Chicago Real Estate Soapbox

Jesus is the Reason for the Season

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Tue, 08 Dec 2009 18:12:57 -0600

How can one not understand the Reason for the Season. I have to share it with you. Thank you Randy!

Via Randy Schulenburg - Mortgage 1st Realty, Inc.:

Jesus is Better than Santa

JESUS is everywhere.

JESUS rides on the wind and walks on the water.

JESUS is an ever present help.

JESUS supplies all your needs.

JESUS stands at your door and knocks and then enters your heart.

JESUS is as close as the mention of His name.

JESUS lets you rest in His arms.

JESUS knew our name before we did. Not only does He know our name, He knows our address too. He knows our history and future and He even knows how many hairs are on our heads.

JESUS has a heart full of love.

JESUS offers health, help, and hope.

JESUS says "Cast all your cares on me for I care for you.

JESUS makes new life, mends wounded hearts, repairs broken homes and builds mansions.

JESUS gives you joy that is your strength.

JESUS became our gift and died on the tree.

We need to remember WHO Christmas is all about. We need to put Christ back in Christmas.

JESUS IS STILL THE REASON FOR THE SEASON.

May your hearts be filled with Christ's love this Christmas season!

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,

What I want for Christmas

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Tue, 08 Dec 2009 17:27:39 -0600

What I want for Christmas

Dear Santa,

I think about those who are less fortunate than I this year and so what I ask for you is for them:

That families be kept together
Children will have a more stable life, better personal security, and less fear of where they will live when they get home from school.
That there will be food on the table and a warm bed at night
For those who are alone, a good friend to comfort and encourage
For our senior saints, someone to protect them from the elements of life and cherish them
To bring a Ray of Hope to those who are in financial distress
To bring a Smile on someone's face through an act of kindness
To show us a good deed still matters
To put music back into our hearts and erase the sadness
Not to make a mess if you get stuck in someone's chimney.

I ask that we all step back and think about the small things that make such a big difference in people's lives. The holiday seasons are the toughest for most and this is a time for us to be just a tad less selfish and reach out. You just never know whose life you will touch when you do.

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,

Do you qualify for Chicago's $35 million property tax relief?

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 07 Dec 2009 18:38:40 -0600

Hey Chicago, if you haven't heard well you hearing it now, The City of Chicago will dole out $35 million in property tax relief but to one out of every 50 applicants. In order to qualify, you will need to produce your 2008 tax returns.

The ceiling is on income levels of $200,000 and the process will run through March 31, 2010.

Here's what you need to do: For most homeowners, a signed affidavit, a photo ID and a copy of your current property tax bill will be enough to qualify for cash grants - ranging from $25 to $200.

Where's the money coming from? The proceeds from the parking meter deal.

The City of Chicago has entered into an agreement with Chase Bank (You know the ones with the nice music that I have to listen to while waiting for someone in the short sale division.) to provide Visa check cards to qualified homeowners six to eight weeks after an application is filed.

Remember, the phase out of the 7 percent cap and the drop in this year's exemption under that law from $26,000 to $20,000.

How may will respond to this tax relief? I think this one is out for the jury.

To get an application, you can go online to City of Chicago or at branch libraries and city service centers.

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,

Selling Your Home in Chicago

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Mon, 07 Dec 2009 16:20:21 -0600

Hey Chicago, are you thinking about selling your home in 2010? If you are, these are some things you need to consider, ask the Realtor and know before you put your home on the market:

