July 31, 2010 in Blog by Dynamic Real Estate Network, Inc.

Are You A Moralizing Realtor? – It Can Cost You!

Like most internet saavy Realtors I belong to a number of housing portals and whenever a consumer posts a question I get notified.  The question was not that difficult and various other colleagues had answered.

The consumer wanted to know what his options were in the following scenario:

Before they got married his wife had bought a townhome at the top of the market and they had just seen a home that they wanted to put in an offer - it was a foreclosure that needed a lot of repairs but other than that it was just what they were looking for.  He wanted to know if there was a way for them to buy the home despite the fact that his wife could not sell her current home because the mortgage owed was more than current market value and they were unable to rent it due to HOA rules.

I gave a quick answer to have the wife short sale the home since she was unable to sell at current prices and unable to rent to wait for prices to come up.  He could then buy the new home on his own if he qualified for it.  Posted my answer and logged off.

I always like to follow the thread after I post an answer and next time I logged on I was floored to discover that another agent had told the consumer that my answer was unethical and that him and his wife would have to "bite the bullet", stay in the home because they did not have a  qualified hardship.  Oh, and yes, please call her for the only ethical advise.

I was taken aback by her response.  So I rebuttaled the answer stating that although there are certain acceptable more common hardships (loss of income, job loss, divorce, death, medical) but the banks take each situation on a case by case nature and that only the bank could make that decision since they were the ones that held the mortgage and would suffer the loss- not the Realtor!  With strategic defaults going on and banks accepting short sales for a variety of reasons, I took umbrage that a fellow Realtor would call my advise unethical. 

Part of my answer included the line - "as Realtors, our job is to facilitate the transaction and give our client's choices not to make moral judgements".  A mortgage is a financial instrument.  The banks do not use a moral compass when they foreclose on a home - they make a financial decision.

I even took the time to send the Realtor an email telling her that I was upset that she would use the term "unethical" when she did not know me or had not expanded her training to understand how the current short sale environment was.

Several days later I received an internet lead from my website.  To my surprise it was the consumer who had posted the question.  He admired the fact that I stood up for myself and that I did not make a moral judgement about their situation without getting more details.  He was glad that I was honest and upfront about their situation.

I have now been working with him and his wife on finding another home since the original home they put in an offer needed more repairs than they wanted to invest in.

So to those fellow Realtors that would like to keep moralizing - go ahead....and thank you for sending me more business because you are driving consumers away from your narrow views.  Trying to make another Realtor look bad does not always work and you will only end up making yourself look bad.

July 13, 2010 in Blog by Dynamic Real Estate Network, Inc.

Cap & Trade Email – What Were You Thinking?? License to Sell Your House…Really?

I was looking for a subject for my blog today as I sat at my favorite coffee shop and as I was reviewing my email I opened an email from a friend asking me what I thought about this bill that would force homeowners to retrofit their homes to new energy standards in the Cap & Trade bill.

As soon as I read the email I remembered seeing it last year and finding out that the whole thing was another email scam/propaganda.  I double checked snopes and sure enough it was totally wrong.

Here is the link if you are interested:  http://www.snopes.com/politics/business/captrade.asp

When I got to the bottom of the email I was surprised to find out that the initiator was a Realtor!!!

What was she thinking when she sent this false information out under her official business email?

I realize that we all have political views and that they will probably differ from mine.  I don't care what political views my friends and clients have.   I usually can find something to like about them despite their political persuasions.  I usually give them points for a. being human, b. still breathing, c. and talking to me.  Everything else is really not that important since I am not going to marry them or take them home for an extended time.

It's great to have different views about all sorts of things.  Because I may not share the same view does not make me right and you wrong.  Just different!  It sure would be boring if we all had the same view points on everything.

By sending this email the realtor could ver easily give the impression that she was encouraging homeowners to sell their  homes before the bill took effect. 

I realized that its just one of the many political misinformation going around because many people hate the current administration despite the fact that voters legally put the president there.  I understand people being sore losers...some people hate to lose whether in politics, sports or even a real estate listing.

But before you send something out I really think you should do some due diligence and find out if its actually true.

July 12, 2010 in Blog by Dynamic Real Estate Network, Inc.

Appreciation For a Job Well Done – Always well…Appreciated!

Monday's are usually tough days in almost everyone's workday....weekend fun is over...the short respite of 2 days is past and another long week of work faces us.

For realtors and other's involved in real estate...the weekend still is work so Mondays...sometimes are our "catch up day".  I spent most of the weekend doing price cuts for some of my listings hoping that it will generate some showings.

