Wheatland Realty Blog - The Cure for the Common Realtor

Tax Assessor Values vs. Market Value

2011-11-01T07:38:00.000-07:00

Image via WikipediaAs Realtors we meet with new potential sellers weekly. Our task is to tour their home and compare it to the local market to determine a fair market price for the home. When we talk price it's very common for a homeowner to bring up the value of the tax assessor. Why? Because the values is higher than what the buyer market is giving them. Why is that? It's fairly simple, allow me to explain below.

Your tax assessor's value is based on the prior 3 year average. Not the current buyer market. Your assessment for 2011 was based on the average value across 2008, 2009 and 2010. In those 3 years your home was worth more as we are in a declining housing market . When we price your home to sell we have to use the most recent data to be accurate. When we value your home to sell we are basing it on the past 4 months of activity in 2011. As you can imagine those two formulas serve two different purposes and will give you very different results!

I hope that helps! If you have more questions feel free to contact me anytime!

Sincerely,
Nicole & Tony Tudisco
www.Wheatland-Realty.com

News Release! HARP Changes to Reach More Borrowers

2011-10-24T11:07:00.000-07:00

Image via WikipediaToday, the Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), announce changes to the Home Affordable Refinance Program known as HARP. HARP has been in place for a while to help homeowners with Freddie Mac or Fannie Mae backed loans who were current on their mortgage to refinance their loan and take advantage of lower mortgage interest rates. Traditionally, you couldn't refinance your home loan if you didn't have enough equity. In this market that ruled out most people who have purchased their home in the last 10 years. HARP allowed you to refinance even if you owed more than you house was worth but had it's limitations.

One of the limitations was a cap on your homes loan to value ratio. It couldn't exceed 125% but today the FHFA announced it is lifting that cap. They are also eliminating the need for a new property appraisal when there is a reliable AVM (automated valuation model) estimate by the Enterprises. Another critical aspect is through the elimination of certain risk-based fees, they are encouraging homeowners to refinance into shorter term loans just to name a few details.

The changes come as part of an effort to bring stability to the market, help underwater homeowners pay down their loan balance quicker and lower credit risk for the Enterprise. Here is a direct example from the FHFA Fact Sheet;

"Borrowers who owe more on their mortgages than their homes are worth may be locked into their homes for years and have fewer financial options until they pay down the loan balance. A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. The lower interest rate may provide borrowers the opportunity to shorten the term of their mortgages without much change in their monthly payments, and perhaps even a reduction in that payment. Such an outcome may strengthen the borrower’s financial condition and lower the credit risk for the Enterprise that owns or guarantees the loan. A few examples illustrate how this works:

Assume a homeowner currently has a mortgage on which he or she owes $200,000 and has an interest rate of 6.5 percent – a monthly payment of $1264. If the house is worth $160,000, the homeowner has a current loan-to-value (LTV) ratio of 125 percent.

If this borrower refinanced into a 30-year fixed-rate mortgage with an interest rate of 4.5 percent, the monthly payment would decline to $1013. But, by refinancing into a 30-year loan, the borrower’s loan balance will not reach $160,000 for ten full years.

If the borrower chose a 20-year loan term at a rate of 4.25 percent (mortgage rates tend to be less for shorter term mortgages), the monthly payment would be $1238 ($26 less than the borrower currently pays) and the borrower’s loan balance would reach $160,000 in five-and-one-half years.

If this same borrower refinanced into a 15 year mortgage, assuming an interest rate of 3.75 percent, the monthly payment would be $1454 ($190 more than the current payment), but the loan balance would be below $160,000 in a bit more than three-and-one-half years.

These examples are purely illustrative and are not meant to represent interest rates borrowers should expect to pay. They do show that some HARP-eligible borrowers, depending on their circumstances and priorities, may benefit from a shorter term mortgage. Since shorter term mortgages reduce credit risk to the Enterprises because of the faster repayment of principal, there will be no added fee for borrowers that choose shorter terms."

The program is also being extended till 12-31-2013 for any loans sold to Freddie or Fannie on or before 5-31-2009. It is important to understand that participation in HARP by lenders is not mandatory and how soon each lender implements the changes being sent to servicers by Nov 15 of this year could not being till Dec 1st or later. Start now by seeing if you are a Fannie Mae or Freddie Mac mortgage. Then put a reminder in your calendar to call your lender on December 2nd 2011.

Our Best To You Always,

Nicole and Tony Tudisco
www.TheCureForTheCommonRealtor.com

Dual Agency - I'm Not a Fan

2011-10-17T14:53:00.000-07:00

Dual agency is when there is one agent for both the buyer and the seller in the same transaction. How does that happen? Well here are a couple examples;

Your listing agent has a buyer that is looking in your area and price range
A buyer calls of the yard sign to see the home and doesn't have an agent of their own so they use yours.

Now both these are logical ways to end up in a dual agency situation right? And frankly you just want to sell or buy that house, so who cares! Well, I care!

Don't you work with an agent to represent you and your interests in your real estate transaction? Every buyer I have ever talked to wants the lowest price and the most amenities. Every seller wants the highest price with the least amount of expense and hassle. So let me ask you, "How can one agent get both the buyer and seller the highest and lowest price on the same transaction?" The answer: they can't, somethings gotta give. As for what gives I will leave that speculation up to you.

Remember you have to choose to accept dual agency as a buyer and/or a seller. Know all the facts before you decide. Have a great week!

Our best to you always, Nicole and Tony Tudisco
www.Wheatland-Realty.com

Are You Considering A Loan Modification? 4 Things You Should Know Before You Start

2011-09-20T13:03:00.000-07:00

A huge part of the population is struggling still to make their mortgage payments. If you've bought your home in the last 8-10 years the current market value of your home is probably less than what you paid for the home or even less than what you owe to the bank. This instantly rules out any chance of a refinance since the bank requires equity in the home to accomplish that.

So what are the next steps? First ask yourself if you want to stay in your home or not? If you want to move you should explore short sales or talk to an attorney about a deed in lieu. Almost anything is better than a foreclosure so don't just ignore it.

If you want to stay in your home, contact your lender or lenders (if you have a 2nd mortgage) and apply for a loan modification. Yes, it may hurt your credit but if the bank adjusts your payments to an affordable level you can stay in your home and keeps you from foreclosure. Even if you have missed a few payments banks will work with you. Banks don't want to own your home.

When starting a loan modification there are 4 things I want you to know;

1. A loan modification takes patience. Be sure to follow up with the bank if they don't follow up with you. Be polite no matter what and if you really get into a jam just ask for a supervisor. Keep calm and carry on.

2. Make sure your loan modification isn't adding to your principal balance. They may reduce your interest rate or extend your payment years but the base amount you owe shouldn't go up.

3. Make sure there is no pre-payment penalty with your modification. Often, they add years onto your loan to lower your payments now. In the long run this actually nets the bank more money. If you get on track in a year or two you can avoid paying them more by paying down your principal with extra toward your payments so you don't want any penalties that could negate your future efforts to catch up.

4. Have a real estate attorney review your documents before you sign them. Understand what you are signing before you turn it in. I have heard of too many people skipping this part only to regret it a year or two later.

You can also see if you can get some help from the Illinois Hardest Hit program. They have mortgage payment assistance allocated for IL homeowners from U.S. Department of Treasury. Last but certainly not least make sure to check your options at Making Home Affordable for a lot of information on available programs.

Have a great week!
Nicole and Tony
www.Wheatland-Realty.com

Cheaper to Buy Than Rent In Chicagoland!

2011-08-19T08:12:00.000-07:00

According to Trulia.com buying a home in Chicago is cheaper than renting. We rank #35 in the list of major cities with a score of 15 for the July 2011 quarter. According to Trulia.com scale a score of 15 or less means it's "much less expensive to buy than to rent". Of course Trulia.com is using their own methodology and it's based on the purchase of a 2 bedroom condo or town home. However, with all things considered and rates in the 4% range, certainly not the hike in mortgage rates that was predicted by our nation a month ago. I suspect they are on to something!

Have a great weekend!
Nicole and Tony
www.Wheatland-Realty.com
The Cure for the Common Realtor

Ready, Willing and Able

2011-08-08T16:14:00.000-07:00

These are the 3 key words to ask yourself before you truly enter the real estate arena as a buyer or a seller. It's professionally accepted that people tend to think about buying or selling 6 months to a year before they will actually be ready, willing & able. As consumers we tend to ponder the notion of moving in our own minds, then get with friends/family, browse the Internet and maybe even drive around some areas every once in a while. All of that is a great prelude but quite where you need a professional yet.

Why do I bring this up? Buyers want a deal of a lifetime. Sellers want to get the highest price & actually be able to sell their home in a timely fashion. The best homes will sell in every market and we can always find a buyer the best deal. To have the strongest position for negotiations and evaluations of inventory you should have a clear idea of your housing goals. Your specific goals are will help a real estate agent give you the best advice on how the current market will affect your overall objectives. For example if you are downsizing this may not be the best market but if you are moving up it's perfect! Once you know the facts about your local market conditions and how they affect your objectives ask yourself if you can accept them. If your answer is yes then you are one of the ready, willing and able consumers putting yourself in the best possible position for real estate success!

Sincerely,

Nicole & Tony Tudisco
www.Wheatland-Realty.com

Need to Rent? Bad Credit? Be Prepared

2011-07-19T12:39:00.000-07:00

Did you know as agents we can find you rental property? We have access to large database on the MLS of private homes, condos and townhomes for rent. Many tenants in this economy have bruised credit and we find that alot of landlords that will work with you. The key is to be prepared! Here are some key things to have in order during your rental search...

