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Sellers, Potential Sellers, Family
Member of Sellers.....listen up! So many times Real Estate Agents visit sellers when
it is time to sell their home and they want top dollar after all "my
neighbor down the street go$$$". As we go through your home for the
famous seller tour.....we Real Estate Agents have to be the one to
deliver the news and give a realty check to you. Buyers these days want
more room for the buck, more updates for the money. Did you do any of
the following?
- Freshen up the bathrooms. Put in a new light fixture for about
$100, a faucet, new vanity or even a medicine cabinet. Replace that
old tile, or even install a new shower door...maybe put in French
Doors...little things that can make a big impact on a buyer.
- Freshen up the basement. Take care of crack with filament the
paint with waterproofing paint. Paint the floors a colorful color to
spiff it up. When buyers visit they want be vising a dull damp dungeon.
- Open Up Your Kitchen. See that wall between the kitchen and the next living
space? Opening that wall so you can see it will make a big difference.
One tip is to cut out the space, put up granite counter tops, add bar
stools and there you have it...a built in breakfast bar!
- Time to bring those kitchen cabinets into this year! Easy and
inexpensive fix, remove the cabinet front doors,recondition them,
change the hardware.
- Replace Light fixtures...can't tell
you how many times we have gone into a room that would look so much
better if the light fixtures did not look like it was from the Flintstone Age....buy new ones, especially in the common ares like the foyer and kitchen.
- Put in a garage touchpad entry system.....looks like you have put in a high tech gadget for only $425.
- Can't afford granite counter tops, buy granite tile instead...for about $300 you can get high impact for little money.
These items can bring you a big return
on your little investment when it is time to sell. Do it while you are
thinking about selling ...buyers today expect more for s smaller
prices. If you are going to step out there...you need to stand tall
among the competition and sell your house much faster for more money.
If in doubt about what to do? Call aRealtor..............we know..............we sell houses!
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How not to rent to own a house? How many times have Real Estate Agents received phone calls from "for sale" signs posted in front of their listings from renters or future
homeowners....who cannot purchase right now.....but are quick to ask...
"Hello...I was wondering if the seller of this beautiful home would be
willing to rent to own?" A lot of the calls are coming because of the
news media reporting...that homeowners are desperate to sell their
homes and cannot because this is a buyers market. Truth is...there are some sellers who would not mind doing rent to own
if they could get a better price by doing so, particularly if days on
the market is long (which usually translate into the home being
overpriced in the first place).
Most Realtors get these calls all the time....and yes they can sometime be annoying....but here's how not to be annoying! 1.
To Rent to Own....means that the house has to be in your income and
credit limits......meaning if the house is for sale for
$200,000.....you must be able to afford to pay that mortgage.......if
you are just going by the way it look on the outside and like the
neighborhood, but can only afford a $150,000mortgage...move on. 2.
Be Prepared......Contact a Mortgage Broker or bank to find out what
qualifications you currently have to purchase. Many of the calls come
from people who have no idea of their credit qualifications....and the
first question a good agent will ask is "how's your credit?". Could be
you can purchase now and don't know it...or it could be that you
won't be able to purchase for a very long time............and this is a
turn off for any seller that may consider rent to own. 3. Do your homework.....most rent to owns require a non refundable down payment sometimes equal to a real down-payment if you were to purchase.......have the funds ready if you are serious..... 4. If you need to be in credit repair to purchase....then be in credit repair
with a professional.....these documents will show how serious you are
to purchase in the near future and you will be able to get an real
estate agent to listen to you and take your case to a seller. 5. If you find that right rent to purchase home, treat it like a purchase..do your home inspection....hire a Realtor to help you do it right!
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Chicago South Suburbs Education Systems which include Rich Township High School District 227 operates three high schools that serves Matteson, Tinley Park, Country Club Hills, Chicago Heights, Olympia Fields, Park Forest and Richton
Park, offers advanced placement courses, gifted and talented programs
for students attending those schools. The district is the recipient of
the U.S. Department of Education's Award for Excellence. Seventy-eight
percent of the the graduates go on to some form of higher education.
There are 65 public school districts that serve residents of Chicago South Suburbs 71 communities, some serve as models for other Illinois schools receiving numerous awards.
Chicago South Suburbs also include the award-winning
Homewood Flossemoor High School that received the U.S.Education Blue
Ribbon award. For those who do not want to go to public schools, there
are a number of private and parochial systems offered in the area. In addition there are 5 two year community colleges, 4 four year colleges and a regional university that offer a full range of career programs, giving students access to a variety of higher education choices. Some of the choices are Governors State University in University Park, South Suburban College, and Prairie States in Chicago Heights, with satellites in Matteson and Homewood. Coming to the Southeast Suburbs of Chicago for education choices for many is the reason to relocate from the city.
