Pinnacle Team July-August 2010 Newsletter

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Pinnacle Team Newsletter
Inside this issue:
Soft Credit Pull Before Closing
J u l y / A u g u s t 2 0 1 0

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Knowledge is Power
Our team continues to see promising activity in the real estate market. While we’re still in a buyer’s market, we have been able to help many sellers successfully market and sell their home this year. Regardless of whether you’re a buyer or seller, it is important to stay informed of all options available to you in the housing market. For sellers - in this newsletter, we review the importance of listing your home at the appropriate price from the start. We have the knowledge and resources to advise you how to minimize your market time and maximize the dollars in your pocket. For buyers and renters - it’s important to evaluate the rent vs. buy analysis. In most cases, data is proving that it’s advantageous to purchase— low rates, high supply, and surplus of distressed properties. We encourage you to remain educated. Our team is happy to consult with you, discuss your housing options, and help you take advantage of the current opportunities. We hope you all are enjoying your summer!

Recipe: Proscuitto Roasted Bass with Root Vegetables Restaurant: Bananas Foster Café

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The Pinnacle Team Ryan, Sarah, Nadine, Emily & Hillary

Short Sale Education

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How Should I Price My Home?

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Soft Credit Pull Before Closing
Fannie Mae, one of the largest purchases of mortgages, recently implemented a significant change to the mortgage underwriting guidelines. Starting with loan application taken on/after June 1st, any loan sold to Fannie Mae will be required to have a soft credit pull inquiry (FICO scores will not be pulled) upon submission of the final underwriting conditions. If new debt has been obtained, the loan must be reevaluated with underwriting to ensure compliance with the debtto-income ratios and borrower eligibility requirements. Any new credit inquires must be specifically addressed by the borrower to ensure there are no undisclosed debt obligations. If any existing debt payments have increased and the difference affects the total debt-to-income ratio by more than 2% the loan must be reevaluated with underwriting. If any existing debt payments have increased and the difference causes the debt-to-income ratios to exceed the lender guidelines the borrower may no longer qualify. The new Fannie Mae underwriting guidelines could cause a loan to blow up right before the closing date. Whenever possible, it is recommended to not apply for new credit or build up existing credit card balances after applying for a mortgage.

Pinnacle Team 5-7 Listings

Todd John son Guaranteed Rate [email protected]

Proscuitto Roasted Bass w/ Root Veggies
Susan Ramakere, Edgewater

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Veg: (oven 400 degrees) 2 Cups each cubed/diced (1/2 inch) of the following: Carrots Butternut squash Yukon gold potatoes Parsnips Carrots Toss vegetables w/ 1/3 c. olive oil & 1 T sea salt, 1 t black pepper, 1/2 t cayenne. Roast on baking sheet for 30 minutes, turning pan once. Remove & add 1 T minced fresh garlic. Roast another 10 min until tender & brown. Fish: 6 8 oz fillets of bass/halibut/cod 6 sliced of good prosciutto 6 sprigs fresh rosemary 3 T lemon juice 1 stick of butter While veggies are cooking, line a baking sheet with foil & place a baking rack on top of the foil. Brush fish with olive oil & season liberally with S&P. Wrap each with a slice of prosciutto, arrange seam side down on the baking rack, & roast for 10-15 minutes until just barely done (still soft to the touch). While fish is roasting, melt the butter in a saute pan on med heat & add rosemary sprigs until the leaves are crisp & butter begins to brown. Remove rosemary & add lemon juice. Take off of heat. Serve fish with rosemary butter on top & surround with the vegetables. Garnsh with lemon wedges.