1. Be honest and upfront about your situation
2. Know your credit score
3. Get letters of recommendation from prior landlords
4. Prepare a letter of explanation to the landlord regarding any blemishes on your credit or background
5. Offer a double security deposit
6. Be willing to meet landlord in person prior to occupancy

Of course nothing is a guarantee. In our experience if you follow those steps you are in the best possible position to secure a rental property.

Sincerely,
Nicole and Tony
www.Wheatland-Realty.com

How Your Buyers Agent Shouldn't Negotiate An Offer!

2011-07-14T15:16:00.000-07:00

Finding a beautiful, affordable home these days is fairly easy for buyers! The next step is to count on your real estate professional to negotiate the best possible terms. Every deal is different because no buyer, seller or situation is ever exactly the same. Each negotiation calls on agents to utilize any multitude of tools and techniques.
Sometimes we think the tool bag isn't that good. Below is some real dialogue we have received from buyers agents when we have been on the sellers side of a transaction. We think you will agree it's not how you want your offer negotiated.

*Buyers agent leaves a message saying... I faxed over the offer but it's just a starting point let me know what you can do. - So your buyer will pay more, great! I'll tell my seller.

*Buyers agent is in the home with their buyer client and realizes they know the seller from family photos on the wall. Agent calls seller directly (really bad, actually a violation) and tells the seller they will try to get their client to pick their home. - Really, whose side are you on?

*Buyers agent calls back with counter and says "please tell me you sellers will accept this offer, I'm done driving them around". - So your tired of working for your client, great we're not.

Talk strategy with your agent before you submit an offer. Make sure you are both on the same page. We believe you negotiate to your expectations and you should set those upfront. You should also be willing to walk away and move on to your number two pick. As your licensed agents we can only negotiate as hard as you are willing to allow. We love negotiating hard! At the end of the day, you can see, the number one thing you need to have with your agent is trust.

Sincerely,
Nicole and Tony Tudisco
The Cure For The Common Realtor

www.Wheatland-Realty.com

7 Reasons to Own Your Home

2011-07-05T11:53:00.000-07:00

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Sincerely, Nicole and Tony
www.Wheatland-Realty.com

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

What’s a Home Warranty?

2011-06-23T13:06:00.000-07:00

A home warranty is a service contract, normally for one year, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.

Check your home warranty policy to see which of the following items are covered. Also find out if the policy covers the full replacement cost of an item.

• Plumbing

• Electrical systems

• Furnace

• Water heater

• Heating ducts

• Water pump

• Dishwasher

• Garbage disposal

• Stove/cooktop/ovens

• Microwave

• Refrigerator

• Washer/dryer

• Swimming pool (may be optional)

Have a great week! Sincerely, Nicole and Tony

www.Wheatland-Realty.com

Source: American Home Shield, www.ahswarranty.com, REALTOR® Benefits Partner

Homeowner Forecloses on Bank of America

2011-06-09T13:18:00.000-07:00

True Story! Click Here to watch the video for all the details... I just had to share! I think this attorney will be getting a lot more business!

Have a great week!

Nicole and Tony
Wheatland Realty
http://www.wheatland-realty.com/

Proposal to Increase Downpayment on FHA Loans

2011-06-01T11:49:00.000-07:00

FHA (Federal Housing Authority) loans originally came to the market to help out first time home buyers become actual homeowners by broadening the qualification requirements as compared to a conventional loan. Though marketed to first time buyers any buyer who meets FHA guidelines can purchase using an FHA loan. The attractive features of FHA loans verses a conventional loan is a lower down payment (currently 3.5%), the ability to finance closing costs by rolling them into the loan amount and as I mentioned earlier, easier qualification parameters.

The House Financial Services Committee is expected to introduce a draft bill at a hearing today before the Subcommitee on Insurance, Housing and Community chaired by Rep. Judy Biggert, R-IL. They are proposing an increase in FHA downpayments to 5%, lowering the loan limit cap and not allowing closing costs to be rolled into the loan.

The reason they are proposing these changes are in an effort to reduce the amount of FHA loans that default by making the buyer have more skin in the game. The NAR (National Association of Realtors) president spoke to the committee and said, "Proposals to further increase FHA down payment requirements are unwarranted,” Phipps said. “The current 3.5 percent down payment and closing costs represent a significant financial commitment. Requiring a larger down payment does little to reduce risk of default compared to strong underwriting requirements, and only puts home ownership out of reach for many families who have the income necessary to carry the cost of the home purchase,” Phipps said.

NAR says that the biggest barrier to home ownership is accumulating the money needed for down payment and closing costs. Their estimates are that it would take the average American family, living frugally and saving at the current national rate, nearly seven years to save for a 5 percent down payment on a $200,000 home and more than 10 years to save for 10 percent down.

It is my belief that these loans have played a critical role in keeping our real estate economy afloat in these tough times. It's important to point out that 53% of home buyers in 2010 were first time buyers according to NAR and these proposed changes are estimated to knock 40% of FHA borrowers out of the marketplace. This could pose a serious threat to our economic recovery which is certainly something we need to avoid.

Sincerely,
Nicole Tudisco, Broker/Owner
Wheatland Realty
http://www.wheatland-realty.com/

Clients Are People Too!

2011-05-24T08:15:00.000-07:00

It's 10:40 p.m. and away I work on a stubborn short sale where the bank has so much red tape the ability to use common sense is impossible. Their system forces all parties involved to succumb to processes and procedures that all but defeat the objective of the short sale to begin with. It can be a true test of patience for everyone, from the buyers and seller to the attorneys and Realtors.

Then out of the blue I receive an e-mail from a client I had 6 years ago. We sold their house and they moved out of state. It's been forever since I have spoken to them and here is what they said;
Hi Nicole,

Last week I received a phone call from my oldest daughter, now married and living in Iowa. She asked that age old question “What do I ask when I am trying to select a realtor?” I may have bought and sold a few homes in my lifetime but that only has convinced me how valuable professional help is. Not knowing how to answer her question I did what anyone who has ever worked with you probably does. I referred her to your web site, your video and First Time Buyers list. She learned a lot in a hurry. I only wish you lived in Iowa! Thank you for continuing to help my family years after we were your clients!

The fact that she took the time reach out to me and share that information. I am so grateful. It's a great reminder that we affect peoples lives not only professionally but personally too. When we do our jobs with integrity and consideration of others it comes back. Our jobs and our lives are about people first. As for that short sale I am working on, the bank may have it's red tape but we will persevere no matter how many hours it takes ......

Make it a great day, week, year!

Sincerely,
Nicole Tudisco
Wheatland Realty

Property Tax Blues - What to do?

2011-05-10T11:02:00.000-07:00

We felt the sting of an increase just like many of you. Our own property tax bill is now a little more than half of our monthly mortgage payment.. ouch! So what to do?

For the tax bill you currently have, nothing. You had to fight that last year. Property taxes are paid in arrears which is easy to forget until the bill shows up!

Here is what you need to know going forward from here;

To figure out your homes market value take your total assessed value from the township and multiply by 3. This will tell you what they are valuing your home at in dollars.

The tax assessor values your home on the "average" of the prior 3 years. Not current market conditions. If you sell your home then you use current market conditions. Usually two very different numbers these days. If housing prices fall this year you won't be able to use those comparables to fight your taxes till next year.

Example: In Fall of 2010 I couldn't fight my taxes because I had to average my value across years 2007, 2008 and 2009. Based on that criteria the assessor was within $5k of my home's value. I couldn't use any of the really low comparables I had for 2010. I have to use those this year. So as you can see it is a system that will always work in the assessors favor.

You will only be notified by mail if your value has gone up or down not if it remains the same. That doesn't mean you shouldn't still do your research and see if you can reduce your bill. Set a yearly reminder now.

Lastly, get out and vote! Referendums raise tax bills too so be a part of your community and be the change the want to see!

Have a great week! Sincerely, Nicole and Tony

Your Property Wish List

2011-05-04T10:34:00.000-07:00

What does your future home look like? Where is it located? As you hunt down your dream home, consult this list to evaluate properties and keep your priorities top of mind.

Neighborhoods

What neighborhoods do you prefer?

What school systems do you want to be near?

Transportation

How close must the home be to these amenities:

• Public transportation _____

• Airport _____

• Expressway _____

• Neighborhood shopping _____

• Schools _____

• Other _________________________________________________

Exterior Home Features

• What architectural style(s) of homes do you prefer?

• Do you want to buy a home, condominium, or townhome?

• Would you like a one-story or two-story home?

• How many bedrooms must your new home have?

• How many bathrooms must your new home have?

Home Condition

• Do you prefer a new home or an existing home?

• If you’re looking for an existing home, how old of a home would you consider?

• How much repair or renovation would you be willing to do?

• Do you have special needs that your home must meet?

Home Features

Please circle one of the choices: Must Have, Would Like, Willing to Compromise, Not Important

Front yard - Must Have - Would Like - Willing to Compromise - Not Important

Back yard - Must Have - Would Like - Willing to Compromise - Not Important

Garage ( __ cars) Must Have - Would Like - Willing to Compromise - Not Important

Patio/Deck - Must Have - Would Like - Willing to Compromise - Not Important

Family room - Must Have - Would Like - Willing to Compromise - Not Important

Formal living room - Must Have - Would Like - Willing to Compromise - Not Important

Formal dining room - Must Have - Would Like - Willing to Compromise - Not Important

Eat-in kitchen - Must Have - Would Like - Willing to Compromise - Not Important

Basement (finished or unfinished) - Must Have - Would Like - Willing to Compromise - Not Important

Fireplace - Must Have - Would Like - Willing to Compromise - Not Important

Spa in bath - Must Have - Would Like - Willing to Compromise - Not Important

Great view - Must Have - Would Like - Willing to Compromise - Not Important

Other notes:

Home searching is fun and work! Being prepared will help you and your agent find the perfect home then negotiate the best deal for you!

