Author Archive
What to do in selling a Chicago Area home in today’s market
July 13th, 2011 | Author: Naomi Campbell
Sellers you want an agent that is going to either take you around to see what your competition is or an agent that will go preview it before he or she gives you a listing price.
Today’s market is based on 5 things.
1) Price
2) Price
3) Price
4) Condition
5) location
Note the first three are so true. Price is totally driving the market first and foremost.
Let me explain if you have a home that is in perfect condition but someone has a home listed at the same price that needs paint carpet and a good general cleaning and they both are priced exactly the same the one that is in better shape is going to sell. Sounds logical right? Folks think that REOs are all in bad shape, this is not always true! I love it when a seller tells me “Oh that house is a disaster I was in it”. Well if I personally went into it to see its condition so that I have a good idea of what to price it at. If I notice that all that is needed on the REO home is a stove and refrigerator but the seller that I am about to work with wants to list there home at $20,000 more than the REO home, the seller is probably not realistic. And were not going to sell their home.
So again it is crucial that an agent goes and sees what the home looks like. What does your home have that the others don’t. What shape is yours in compared to the rest of the inventory. Where does it sit, what I mean is does it back up to a busy street? Is there power line behind it? Is there a garbage dump that you can smell when you walk out the door? What are you comparing yourself too.
Never underestimate the buyers. They are not just looking in your subdivision. Folks get very short-sited when a buyer is looking for a home. They look in a school district or at the very least a town. They will look at all that is in the town or school district that is in there comfort price. I say comfort price because more people today are not going to there max anymore meaning they maybe able to afford 400k but they are only willing to spend 300k they are actually thinking about ideas what happens if one of us loose our job? They don’t want to be selling as a short sale or loose their home to foreclosure. At the same time they want to see more today then ever before they don’t want just 250k – 300k they want anything that fits their criteria under 300k no minimum so 100 to 300k you’ll be surprised someone may say they want 4 bedrooms but if there is 3 bedrooms and a loft that can easily be turned into a 4th bedroom and it is 20k less then the 4 bedroom model you bet they want to see it. Plus they want to know about taxes what are your taxes what are the average taxes in the subdivision have they fought there taxes? How can I fight the tax bill?
Stay tuned for next session on how to see if your taxes are high and what you should do to fight real estate taxes on your home. I will have something for you on that next week.
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
Great Resource For Short Sales and Foreclosures
May 12th, 2011 | Author: Naomi Campbell
Part of successfully closing a short sale or foreclosure transaction is having a knowledgeable team on your side. I have participated in many successful closings where my clients were represented by attorney Robin Kramer. She really understands the ins and outs of these transactions and knows how to get them closed.
Her new website is loaded with great information and forms including a chart explaining the differences between foreclosures and short sales, a ton of answers to frequently asked short sale questions and forms.
If you want to buy or sell a short sale or foreclosure property anywhere in the Chicago area, call me at 847-370-5065 call me to find out the best way to make it happen and call or visit Robin Karmer’s website for more information.
Law Offices of Robin A. Kramer, LLC
Robin A. Kramer
kramerlaw@sbcglobal.net
27475 Ferry Road
Warrenville, Il 60555
tel: (630) 983-0096
fax: (630) 753-9689
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
Short Sale Case Study- In the Homeowners Words
January 28th, 2011 | Author: Naomi Campbell
In January 2010, after watching our home depreciate month after month, and our mortgage lender unwilling to work with us in modifying the conditions of our 5-year adjustable rate mortgage, we knew we would never be able to financially get ahead for many, many years to come. We also knew we couldn’t continue making every mortgage payment…on time…only because we were taking on more and more personal debt to fulfill our obligation to our lender.
We purchased at the very peak of the market (2005/2006), and were told we could “just refinance” in a few years into a 30-year fixed mortgage. Of course, given the current state of the market, we found out our home had depreciated $130,000! We have always been, and continue to be, responsible homeowners, paying our bills on time, trying to make the right financial decisions for our future, and we were at a point where we could not continue to take on more and more personal debt in order to make our mortgage payments. With our loan due to reset February 2011, we decided it was time to take a look at all our options. We were willing to take a huge hit on our house, versus later, especially since we were drowning in credit card debt, knowing full well there’d be no way for us to dig ourselves out if we continued down the path we were on.