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1. They don't ask enough questions of their lender and end up
missing out on the best deal. Some of the questions are: Where is my
loan originating from? Who will service the loan? What are the fees?
How can I get a lower interest rate? What is private mortgage
insurance? What other products do you offer?
2. They don't act quickly enough to make a decision and someone else
buys the home. So you have seen 20 homes and you really want the first
home you saw...but you are scared to make a decision. What if you find
something better. A common thought if you didn't know what you wanted
to buy in the first place. You thought you did, until you actually got
out there and started searching. It seemed there are things you thought
you wanted but now you think you don't. Or you simply don't know what
you want. While you are pondering your agent calls and tell you the
house that was at the top of your list is gone. Now every house you
look for has to live up to that house. If only....................
3. They don't find the right agent to help them find through the
home-buying process. So your agent calls you back
eventually.......while you search the Internet looking on your own,
calling on every house you think you may like. Mistake....a good agent
already has sent you the properties that fit your criteria, cutting
down on time and homes your agent knows you will not like based on what
you told them. Or your agent is part time and has to show you the house
next week. Or your agent knows nothing about the area you want to buy
in. Ask your agent questions to see if it is a good fit.
4.They don't think about resale before they buy. The average first
time buyer only stays in a home for four years. So now you have
selected your home cause you love it, but it is in a neighborhood that
seems on the downswing....there are several vacant homes on the
block....the schools are just okay, but you have no kids now, so what.
All these play into the long term value of the property. It is
true...it is location, location.location...research the location before
looking.
These mistakes can easily be avoided by doing your homework before
buying. You have started by reading my blog. Contact me if you need
help!
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Buying a home and being a first time buyer should be fun, not stressful. Let's look at ways to make it peaceful.
- Find a good real estate agent you can relate to: check out how they communicate with you, make it a personality fit. Emotions run high when buying, a good Realtor will keep your emotions in check.
- Don't let all the news overwhelm you into feeling pressured into buying. A lot of first time home buyers worry
about interest rates, don't try to second guess them, they change
daily. Stay focused on the things that are most important to you.
- When you walk into a home...you will know it is the one you want,
you should choose it because you love it, then think about value or
appreciation. In today's market most home values have no where to go
but up! Focus on the home being safe and comfortable.
- Prioritize, make a list and stick to it. Remember no homes is going to be perfect, accept the imperfections, especially
if they can be fixed. Sometimes one room may be perfect but the other
is not. Again focus on the major things and let little things go!
- Know your surroundings, don't forget you are not only buying a home, buy you are also buying a whole neighborhood.
- Budget the maintenance costs of buying a home, even if it
is new. Don't forget if you are buying that large home, you will also
have largeutilities to go with it. Research the cost. Also don't forget
that a home does not take care of itself, it will need taken care of.
Budget repair costs into your yearly costs...don't wait until you are
ready to sell to do repairs or updates. Enjoy the repairs and updates
while you are in your home and you will berewarded with appreciation.
- Don't listen to all the "outside experts" especially family, they
can confuse and frustrate you. Too much input can make it hard to make
a decision. Focus on the people who will be living in the home.
- Don't try to be a hard negotiator.....this can kill the
joy of buying. While negotiating is important, remember it is "give and
take"....too much taking can kill the deal.
- Buyer Remorse is inevitable...but it too shall pass. It is a big financial commitment...but
it yields big benefits. Don't loose sight of what made you purchase in
the first place and why you chose the home you love.
- Plan ahead...get that mortgage approval first and remove any contingencies that can kill a deal with sellers.
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With all the hoopla over first time buyers.....did everyone forget about first time cash investors? With home prices the lowest ever......many productive agents are getting calls from potential investors/home buyers who have less than $25,000 cash and want to buy their first investment property or home. Why not....there are many ads and sometimes friends, who say they have purchased one? What they forgot to tell you was, where the properties were located and how much work and money was required to make the property live-able. What they also may have not told you is that there is a reason the property is priced that low. Pipe Dreams come in all sizes and prices. But can they be real! Yes, if you are willing to compromise and study your market. What to look for: Good bones....does the house have good bones. Is the foundation solid. Don't let water in the basement scare you off of what could be a good deal. After getting with a plumber....you may find it something as simple as a sump pump no longer working. Get a check list and an inspector to help you determine costs. Sometimes it worth it to go and buy the $75,000 home down the street if you can afford it. The hardest part maybe finding a Realtor who is willing to work with you, after all we are paid a commission and it takes just as much work to find a property under $25,000 as it does to find a $250,000 property. But don't give up....there are many out there who will work with you if they feel like they can help. Help them out with realistic expectations and maybe your dreams will not be piped.