Need help house hunting? We're always available!

Happy Mothers Day Weekend - Nicole and Tony

5 Things to Know About Homeowner’s Insurance

2011-04-19T08:07:00.000-07:00

1. Know about exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately.

2. Know about dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.

3. Know the replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.

4. Know the actual cash value. If you chose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation. This is called actual cash value.

5. Know the liability. Generally your homeowner’s insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.

Have a great week! Nicole and Tony

Search all homes for sale http://www.wheatland-realty.com/

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

Lender Checklist: What You Need for a Mortgage

2011-04-11T06:16:00.000-07:00

The Spring Market has arrived! Did that tax refund give you the cash to get your new home? If you are ready to buy here is a list of what financials you will need for your loan officer. Get that pre-approval and call your local real estate expert .......
(that's us just in case you didn't know :-)

Enjoy the Spring weather everyone!

□ W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.

□ Copies of at least one pay stub for each person signing the loan.

□ Account numbers of all your credit cards and the amounts for any outstanding balances.

□ Copies of two to four months of bank or credit union statements for both checking and savings
accounts.

□ Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.

□ Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.

□ Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.

□ Copies of your most recent 401(k) or other retirement account statement.

□ Documentation to verify additional income, such as child support or a pension.

□ Copies of personal tax forms for the last two to three years.

Our Best To You Always,
Nicole and Tony

Common Closing Costs for Buyers

2011-03-22T16:59:00.000-07:00

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

• Down payment

• Loan origination

• Points, or loan discount fees, which you pay to receive a lower interest rate

• Home inspection

• Appraisal

• Credit report

• Private mortgage insurance premium

• Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage

• Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.

• Deed recording

• Title insurance policy premiums

• Land survey

• Notary fees

• Prorations for your share of costs, such as utility bills and property taxes

A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

Happy Hunting!

Sincerely, Nicole and Tony

Pros and Cons of Going Condo

2011-03-01T09:05:00.000-08:00

Condominiums and townhouses offer an affordable option to single-family homes in many markets, and they’re ideal for those who appreciate a maintenance-free lifestyle. But before you buy, make sure you do your legwork. These are some of the important elements to consider:

• Storage. Some condos have storage lockers, but usually there are no attics or basements to hold extra belongings.

• Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you dread yard work, this may be the perfect option for you.

• Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.

• Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home — good news if you like to travel.

• Security. Keyed entries and even doormen are common in many condos. You’re also closer to other people in case of an emergency.

• Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees decided by the condo board, whether or not you’re interested in the amenity.

• Resale. The ease of selling your unit may be dependent on what else is for sale in your building, since units are usually fairly similar.

• Condo rules. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets, or don’t allow owners to rent out their units. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer. Especially if someday you plan to make it an investment property and rent it out.

• Neighbors. You’re much closer to your neighbors in a condo or town home. If possible, try to meet your closest prospective neighbors.

What Not to Overlook on a Final Walk-through

2011-02-21T12:32:00.000-08:00

It’s guaranteed to be hectic right before closing, but you should always make time for a final walk-through. Your goal is to make sure that your home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Here’s a detailed list of what not to overlook for on your final walk-through.

Make sure that:

• Repairs you’ve requested have been made.

Obtain copies of paid bills and warranties (usually at closing table)

• There are no major changes to the property since you last viewed it.

• All items that were included in the sale price — draperies, lighting fixtures, etc. — are still there.

• Screens and storm windows are in place or stored.

• All appliances are operating, such as the dishwasher, washer and dryer, oven, etc. Flush all the toilets... once a leak sprung so we are glad we did so before the closing!

• Intercom, doorbell, and alarm are operational.

• Hot water heater is working.

• No plants or shrubs have been removed from the yard.

• Heating and air conditioning system is working

• Garage door opener and other remotes are available.

• Instruction books and warranties on appliances and fixtures are available.

• All personal items of the sellers and all debris have been removed. Check the basement, attic, and every room, closet, and crawlspace.

Have a great week!

Nicole & Tony

Current on Your Mortgage? But Could Use Some Relief ?

2011-02-15T09:26:00.000-08:00

Are you current on your mortgage but could use some relief on your monthly expenses? Have you thought about refinancing but with market values or the 2nd mortgage you have there is no equity? These are the final days of HARP.. Home Affordable Refinance Program. Technically it expires in June but some lenders are doing cut offs on applications before March 1st because of the time it takes to process.

HARP will not hurt your credit but can lower your monthly payments even if you are under water. You do need to be a Fannie Mae or Freddie Mac property, be current on your mortgage and have the ability to pay the refinance. So look up your loan and call your lender today to see if you can qualify before it ends!

If you need help because you are struggling to make payments but want to stay in your home there are other programs such as HAMP and 2nd Lien Modification Programs. Click here to take a survey which determines quickly and easily which programs you may be eligilble for.

Happy Belated Valentines Day!

Sincerely,

Nicole and Tony

How to Get an Offer on Your Home

2011-02-08T08:20:00.000-08:00

1. Price it right, based on market conditions, not need. Set a price at the lower end of your property’s realistic price range.

2. Prepare for visitors. Get your house market ready at least two weeks before you begin showing it.

3. Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you’ll find a buyer.

4. Anticipate the offers. Decide in advance what price and terms you’ll find acceptable.

5. Don’t refuse to drop the price. If your home has been on the market for more than 60 days without an offer, you should be prepared to at least consider lowering your asking price.

6. With the competitive buyers market there is no room to chase the market, you must set the market to succeed!

Have a great week!

Nicole & Tony

In Part Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Short Sale Shorts!

2011-02-01T10:54:00.000-08:00

Did you know....

HAFA is a program that offers pre-approved short sales for Freddie Mac and Fannie Mae properties... check your loan
You don't necessarily have to miss a mortgage payment to qualify and complete a short sale.
The bank covers your closing costs as a seller. This includes realtor commissions!
Stay current on your homeowners association fees or they can foreclose on you without permission from your first lien holder.
Fannie Mae is saying if you choose to do a short sale instead of going to foreclosure they will consider you for a home loan in just 2 years. Of course that could change but you do have a better chance of rebuilding your credit much quicker than going to foreclosure.

We can help you examine your options for your particular situation so you can do what is right for you!

Brave the storm ahead and be safe!

Sincerely,
Nicole & Tony

Loan Types to Consider

2011-01-25T09:21:00.000-08:00

Brush up on these mortgage basics to help you determine the loan that will best suit your needs.

• Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.

• Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.

• Balloon mortgages. These mortgages offer very low interest rates for a short period of time — often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.

• Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration (www.fha.gov) or the Department of Veterans Affairs (www.va.gov) and offer special terms, including lower down payments or reduced interest rates to qualified buyers.

Slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, use Fannie Mae’s online mortgage calculators.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

Also use Wheatland Realty's Calculators
for such determinations as :

Should I refinance?

How much will my fixed rate mortgage payment be?

How much will my adjustable rate mortgage payments be?

How much will my payments be for a balloon mortgage?

Should I rent or buy?

Which mortgage is better for me?

How much will I save by increasing my mortgage payment?

How much mortgage might I qualify for?

How much home can I afford?

Should I consolidate my loans?

Have a great week! Nicole & Tony

Tips for Lowering Homeowner’s Insurance Costs

2011-01-17T08:38:00.000-08:00

You will need homeowners insurance in order to purchase your new home. If you already own your home there are a few tips in here for you as well....we all need to save money these days so I figure every dollar helps!

1. Review the Comprehensive Loss Underwriting Exchange (CLUE) report on the property you’re interested in buying. CLUE reports detail the property’s claims history for the most recent five years, which insurers may use to deny coverage. Make the sale contingent on a home inspection to ensure that problems identified in the CLUE report have been repaired.

2. Seek insurance coverage as soon as your offer is approved. You must obtain insurance to buy. And you don’t want to be told at closing that the insurer has denied your coverage.

3. Maintain good credit. Insurers often use credit-based insurance scores to determine premiums.

4. Buy your home owners and auto policies from the same company and you’ll usually qualify for savings. But make sure the discount really yields the lowest price.

5. Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower. Avoid making claims under $1,000.

6. Ask about other discounts. For example, retirees who tend to be home more than full-time workers may qualify for a discount on theft insurance. You also may be able to obtain discounts for having smoke detectors, a burglar alarm, or dead-bolt locks.

7. Seek group discounts. If you belong to any groups, such as associations or alumni organizations, they may have deals on insurance coverage.

8. Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.

9. Investigate a government-backed insurance plan. In some high-risk areas, federal or state government may back plans to lower rates. Ask your agent.

10. Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market value.

Have a great week & as always we are here for all your real estate needs! Nicole and Tony

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

5 Things to Know About Title Insurance

2011-01-11T12:19:00.000-08:00

Title insurance protects the holder from any losses sustained from defects in the title. It’s required by most mortgage lenders. Here are five other things you should know about title insurance.

1. It protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person’s name or an inaccurate description of the property.

2. It’s a one-time cost usually based on the price of the property.

3. It’s usually paid for by the sellers, although this can vary depending on your state and local customs.

4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.

5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.

Have a great week! Sincerely, Nicole and Tony

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

What You Can Do to Improve Your Credit

2011-01-03T15:08:00.000-08:00

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3. Don’t charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

Happy New Year Everyone!

