sect. 304:
    Greater Energy Efficiency in Building Codes establishes new energy efficiency guidelines for the National Building Code and mandates at 304(d) that 1 year after enactment of this Act, all state and local jurisdictions must adopt the National Building Code energy efficiency provisions or must obtain a certification from the federal government that their state and/or local codes have been brought into full compliance with the National Building Code energy efficiency standards.

I'm generally not a fan of alarmist rants by people with a particular ax to grind and the author of the comments above may have misinterpreted some things however, this bill appears to have lots and lots and lots of things buried in it that will cost everyone lots of money to comply with in the future. It deserves to be exposed too much more scrutiny than it has received and hopefully the Senate in its deliberate style will find and remove or modify some of the more onerous provisions that the House bill contains. I'm generally in favor of doing things to decrease our use of energy in all aspects of life; however, having the government come into my home and tell me that I must do this or that to improve it's energy efficiency before I can sell it feels more like a home invasion than a helpful program.

The American Clean Energy and Security Act appears to be another misguided attempt by our so-called leaders to save us from ourselves. I think they should stick to passing legislation that lawn mowers need labels that say that one shouldn't stick their hand under the mower while it running. That's still stupid, but at least it didn't cost us much.

I checked to see if this topic has been posted here before and it has, but with surprisingly little follow-up comment. It would seem to me that anyone not already living in California would be at least a little alarmed by the provisions of this bill as they apply to homeowners, especially the need to meet some ill-defined set of energy standards before one is allowed to sell. It will be too late to get up-in-arms after the fact, if this bill passes as it is currently written.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

CHICAGO - Lincoln Square Condominium Market Report for September 2009

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 26 Oct 2009 11:46:45 -0500

Hey Chicago, the data is out for the condominiums in Lincoln Square and there are some values to be picked up when looking at Distressed Home Sales in the Lincoln Square Neighborhood Condominium Market.

Currently thre are approximately 10 Condominium Properties that are for sale in the $$5K - $100K price range.

Seventy Condominiums are located in the $100K to $200K price range. A good portion of these units are either short sales or foreclosures.

Where the heaviest closed units as well as the most active price range for condominiums in Lincoln Square falls between the $200K to $300K price range. Out of the total of 261 units that closed so far this year, 110 of those units fell in teh $200K to $300K price range.

There are 62 in the $300K to $400K price range with some in upper bracket but most activity is flourishing in the $200K to $300K area.

Overall, we have seen a .05% increase in price over the last month compared to the 180 days previous years month in value. Lincoln Square adjusted in a downward trend of 9.5% with a median showing at $262,500 for the last 365 days. The previous year (2008) had a median of $290,000.

What I am seeing is a strong trend of sales in the $200K to $300K in activity for the last 180 days which is showing a surge in closed sales.

Overall, I'd say, Lincoln Square is the place to be because of it's diverse home styles, the blend of properties, the quality restaurants. We are seeing some new satellite shops opening in the Square from the Lincoln Park neighborhood.

Thinking about buying or selling, give me a shout.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

CHICAGO - Lincoln Square 2-4 Unit Market Update for September 2009

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Sun, 25 Oct 2009 13:58:19 -0500

Chicago's Lincoln Square 2-4 Unit Market is seeing some positive signs for the month of September 2009.

In the Previous 180 days, there have been 17 two to four units that have sold compared to the previous year's 180 days of only 11 units. This reflects a 54.5% increase in sold 2-4 units.

Currently there are 43 2-4 units on the market with a strong concentration in the $300K to $550K asking price.

We have adjusted, I believe in the 2-4 Unit area within Lincoln Square. This is based upon the Previous 365 days (2008) Median Price of $538K for 2-4 units compared to this past 365 days wiht a median of $355K.

Now before you all get hot and bothered about such a massive price adjustment, here's why the market adjusted so drastically.

YOUR RENTS. The Income Operating Statement that supports your propertys overall value. Bottom. No yanking on this one at all.

I don't know how properties appraised out on a $600K property with $2,400 in income. That doesn't cover the mortgage, taxes, insurance, the maintenance, the vacancy rate (which, btw is alot higher then the 4-6% that most appraiser's in the past have estimated for qualifying the subject property's value). That is what the bank should have been using but instead I believe they were banking on Lincoln Square's great steady appreciation. But appreciation doesn't pay the mortgage!

Thus said, the primary sales right now are in the $300K to $500K range in Lincoln Square. There are some sales that drop down to $200K to $300K and those are short sales or REO properties. Those properties need approximately a minimum of 10% of the selling price in work just to get the building up and in working condition. This doesn't cover areas of painting, but covers replacement of piping because the lines were split, ruptured, or how about this one .... "removed"! Then there is the electrical which is always a nice surprise especially on the top floor of most flat top buildings. Why? Well, if you have a tar roof, the heat from the tar just transcends and radiates that heat into the rafters and that old electrical cloth wiring is baked. When old cloth electrical wiring and some newer wiring, I have seen melt over the cloth wiring, Yes, it gets that hot. That is the biggest reason why one should remove the entire tar roof and put new insulation down and a rubber membrane with the silver reflective coating to defer the heat during the warm months and to keep the heat inside during the cold months. These are just some of the areas that you need to consider and evaluate before you go in and purchase a short sale/foreclosure.