I have been trying to think of ways to increase the exposure of my listings besides blogging and posting them on every internet site I can think of. 

So it was really great to open up an email from a former client and find a wonderful testimonial that I can post on my marketing material.

I have blogged previously about the horrible closing we had with them a couple of months ago. I felt so bad for my buyers, Jim & Patti, that I would not be surprised if they never move again!

They didn't hold the experience against me personally and even invited me to their barbeque open house earlier this summer.  They love their home and I am glad that they were able to close on it despite all the obstacles.

Following is the email that I received from them today:

OUR HOME BUYER EXPERIENCE

In today's economic environment, home buyers (especially first timers like us) need an experienced professional to help them locate the right house, understand financing and legal concerns, and to simply be a reassuring friends when obstacles arise.  We could not have been happier with the guidance provided by Evelyn Santiago in our home buying adventure.  From our first showings in 18 inches of fresh snow, to finally getting keys to our new home, Evelyn was right there with us.  She was immediately available at any time, kept us informed of any information available, and made us feel like the most important clients she had ever worked with.  

As first time homebuyers, we weren't even sure why type of property we really wanted.  Evelyn was patient is showing us townhomes and single family homes, discussed various advantages and disadvantages of each, and helped us to determine exactly what we were looking for.  As we modified our list of desired traits in a new home, Evelyn was quick to respond by searching the MLS, suggesting properties, and setting up showings.  After seeing twenty-six different properties, we finally found the house that we knew we could call 'Home'.   Her experience and in-depth knowledge of the fluctuating home values enabled her to not only suggest an offer on the house, but she also accurately predicated the price we would pay for the home after final counter-offer negotiations completed!  

We soon learned, however, that finding a home in this economy can often be the easy part of the process.  Overly-tightened lending practices have created many obstacles that must be understood and dealt with.  Evelyn remained with us to keep us calm, offer suggestions, and encourage us through the maze (and mess) of home lending in a recession.  

On closing day, when even more paperwork oversights and obstacles suddenly arose that kept us at the title company for the entire day, only ONE person stood by us: Evelyn.  Attorneys for both the buyers and sellers, the seller's agent, and even the title company representative all found "other" meetings as a reason to abandon us during the closing process.  Rather than follow suit and leave us to fend for ourselves at the closing table, Evelyn steadfasly waited, made calls, and represented our interests in a way that greatly exceeded even our highest expectations.  

If anyone, first-time or prior homeowner, is looking for a new propertly to call "home", we highly recommend Evelyn Santiago as an extremely qualified real estate agent.  Challenging economic conditions require the assistance of an agent who is not only up to the challenge, but successful in overcoming obstacles, clearing red tape, and staying optimistic until the final goal is achieved.   We are now in our new house, and pinch ourselves every day when we drive up to "our home".  We know this dream-come-true would not have been possible without Evelyn.  We are eternally grateful for all her help, guidance, and encouragement.       Sincerely,   Jim and Patti Cryer - 7/12/10

It's great to know that my hard work was appreciated and that they are willing to talk with potential buyers about my services.  You can't ask for a better referral!  So back to trying to find more ways to bring my seller's buyers...I know that Jim and Patti will be happy to talk with them.

July 12, 2010 in Blog, Testimonials by admin

A Dream Come True

In today’s economic environment, home buyers (especially first timers like us) need an experienced professional to help them locate the right house, understand financing and legal concerns, and to simply be a reassuring friends when obstacles arise.  We could not have been happier with the guidance provided by Evelyn Santiago in our home buying adventure.  From our first showings in 18 inches of fresh snow, to finally getting keys to our new home, Evelyn was right there with us.  She was immediately available at any time, kept us informed of any information available, and made us feel like the most important clients she had ever worked with.

As first time homebuyers, we weren’t even sure why type of property we really wanted.  Evelyn was patient is showing us townhomes and single family homes, discussed various advantages and disadvantages of each, and helped us to determine exactly what we were looking for.  As we modified our list of desired traits in a new home, Evelyn was quick to respond by searching the MLS, suggesting properties, and setting up showings.  After seeing twenty-six different properties, we finally found the house that we knew we could call ‘Home’.   Her experience and in-depth knowledge of the fluctuating home values enabled her to not only suggest an offer on the house, but she also accurately predicated the price we would pay for the home after final counter-offer negotiations completed! Read more »

July 9, 2010 in Blog by admin

Price Dropped almost $25,000 – See it and Make An Offer – 3 Bedroom 2 Story – N. Aurora, IL

Nothing wrong with this home except some paint, new carpeting and minor updates!  Located minutes from the I-88 Orchard Road exit in North Aurora near Woodsman, Randall shopping, car mall and easy access to Metra’s Aurora stop you can be anywhere in the western suburbs within an hour or less.  The trip to Chicago’s Union station in less than 50 minutes via express train.