Sincerely,
Nicole and Tony

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

Copyright 2008. All rights reserved.

2011 Housing Market... What's the good word?

2010-12-28T10:25:00.000-08:00

We all know we are still in an economic slump. Unemployment and foreclosures are still a major factors affecting the housing market. So what's going to happen in 2011?

Tony was in a continuing eduction class a few weeks ago and the professor shared that IL wasn't supposed to be back to where it was till 2018. Now if that prediction is true it does mean that in the next couple years we would have to start moving to the plus side of the road, right? To get there the more immediate goal would be for the bleeding to stop in 2011. If the prices will hold steady at some point in 2011 that is a great sign and as far as I am concerned a realistic one.

On a national level this month's Realtor Magazine article quoted a CNNMoney.com survey of 23 economists who predict a flat 2011, exactly what I just said would be a realistic goal! As you can imagine I am very excited to share my supporting evidence with you. Then today I went to CNNMoney.com website to see a total contradiction that contrary to previous reports we could be looking at a double dip. It doesn't stop there. To add to that on the same site a Bear vs Bull article where you have a top CEO Bill Ackerman and Warren Buffet arguing a bull market while Rick Sharga Sr. VP of Realtytrac says it's a bear market for 2011.

Confusion, confusion, confusion! Don't you love it! The bottom line is they are all just predictions albeit from very smart people but nonetheless predictions. The truth is life is going to happen. People get married, divorced, move across states, retire etc etc so there will be houses bought and sold in 2011. Mortgage rates and housing prices are at all time lows opening up affodability to a larger group of potential buyers. Sellers who may not get the price they wanted for their sale will surely make up for it on their purchase.

The market will come back, it's basic economics. We also have to realize that real estate is very localize. Sure we are affected by the economy but how hard it impacts us is different from area to area. Stay focused on your local neighborhood to understand your market or talk to your agents i.e. us! Getting that market to come back starts small with people like you. Stay positive, do the right things for you and your family and our ripple of growth will certainly turn into waves. 2011 will be a great year, I just know it!

Have a happy and safe new year!

Sincerely,

Nicole and Tony

Best Vanilla Butter Sugar Cookies Ever! Happy Holidays!

2010-12-22T11:23:00.000-08:00

I've decided that frosted sugar cookies are the best blog I could give this holiday week! We have made and decorated these wonderful cookies for the 3rd year now.... a tradition with the kids! I hope you try them and love them as much as we do! Of course it's a Taste of Home recipe;

Cookie Dough
1- 1/2 cups sugar
1- 1/2 cups butter, softened
2 eggs
2 TBL vanilla extract
4 cups all purpose flour
1 tsp salt
1 tsp baking soda
1 tsp cream of tartar

Frosting
1-1/2 cups powdered sugar
3 TBL butter softened
1 TBL vanilla extract
1 TBL milk
Food coloring optional

Directions
In a mixing bowl combine sugar and butter, beat until creamy. Add eggs and vanilla; beat well. Stir dry ingredients together. Then gradually add dry mixture into creamed mixture until blended and chill for 30 minutes.

On floured surface roll out dough to 1/4 inch thickness, cut with holiday cutters that were dipped in flour. Put on baking sheet (ungreased) and bake at 350 for 10 to 12 minutes. Cool on wire racks.

For frosting, combine all ingredients till creamy. Use additional milk to thin if necesarry. Add food coloring if you like and decorate with candies and sprinkles.

Happy Holidays,

Nicole, Tony and Family

Multiple Offers! In this Market???

2010-12-14T09:21:00.000-08:00

True story that in the past week we had 3 clients submit offers only to find they were in a multiple offer situation. These were 3 separate clients and 3 separate houses in the middle of December. Each client asked me the same questions once they found out, "How do we know the other agent is telling the truth about more than one offer?" The second question was "Can we find out how much the other offer is?" Both questions are normal, natural responses from just about every client we have had encounter this situation. Let's get the answers....

Legally the agent cannot create a bidding war nor compromise the sellers position by sharing information about the other offers. Once an agent has multiple offers there are 3 options for the seller. Accept one as is, negotiate one or reject all and ask for highest and best offers from each buyer. Guess which option happens most often!

When it comes to if there is really another offer, ethically and professionally agents could lose their license over lying. Now you may think, so what, lots of people do things they shouldn't and how do we know if it's the truth. It's normal to think it's a tactic. No one wants to get taken advantage of right? The only way you will know for sure is when you lose the house to the highest bidder. Yep, it's clears up all doubt when you get the call they went with the other guy! Not fun.

On the other hand if you win the bid you may be left with questions like did I overpay? You'd still question if there really was another offer? As humans we torture ourselves, so we are damned if we win the bid and damned if we don't win the bid! Crazy but that is human emotion for you!

Let's face it if you have a great agent (like us :-)) you have comparison shopped and run some market comps before you submitted the offer. You probably wouldn't submit an offer on an overpriced home. The analysis plus your own eyes prove it's the best deal in your marketplace yet we still find ourselves in turmoil over multiple offer situations.

The solution is this....as long as you are doing your due diligence put your best personal offer on that house. Give the price and terms you can live with losing the house over. This is not the time to try to save a couple thousand dollars. Calculate $2 to $5k over 30 years and ask yourself what is your personal best for this home regardless of any other offers. Then be happy when you win and if you don't win it know that you gave your personal best. What more could we ask of ourselves, what's meant to be will be. I can also promise you that every client we've ever had always ended up with the house they truly were meant to be in.

Our best always!

Nicole and Tony

Grateful is an Understatement!

2010-11-22T09:56:00.000-08:00

What a crazy year in real estate and our country's economy! I don't know about you but it really makes you think about what's important when people are losing their jobs, homes and hope. Do we really have to keep up the the Jones'? I know every house I help sell or buy is bigger than mine and I'm really ok with that!

When it comes to the world of the real estate there has been a huge beating to both consumers and agents. Locally, 60% of the agents in our board (about 13,000) haven't had a single transaction in 2010. The next 25% have only had one. We heard that from an active agent a couple months ago who serves at the board office. With those kind of numbers Tony and I are deeply grateful to all of you for choosing us as your Realtors. In my 6 years as an agent 2010 was our best yet! To say that we are grateful is an understatement, we are humbled. We will not take this for granted heading into 2011. We will continue to work hard to earn your trust and we will give back all we can to our community and those less fortunate. Did you ever see that movie Pay It Forward? I really believe in that principle, it makes the world go round!

On this Thanksgiving holiday so many of you have enriched us as professionals and as people. We hope each of you have a warm, loving meal with friends and family this week. For our military who will miss this holiday we are thankful and indebted to you for protecting our country.

To those who may be struggling this season I ask you to have hope because this too shall pass.
I know having hope is easier said than done. Personally, I have this running list of printed inspirational quotes that I add to regularly. I know it's a little cliche but I keep it on the bulletin board above my computer monitor so it's available for quick reference. I refer to it when I need a dose of inspiration, hope or humility myself. In true holiday spirit let me end with a few of my favorite quotes;

Be the change you wish to see in the world ~ Ghandi

I am an optimist. It does not seem too much use to be anything else. ~ Winston Churchill

Some people are always grumbling because roses have thorns; I am thankful thorns have roses. ~ Alphonse Karr

To be wronged is nothing unless you continue to remember it. ~ Confucius

It isn't our position but our disposition which makes us happy. ~ Author Unknown.

Hope is never lost, only found. ~ Submitted by Clyde W. LeFevre

Our best to you always,

Nicole and Tony

Testing Our Committment

2010-11-16T07:55:00.000-08:00

A few weeks ago one of the real estate national brands contacted me about walking away from Wheatland Realty and joining their team. Most brands are really franchises, each office is individually owned and operated, they just pay for the rights to use a logo so they have assumed credibility with all of you, the consumers!

I worked for a different brand back in 2005 but I agreed to meet with this new brand. I was very upfront as to not waste any one's time. I wanted them to know that there was really nothing I could think of that they would say to sway me but I was willing to listen. After all, I am a business woman!

In a nutshell there were discounts on some products and services I already use, since the would be the broker they got to handle all the regulations and guidelines we have to keep current on and of course brand recognition. Regulations and bookeeping are not my favorite parts of real estate (I like the people!), passing that to someone else is certainly tempting! As for the logo it is true some consumers will just go with a brand name because of perception.

So after hearing about their millions of dollars budgeted for national TV ads the decision came down to two things for me. The first is how would any of what I have mentioned change the clients individual experience on a local level? Real estate is very localized. To be honest as local as 1-2 mile increments! And second, did I really have the passion to build a business so someone else could profit from my hard work?

I became an independent broker because I wanted clients to have personal service, with a no-nonsense approach rather than some big box dictating to me how to handle my transactions. Every single real estate transaction is different and flexibility is key. I'm a Realtor because it's my passion. Our clients get the best marketing available and an unwavering trust factor when it comes to handling one of their biggest investments. The cure for the common realtor... it's just who we are and strive to be everyday.... sorry big brand name, I'll venture on without the balloon.

If you've never seen our video or the blooper reel spend 3 minutes and click here!

Have a great week! Nicole and Tony

Real Estate Quiz! Are You A Rock Star or Rookie?

2010-11-08T10:26:00.000-08:00

Below are 10 questions (some more challenging than others) to test your real estate IQ...

(Answers are at the bottom so don't cheat! Have fun!)

1. What does FHA stand for?

2. FHA loans are only for first time buyers, True of False?

3. What does it mean to pay a "point" on your loan?

4. A homeowners association can foreclose on your property for non-payment even if you are current on your mortgage, True of False?