Bananas Foster Café
John Winslow (formerly general manager at Blue Plate Catering) is behind this all-day café, which serves a little bit of everything. This casual Edgewater cafe offers a British-centric take on European comfort food all day long, with separate breakfast, lunch and dinner menus. Breakfast specialties include a full Irish breakfast (beans, tomato slices, fried soda bread and Irish loin bacon) and French toast several different ways. Lunch and dinner bring hearty faves such as fried fish and chips (take your pick of tilapia, haddock or cod), shepherd’s pie and French lamb stew. Lines snake out the door and onto the sidewalk during brunch hours, but we think the real treasures here are the dinner dishes because many of them hover around $10. Edgewater – Neighborhood Edgewater is a community area in the far North Side of the city with the second highest population density of any neighborhood in the city. Located about seven miles north of downtown Chicago, Edgewater offers a diverse, eclectic retail corridor featuring award-winning restaurants, services, and shops all with a close knit neighborhood feel. Edgewater offers attractive opportunities for business and retail development in a north lakefront community with a strong residential market. Edgewater enjoys easy multimodal access to Chicago’s downtown and O'Hare International Airport. It is bordered by the neighborhoods of Rogers Park to the north, Uptown to the south, Lincoln Square to the west (Andersonville) and south and West Ridge to the west and north. As one of Chicago’s 77 official community areas, Edgewater is bounded by Foster Avenue on the south, Devon Avenue on the north, Ravenswood Avenue on the west, and Lake Michigan on the east. Edgewater contains several beaches that residents enjoy in the warm months.

1147 W. Granville www.bananasfostercafe.com

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Short Sale Education
Many Buyers, Sellers, Real Estate Agents and Attorneys are misinformed on the Short Sale process, how it works, how long it takes, and how it assists the Seller. This misinformation contributes to a majority of unsuccessful Short Sales and frustrates all Parties to the transaction. Even recent articles in local newspapers are not 100% accurate regarding the Short Sale process. A Short Sale means the Seller’s lender is accepting less money than the lender is due. However, it does not necessarily mean that the Short Sale lender will waive the deficiency balance owed by the Seller. A waiver of the deficiency balance is the best result. However, some lenders look to the Seller for a promissory note or cash contribution at closing to settle the balance of the loan, especially when there is Private Mortgage Insurance (PMI) on the loan. This outcome is still a much better alternative for the Seller as they avoid a Foreclosure Sale and can help the Seller avoid the need to file for Bankruptcy. The Seller also has an extra incentive to complete a successful Short Sale. The Mortgage Forgiveness Debt Relief Act of 2007 excludes from taxation discharges of up to $2 million of indebtedness that is secured by a principal residence and is incurred in the acquisition, construction or substantial improvement of a principal residence. The Seller will not be taxed on the deficiency balance if the Short Sale lender agrees to waive the balance of the loan. Most Short Sales take anywhere from three (3) months to over one (1) year to complete. It depends on the lender, whether there is an investor or a private mortgage insurance company involved and if the Buyer is willing to wait for the Short Sale approval. Knowledgeable real estate professionals who know how to navigate a Short Sale process and help to educate their clients in a Short Sale transaction give the transaction a high probability of success. The Seller and the Buyer considering a Short Sale should ask their Real Estate professional the following questions:

How much experience do they have in Short Sales? How many Short Sale transactions have they closed? What were the results of the Short Sale (i.e. was it successful)? How long did the Short Sale process take? Who was the Short Sale lender involved? Who negotiated the Short Sale on behalf of the Seller? Was it the Seller’s attorney, Listing Agent or a Third Party Negotiator? How often are the involved Parties updated on the status of the Short Sale?

These are very relevant questions to ask your Real Estate professional. The Seller should hire professionals who understand the process, can explain the process and can keep the Parties informed. Education and communication are the keys to a successful Short Sale.