Who is my competition? (Not just active, but the hidden/secret properties that are in default or are banked owned that haven't hit the market yet.
How many days will it take to get my home sold in today's marketplace?
When is the best time to put my home on the market?
What is the highest selling month for properties similar to mine in my marketplace?
What are the financing programs available for a home like mine?
Are there any time frames for certain financing programs or programs with an expiration date?
Is there anything new in financing that I might or should know about that could effect the sale of my property and the down payment that would be required from the buyer?
What should I plan on doing to help qualify my home for "timed" financing programs?
What is the consumer looking for in my neighborhood when buying?
What should I do to my home to enhance the appeal and make it stand out from the rest?
Selling "As Is" means what to the consumer?
Don't give me a list of how you are going to place my home on the market, show me the Google Search Results of what you have done for other listings.
Besides the company website, what other means of internet marketing do you post to?
Do you manually input to the websites or do you wait 4-6 weeks for the Google, Yahoo Search engines wait to pick up some of the information?
When does all the information about my property "hit" the market?
Do you create flyers? Postcards? Can you show me examples of them right now?
You say you have a database, can you print it out for me to see?
How many photos do you take of my property?
What is the quality of these photos?
Do you rotate photos and install new ones on your websites and MLS every week or two?
What is happening in my neighborhood compared to last year? The last 90 days top the previous years 90 days?
Where is that buyer going to come from?
How much will you anticipate he will put down?
Do you do Open Houses? If so, when do you put the Open House signs up? 30 minutes before the open house or early in the morning? How many open house signs do you put up?
Do you put photos of my property on Flickr?
Is there a separate website besides Postlets (which the search engines do not pick up so well) that you use with a dedicated directed domain name for my property?
What about your signage?
What is the PLA for homes with similar utility, room count in my neighborhood?
If you are a 2-4 unit: What do you base the selling price on my property? The competing buildings? (Ah, wrong - it is income driven).
Explain the Debt Service Ratio to me on my income property?
Will you take a listing for 90 days? Will you take a listing for the average time it takes to sell my home in my marketplace?
Can I cancel the listing at anytime, should I feel that you haven't marketed my property like you said you would?
Do you charge for a cancellation of a listing?
How do you communicate?
Are you a full time agent?
How long does it take for you to respond to a call?
This is my life I am putting in your hands, tell me why I should let you list my home with you?

I could keep going but the interview could keep going and going and going. If you are serious about selling, that agent needs to know these thiings. If they don't, then you are to become a statistic of long days on the market, expired, reduction in price due to longevity as most buyers look at the market time now and consider something wrong with your property versus bad marketing strategy, lack of communication, price, condition, clutter (big issues with many buyers and huge discount in price because of clutter) - don't believe me, just try it.

Serious sellers need serious players. Think about these questions and start asking the questions, will you please.

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,

Let's Get To The Truth About HAFA- The New Short Sales Guidelines- Rumors VS Facts

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Fri, 04 Dec 2009 07:54:47 -0600

Nestor has written a "spot on" article about the truth about HAFA. I love it when someone just reads the first page, misses the first "but", "and', "or" in such a complex Guidelines and then posts information as if they drafted it. It reminds me of the media and how they report .... Here is the first of Nestor's posts about "cleaning the clock" on what has been said by others without full knowledge on the internet. Take a walk on the right side with me.

Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.):

Let's Get To The Truth About HAFA- The New Short Sale Guidelines

Active Rain and the internet has seen a surge in posts and articles written by agents and the media regarding the new HAFA program; the streamlining short sales program rolled out by the U.S. Treasury Department.

Many of these posts were featured. Many of them rang strong with hope for a faster closing time. I will be writing a set of articles along with this one that will go over all of the points in the 43 pages of guidelines and forms. There is just too much to put in one post.

Whenever I see a group of people complaining and wanting something to be changed I want to take a step back to see the big picture.
One sentence comes to mind often, " Be careful what you ask for."

NAR, Realtors® and homeowners around the country shouted, petitioned, discussed, wrote and spoke to their representatives about how long short sales take and how the banks don't seem willing to do them and that they don't know what they are doing.

My first question is:

Who says that a professional small business in Real Estate was going to be a walk in the park? And what makes a business where there is no ceiling, low entry level and can create success beyond one's wildest dreams also expected to be easy. Real estate is one of the highest stress careers but you can have a big pay day.

My second question is:

How many agents that wrote these posts of the blissful future of short sales actually read all 43 pages of the guidelines and forms?

I was tempted to write about HAFA but decided that I better understand HAFA and form an opinion based on facts- the facts that are written in these guidelines. So I spent 8 hours yesterday studying these guidelines and speaking with attorneys about them to get their opinions.