5. Who controls the value of the homes in your neighborhood?
a. Realtors b. Appraisers c. Buyers d. Other Sellers e. Both C and D

6. What is a Short Sale?

7. What is a Foreclosure?

8. Tax deductions are a perk to homeownership, which of the following IS NOT deductible......?

a. Property Taxes b. Mortgage Interest c. Closing Costs d. Points

9. How many square feet in an acre?

10. What does NAR stand for?

SCORING

8 to 10 Questions Correct = Rock Star!

5 to 8 Questions Correct = A maturing Rookie on the path to stardom...

Less than 5 = Rookie, but hey we can't be everything all the time right?

Lets see how you did.....

ANSWERS

1. What does FHA stand for? Federal Housing Authority

2. FHA loans are only for first time buyers, True of False? False, and it's only a 3.5% down payment!

3. What does it mean to pay a "point" on your loan? One point is equal to 1% of your loan amount so on $100k it's $1000 dollars. You pay this at the closing table often to lower your interest rate but sometimes it's related to credit score too.

4. A homeowners association can foreclose on your property for non-payment even if you are current on your mortgage, True of False? True! Most people don't realize this but so so true!
5. Who controls the value of the homes in your neighborhood? e. Both C and D

6. What is a Short Sale? This is when you sell your home for less than what you owe on the mortgage with lenders approval.

7. What is a Foreclosure? The legal process in which a mortgagor or lien holder files in order to repossess the property in question, usually for non-payment.

8. Tax deductions are a perk to homeownership, which of the following IS NOT deductible? c. Closing Costs

9. How many square feet in an acre? 43,760 feet (how close were you?)

10. What does NAR stand for? National Association of Realtors

Thanks for playing! Share with your friends and contact us anytime if you have any questions...Have a great week!

Sincerely,
Nicole and Tony

Mortgage Rates Inch Up

2010-10-26T08:07:00.000-07:00

These rates are amazing even with the little inch up this week! If you are on the fence about buying a home you should really look into these rates and crunch some numbers. Keep in mind when the tax credit incentive was intact earlier this year offering $8k and $6k incentives the interest rates were a point or two higher. On a $100k loan that is a difference of $50 to $100+ per month and over 30 years buying now is better deal than when the buyer tax credit was in force. At these rates it's like free money!

Here's an excerpt of what the rates did....

Truly Interest on the 30-year fixed mortgage averaged 4.21 percent this week, up from a record low of 4.19 percent a week ago, reports Freddie Mac.

Rates for 15-year fixed loans also rose, climbing to 3.64 percent from 3.62 percent. However, the five-year adjustable-rate mortgage fell to a record low of 3.45 percent, after averaging 3.47 percent the previous week.

Source: Columbus (Ohio) Dispatch (10/22/10)
© Copyright 2010 Information Inc.

Incentives - Are They Worthwhile?

2010-10-19T15:20:00.000-07:00

I thought this was a good topic to talk about! I hear of alot of people lately getting caught up in incentives who really need to look at the whole picture. There are long term affects with different buyer incentives so just make sure you know the full details.

Today at the grocery store. Tony had picked up 3 boxes of cereal because they were on sale. I noticed that one was bigger than the other two and I asked him if the bigger or smaller one was on sale. He went to the shelf to compare the two. I didn't know he would pull out his iPhone calculator but he found the difference between the two boxes to be 19.2 per ounce verses the sale item at 19.1. WOW huh! Those sale tags sure make you feel like you were getting a great deal. Not to say it's not less but really? Advertising plays with our emotions and we have to follow up that emotion with logic. Get out your calculators and ask questions! Better yet ask me some questions !

See if you have heard some of these common incentives;

Builder will buy your current home so you can buy their home
$20k off Upgrades
Low Low Interest Rates
Big Screen TV's or Cars with purchase

They all might be the best deal for what you are looking for I am just asking that you always look at the big picture and not get caught up in the fancy advertising. What is right for you may not be right for someone else. Real estate is a custom job every time because no two clients are ever exactly the same so don't expect a one product fits all when it comes to your next dream home!

Best to you always!
Nicole & Tony
www.Wheatland-Realty.com

House Hunting - Skip the Agent????

2010-10-04T15:22:00.000-07:00

Every now and again or at least often enough I am contacted by a buyer who is wandering around town looking for properties without an agent of their own. Most of the time I hear it's because they feel they can do it themselves or they will save money without an agent. I can understand how easily it could be for someone to arrive at one of those conclusions. Now I know I am an agent and surely by sheer nature I'm bias but see if this doesn't resonate as truth to you;

Real estate is serious investment that often has an unpredictable amount of variables. Why? because no one person is identical in need or situation and that stands for both sides of the table. Not a single transaction, even with the same professional, is ever duplicated. As an ethical, knowledgeable and licensed agent who helps sell and buy homes every day don't you think if you are making an investment as serious as housing we can help you choose the best possible option for your needs? Wouldn't you want that help?

Call me crazy! It makes perfect sense to me but is that only because I am an agent?

Sincerely,
Nicole and Tony

Quick 6 Steps of Foreclosure in Illinois

2010-09-28T08:20:00.000-07:00

The economy is tough for everyone right now and facing foreclosure is not easy. Forelcosure is not a universal process. Each state has its own rules and timelines for handling foreclosure. Generally speaking, below are the 6 steps to foreclosure in the State of Illinois. It will certainly help you to know the general process but contact an attorney who practices real estate law if you are in need.

1. Payment default. Your agreement with your lender will determine how many missed payments put you in default. One missed payment over 30 days will definately start them calling and I have often seen 3 months missed as an official mark for a lender filing against the homeowner. Some lenders are so overwhelmed it could take longer.

2. Notice of default. Again depending on the lender and their guidelines you are officially being notified of your failure to meet your agreement with the lender.
3. Right of Redemption Period. In Illinois you have rights for redemption or reinstatement of 90 days, which basically give you some final opportunities to reach an agreement with the lender once they have filed a notice of default against you.

4. Court Date. Illinois is a judicial foreclosure state so you will be given a court date where the judge must issue a final judgement of foreclosure for the lender to proceed.

5. Sheriff's Sale. The sale date must be after the redemption period. A Notice of Sheriff's sale is published in the county where the property is located. Seven days after the final published notice is printed the sale is held. If no one buys the home the bank takes ownership and it becomes an REO. REO stands for Real Estate Owned. To the bank it's now real estate they own... makes sense right? Often the bank will list the property with a real estate agent to sell the property and recoup as much of their loss as possible.

6. Eviction. You’ll receive eviction notice, advising you to vacate premises within 30 days of the auction.

The overall process in Illinois is about 210 to 300 days. In places like Georgia it can happen in just 6 weeks start to finish. If you are struggling to meet your monthly payments other options you should consider are loan modifications, short sales, deed in lieu and consent to foreclose.

You should speak with real estate professionals about your particular situation. Doing nothing is the worst choice! Contact us anytime for information or visit our site for our recommended list of real estate attorneys.

Our Clients Got It Backwards!

2010-09-01T12:58:00.000-07:00

The day came for our clients to close on their very first home! They were ecstatic and had about as seamless of a transaction as you can get! The closing was set for Noon so we went to walk through the home a couple hours before to ensure the home was intact and all repairs are made.

Long story short, the house is beyond immaculate! Tony and I start to head out with our clients when they tell us to wait inside the house. Um, Ok? Next thing we see, both of them walking in with 4 gift bags.... yep 4!! Our clients had bought us presents on the day of their closing! I think Tony and I were going to fall over! I asked them if they realized that we did get paid that day and this was kinda backwards? They said they knew but they wanted to thank us for all of our work.

We were flabbergasted but it was the best day ever because really it's a true honor to have your clients be so satisfied with your service. It wasn't about the gift (though it rocked) but truly the thought that I am grateful for. They said their house warming party will have Wheatland Realty cards everywhere too! I know we always say we have the best clients but really we do!

Our best to you always!

Nicole and Tony

Biggest Buyer Mistake Ever

2010-08-23T15:50:00.000-07:00

I feel like a broken record but as I continue to get calls off my signs that are obviously in the yards of my sellers I just can't say it enough. As a buyer do not use the seller's agent to buy your home! That would be the agent whose sign is in the yard. It's like calling the prosecuting attorney to defend you in court. Most sellers agents would be happy to assist you in purchasing their sellers home. Not only are they not in your corner but they don't have to pay a commission to your agent because you don't have one. Essentially you doubled their paycheck and you didn't get professional representation.

As anxious as you might be to get inside a home it pays to follow a plan. Contact an agent to represent you as a buyer, get pre-approved by a reputable lender (ask agent for quality people), set your search criteria and pick the best homes to go view in person. You've got to comparison shop to buy smart. Haste will only haunt you later!

Please pass it on.... Our best always, Nicole & Tony

3 Questions You May Not Think To Ask a Realtor

2010-08-09T10:40:00.000-07:00

I've often found it's not what you know but

what you don't know

that you later wish you knew to ask!

When deciding to work with an agent the number one thing is integrity & trust. Real estate is dynamic, no two deals are ever the same so you must trust that your agent has your best interest. I believe we know instinctively whether someone is sincere or if they are just in it for the paycheck. Once that is established here are some questions you might not think to ask but could mean more to you than you think down the line!

1. What is your policy on Dual Agency? Dual agency is when your agent represents both the buyer and the seller in the same transaction. These are very different roles. As a buyers agent I am shooting for the least possible price and for the seller the highest. How can I play both sides of the fence?

2. How do you uphold professionalism in your industry? Every agent is their own business but we also need to have a good rapport so the professional community will show our properties. Is your agent the dreaded yard sign that no one wants to deal with?