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Choosing the Right Neighborhood, will it affect foreclosure investments? Looking in areas where there are neighborhoods overrun with foreclosures should be avoided. These are the neighborhoods with the steepest price decreases however they are also the ones that carry the largest risk of further depreciation. The best place to look in in established neighborhoods with good schools and transportation. If the prices are still falling and you make an offer in a rapidly declining neighborhood, you should factor that into your offer. Inspect or not to Inspect....that is the question? When purchasing a foreclosure, the inspection is on you. If you choose to get an inspection, check to see if a city or village inspection has already been performed by the bank, see if you can obtain a copy, this will help you know out of pocket expenses that may need to paid to the village or repairs needed to be completed before occupying. Getting a personal outside inspection by a certified inspector is a good idea, but this is an out of pocket expense and if you decided to back out of the offer after the inspection..you will not recover this expense but it is better to loose an inspection fee rather than the purchase amount, should it is more than you can nandle. What other fees are associated with buying a foreclosure? There can be a few dependent upon where you purchase it. Some villages have a per Diem if you do not close on time. Some villages charge a repair per Diem, they can attach a repair amount to the property and hold that amount in escrow until repairs are completed, some villages will then let you occupy until repairs are done. Your Realtor could find this out for you or contact the village. When purchasing a foreclosure it is better to hire a Realtor who has experience in selling foreclosures.
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"I hear so much about foreclosures" is now a good time to buy? Chicagoland (including the south suburbs) has one of the highest rate of foreclosures ever.....there are unbelievable prices on homes...some as low as $8000. These kind of prices make many buyers want to buy foreclosures, however there are other questions buyers should be asking before making an offer on a foreclosed property. "What should I do first?" This is the what buyers should ask next! Be prepared with the right loan or if you are paying cash, have a proof of funds letter or statement from your bank to prove you can buy. If you getting a loan, know that not all loans are for foreclosures. If it is an investment property or second home you are buying be prepared to pay a higher interest rate and pay a larger down payment. If you have FHA financing, know that the property must be liveable and all utilites will need to be operating and turned on for the FHA appraiser. If the utilities are not operating and the house is not liveable you will not qualify for a regualar FHA loan, however there are other FHA products available for rehabbing, but be prepared to pay higher interest rates. How do you know if a foreclosure is the right one for you? Bank owned properties (REO) usually have taken care of outstanding liens before they obtained the property and put them back on the market. But "buyer beware" of unpaid liens, including outstanding mortgage debt, taxes, construction loans, tax liens etc. Some auctions are not as generous and buyers must do their homework, sometimes outstanding liens and fees could be transferred to the new owners. Now you have identified the right property, what kind of offer do I make? Remember it takes money to make money, and cash buyers rule. If you are going to make an offer on a already low priced property that is bank owned, do not try to lowball the offer because if it is a good deal for you, it is also a good deal for someone else and it is already priced low..and chances are the cash investors will get first consideration. Make your offer competitive! Stay tuned for Part Two of what you need to know to buy a foreclosure!
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I have just discovered the power of health through this amazing fruit called the Jujube from an ancient Chinese tree. One shot and you discover amazing health and so many other benefits. I was turned on at a Health Fair. As agents we are often stressed and overworked, one shot of this amazing juice and you will experience stamina, mental clarity while also getting you daily dose of vitamins. Each individual will experience their own results because it goes to your cellular level and everyone's cells are different.My husband and I were so amazed at the results we became distributors. Call me and I will get you more details or visit my andrettapierce.com and click Bazi Health Juice and click the link. Here's to good health!
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Matteson is really growing. The new mall is completing it's first phase. The brand new super Target and J.C. Penny are almost complete and ready. Two brand new schools are open and new businesses are opening every day, keeping property taxes down. The median income is higher than the national average at $63.000. A great mayor and great people make Matteson the place you want to be.
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YES, YOU CAN QULAFY FOR FHA IF YOU HAVE BEEN PAYING YOUR BILLS ON TIME! AND YES, THE PERCENTAGE RATE CAN BE LOWER THAN A CONVENTIONAL LOAN AND YES, IT'S TRUE IT IS NOT CREDIT SCORED BASED, BUT YOU MUST HAVE A CURRENT STEADY JOB....AND YES, WE REAL ESTATE AGENTS CAN GET YOU YOUR CLOSING COSTS AND WITH THE RIGHT MOTIVATED SELLER, WE CAN GET YOU THE 3% DOWN PAYMENT THAT IS REQUIRED BY FHA. FOR MORE INFORMATION JUST CONTACT ME!
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Preview 519 Washington St. I know what a lot of you are thinking! But this is a diamond in the rough....wlil get an inspection report for the buyer, even thou it's being sold as is. Kitchens need updating and bathroom in basement can use an overhaul, yet it is in move in condition. Vacant right now, but the seller is looking for renters. If your buyer wishes to live in this, it can be a money maker.
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