Real Estate Consumer Info.com

Refinance That ARM? Don't follow the Herd Mentality - It May Be Adjusting To Under 3 Percent

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Wed, 10 Mar 2010 08:22:12 -0600

There has been such hype and 'nasty' news over adjustable rate mortgages but there could also be a positive side for your well worn wallet! What if your rate adjusts down to 3% or below? I don't know about you but dump your strategy to refinance! Check out your loan before you 'join the herd mentality' to refinance.

Do what is best for you with what is happening in today's market. This post is from a loan officer in the Houston Area, Tommy Xintaris, and he has many valid points.

Enjoy his thoughts on this topic.

Via Tommy Xintaris FHA VA & Conv. Texas Mortgage Home Loans (Envoy Mortgage):

If your mortgage is set to adjust this year, the smart move may be to let it. Today’s conforming mortgages are adjusting lower than ever before — as low as 3 percent. It may not be what you expected when you signed for your ARM several years ago.

The reason why ARMs are adjusting lower is because of how they’re made.

When conforming adjustable-rate mortgages adjust, they adjust according to a pre-determined formula. The formula is the sum of a constant and a variable and it pretty easy. The constant is usually 2.25 percent and the variable is a daily-changing interest rate called LIBOR.

The formula looks like this:

New Mortgage Rate = LIBOR + 2.250 percent

LIBOR is an acronym for London Interbank Offered Rate. It’s an interest rate at which banks borrow money from each other. In Fall 2008, when Lehman Brothers fell and sparked a global banking fear, LIBOR spiked as the risk of inter-bank borrowing jumped.

Since then, however, LIBOR is down.

Normalcy is returning to banking and the timing couldn’t be better for Austin homeowners with ARMs. 15 months ago, a homeowner’s ARM may have adjusted to 6 1/2 percent. Today, that same ARM falls to just above 3.

As a strategy play, it might make sense to let your ARM adjust. Or, because fixed rates are still near 5 percent, converting that ARM to a long-term fixed-rate product might make sense, too. The decision is a balance between how low do you want your payment, and how long might you live in your home.

The longer you stay, the more it might make sense to switch to fixed-rate, even though ARM rates are so low.

If you’ve got an adjusting ARM, feel free to contact me about your choices. Once March ends and the Fed withdraws its mortgage market support, mortgage rates may rise and the fixed-rate option may be gone.

________________

Check Tommy out on Twitter @RightMtgGuy for the latest and greatest mortgage advice

Schaumburg Home Seller ~ About that number in your head ....

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Tue, 09 Mar 2010 15:18:21 -0600

Schaumburg Home Seller - do you have a price in mind for your home? Do you think it's accurate? Did you sneak a peak (TOTALLY INACCURATE) on Zillow because someone told you it was a good idea?

Misinformation abounds in real estate! What you need to do is call a local agent that knows your market thoroughly to give you the correct number to get your home sold!

This is a great post from Ruthmarie Hicks on the subject.

Via Ruthmarie Hicks (Keller Williams Realty):

Whenever I go on a listing appointment, I generally find that the seller already has a “number in their head” about what their home should sell for. This number can come from various sources. It is – unfortunately – almost always higher than the current market can command.

In truth, I can’t blame sellers for this…their minds have been levered to continued price increases to such an extent that the current market has left most sellers blind sided.

The first thing I often hear is that “I need to get X out in order to buy my next home which I can now get for Y because its gone down in price.    The trouble if the property you want to buy has gone down so much in price, chances are the property that you want to sell has gone down by a similar percentage. Wishful thinking is often the culprit here. Markets are fluid – that was fine when prices were going up – but it also holds true when prices decline.

Misinformation is another issue. Many sellers look at what their neighbor is asking for their home. Asking isn’t getting. Many listings are overpriced in this market – so setting your price on the basis of other listings is not a wise strategy.

“But my neighbor sold their house for X just six months ago!” Six months is a lifetime in a depreciating market.   If your market is depreciating – and many markets still are – then prices have decreased over six months.

Zillow zestimates and other information on the internet may or may not be accurate. Zillow has been off as much as 25% in our area.   So if the zestimate of your property seems too good to be true, it probably is.

If you need to sell, price your home competitively – this is particularly important in a declining market where inventories are high and buyers are few. Overpricing your property will result in fewer or no showings. The property will sit as the market declines further – resulting in an even lower price down the road.   Overpricing a home is just about the worst thing you could do in this competitive market.

© 2010 Ruthmarie G. Hicks – http://thewestchesterview.com – All rights reserved.

Dear Seller, About that number in your head….

Medinah Illinois - Who sells the most homes?

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Thu, 04 Mar 2010 12:14:49 -0600

RE/MAX is a third more effective than the next competing real estate company in Medinah for 2009! That's alot of real estate!

Looking to get your home sold in this tougher market? I'd love the get the job done!

Looking to buy a home and want someone experienced to help you avert the potential potholes?

Give me a call or email me so we can get started today!

Medinah IL Market Share 2009

Schaumburg IL - Who sells the most homes in Schaumburg?

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Tue, 02 Mar 2010 16:12:29 -0600

RE/MAX is twice as effective than the next competing real estate company in Schaumburg for 2009! That's alot of real estate!

Schaumburg IL Market Share for 2009

Elk Grove Village IL - Who sells the most houses in Elk Grove?