On the NAR website under the HAFA section it states:

"HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of forecloxure."

Do you see the oxymoron? How do you place the words, COMPLEX and SIMPLIFY in the same sentence?

The first rumor that I want to dispell is that all the short sales are now going to go smoothly. That is NOT the case.

These guidelines are complicated to say the least, there are a lot of ifs, ands and buts going on here.

The second rumor that I want to dispell is that all short sale lenders will have to answer your request for a short sale within 10 days.

This is NOT the case ALL the time and in ALL situations.

These guidelines are NOT for Fannie and Freddie owned loans. Fannie Mae and Freddie Mac will be coming out with their own set of guidelines in the coming weeks.
The guidelines only pertain to servicers who are in the HAMP program now or those who enroll in the HAMP program.
Servicers must offer the HAMP program first before they offer the HAFA program.

The HAFA program is only for:

Principal Residences

First mortgages

The mortgage is delinquent or will be delinquent in the foreseeable future.

The unpaid balance is less than $727,750.

The monthly mortgage payment is more than 31 percent of the borrower's gross income.

The third rumor that I want to dispell is that this is going to happen right now. NOT TRUE.

This program begins on April 5, 2010 and servicers have until December 31st of this year to opt in to the program.
However, servicers may opt to begin the program at any time before April 5, 2010 as long as they can implement a record keeping system.

The fourth rumor that I want to dispell is that all the lenders are now under these guidelines.

The HAFA program is not LAW. The US Treasury rolled out these guidelines to go along with the HAMP program.

This part really gets me!

"The Treasury has selected Freddie Mac to serve as its' compliance agent for HAFA."

You mean the same Freddie Mac that was involved with the huge accounting and fraud scandals?

According to the Chicago Tribune Freddie Mac executives "devised a plan to use accounting tricks to mislead shareholders about outsize profits the government-chartered firm was then reaping from risky investments. The goal was to push earnings onto the books in future years, ensuring that Freddie Mac would appear profitable on paper for years to come and helping maximize annual bonuses for company brass."

We believe in adding value to our sellers. We are good at negotiating short sales. Short sales are much more about good negotiating skills than anything else and programs like these tend to tie our hands in applying our negotiation skills.

We will take longer short sale times with approvals any day over shorter short sale response times that come back with a Rejection mark on them in order to fulfil their accoutability time frames.

We close 98% of ALL of our short sale listings and other agents do also. If we can do it, then you can too. If you are not closing above 80% of your short sale listings than you need to learn negotiating skills. Negotiating skills is what brings value to your clients and your business. Stay tuned for more details on the HAFA guidelines and forms- consider subscribing to our blog to be alerted of new articles.

Contact Nestor and Katerina Gasset today at 561-753-0135-Don't Lose Your Home To Foreclosure!

Find out more about Florida Short Sales by clicking here.No registration required.






Let's Get To The Truth About HAFA- The New Short Sale Guidelines- Rumors Vs Facts- Copyrighted © by Katerina Gasset *2009* All Rights Reserved.

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 is Celebrating Lincoln Square's Christkindl Market

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Thu, 03 Dec 2009 10:08:27 -0600

Chicago is celebrating Lincoln Square's Christkindl Market
this December 4th through the 6th!

The big white tent is up for this year's Lincoln Square ChristKindl Market

Chicago Potbelly Sandwiches Supports North Park Elementary School

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Tue, 01 Dec 2009 12:18:30 -0600

Chicago Lincoln Square Potbelly Sandwiches

Supports North Park Elementary School

Hey Chicago, if you haven't heard, on December 2, Wednesday Night from 5:00 - 8:00 p.m., Lincoln Square's own Potbelly Sandwiches will donate 25% of their sales to North Park Elementary School.

They have great food, awesome sandwiches, terrific atmosphere and a good reason to take the family out for special time and for a great cause.

They are located at 4709 N. Lincoln, right here in Chicago's own Lincoln Square. You can order online and pick up, orders over $10 have delivery, better yet, come enjoy the Square's lights and the Christmas tree and just stop by and say thanks to the folks at Potbelly Sandwiches for their generousity.