Chris Stasko Stasko Law Group, LLC [email protected]

S

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How Should I Price My Home?
This is by far this biggest question that our sellers have had in this market. In these challenging times for home values, sellers are having trouble swallowing the pill that their home has lost value. Unfortunately, the decade between 1998 and 2008, not counting some small blips on the screen of time, led us all to believe that a typical home in Chicago should appreciate at 5% to 10%, or even more, per year. I think we all get the picture on the flaw in this supposed reality. More importantly, what can a seller do TODAY to get the most amount of money for their home in the least amount of time? We work with our clients on all of the facets of best presenting a home to the market, and most are very responsive, but pricing is always the most delicate topic. We have found that when there is such a question of great importance out there, just look at the data and it will tell the truth. For example: Looking at all 2 and 3 bedroom SOLD homes in Lincoln Park for the last 12 months, we wanted to know who got the most for their homes, on average?
Market Time <30 Days <90 Days <180 Days <365 Days >365 Days Sold Price $ 464,380 $ 450,315 $ 446,112 $ 444,323 $ 439,226 % of Original List Price 96% 93% 91% 89% 89%

When choosing your Realtor, it’s tough to decide who is giving it to you straight and who is telling you what they think you want to hear. No matter what you believe, it is best to listen to the person that backs up their recommendations with facts and figures. After all, our duty is to help you get the most money in the least amount of time, and we on The Pinnacle Team take this responsibility seriously.

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Pinnacle Team Listings
New Listing! 2331 N Lister, E - $449,900 A true find located in the Clybourn corridor between Lincoln Park and Bucktown. Spacious and extremely sunny fee simple townhome with a great layout. Ideal entertaining kitchen/dining area, roomy bedrooms, 2 balconies, attached 2 car garage, dual zoned HVAC. Shows like a model! http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1261649&Style=IDX New Listing! 431 W. Oakdale, #7D $378,000 Elegant and spacious home steps from Lake Michigan! Intimate building with only 2 units per tier. Hardwood floors and new carpet, new kitchen, separate formal dining room, fireplace. This home boasts clean, vintage details that are sure to impress. Convenient to transit, restaurants, and Lake Shore Drive. Walk Score of 95/100! http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=50043849&Style=API New Listing! 65 E. Monroe, #4217 $299,000 1 bed/1 bath steps from Millennium Park. Sweeping city views from the 42nd floor’s floor to ceiling windows. Large open floorplan w/ upgrades that include Travertine, marble, granite, hdwd flrs throughout & Kohler fixtures. Full amenity bldg in the heart of the Loop – fitness center, 24 hour doorman, pool, rooftop, etc. W/D in-unit. Lowest priced 1 bed/1 bath in the building! http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1266173&Style=IDX New Listing! 1616 W. Montrose, #2E $289,000 Beautiful condo in the heart of Ravenswood; steps to dining, CTA, Metra and a Walk Score of 88! This charmer has a soft lofted 2nd bedroom, large living/dining area, and balcony off living room. Great kitchen with breakfast bar. Mater bed has custom closets with loads of storage. Master bath w/ double vanity, separate shower and soaking tub. Side by side W/D in laundry room. Underground, secured parking spot included! http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1261803&Style=IDX New Listing! 8336 S. Latrobe, Burbank, IL $229,900 3 bed/2 bath two level home featuring large living room, kitchen and dining combo. 2 bedrooms and full bath on main level. Hardwood under carpet on main level, wood burning fireplace in living room. New addition 2nd floor has master suite complete with walkin closet and large master bath with Jacuzzi. 4 car garage, large gated backyard. http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=50042922&Style=IDX New Listing! 7742 N. Paulina, #3E $224,900 Unbelievable value, 3 bed home offers a gracious floor plan with app 1500 sq ft. The sunroom looks down on a beautiful tree lined street and opens into a large living rm. The long hallway leads to rear of home which features a fully updated, eat-in kitchen w/ maple cabinets, granite counters, & stainless appliances. Converted in '05, this top floor end unit w/ N, S & E exposures, offers vintage detail & modern amenities! http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1266133&Style=IDX