3. How will you handle contract negotiations? You may never truly know the answer to this but let's just say some can take it overboard. We negotiate to our expectations. The client and agent should set some expectations upfront that are attainable, realistic and able to be supported with data. When you do this you can negotiate with calm confidence and control.

Yes, marketing is very important but integrity is certainly #1 ! These questions should get you a deeper understanding of how an agent conducts themselves on your behalf which is the most crucial aspect of any real estate transaction!

Have you seen our bloopers video? Or Meet Nicole and Tony video?

If not they are both here: http://www.wheatland-realty.com/meetnicoleandtony.aspx

If you like our blog or video post to FB, Twitter, Digg, Linkedin .... just pass it on! Thanks!

Our best to you always,
Nicole and Tony

An Agent from Hell

2010-07-26T21:39:00.000-07:00

Here's a story about the agent you probably don't want in your corner when selling a home... It's a true story about an experience I had and frankly I couldn't believe it myself......

I am out with a buyer touring homes. We walk past a sign on a home we don't remember seeing on our MLS or online search. I tell the client I will look into it as I jot down the address. I get back to my office and find that the property address isn't listed in the MLS so I Google it and again nothing. Then I Google the real estate company name and again nothing. Yep, you are reading this right not only is the property not listed anywhere online or MLS but neither is the real estate company representing the property. Is it really for sale? This is the 21st century and a home for sale has no online presence? Hardly seems plausible!

I was planning to call the company the next day and the property listing shows up in a local newspaper. It is for sale after all! I call right away to inquire about the property. The agent selling the property faxes over an info sheet and verbally says they are looking to work with other agents. The agent just isn't part of any of the local boards or MLS and is marketing the home via print only. The marketing is another whole issue but moving on.... I tell my client and they decide they would like to see it.

I call back to get some final details from the agent (normal realtor stuff) and a written confirmation they want to work with other buyer's agents as they mentioned over the phone earlier. Out of nowhere the listing agent becomes irate and starts screaming that they have been in the business for 100 years (exaggeration but you get the point) and verbal commitments are all they give, take it or leave it!

Wow! I didn't ask for your first born, really my request was just basic run of the mill real estate stuff that you should be used to after your 100 years in real estate! Remember, I am just trying to show a home to a very interested buyer who has $$$$$. As agents we all have to work together to provide the best exposure for our clients. Does this seller know how their agent is treating other professionals who are representing active buyers interested in their home?

I shared all the information with my buyer (full disclosure always) and as a professional myself said I would get them in that property regardless of the agent. I let 24 hours cooling time pass and then called to set an appointment for the property. The agent said I could show it and the door would be unlocked. Not a word mentioned, which is just as well. My only hope is that we are on time since the home will be left unlocked. Surely they at least came just before our appointment time. I locked up the home when we left.

The story ends that my client liked 2 other properties in the same community more so it wasn't a consideration. The agent never followed up with me to see if my clients had any interest. Nor did they request any feedback about how it stacked up to the competition.

It's sad but I bet the seller will never know how their transaction is being handled. Maybe I would be surprised to find out the seller is fine with it... who knows! But more importantly would you want it for yourself ? Hopefully not, we believe the public deserves better!

Have a great week!
Nicole and Tony

P.S. We do not feel this one instance represents agents as a whole. There are a lot of great professionals in the industry ,,,,including us!

Clarification On FHA Home Loans

2010-07-12T09:36:00.000-07:00

Yesterday, Tony and I each held an open house at 2 of our listings. We had 4-5 families through each home (fantastic turn out by the way) and lots of great conversation! Two couples mentioned purchasing a home and asked how much they needed for a down payment. Both couples assumed they had to save 20% down. They didn't realize they could go FHA since they weren't first time buyers.

FHA loans require only 3.5% down and you can get up to 3% of the purchase price to help cover closing costs. This is not just for first time home buyers. It could be your 20th home and you can still take full advantage of the low down payment. This low downpayment especially helps if you need to sell a home first where the selling price is cutting into your downpayment fund. There are also FHA loans for fixer upper homes called 203 Streamline that reserves the remodeling money in escrow for you after the purchase of a distressed property. Speak with a lender today to get all the details. If you need a honest quality lender go to our website under financing for one of ours.... let's keep our economy moving in the right direction!

Sincerely,
Nicole and Tony

Short Sales - Top 10 Things You Should Know

2010-07-06T18:49:00.000-07:00

You need to sell your home but the current value is less than what you owe the lender. As you may have suspected you are not alone. Your first thought may be the option of a short sale. A short sale is when the lender/bank will absorb the difference of what you owe verses what it is worth. If you or someone you know is considering a short sale here are some basics you need to know.....

1. There must be a hardship i.e. job loss, divorce, medical problems. Just because we are in a down market doesn't mean the lender should take the hit. The economy is forever a cycle of ups and downs. I have yet to find a bank who will do it just because but there is always a chance just not likely.

2. If you have a home equity loan from 2nd bank you will need an approval from them as well as your first lender.

3. Did you put down 20%? Do you have PMI (Private Mortgage Insurance)? If you do we need their approval too!

4. An average short sale package submitted to the lender for approval is about 60 to 70 pages and we need your complete cooperation!

5. As ridiculous as it sounds some lenders will require you to have missed a house payment before they will consider approving a short sale for you.

6. If you don't have the right attorney the lender can come back to you years from now and get the money they lost on your sale.

7. A homeowners association can initiate foreclosure proceedings without the lender. Make sure those payments are up to date.

8. Any forgiven amount on a short sale could be considered income on your taxes... check with an accountant.

9. A lender will require you to list with a real estate agent and often times for 90 days before they will consider approving any offers on your property.

10. An experienced short sale agent is critical in helping you get your short sale approved :-)

It's a big but a do-able process. The whole country has been affected by the downturn of our economy. If you or anyone you know needs help even just sorting through their options contact me. People always come first and I am happy to help any way I can. Have a great week!

Sincerely, Nicole (SFR)

A Day In My Realtor Life

2010-06-28T16:45:00.000-07:00

Ever wonder what a day in the life of real estate was like? First of all it is never ever boring! Second, no two deals are ever the same! It's a constant balancing act that requires a level head in the face of potential adversity. Residential real estate is very emotional. As much as we try to make it all business a seller is leaving all those great memories and the buyer wants everything to be perfect for their new home. It's our job to take away that "sky is falling" feeling when any bumps in the process occur.

So let's just look at today! My outlook calendar was to be fairly uneventful. A few hours of office work, a closing at 2 p.m., power hour, write this blog and fit in a workout. At 9 a.m. we get an agent call that their buyer may be interested in one of our listings (seller will be happy) but they would need the association to approve a specific buyer need prior to writing an offer. This starts a slew of calls to attorneys, homeowner associations, owners, contractors etc. etc. It's the mad scurry to summon all the right forces together in order to perpetuate an offer for our client!

While I delve into that process a new eruption forms! Another buyer's real estate agent calls after doing the final walk through with their client on a home we are selling. They flushed the toilet and said water was spraying everywhere! Can I just say the home was set to sell in 30 minutes... no pressure! To compound the issue the village was out of power for two days due to the storms here and didn't have the survey ready either. It's getting comical right? Just to add a little spice to that situation the seller was on the side of the road with a broken down trailer about to fall into a ditch and the buyer flew in from out of state just for the closing, so we couldn't postpone.

Tony, myself and our seller's attorney worked together and are proud to say the closing happened. It was only delayed one hour toilet leak repaired and all! Our seller was pulled out of the ditch without incident and is on their way to their new home! They buyer is a proud new owner of a beautiful place, no second trip required. Not too shabby for 90 minutes :-)

Still have the office work, finishing this blog at 6:30 p.m. and I have to get back to that first phone call and get another client an offer. As I said never ever dull! Frankly, I love what I do... have a great week everyone and let me know if you'd like to be a Realtor too!

Sincerely,

Nicole

Wanna Rent Your Home?

2010-06-21T17:46:00.000-07:00

Back in the good old days you could get a signed lease for your lender and voila! your existing home didn't count against your debt to income ratio. This allowed many people to buy an additional home without selling their first. As you may have guessed times have changed, so let's take a look at what you can do if you decide to rent out your current home so you can buy another.

Below is information I received from Ullysses Soto, Senior Loan Officer with Chase Bank;

Renting current home, then purchasing new home

75% of the rental income may be used to offset the mortgage payment in qualifying if:

There is documented equity* of at least 30% in the existing property, and rental income is documented with:

• A copy of the fully executed lease agreement,

• The receipt of a security deposit from the tenant, and

• Verification of the deposit into the borrower's account.

*Note: If the 30% equity in the property cannot be documented, rental income may not be used to offset the mortgage payment and the new loan must be qualified under the "second home" requirements above and 6 months PITI for both properties required as reserves.

Guidelines are much different but this may still be a possibility for some of you. If you are considering becoming a landlord keep in mind some cities like Aurora require an 8 hour class as part of their crime free housing initiatives. Other cities like Oswego may be following suit soon.

Lastly, I have a great brochure about becoming a landlord in Illinois. If you send me an e-mail with your name and address I will mail you the brochure (see photo of the cover above) no questions asked but I will toss in my business card! As always thanks for reading and have a great week!

Sincerely,

Nicole

Humbled Home

2010-06-15T07:54:00.000-07:00

A couple weeks ago my great friend got me out for a 14 mile bike ride at 7 am on a Sunday. I laid in bed at 6:15 a.m. that day trying to figure out how I could get out of it but my commitment to myself and my friends perservered! We road along the river through Oswego and Aurora then turned around at this place where it looked like a bunch of people were outside on break from work. We rode back to our starting point refreshed with a great start to a great day!