With 3 bedrooms and 2.5 baths this 2 story home sits on a lot which backs up to a wooded area and small stream.  No backyard neighbors for you!  No home association either which is rare.  With formal living and dining room flowing easily from the foyer you have great views to the back yard.  The eat in kitchen flows into the family room and easy access to the large laundry room and 2 car garage with room for a small work area.

The large paver patio provides plenty of room for outside entertaining while you can store your yard equipment in the dollhouse shed.  A dog run or small fenced garden on the side of the home with special area for the home’s garbage provides an extra amenity.  The backyard is large with plenty of room for outside activities.

Don’t hesitate and take the time to view this property.  This is a short sale so only motivated buyers willing to wait for a great bargain should apply.

July 8, 2010 in Blog by admin

June Market Activity – Oswego, IL

We are still ahead of 2009 numbers year to date in Oswego.  In the attached family homes we are almost double the closings from 2009.  With 6 months left of the year hopefully the trend continues and we lower the inventory and start seeing stabilization in prices.

June 2010 – Market Activity – Oswego

July 6, 2010 in Blog by admin

What the Heck is a Short Sale???

Every business has its own special language – when I worked for an airline related company I had to memorize all the 3 letter codes used by the airlines for the various airpors – so O’Hare became ORD, Midway MDW and my favorite city – San Juan became SJU.

Real estate has its own unique verbiage and “short sales” are something that we seemed to be constantly talking about and assuming that the general public should know about.

The term “short sale” refers to a sale where the lender will be accepting less than what is currently owed on the mortgage that the seller has on the home.  The home will be “short” the total payoff amount.  Usually the seller has some sort of “hardship” but at times the bank will accept a short sale if the home seller is moving out of the area due to job relocation or if they are an investor.  Until you ask the bank you don’t really know if you qualify for the bank’s short sale program.

Currently the government has a couple of shor sale programs and you will see and hear that a particular transaction involves a HAFA short sale – officially the Home Affordable Foreclosure Alternative. Fannie Mae and Freddie are currently rolling out their own version of this program.

The only difference between a “regular” market listing and a short sale is paperwork and time.  The seller has to submit a lot of paperwork and sometimes the buyer will have to provide additional information to the bank especially for Bank of America’s new platform Equator. 

If you are involved in a HAFA short sale your timeline will be more condensed then other short sale transactions.  You should be able to complete the transaction in 60 days or less.  But unfortunately, despite its moniker – short sales can be anything but short timewise.  Some have been known to go past the 1 year mark before they are completed.

Patience is the name of the game when you become involved in this type of transaction but the payoff can be major since you will get a home in much better condition than a foreclosure on average, since the seller’s are voluntarily leaving and the price will be much lower than any similar market listing.

Just be prepared for the delays and sometimes lack of updates if you are on the buyer’s side.  Depending on who is handling the actual short sale negotiation, (3rd party negotiator, lawyer)  the listing agent may not be able to provide timely updates.  Make sure your agent if you are the buyer tells the listing agent how often you want the updates even if the update is “nothing to report”.

Short sales are for motivated buyers that understand that the wait will be worth their time. They are going to be with us for quite a while so whether you are a buyer or thinking of selling your home “short” give me a call and I will be happy to go over your options.

I have a special place in my heart for anything that is “short” since I have been “short” in stature and  sometimes “short tempered” but mostly “short” sighted in assuming that everyone knows what a “short sale” is.

July 6, 2010 in Blog by admin

Boulder Hill 4 Bedroom Ranch – Move In Ready Now!

Can’t wait for a short sale to get approved?  Don’t feel like doing some sweat equity on a foreclosure?  Then your search has ended!  I have a 4 bedroom with central air conditioning, newer roof and siding and a large yard with a firepit in the Oswego school district in Boulder Hill. 

The home has updated kitchen and bath, a separate dining area and laminated floors in the living and dining area.  Mature landscaping surround the home with plenty of room for your own gardening projects.

No waiting – the home is available for a quick close….it’s just waiting for the right buyer…could that buyer be you??  Currently listed at $159,400 by Dynamic Real Estate Network, Inc. call 630-896-9999 or visit www.foxvalleychicagorealestate.com

July 5, 2010 in Blog by admin

Eyes to the Sky – Lisle, IL Festival

What a weekend for activities in Chicagoland!  The 4th of July weekend is almost history and like many of us I had to make some hard decisions.  Do I travel into Chicago for the Taste?  Head out to Naperville for Ribfest? or…head out to Lisle for their Eyes to the Sky Festival? 

