Over the past month I have received three call from homeowners looking to sell their home via a short sale and they could care less if they sell the property or not. You don’t have to take every listing from a homeowner that calls you. Due to the fact that numerous lenders are willing to waive a deficiency judgment if the homeowner has attempted to sell the property for 90 days especially FHA through their Preforeclosure Sales Program homeowners will put their homes on the market, drag their feet, and waste your time.

Check the true motivation behind the desire to sell the property. I have been stiffed twice in the past six months for the same reason. Don’t allow yourself to be used to meet a lenders requirement so, that homeowner won’t suffer the consequences of a deficiency judgment. Listings cost money and take time. REALTORS® you deserve better.

Wells Fargo investor rehab product can be used to allow up to 90% for non-owner occupied properties.

Highlights:

Can be used by investors

Conventional financing (less strict than government loans)

Can combine the purchase and renovation or current liability and renovation into one loan.

Required investment based off total cost (acquisition/balance + rehab)

20% down for 1 unit

25% down for 2-4 units

Can be used on high-rise condos (203k's can't)

Loan sizes up to the conforming limits for your area

Can be used to close on homes deemed "non-financeable"

Cash-out Investor Rehab loans allowed (with appropriate seasoning*)

Rates 1-1.5% above current market as opposed to hard money lending

Only six months PITI reserves required on subject property

Can fund in all fifty states

A few examples of projects that would be ok:

1) $50,000 cash purchase and a rehab for $150,000 immediately after on a four unit.  We would use the equity from the cash as the required investment and the rest would be financed.

2) $10,000 purchase with $140,000 in rehab on a condo (30k down required @ 20%)

3) Free and clear property where renovations already began but funds were running low.  Cash-out can recoup initial costs and still take funds out to renovate.

Now is the time to get these deals financed.

Today give yourself a raise (or in this market keep a job) by improving on your leadership and speaking skills. Last night I came in Second Place in Toastmasters District 30 Humorous Speech contest. Now I know I didn't win but I had already won my club, the area, and the divisional contest. Not to mention Barb who took first place was phenomenal and after I heard her speech I became relaxed because I knew she would be the winner.

I became active in Toastmaster after looking at the activities of some of the most sought after National Real Estate Trainers in the world. If you want to go to the top then you must do what people at the top do. As the result of my participation I have been able to increase my hourly speaking rate by 10x the amount I was getting less than three years ago. Imagine increasing your income by 10x because you have the ability to command a room and/or are viewed as a leader.  In addition I never thought I was funny but now I know I have a humorous side. When I left Pfizer Pharmaceuticals back in 2003 I made a promise to God that I would never be a physical or mental loafer. Every day I look for a way to try something new (a new cheese, wine, or taking the scenic route through an unfamiliar neighborhood) and to improve one thing about myself (grammar or a new computer skill). As a matter of fact I plan on giving myself another raise in three months because, with increased skills comes increased confidence.

There are 11,700 Toastmasters Clubs worldwide just click on the link www.toastmasters.com and explore a simple cost effective to give yourself a raise. I look forward to seeing you at the top.

Marki D. Lemons

National Trainer, Certified Residential Broker

CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA

Rubloff Residential Properties

773-454-0274 Cell

888-205-4615 Voice and Fax

www.markilemons.com

www.shortsaleresultsnow.com

I was blessed enough to attend Harvard St. George which had changed its name to The Harvard School. I remember my first day back in 1980 when my mother enrolled me in the middle of the school year because she was fed up with Chicago Public Schools going on strike. The school resembled a mansion. Kenwood is home to some of the largest homes in Chicago.

Never in a million years as my mother would turn the corner at 51^st and Greenwood did I think that the home next to the vacant lot would be the home of the first African American President. Even when my husband went to visit Jim Montgomery's home did he phantom that Barack (his next door neighbor) would be President.

The Harvard School has closed and the building has become a condo conversion. The old abandon building on the corner of 47^th and Ellis is now the site of a Harris Bank Branch Office. The old eye soars that lined the west side of Ellis have all been converted to large condos. The neighbor has changed only for the better.

As you drive down the tree lined Drexel Blvd to the east side of the Boulevard is Operation Push and on the west side of the Boulevard is a building that resembles a castle. Housed in that castle at 4938 S. Drexel is a great opportunity to own a Duplex up 2 Bedroom, 2 Bathroom condo that is subject to a short sale. Gleaming hardwood floors, large bedrooms, high ceilings, and in walking distance of Barack Obama's home. 

Marki D. Lemons

National Trainer, Certified Residential Broker

CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA

Rubloff Residential Properties

773-454-0274 Cell

888-205-4615 Voice and Fax

www.markilemons.com

www.shortsaleresultsnow.com

The other day I went on a listing appointment in the Washington Park Area of Chicago. As I turned the corner at 60^th and Calumet I instantly felt a since of pride for this is an area that I know like the back of my hand.

As a child I would often walk from my childhood home at 58^th & Perry to Washington Park in order to go swimming. At the age of twelve I started to work for my mother, she was infamous with "The Yellow Wagon" on Cottage Grove because she sold the absolute best steak burgers in Chicago.  If I wasn't walking to the swimming pool then I was riding my bike to work.