The folks at Potbelly can be reached at (773) 275-1218. Hope to see you there.

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 - Neighborhood Month End Sales Report

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Sun, 29 Nov 2009 17:29:30 -0600

Adventures in Chicago Real Estate

presents

Monthend Reports of Sales for the Month of November, 2009

LINCOLN SQUARE NEIGHBORHOOD:

Single Family Homes in Lincoln Square that Sold in the Month of November 2009

2543 W. Winnemac Avenue (Foreclosure)               $257,500
2324 W. Eastwood Avenue                                    $289,900 (Distressed Sale)
4849 N. Oakley                                                   $549,900
4510 N. Leavitt                                                    $635,000

Condominiums in Lincoln Square that Sold in the Month of November 2009

2581 W. Montrose #2                                          $195,000
2457 W. Sunnyside #2                                         $218,500
4451 N. Hamilton #3                                            $245,000
4705 N. Campbell #3                                          $252,000
4741 N. Maplewood #1N                                       $257,500
4751 N. Artesian #208                                         $272,500
4823 N. Hoyne #3S                                              $355,000
4950 N. Western #3G                                           $359,000
2555 W. Leland #208                                           $365,000
4850 N. Oakley #1F                                             $370,000
4709 N. Artesian #2                                             $382,000
4927 N. Damen #2E                                             $427,000
5007 N. Lincoln #1                                               $432,500

2-4 Units in Lincoln Square that Sold in November 2009

2419 W. Eastwood                                                $380,000
2238 W. Winona                                                   $386,000
2236 W. Argyle                                                     $510,000

BOWMANVILLE NEIGHBORHOOD:

Single Family Homes in Bowmanville that Sold in November 2009

2110 W. Berwyn $615,000

Condominiums in Bowmanville that Sold in November 2009

5243 N. Hoyne #3 $195,000

No 2-4 Unit Sales Reported for Bowmanville for November 2009

WEST ROGERS PARK NEIGHBORHOOD

Single Family Homes in West Rogers Park that Sold in November 2009

7538 N. Rockwell                                                  $260,000
6247 N. Richmond                                                $282,500
2929 W. Fargo                                                     $315,000
6522 N. Talman                                                   $325,000
6448 N. Talman                                                   $362,000
2720 W. Coyle                                                     $372,500
2601 W. Lunt                                                      $373,000
2652 W. Farwell                                                   $515,000

Condominiums in West Rogers Park that Sold in November 2009

6321 N. Artesian #3W                                            $35,900 (Foreclosure)
6340 N. Artesian #3A                                             $40,000
2757 W. Arthur #1                                                 $42,900
6301 N. Richmond #1A                                           $45,000 (Foreclosure)
2707 W. Glenlake #3                                             $63,200 (Foreclosure)
6056 N. Washtenaw #1                                           $86,250
7053 N. Washtenaw #1                                           $90,000 (Foreclosure)
2435 W. Lunt #1A                                                $114,000
2607 W. Rosemont #B                                         $118,000
6050 N. Francisco #1E                                           $160,000
6209 N. Washtenaw #G                                         $266,000

2-4 Units in West Rogers Park that Sold in November 2009

6414 N. Fairfield                                                   $147,000 (Foreclosure)
6704 N. Rockwell                                                  $275,000
6334 N. Whipple                                                   $330,000
6121 N. Mozart                                                     $345,000 (Short Sale)

OLD IRVING PARK NEIGHBORHOOD:

Single Family Homes in Old Irving Park that Sold in November 2009

4118 N. Kilbourn                                                         $240,000 (Short Sale)
4443 N. Kildare                                                           $340,000
4330 N. Kenneth                                                         $368,000
4000 N. Kolmar                                                           $473,800

Condominiums in Old Irving Park that Sold in November 2009

4332 N. Keystone #1C                                              $65,000
4243 N. Kedvale #1F                                               $121,000
4128 W. Byron #302                                                $136,000
4310 N. Keystone #3B                                              $160,000
4243 N. Keystone #3N                                              $250,000 (Foreclosure)
4239 N. Keystone #1S                                               $264,500