This past Sunday I asked a different group of friends to go on the same ride. Yep again at 7 a.m. on a Sunday! Insanity but what a perfect morning for a bike ride. We arrived at the turn around spot where all those people were on break (so I thought) but this time I saw people sleeping on the lawn. I looked closer and read the huge sign I somehow missed before that, it read "Hesed House." It hit me like a brick, this was the homeless shelter. I knew it by name but had never been there. This time there were kids outside. I know my friend on that first Sunday told me she road to Hesed House and turned around but I didn't really listen or put 2 and 2 together.

It's so easy to mentally disconnect from those around us that are struggling. Sure I donate time or money here and there. I have a genuine heart for their situation but seeing the families outside that day knowing they didn't have a home while just a couple hours ago I awoke from a queen bed with 700 thread count sheets silenced me for the next mile ride back. It was a reality check, was I really doing all I could? I spend alot of time and energy into networking groups and working could I cut back a bit there to do more for the community?

One of my goals each day is to be kind, kind, kind. I have those words on my dream board above my nightstand. Life is about people, I don't take things with me and I believe a life isnt' truly fulfilled unless you can give to someone less fortunate than you. I am going to make a committmetnt to do a better job to help places like Hesed House and Mutual Ground. It'll start with a phone call asking how I can help, is there something you can do too?

Sincerely,
Nicole

Selling Your Home? Price Does Matter...

2010-06-07T15:26:00.000-07:00

Price, location, condition & amenities are all the elements that need to be considered when it comes to marketing a home for sale. No one likes to talk about price but let's face it, price matters! I can take my ceramic white elephant figurine and post it on Craig's list for $500, heck how about $1000. Do you think someone will pay me that? That's how much I need so why not? Unless this is a rare/antique figurine I don't think my elephant will get the price I want.

Notice the "I want" in the last sentence, sometimes it is also disguised as "I need" but ultimately my elephant will sell for what the market will bear. The "market" is all of us internet savvy, well informed consumers! I know I don't want to pay more and get less, do you?

When it comes to pricing your home be realistic and make sure it shows great! Then ensure you get the best pictures for the savvy homebuyers to view online so they are lured in by your homes beauty! There are many elements to selling a home in these tough times but when done right you will be happily moving on to your next life adventure!

Risks of Overpricing a Property

 Reduces sales associate activity
 Reduces advertising response
 Loses interested buyers
 Attracts wrong prospects
 Discourages or eliminates offers
 May lead to mortgage rejections
 Helps sell competing properties
 Property gets market worn

All My Best,
Nicole

Zillow.com Named In Lawsuit

2010-05-10T12:49:00.000-07:00

Haven't we all been to the Zillow.com site for our Zestimate? As Realtors we sure have and we hear it from our clients all the time. Zillow has made a big splash with their nifty algorithm that determines home values in seconds!

Well, First American Core Logic has filed a law suit against RealEC Tech, Real Data Inc., Precision Appraisal Services, Inc., Lender Processing Services, IntelliReal, Fiserv. and Zillow.com for patent infringement on their AVM model. To sum it up they are trying to shut down the "Zestimate". This info was found on the Orange County Registry.

As Realtors we find the Zillow tool sporadic. Sometimes too high and sometimes too low. It doesn't take things into account like distressed sales verses fair market, condition or location. What if that house 4 blocks away backs up to railroad tracks and yours backs to a pond? The Zestimate doesn't know that information.

The Zestimate is an algorithm i.e. a mathematical equation. So while it may be fun keep in mind to get a true value for your home it has to be seen in person by a professional. Enjoy Zillow but keep in mind it can be wildly wrong in determining your homes value.

Sincerely,
Nicole & Tony

Get $1000's Back At Closing Even After Tax Credit Expiration!

2010-04-28T19:35:00.000-07:00

The tax credit expires in just 2 more days but that doesn't mean you can't still get thousands of dollars when you buy a home!

We just negotiated an offer for a buyer getting them an $8000 seller credit so they could bring less money to the closing table. The $8000 is rolled into the loan amount but when paid over the typical 30 year loan it's about $42 a month. Compare this verses having to bring $8000 in one lump sum from your savings account to closing. I know I always like keeping more cash in my pocket and remember mortgage interest is tax deductible!

You certainly don't have to ask for a seller credit but it's certainly a great option to keep in mind! Spread the word or let us know if you have more questions about it.

Our best to you always,
Nicole & Tony
The Cure for The Common Realtor
www.Wheatland-Realty.com

Tax Credit Extentsion - For Some!

2010-04-12T06:29:00.000-07:00

If you are a service member of official extended duty outside the U.S. for at least 90 days after December 31st 2008 and before May 1st 2010 you are entitled to a 1 year extension.

This includes the Military, U.S. Foreign Service and the Intelligence Community. So you would have till April 30th, 2011 to enter into a purchase contract and close on the transaction by June 30th, 2011.

If you are married only one of the spouses has to qualify for the extended duty to qualify. A well deserved thank you to those who serve and protect our country!

For more details visit: http://www.irs.gov/newsroom/article/0,,id=215594,00.html

Sincerely,
Nicole & Tony

So Far So Good! Market to stabilize???

2010-04-05T18:50:00.000-07:00

The fed's officially stopped buying into mortgage backed securities on March 31st, 2010. So rates are not being artificially propped up. There was speculation in the industry that rates would go up overnight as much as 1% without the government buy downs. Well, the good news is they went up but only by about 1/8%. Not bad considering all that has taken place. This means the market is holding itself without government aid! A great sign!

The next potentially scary blow to the housing market is the end of the tax credit on April 30th, 2010. If we can get past that without much of a wave this housing market might be in pretty good shape moving forward. As Realtors, we have definately had inquiries from more buyers looking to enter the house hunting market lately so that is all good news!

Let's hope for stabilization in 2010!

Our best to you always,
Nicole & Tony
www.Wheatland-Realty.com

Short Sale Incentives Start Soon!

2010-03-29T06:53:00.000-07:00

On April 5th, 2010 the federal will begin offering incentives to speed up the short sale process! Under new rules, the banks will get a broker price opinion (BPO) to determine the value of the home before it's listed. Then, they will let the sellers know the minimum sale number they are willing to accept. Once the sellers and their realtor get a buyer with a good offer the lender will have to accept it within 10 days. Better than 3 to 9 months!

This could be a huge help for sellers and buyers alike! We could clear out some inventory and give the housing market a little relief. Also, buyers looking to qualify for the quickly expiring tax credits would be able to consider one of these short sales. Many buyers are avoiding these because of the time constraints.

Keep in mind that not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA), but we hear there is alot who will! So fingers are crossed on this one!

All our best!
Nicole & Tony

PIA? Really?

2010-03-15T06:15:00.000-07:00

So last week I followed up on a 2nd showing we had for one of our homes for sale. I e-mailed the agent to see if the client had made a decision. Really I wanted to know if we were the winner! Unfortunately they e-mailed me back to say their buyers went with the other home. I replied thank you and figured that was the end of it. Well here is a defining moment. The agent went ahead and responded to my thank you e-mail with "To be honest, they're kind of a PIA and go back and forth, changing their minds on properties they've already contracted on. It might be a blessing in disguise for your Sellers that they didn't have to deal with them. Lol. Good luck to you and your Sellers." Are you shocked? Do you think the buyer knows?

Here's the bigger problem. This buyer was between 2 houses so ours is the runner up right? What if the deal doesn't come together on the first home and those buyers come back to us in a week? Based on that e-mail I know that this agent is probably sick of taking them out house hunting. As my responsibility to my seller I would share this before negotiations. That could affect the buyers position don't you think?

Bottom line is when you pick an agent remember integrity should come first! Have a great week!

Sincerely,
Nicole

Need Help With A Downpayment?

2010-03-09T08:25:00.000-08:00

Don't Be Fooled By Our Ordinary Exterior!

2010-03-08T09:24:00.001-08:00

Market Minute - 63 days left? Not Really..

2010-02-26T12:58:00.000-08:00

Completed Updated Condo in Naperville! Just Listed! $125,000!

2010-02-15T18:15:00.001-08:00

The Niche Report

2010-02-10T11:36:00.000-08:00

We really hope this isn't the case but nonetheless you should watch and consider this blog....IndyMac

New Price! Move In Condition! Call To See Today!

2010-02-08T13:33:00.000-08:00

The Market Truths

2010-02-08T06:59:00.000-08:00

I received an e-mail today from a well respected & trusted leader in our real estate community, Chris Read. She was the former president of our local board, she is a certified continuing education instructor for realtors and was licensed as a realtor in 1977. I want to share her truths about the market because she is absolutely right!

*Jobs and Foreclosures remain significant factors for housing recovery
*Future foreclosures and Short Sales will dramatically impact the market
*Federal programs such as the Tax Credits etc were designed to stablize pricing
*Once these incentives go away - the core reason for consumers to buy will be price
*Predictions range from 10% to 20% additional price declines in 2010
*To sell NOW - prices have to be more than competitive - they need to be Compelling!

These are hard to accept but they are the reality of the current market. We can deny them but ignoring these truths may prevent you from where you want to go and what you want to do.

Sincerely,
Nicole & Tony

The Cure For The Common Realtor

Sellers! Do You Know The Features Buyers Are Looking For?

2010-02-05T11:39:00.000-08:00

From Realtor Magazine...

10 Home Features Buyers Want
Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.

“It's all about family togetherness – casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group in San Antonio.