Well due to the heat and the crowds I optedt to go to Lisle’s Ballon Fest.  Held  on Short St. off Rt. 53/Main Street the festival is known for the Hot Air Ballons that come across the country to show their colors and lift off at 5:30 a.m. every day weather permitting and again in the evening weather permitting.

Besides the balloons, there is a carnival, music and of course, food.  It was a perfect day to visit on Saturday.  We parked a few blocks at the local State Farm insurance parking lot – for only $4.  Walking along allowed us to see how the business’ along Rt. 53 were able to make some extra money allowing people going to the festival to park in their lots for various prices.  A great deal for everyone. 

The local Lisle police were directing traffic and made it easy for everyone to cross Rt. 53 safely.  Due to current economic conditions the entrance fee was lowered to $5 dollars which was an amazing value and much appreciated by everyone attending. 

Music was lively and crowds were gathered enjoying the various local bands that kept spirits up during the long afternoon.  I had waited to have a late lunch and found a great rib place from Naples, FL serving a 1/2 slab of baby back ribs and St. Louis ribs for only $9!  They were excellent and I highly recommend the ribs from Chew Bee Q.  I also had the kettle corn, italian ice (mango, lemon and rasberry) and a hochata (rice drink) and of course a lot of water.

After enjoying our late lunch under a nice shady tree and walking along the main vendors lane we ended up near the ballon launch area.  Due to the high winds they were not taking off but many did inflate and stay tethered so we were able to see the various styles.

I highly recommend that you take time next year to take in this one of a kind festival.  Well organized, family oriented and not as crowded as its neighbor – RibFest held in Naperville – Lisle has a lot to be proud of in keeping the tradition of “Eyes to the Sky” alive.

July 5, 2010 in Blog by admin

Taking a Coffee Break in Oswego, IL

Since moving my real estate office to my home I have found that I end up working longer hours.  Without an actual commute to another “physical site”, sometimes it’s hard to draw the line on when to stop working.  So lately, I have been forcing myself to “take a break”.

When you live in a small village/town like I do, if you want to go to a well known coffee spot you will have to drive at least 10 to 30 minutes.  We all develop certain habits and one of mine is a cup of coffee – I usually brew my own but every once in a while I decide to have a cup outside of my home.

Less than 5 minutes from my house in downtown Oswego is my current favorite – The Village Grind coffee & tea co.  This is not your typical coffee house.  Owner’s Jodi & Dave Behrens have put their heart in soul in making this truly a community gathering place. 

Besides coffee or tea you have a variety of bakery items freshly made by a local baker. For something more substantial have their turkey sandwich which is thier signture item.  With the warmer weather you have to indulge in their sorbetto or gelato.  I had to try two flavors – lemon and Rasberry together…a truly sinful experience. I can attest that the strawberry rubarb slice was not only good but huge!  No scrimpping here – you get more than a full portion – enough for two people.

Besides food and coffee drinks the shop also has a variety of unique gifts – many are made by local artists.  As I drank my iced coffee I was lucky enough to meet Valerie Henrich enjoying a chat with a friend and working on some of her latest Photo Art creations which she sells at the store.  Melding her two loves – photographing with various media – Valerie’s creations are truly unique.  She even gave me tips on how to use the camera that I inherited from my son which I am just starting to learn how to use.

Small businesses like the Village Grind are what makes Oswego’s downtown worth a visit.  Although not a large business district Oswego’s brings back memories of what small town USA used to be like 50 or 60 years ago before the advent of the shopping mall.

With its mix of restaurants and specialy shops you are sure to meet your neighbors as you walk down the street.  That sense of neighborly concern is evident at the Village Grind as the staff greets the “regulars” like old friends.  Discussing the latest local news and giving opinons on local rulings and happenings you don’t see that many people hunched over their computers.  Talking, reading the newspaper or reading a book in the Casa reading room or trying to find the right gift for that special someone – community at its best.

So, for a taste of community, take a ride out to the uber suburbs and stop at the Village Grind…You’ll see me taking a break, reading the local paper and having a nice cup of coffee.  Tell Jodi I sent you and make sure you buy a cherry slice or two.

 Located at 19 N. Main Street, Oswego – call 630-554-6678 and they will have your sandwich and drink waiting for you.

You might even find me in the reading room with a good book or even a client.