3049- 53 W Eastwood Amazing Short Sale

Amazing opportunities in the buyer's market today like this one in the
ex-governors neighborhood, Ravenswood Manor at 3049- 53 W Eastwood.
This is an outstanding 2B 2B condo with exquisite features in an open living design. It boasts hardwood floors in the living areas, a separate dining room adjacent to the kitchen and living room, and a spa-like master bath. All this is topped with parking included and a private patio five steps out the back door! Priced for the aggressive shopper, in a short sale at $159900. See it on http://www.therealestatematchmaker.com/, or by signing in at http://www.illinoisproperty.com/

Networking for Professional Results

Networking, seems we're all doing it.
N .....stands for NOTES. Write notes to follow up.
E.......stands for Educational. Learn about THEIR business.
T.......stands for Team. Ask how can I promote your business so we can become a referral team.
W.....stands for Work. Networking is an everyday work task that must be done.
O......stands for Other Oriented. You must be Other centered or the work of networking doesn't work.
R......stands for Referrals. The outcome of positive networking is business referrals.
K......stands for In KIND. You will receive referrals in KIND to those you give. Or Givers Gain.

Chicago Real Estate Market

Perspective: Chicago Real Estate Market - It's a Price War and a Beauty Contest!
My clients ask me, from Washington State to Chicago, to Boston Mass, what is happening in the Chicago market?
I call it a split personality. We have the market personified by the average first time home/condo buyer or young family outgrown their condo, and the Foreclosure buyer.
The first wants a home for the next 5-7 years that will be close to work, the "EL" or Metra to reduce time commuting, and walking distance to restaurants, entertainment, recreation, parks, and maybe the lakefront. These are willing and able to pay "market price" for top of the line features, ie: in unit washer dryer, and upgrades. If condo prospect, they are also willing to buy conveniences like the building amenities such as 24 hour doorman, and the gym. These, however, are among only about 20% of those out looking. Inventory is high and prices are approximately 2001 levels.
For you sellers, that means about two parties of ten showings will buy anything at "market price" in your neighborhood at all. So make every showing count.
The "other" side of the market personality is the foreclosure type. These people are just like the first, only they expect to get it all for a "steal" or the foreclosure, bank owned price: top of the line features, upgrades, mint condition, full amenities, low assessments. These buyers contribute and set the data results which tells us that sales are up this June over last.
And so sellers ask, why didn't mine sell?
The answer is very simple: it wasn't the lowest price, most beautiful on the block, or in the building. It's a price war and a beauty contest. Make every showing count!

Dear Chicago Real Estate home buyers and buyers' Realtors,
You all may or may not remember when you or your family was selling the house. I remember when my kids were all teenagers, that would be four of them between 7th and 12th grade and we were selling the Oak Park house. That year was the one everyone developed a new habit: making the bed EVERY day. Even so, when we knew there was a showing scheduled we went above and beyond to get the whole house both tidy and clean. Occasionally we did so only to come home to realize, no one showed up for the showing. Not only no buyer, no feedback; no showing! The pits!
Please be a responsible home reviewer. If you've scheduled, take the time to tour. Your host prepared for you.

Short Sale Process

When you are selling your home in a short sale process particular paperwork is required. You must prepare a short sale package for the bank. That includes a hardship letter, the income/expense form, the last two months bank statements, 2 mortgage statements and an up to date market and absorption rate analysis. Those are necessary pieces to begin the short sale process.

Short Sale Checklist

Qualifying for a "short sale," that is a sale that is "short" of what you owe the bank, requires two critical first steps:
1. A personally written letter of hardship telling them what's happened to get you into this mess, and 2. an up to date financial statement.
That means the last two pay stubs and last two months bank statements, plus an updated list of expenses. Think of it as a simple "fill in the blanks" exercise. Include regular monthly expenses even if you cant pay them right now.

Homeowners Insurance (if not included in your mortgage)
Real EState Tax
Heat, Electric and other Utilities
Groceries
Lunches
Transportation, Parking, Tolls
Clothing
Dry cleaning/ Laundry
Cell Phone
Internet Service
Association Dues
Recreation/Spending Money
Charitable donations
Car Payment
Gas
Other Expenses
Total Expenses:

A. Total Monthly INcome
B. Total Monthly Expenses
C. Residual Income

Balance in 401K______ Cash Value of Stocks__________
Balance in IRA_______ Other Valuables to be sold:_____________
Cash on Hand________ Other Mics. Assets__________________

If you think your home will sell for less than you owe the bank you need a realtor who is a CDPE, a Certified Distressed Property Expert, with experience helping people through this process.

First Time and Repeat Home Buyer Credit

One of your Chicago home buyer's needs is finding the right mortgage broker. Below is the explanation of the $8000 First Time Home Buyer Extension and the Repeat / Move Up Home Buyer Tax Credit. I received it from Mark Mieczkowski, one of my mortgage service providers. Mark has helped a number of my clients to find the right mortgage program. http://www.bancgroup.com See the explanation on how you can qualify for the Tax Credit! Of course, be sure to contact me to help you find your home! Just call or text me 312 342 9333 and I'll get right back to you.

Mark writes
$8,000 First Time Home Buyers Credit

1. For people who have not owned a primary residence in the last three years.

2. This is a credit that does not have to be repaid.

3. The credit is equal to 10% of the home's purchase price up to a maximum of $8,000.

4. Applies to sales from Jan. 1, 2009 until April 30, 2010. If a binding sales contract is signed by April 30, 2010, a home purchase closed by June 30, 2010 will qualify.

5. For homes purchased before Nov. 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

6. For homes purchased after Nov. 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.



The $6,500 Move Up/Repeat Home Buyer Tax Credit

1. To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

2. This is a credit that does not have to be repaid.

3. The tax credit is equal to 10% of the home’s purchase price up to a maximum of $6,500.

4. It applies only to homes priced at $800,000 or less.

5. Applies to sales from Nov. 6, 2009 to April 30, 2010. If a binding sales contract is signed by April 30, 2010, a home purchase closed by June 30, 2010 will qualify.

6. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.