One evening, while researching short sales, I came across Naomi Campbell’s resume and her vast experience with short sales. Chris and I thought doing a short sale was the route we wanted to try, but of course, we were extremely hesitant. I mean, it’s nerve-wrecking enough selling a home, but basically, during a short sale, it is absolutely imperative to have an experienced, committed, “tough-as-nails” realtor in your corner (which we only came to realize after working with Naomi).
Basically, during a short sale, you are entrusting your financial future to someone else. Trust is absolutely necessary to get through something like this, and Naomi Campbell is a realtor who will do whatever necessary to help! She held our hand from the very beginning, explaining the entire short sale process, answering our many, many questions, and we truly valued her upfront, direct approach in handling all the little “hiccups” along the way (and there will be “hiccups”). Chris and I felt we had someone in our corner, through all the ups and downs, and we are forever grateful to Naomi and her team. Living in our home was going to ruin us financially, and if it weren’t for Naomi’s dedication, countless effort, and unparalleled knowledge about closing a short sale, we know we wouldn’t be where we are today.
–C. and J. Lewis
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
The Personal Touch Helps in Closing Real Estate Transactions
January 28th, 2011 | Author: Naomi Campbell
I have often said that it is important to have the right team and support services to close short sales and foreclosures as well as normal transactions. When I find a good companies I recommend them. Good companies know how to treat my clients right. Burnet Title is an affiliated company that I am happy to recommend because my clients are treated right by them.
They appreciate me to- read the letter I received from their Vice President of Operations.
I wanted to take a moment to tell you both how much we appreciate Naomi’s efforts to promote Burnet Title whenever she can. Not only does she promote us to her individual sellers, but she always keeps us in mind when she’s dealing with any kind of volume customer – be it a bank, a builder, or more recently, a servicer and REO seller like Home Servicing, LLC. I don’t think any one agent has introduced us to such a wide range of potential business as Naomi.
Naomi is simply an incredible partner to Burnet, and she always has been. We are grateful to be part of her team, and we remain committed to providing both Naomi and her customers with the absolute best personal service.
Thanks again to Naomi, and of course to both of you, for all the consistent support.
Brent
P.S. Has science figured out how to clone cheetahs yet? I could use a Naomi in every office – or at the minimum, every region!
Brent Terry
Attorney/Vice President of Operations
Burnet Title
9450 Bryn Mawr Avenue, Suite 700
Rosemont, IL 60018
847-349-5455 direct line
303-262-1202 direct fax
brent.terry@burnettitleil.com
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
Real Estate Buyer Tips for Today’s Market
October 7th, 2010 | Author: Naomi Campbell
Make sure you look at what recent properties have sold for so that you are educated about the current market. A good agent will provide comps (Information about recent sales)
Be realistic with your offer price.
One strategy that is working- Pick an offering price and explain why you offered that price based on facts.
Very few ridiculously low offers are actually accepted.
Get realistic estimates of work that needs to be done on a property. Agood agent will usually have qualified local handymen who will make accurate bids. Get experts involved- don’t guess.
Sometimes if a price seems too good to be true it probably is. Usually there is a lot more work than meets the eye.
There are some great deals out there and it pays to have a local expert on your side to make sure you are getting the best buy possible.
I specialize in short sale and foreclosure properties and would be glad to help you find a great deal
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
Tips For Real Estate Sellers
October 6th, 2010 | Author: Naomi Campbell
I handle homes throughout Lake County Illinois and the 6 county Chicago area but these tips apply to real estate sellers anywhere and in any market.
3 Crucial Tips to Help Sellers Get Top Dollar
- Price right for your location is crucial in this market. Strategically pricing is key.
- Condition clean as a whistle staged if applicable. Meaning making sure not too much stuff or furniture. Key is less is more.
- Be flexible and creative.