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

Source: MarketWatch, Steve Kerch (01/30/2010)

Premium Pond Lot! Aurora, IL

2010-01-29T13:36:00.000-08:00

Waiting To Buy Can Cost You Thousands

2010-01-28T15:19:00.000-08:00

The office of Housing and Urban Development (HUD) will be making some changes to mortgage loans backed by the Federal Housing Authority (FHA).

On April 5th, 2010 the cost of required upfront mortgage insurance for loans backed by FHA will go up from 1.75% of the loan amount to 2.25%.

Later this Spring it is also expected that the allowed seller contributions will be cut from a maximum of 6% of the purchase price to 3%. The seller contributions are used to reduce the amount of money the buyer has to put out of pocket at closing. Sometimes these seller contributions can cover most of what the buyer will owe. On a $250,000 purchase this is a drop from $15k back down to $7500.

So if you are planning to go with an FHA loan, which still only requires a 3.5% down payment, get your application into your lender by the last week of March 2010 and lets find you a great home! There are lots to choose from!

If you need a good, honest lender let me know!

Sincerely,
Nicole

Just Listed! Townhome in Aurora, IL

2010-01-28T07:30:00.001-08:00

Virtual Tour

2010-01-16T09:45:00.000-08:00

Virtual Tour

How Much Money Can I Expect After Selling My Home?

2009-04-27T20:15:00.001-07:00

Big question! Disclaimer: You won’t know exactly what the expenses will be until you actually have an offer and you know when you are going to the closing table. However, what I can give you is a tool for you to run through a few scenarios. Remember these are for estimating purposes only!

Download the Estimated Seller Net Sheet:

http://wheatland-realty.com/files/images/9516/files/Seller%20Estimated%20Net%20Sheet.xls

and follow the instructions below. I will not explain every box on the form but I will definitely give you enough information below to be dangerous.

1. At the top you will see list price. First space is filled in at $200,000 and the 2nd space is $195,000. There are two spaces here so you can experiment with different list prices side by side. So put in your projected list price numbers here

2. See Projected Price at Sale. This is what your actual offer might be and I have suggested that your offer will come in at 98% of your list price. This can vary but try a range within 95- 99% or just adjust to a number you feel you would reasonably accept.

3. Next fill in your balanced owed on your first mortgage. The interest and fees you will have to contact your lender for an estimate. Do the same for any 2nd mortgages owed on the home.

4. Property taxes are paid in arrears. Meaning in 2009 you pay for 2008 taxes. So your taxes for 2009 won’t be due till 2010 but if you sell your at the end of June 2009 you have to pay the taxes for the 6 months you lived there. This amount would be collected at closing from you as well as unpaid taxes from 2008 that you would pay in the current year. In the example on the sheet the seller hadn’t paid any money yet for 2008 taxes and lived in the house till the end of June for 2009.

5. Realtor fees are next and you can just put your total rate in the listing box and skip the selling box. I left this box empty so please be sure to fill in for your numbers.

6. Attorney fees, recording fees, title insurance and plat of survey fees can vary. I just used a rough estimate. So may be higher and lower depending on your situation.

7. Finally other items such as radon, pest fees, warranty, homeowners association fees and water/septic may not even be applicable so I left those blank for you to fill in when applicable.

I hope this helped you estimate your proceeds from a sale. Keep in mind these are only estimates and were roughly based on sales in Aurora, IL. Call us today if you are thinking of selling your home. Interviews are always FREE and the opportunity appreciated!

Sincerely,
Nicole & Tony
http://www.wheatland-realty.com/

Our Core Values, They're All About You!

2009-04-01T16:00:00.000-07:00

We would like to share with you what our core values are and how they drive us in every decision of our business. We believe this is a strong part of how we separate ourselves from others in our profession.

We will share why we chose real estate and how we interact with you, our client. Most importantly we plan to convey our passion about YOU and our services!

Why real estate?

Before we were agents we had a stereotype in our minds that agents were used car salesman, lazy, and interested in making a fast buck. As for our business this couldn’t be further from the truth. We have a commitment to contribute to the real estate profession in such a way that there is a true sense of undeniable value received by each of our clients.

The second reason we chose real estate is because it’s such an important transaction your life! It is probably your biggest investment thus far or at the least at that moment in time. It is a highly emotional, stressful process that is full of unknowns which can leave people feeling quite vulnerable. We believe this is a critical time when you need to know you have hired the right person. We offer the knowledge, passion and commitment you need to make your best choices no matter what comes down the pike.

How do we interact with you, our client?
Our first question to all our clients is “what are your top issues” when it comes to buying or selling your home. We want to make sure you don’t wait a minute longer for answers to your pressing issues. It is your perspective that is important for us to understand so that we can make the process as comfortable as possible for you.

As our buyer you are provided with our customized buyer packets that tell you everything from “How to Read a HUD” to “Tips on Finding Your Perfect Neighborhood”. You will never feel pressured into any home. We truly listen to your likes and dislikes on each home you visit. We are not selling you a home, we are learning what you love and helping make sure we find it.

As our seller you get an in depth honest market analysis. We tell you all the issues you may not want to hear but need to hear. This includes understanding your competition and your future buyers viewpoint. Our only goal is to deliver the facts that will help you sell your home in the shortest amount of time for the best possible price.

In summary, we bring our clients a set of core values that include a focus on excellence, commitment to your needs & true passion that is motivated not by money but by integrity. When it comes to real estate the only thing we can predict is that it’s unpredictable. Not one transaction is ever the same.

Our core values ensure that you will have the best possible experience from beginning to end. We have the privilege of helping others realize their dreams of homeownership, we can’t think of anything better than that!

Our Best To You Always,

Nicole & Tony
www.Wheatland-Realty.com

The Facts About Downpayments

2009-02-08T12:35:00.002-08:00

The Facts About Downpayments

Responding to misinformation in the media and blogs recently about the required size of a down payment for a mortgage in today’s market, NAR issued these facts:

An individual may be required to put down 20 percent based on that person’s financial situation, but that is not an across-the-board requirement for all borrowers.

A borrower who puts down less than 20 percent is required to obtain mortgage insurance.

Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.

FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.
PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

We thought this was important to share…

Sincerely,
Nicole & Tony Tudisco
www.Wheatland-Realty.com

Should I Sell In This Market?

2009-01-18T15:10:00.000-08:00

First things first, it’s never a buyers and sellers market at the same time, so what you really have to consider is if it’s the right time for you based on your current situation. Every day we are bombarded with tons of housing information that can easily sway your judgment from one day to the next. The end result can mean we don’t know what to do and so we do nothing.

We are currently we are in a buyer’s market which by name itself suggests that it’s not a good time for sellers. I would say that depends on the seller’s situation. If you are thinking about upgrading to a bigger home this may be the perfect time.

Consider this, let’s say home values have dropped 10% (easy number, just an example) and so a home that was worth $300,000 is now worth $270,000, a difference of $30,000.

Now your new dream home was worth $500,000 a few years ago. That same 10% loss of market value makes that home now worth $450,000, a difference of $50,000.

It’s easy to see if you are selling a little lower you could easily come out ahead on your purchase because you are getting more bang for your buck and actually coming out ahead overall.

Just to top it off mortgage rates are fantastically low and there are lots of homes to choose from. Despite what you may think, lenders are still giving out loans; in fact our lenders say they have lots of money to borrow. These days you just have to qualify the old fashioned way, proof of employment, good credit scores etc.

If you want to dig deeper and find out what your current home is worth, just contact us, we’ll be happy to help.

We hope you found this article valuable!

Our Best To You Always,
Nicole & Tony

Visit us online: www.Wheatland-Realty.com

Getting Your Home Sold! Top Tips!

2009-01-06T13:01:00.000-08:00

Do Not Under Estimate Staging!

Staging is so important and often times we look at our own home much differently than a buyer would. We all have a soft spot for our own homes but we have to be able to put that emotion aside and look at it as objectively as possible. The punch stain from Suzy when she was 3 won’t sit over well with potential buyers. To them it means $2k for new carpet and a hassle. Getting your home “market ready” may take some time and energy upfront but it will be well worth it when you hit the market.

Top 4 Tips For A “Market Ready” Home…..

1. Declutter – De-personalize the home by removing family pictures, religious items etc. Clear kitchen counters, clear excess magnets from the refrigerator, organize and minimize bookshelves. It’s also a good time to put away any valuables like jewelry.

2. Neutralize – Use light paints in warm tones such as creams and tans. Avoid bright colors and busy wallpaper. Some is ok and as your Realtors we’ll be able to tell you if you are in doubt.

3. Clean- Steam clean the carpets, make sure the bathrooms & kitchen sparkle, dust light fixtures, mow the lawn & trim bushes.

4. Simple Repairs – We all put off the little repairs but now we need to get them done. I know it’s a chore because it’s all at once but believe me the buyers will notice. So fix chipped paint, damaged baseboards, leaky faucets, loose hinges, doors that stick shouldn’t, replace burnt out light bulbs, re-caulk the tub, stain the deck, sealcoat driveway etc. Make a list of all the easy repairs needed. If you cut corners here buyers may wonder if you cut bigger corners elsewhere.

Don’t feel overwhelmed, as your Realtors & Certified Staging Consultants we will tour your home and help you determine what is crucial and what isn’t. We don’t want you to do more work than necessary or focus on areas that don’t need any attention. Maybe there isn’t any work at all!

Either way we will help you fine tune your home for optimum showing results to perspective buyers. Homes have the most amount of interest when they are new to the market. Do not waste that premium selling time by skimping. Being new on the market is your best time for the highest return on your dollar!

Happy Selling!
Nicole & Tony Tudisco

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