The higher priced 2-4 units, as a whole, reflect electrical upgrades, new or newer rubber roofs, better copper piping, etc.

Which masonry building sells and is desireable the most?

1. Graystones

2. Brick with Bay windows in the front and in the dining room area.

3. Brick with Bay windows

4. Brick with front Sun Rooms

5. Brick

Which Frame Buildings sell and is the most desireable?

1. Stone base with Cedar or Clapboard Siding

2. Stone base with Quality Vinyl Siding and Bay front

3. Cedar, Clapboard, or Quality Vinyl Siding with BAy front

4. Cheap Vinyl Siding and no Bay

That's it for this warm Sunday here in Chicago's Lincoln Square Neighborhood. Enjoy the day. If you have any question, you know where I am ... our new location at Lincoln and Montrose.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

In default on your mortgage? Click Here

Is your home up for a Sheriff Sale in two weeks? Click Here

Have a question, send us an email.

Until next time,

CHICAGO - LINCOLN SQUARE MARKET UPDATE

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Sat, 24 Oct 2009 14:11:22 -0500

For those who own Single Family Homes here in Lincoln Square, there is some good news.

We have an increase of 155% in closed sales for the last 180 days compared to the previous 180 days in 2008!

What is selling in Lincoln Square are homes in the $500K to $800K range. So if you fit in that price range and are thinking about moving, give me a call to discuss how these homes closed.

In the last 180 days, we have seen an increase of median value at 3.9%.

What isn't moving so fast are the homes in the $950K and upper bracket price range.

Looking for a good value?

There are some upper bracket new construction homes that haven't moved. The builders are defaulting on these loans because of the enormous carrying cost and their overhead. Construction has cut way back and while it has cut back, the issue lies with the banks willing to lend money on one of these homes. Underwriting guidelines have gotten rigid and that makes financing tough and hence puts these great builders in a bad light.

If you are thinking about selling, then here are some suggestions to get yourself sold:

1. No games. Price your home in the market. There are alot of homeowners that are "testing the market" and those games cannot be played. Not anymore. It is time we grew up and faced the facts that there are some very good qualified buyers out there. They aren't looking to be take advantage of the market but more, they don't want to pay for a home based on an impulse price purchase and as usual, in the past, the buyer's didn't care because appreciation would bring them up in the next 9 to 12 months.

NOTICE: The days of impulse price purchasing are over. Bottom. While you may want to pay more for a home then what it is currently worth, your bank won't be appraising it out based upon what it will be worth in 9 - 12 months. There is raw data available at your fingertips for the true price. Be realistic as a seller, as a buyer because the Bank IS realistic.

2. Understand and recognize the value of your location. Are you close to parks, transportation, or are you looking at manufacturing plants when you walk out your front door? Are you next to commercial (external obsolescence)? These are things that effect your properties value and marketing time.

3. Emotions. Park them at the curb. Look at your home through the eyes of the buyer.

4. De-Clutter. Pack 'em up. You have alot of clothes and your closet is stuffed? Guess what the buyer will remember? Wondering how you got your clothes in and out of the closet without the bar falling down! You are selling your home not the messes, not ideas on wondering how in the blue blazes you can function in the home. Put things in storage. Go to Home Depot and buy those 8 wooden hangers for $5 a pack. Put your clothes on wooden hangers. It gives the closet "class" and better yet it makes a strong impression on the buyer.

5. Paint. Fresh paint is the icing on the cake that gets your home sold. If you have some bold, strong colors such as "canary yellow" in semi-gloss in your bathroom .. guess what? Painting time. Buyer's do not like strong colors that are vibrant. Also, there is more then semi-gloss in the paint store. Living Rooms, Dining Rooms have walls that shouldn't be touched by children (according to my mother's rules). Those should be painted in a good quality flat, egg shell or satin paint.

7. Curb appeal. Gotta have it. Would you ever date someone who didn't look so great because they didn't have "curb appeal"? That first impression, bet every last one of you put out your best to impress. What makes you think the same doesn't apply to your house?!! If you have overgrown bushes, I'm going to tell you now that it will cost you roughly $2-5K in value in that offer because you have overgrown landscaping. To have no landscaping is worst then having overgrown landscaping! For a serious $250 - 500, you can redo that front yard and get some good bushes, tree (if you don't have one).

Don't know how to do the curb appeal. Give me a hollar. I redesign front yards about 30 times a year. We get them sold.

Well, I must close right now but I have given you some food for thought. Give me a shout if you have questions.

The opinions expressed are soley those of the writer and not that of Active Rain, unless specified, or of Keller Williams and its affiliates.

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