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Pinnacle Team Listings
Price Reduction! 2031 W. Pierce, #1A $425,000 Unbelievable 2bed/2.5 bath duplex down w/ deeded garage parking included in price. Timeless finishes include granite/ss/hardwood floors, etc. Grohe, Kohler, Toto, Jacuzzi fixtures. 13 Closets - Storage Galore. W/D in unit. Master Bath recently upgraded. Balcony off of dining room. Spacious and beautiful home steps to Bucktown, Shopping, Trains, Restaurants, etc. Priced to sell! http://tours6.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1224589&Style=IDX Price Reduction! 4412 N. Racine, #1N $399,000 Luxurious and spacious duplex down designed for entertaining. Truly unique, a must see! 2 bedrooms have en suite baths. Chef’s kitchen features XL island, tons of cabinets, ss appliances, vented hood, wine/ beer frig, surround sound, dumbwaiter. Laundry room with cabinets, W/D, and utility sink. Master has custom walk-in closet and separate den. 2 outdoor spaces and secured parking included in the price. http://tours6.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1226938&Style=IDX Price Reduction! 420 W. Ontario, #202 $294,000 + $30,000 for parking This south facing 2 bed/2 bath timber loft in the heart of River North boasts fresh paint and carpet. Ktichen with breakfast bar, stainless appliances, and granite. Hardwood floors, exposed brick, a private balcony, and new W/ D complete this gem. Steps from restaurants, public transportation, 90/94, parks, gyms, etc—a 97/100 on walkscore.com! http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1256939&Style=API Price Reduction! 1522 W. Jonquil, #2E $245,000 Lovely 2 bedroom condo ready to move in! Private garage parking included in price! Recent rehab, central AC, large living room with charm, hardwood floors throughout, hallway ideal for art gallery, kitchen made for entertaining. Extra room can be dining room or den. Large deck a plus! One block to the lake. 6 months assessment provided by the seller! http://tours7.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1235677&Style=IDX 1225 W. Morse, #204 - $274,900 Spacious wide loft, 10’-12’ ceilings, large windows with great light. Kitchen with granite counter, stainless appliances, W/D in-unit and 42” cabinets. Loads of storage throughout. Roof deck coming. Perfect location—close to lake, parks, transportation, and restaurants. Deeded garage parking included in the price. http://tours6.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1226979&Style=IDX Price Reduction! 6400 N Sacramento, 2 Units - $94,900 - $124,900 These wonderfully finished 1 bedroom, 1 bath condos offer luxury and affordability. The intimate 16 unit building offers parking included in the price, storage, and an elevator. Each condo is finished standard with double ovens, marble baths, Kohler fixtures, granite counters, central heat & air, oak floors, 42” cabinets, and Jacuzzi tub. Exceptional value! FHA and VA Approved! http://tours5.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1184844&Style=IDX For our commercial investors, we also have a storefront for sale: 3008 W. Devon - $224,900

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Pinnacle Team Listings
901 W. Madison, #622 - $324,900 This 1 bed + den condo is in mint condition and ready for its new owner. Upgrades include premium granite, cherry cabinets, hardwood floors, and $2k window treatments. This large condo gets great light with floor/ ceiling windows and the balcony is perfect for grillin and chillin. Heat bill, what heat bill? Gas is included in assessments and indoor heated parking is in the price! Easy to show! http://tours6.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1220364&Style=IDX Price Reduction! 1048 W. Byron, G $254,900 Very high garden unit in hot Wrigleyville! Features grade level separate entrance on front and rear. This 2 bed, 1.5 bath condo is well maintained and has been nicely updated. Large rooms. Master bedroom features private half-bath. PARKING INCLUDED! Unbelievable outdoor space for entertaining. Walking distance to train, restaurants and bars, Lake Michigan, this location is primo. http://tours5.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1208710&Style=IDX Sold! 1264 W. Winona, #3B - $252,900 Beautifully appointed, top floor, 2 bed, 1 bath condo in the heart of Andersonville. Walk to shops, restaurants, Red Line, grocery in minutes. Recently rehabbed, this home features hardwood floors thru-out, granite counters, 42" cabinets, stainless steel appliances, security system, Kohler fixtures, crown molding, and window treatments. Home is in mint condition and move-in ready. XL storage is included! Rental parking available for $100/month. http://tours6.vht.com/Viewer/ PhotoGallery.aspx? ListingID=1220797&Style=IDX

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