No 2-4 Units in Old Irving Park Sold in November 2009

NORTH CENTER NEIGHBORHOOD

Single Family Homes in North Center that Sold in November 2009

4028 N. Bell                                                             $379,900
4030 N. Bell                                                          $1,056,000
2159 W. Berteau                                                   $1,330,000

Condominiums in North Center that Sold in November 2009

2335 W. Belle Plaine #307                                 $178,000
2335 W. Belle Plaine $509                                 $320,000
4050 N. Lincoln #303                                         $345,000
1908 W. Irving Park #402                                  $448,000

2-4 Units in North Center That Sold in November 2009

4140 N. Damen $385,000
4315 N. Damen $595,000

Information supplied by MRED LLC and is not guaranteed.

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 Foreclosure Rights

Barb Van Stensel, Realtor - Chicago, Illinois (Keller Williams Lincoln Square) — Sun, 29 Nov 2009 16:14:40 -0600

IF YOU ARE IN CHICAGO OR SURROUNDING SUBURBS, PLEASE READ THE FOLLOWING INFORMATION AS IT WILL EFFECT YOUR FINAL OUTCOME.

This is no gimick. This is serious information for serious minded people who are in a financial crisis or about ready to or are in default on their mortgage.

POSSESSION: The lawful occupants of a home have the right to live in the home until a judge enters an order for possession. In most cases, if you continue to live in your home, you will have at least nine (9) months before you have to move.
OWNERSHIP: You continue to own your home untiil the court rules otherwise.
REINSTATEMENT: As the homeolwner you have the right to bring the mortgage current wihtin 90 days after you receive the summoms (a/k/a Mortgage Foreclosure Summons)
REDEMPTION: As the homeowner you have the right to sell your home, refinance or payoff the loan during the redemption period, which is at least seven (7) months after you receive the Summons.
SURPLUS: As the homeowner, you have the right to petition the court for any excess money (i.e., if your home is sold for more than you owe) that results from a foreclosure sale of your home. In most cases you do not need a lawyer to do this. The Chancery Division Advice Desk, Room 1303 (very nice people, btw) of the Richard J. Daley Center, will assist you in prepare all the necessary papers at no charge. The Advice Desk is open Monday thorugh Friday, 9:00 A.M. to 4:00 P.M. (I strongly advise going early in the day because you will usually not be assisted if you go in at 2:00 P.M. as there is a numbers system - first come, first serve)
WORKOUT OPTIONS: (If you can afford to stay in your home). The mortgage company does not want to foreclose on your home if there is any way to avoid it. To get assistance in filing an Appearance and an Answer, contact the Chancery Division Advice Desk, Room 1303 (again, very nice people) of the Richard J. Daley Center, Monday through Friday, 9:00 A.M. to 4:00 P.M. This service is free. You may also be eligible for a free lawyer through the Access to Justice Program. Ask the judge for a referral to an Access to Justice Lawyer.
MEDIATION: If you have steady income or significant equity in your home and need help negotiating with your lender, ask the judge to refer your case to the Center for Conflict Resolution for medication. Mediation is a process in which a neutral third party facilitates communication and negotiation between you and the mortgage holder to assist you in reaching a voluntary agreement regarding the mortgage, if possible. Mediation requires the appearance of both parties. This is an out-of-court procedure and lawyers are not required. However, you have the right to have your lawyer present.
SHORT SALE: If you have negative equity, have lost your job, had health issues, divorce, etc., another solution is reaching out to a professional real estate agent that works frequently and successfully in doing Short Sales. Doing a short sale is more beneficial to you financially because on the whole, you will be forgiven through the latest Bill that the President has signed, where the deficiency is waived.

To learn more about your options, reach out to The Chicago Short Sale Team. We offer a one hour consultation with you at your home, in privacy and all information is kept confidential. Should you decide to sell your property, the bank pays our commission as well as part of the closing costs. All they ask is that you keep the property in good repair, pay your utility bills and save money for when you have to move.

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 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.

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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,