Examples:
Minor neutral changes may need to be done so if someone complains about a room being red or purple don’t take it personally. Be creative offer to paint it to match what they want.
If someone complains about the garage being detached and feels perhaps its a security issue offer or just put in motion sensored exterior lights it might save the deal or make the buyer feel your willing to work with them.
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
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Many Foreclosures Have Financing Available
September 30th, 2010 | Author: Naomi Campbell
I am constantly working the foreclosure and short sale market and have successfully closed a large number of these type properties.
What strikes me is that a lot of people think that it is hard to get financing on foreclosures and that they require a ton of work. Actually, many homes that are foreclosures that are able to be financed easily and are able to be moved into with minimal work.
I have been blessed in my life to have recieved some of these listings.
I think it is important that you work with an agent who understands what is necessary for a house approvable for financing including FHA financing and what is necessary to get a buyer approved for financing.
The final step is for the agent to put together a buyer who can get financing with a house that can be financed with the buyer having to do only the amount of work that they want to do. This is not always easy but I have been making these kind of transactions happen on a regular basis.
Call me at 847-370-5065 to find out how you can buy a foreclosure and actually close and move in!
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
Park Ridge Foreclosure Case Study
September 7th, 2010 | Author: Naomi Campbell
Park Ridge IL Foreclosure
Recently ChicagoMag.com featured a story on another one of my foreclosure properties in Park Ridge. Previously they had featured one of my foreclosure sales in Glenview.
This article talks about one of my foreclosure properties and what happens when a foreclosure comes on the market in a popular area.
If you have any questions about buying or selling a property that may be a short sale or heading toward foreclosure, call me at 847-370-5065 or email me to review your options.
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
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REO Properties- Issues to Consider
July 3rd, 2010 | Author: Naomi Campbell
Naomi Campbell’s REO Issues to Consider
It is very important to know the current state of the market, especially the most recent sale prices. You should deal with an agent who gives you an accurate view of the market, not one who exaggerates either on the high or low sides of pricing.
Find out if the agent has access to contractors who will be available to give quotes if repairs or cosmetic items are required for an REO property. This also can be very important.
Banks usually do not deal with painting and carpeting.
Banks usually are more receptive to dealing with air conditioning, furnaces and hot water heaters. They may fix problems in this area. Financing is difficult to impossible to obtain without a working furnace. The condition of air conditioning is not weighted quite so heavily in evaluating financing.
If you would like to discuss factors involved in buying REO properties in the Chicago area, please don’t hesitate to call me at 847-370-5065
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
Foreclosures and Short Sales- Dealing with Association Fees
July 3rd, 2010 | Author: Naomi Campbell
Naomi Campbell’s Tips for Dealing with Association Fees in Short Sales and Foreclosures
Short Sales
If you have an association payment on a property and are unable to make payments on the mortgage, it is crucial that you pay your association payments because banks won’t allow a short sale to go thru without the association payment being current. In my experience there have been no exceptions with any of transactions I have been involved with. Checking with attorneys that I have worked their experince has been the same- no exceptions.
Foreclosures
On foreclosures the Illinois law states this concerning past due association fees (I am not a lawyer so you will have to verify this with your own legal adviser) - The bank is only required to pay 6 months previous to the foreclosure date in past due fees. So if a homeowner hasn’t been paying their association fees for two years, it is possible that the association may come after the new homeowner to pay the fees on anything the bank hasn’t paid. Banks also only pay up to the date of closing, so for example if a home was foreclosed on, May 30th 2010 the banks would be paying 6 months previous to this date meaning back to Nov 30th. They then would be paying from May 30th to date of closing if there is anything else that is due, it is possible that new potential homeowner can be responsible for this bill. Sometimes associations go after the new homeowner sometimes they don’t. Its on a case by case situation. So be prepared.
It is important that you get good legal advice and have an agent like myself who has experience dealing with short sales and foreclosures. I handle short sales and foreclosures throughout the Chicago area.
Looking for the right spot to call home? Ask why my clients think my marketing plan is the cats meow!