Over the years not much has changed. The trees are taller and we have a remodeled pool. Washington Park is a major artery to the Southside of Chicago. The park touches five communities that are rich in heritage: Washington Park, Woodlawn, Hyde Park, Kenwood and Grand Boulevard, there is plenty of room to grow and build.

What are you looking for in Washington Park? A huge Brownstone with plenty of yard space or a four unit Brownstone that will cash flow as an investment property or your next condo conversion (yes even in this market). Well I can offer you three options with one property "5919 S. Calumet" in Chicago, IL. Imagine twelve foot ceilings, original built in cabinets, rooms with character, a couple of claw foot tubs, and plenty of original wood work.

Seller will provide approved architect drawings. Property would make an excellent 203(K) project as a single family residence you can obtain a loan up to $410,000 and as a four unit up to $788,450. Seize the moment and take advantage of this phenomenal opportunity.

Whether we get the Olympics or not, Washington Park is a great area to call home.

Marki D. Lemons

National Trainer, Certified Residential Broker

CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA

Rubloff Residential Properties

773-454-0274 Cell

888-205-4615 Voice and Fax

www.markilemons.com

www.shortsaleresultsnow.com

Stop complaining and get up off your butt and create a real estate legacy. For the past two days I've attended NAR EAH (Employer Assisted Housing) program. I've identified yet another niche in real estate that can lead to an endless supply of buyer leads. What a great idea to work with employers in the communities that you service to help them retain and aide their employees with home buyer incentive programs.

 Last week I had the pleasure of closing a new construction condo with a fresh out of college single parent. My client is resourceful and wanted every first time homebuyer incentive available. I negotiate numerous upgrades that the developer provided at no additional cost. But the greatest benefit was the $23,000 in forgivable subsidies that my client received. First Chicago Public Schools gave $3,000 that will be forgiven in five years and the City of Chicago gave $20,000 that will be forgiven over four years. After attending NAR event I now know that some buyers are receiving up to $75,000 in buyer incentives. Instead of reading headlines on how bad the real estate market is, I plan on researching how much money is out there for my buyers seeing that you're too busy complaining about the market. For those who practice real estate in Illinois our incentives are underutilized.

For more information copy and paste the link below:

http://www.realtor.org/government_affairs/housing_opportunity/programs/home_from_work/take_a_home_from_work_class

 Marki Lemons

National Trainer, Certified Residential Broker

CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA

Rubloff Residential Properties

773-454-0274 Cell

888-205-4615 Voice and Fax

www.markilemons.com

www.shortsaleresultsnow.com

The 700 billion dollar question is will the bailout benefit Americans more than hinder them, and what are the true cost of the bailout? Only time will tell. Will the bailout effect short sales and are lenders holding out on doing short sales in order to see will they be able to capture more money through the bailout than from doing a short sale or reducing prices on REO properties.

As consumers we would never know if the banks are stalling. Banks are taking up to 3 months to approve a short and 3-4 weeks to execute a contract that was written according to their terms. The bottom line is if you shut off credit you stop economic growth. Time is of the essence. We need a plan and we need it quick in order to stop the bleeding. Banks need to respond quicker to short sales instead of racking up addition unnecessary debt. Asset Manager need to execute contracts sooner in order to reduce their holding cost. The government needs to bail us out but insure that those at the top don't benefit first. No matter what action it needs to be taken today.

Marki D. Lemons

National Trainer, Certified Residential Broker

CRB, CRS, CNE, QSC, SRES, ABR, ABRM, CRMS, MBA

Rubloff Residential Properties

773-454-0274 Cell

888-205-4615 Voice and Fax

www.markilemons.com

www.shortsaleresultsnow.com

South Shore is a true diamond in the ruff. To the North residence have the pleasure of living on a golf course which is open to the public. To the east one enjoys the spectacular views of Lake Michigan. On a breezy summer evening you can find me and my children at the 63rd Street Beach where we dance the night away to some of Chicago's best bongo players. Throughout the years we have attended many events at the South Shore Country Club which has its own golf course , beach, and ballrooms.

Numerous buildings in South Shore are over sized with stocked full of vintage charm.

Active Listings

List Price Range # Listings Avg. Days on Mkt Less than $149,999 23 159 $150,000 - $199,999 16 188 $200,000 - $249,999 23 134 $250,000 - $299,999 27 249 $300,000 - $349,999 11 180 $350,000 - $399,999 6 169 $400,000 - $449,999 6 92 $450,000 - $499,999 2 39 $600,000 - $699,999 1 547 $900,000 - $999,999 1 286

Active Listings Summary

# Units Avg. MT Median List Price Avg. List Price Max. List Price Min. List Price Total Volume 116 180 $239,950 $247,010 $995,000 $42,500 $28,653,192

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Marki D. Lemons

National Trainer, Certified Residential Broker

CRB, CRS, CRMS, SRES, ABRM, ABR, MBA

Rubloff

888-205-4615

foreclosurequeen@markilemons.com

www.markilemons.rubloff.com

www.shortsaleresultsnow.com