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Thu, 04 Mar 2010 11:59:49 -0600

RE/MAX is more effective than the next competing real estate company in Elk Grove Village for 2009! That's alot of real estate!

Roselle IL - Who sells the most homes?

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Thu, 04 Mar 2010 11:40:35 -0600

RE/MAX is four times as effective as the next competing real estate company in Roselle for 2009! That's alot of real estate!

Hoffman Estates IL - Who sells the most homes?

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Thu, 04 Mar 2010 11:34:10 -0600

RE/MAX is almost three times as effective as the next competing real estate company in Hoffman Estates for 2009! That's alot of real estate!

Looking to get your home sold in this tougher market? I'd love the get the job done!

Looking to buy a home and want someone experienced to help you avert the potential potholes?

Give me a call or email me so we can get started today!

Hoffman Estates IL Real Estate Market Share 2009

Schaumburg IL Short Sales

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Tue, 02 Mar 2010 16:19:10 -0600

Short Sales are tough both financially and mentally. This is a wonderful post from Jack Lewitz in Evanston that actually explains the different steps between the grief that we feel and the short sale process. It's a sad state when we have to realize that we can no longer afford our home and must move on to the next stage in our lives. Sometimes our children and family depend on our strengths for the upcoming changes that we must face.

A different perspective on one of the current weighty topics.

Via Jack Lewitz (Jack A. Lewitz):

As a former Social Worker I am reminded of Elizabeth Kubler-Ross book "On Death and Dying' and the five stages a terminally ill patient goes through when informed of their life threatening illness.

The five stages she identifies in her book are:

Denial ( this isn't happening to me!)

Anger( why is this happening to me?)

Bargaining ( I promise I'll be better person if...)

Depression ( I don't care anymore)

Acceptance ( I'm ready for whatever comes)

As I reviewed these five stages and relate them to Sellers I have worked with or am currently working with I am drawn to how these same stages are exactly what sellers go through when selling their home in a short sale.

Stage 1 Denial:

Many sellers who are falling behind in their mortgage payment often do not get help or seek help because they are in total denial. They often think nothing is going to happen to them even after the bank has sent them the Notice of Default letter.

Stage 2 Anger:

This is a very difficult stage. Many homeowners remain angry through the Short Sale/Foreclosure process. Reports of homes being trashed and appliances missing are usually the signs of people who have a lot of anger and direct this anger onto the property.

Stage 3 Bargaining:

This is the stage where sellers exhibit a lot of ambivalence. They do not want to loose their home and will do almost anything to keep it. Some sellers will contact their lenders and try to negotiate a loan modification while you are doing a short sale. You have to be aware of your seller in this stage because they are very vulnarble and will sabotage any efforts you have initiated because they have not truly accepted the need to sell their home.

Stage 4: Depression:

Sellers in this stage just stop caring about the house and will withdraw from you as their agent. It is important to maintain contact with your sellers during this stage and give them support and assure them that what they are doing is in their best interest.

Stage 5 Acceptance:

This is when you see your seller come out of their shell and begin to prepare for a life after the Short Sale.

Schaumburg Township Assessment Notices

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Sat, 27 Feb 2010 12:47:29 -0600

Schaumburg Township Tax Notices

You will be getting your assessment notices in your mailbox soon with either good or bad news depending on your perspective.

"Assessment notices for Schaumburg were mailed out Feb 23, 2010. The deadline to file an appeal for this town is Mar 26, 2010. The deadline to file documentation is Apr 12, 2010."

I was at the Schaumburg Township office yesterday and there were many people there protesting their taxes which I think is great. Be prepared for lines and some waiting time and they do have chairs there for you to sit on until called.

If you feel your assessment is unfair - please protest it. I have written many posts about the inaccuracies and discrepancies in the way that Cook County levies taxes. Being a realtor and seeing so many homes it's commonplace. What's so upsetting is that mistakes are so commonplace in the system.

Long time Occupant Exemption
Reassessment Notices
Senior Freeze, Senior Exemption

Wouldn't you like this money back in your pocket?
Diagram of a tax appeal

Easiest strategy for lowering your taxes
Read about Godzilla here

Landlords - 50 Inexpensive Tips to Dramatically Increase the Value of Your Properties

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Fri, 26 Feb 2010 10:52:01 -0600

Landlords - You can bet that your investment property needs a little 'face lift'. Ever pretend you were the future tenant and stand at the front door? Here are a couple of suggestions to make your investment more appealing, get better tenants and get more rent!

Thanks for reading!

Via Tai DeSa (Significa Corporation):

50 Inexpensive Tips to Dramatically Increase the Value of Your Properties

By Tai A. DeSa, Significa Corporation

Professional landlords and investors involved in property flipping should constantly seek to improve their property value while keeping costs low. Below is a list of 50 tips that we shared with our property investment club (the Lehigh Valley Real Estate Investors Group).

Tip #1: Add a basic alarm system. The number one concern for any resident is security. If a homeowner or tenant does not feel secure, then eventually they will move elsewhere. Many security alarm providers have lucrative introductory offers for equipment and/or installation. If you provide an alarm system for your tenants, raise the rent and offer a "free security system." Or, have your tenants pay the monthly monitoring fee.

Tip #2: Install matching light fixtures and ceiling fans. Consider some track lighting with dimmers to highlight artwork or showcase a particular part of the room. Consider flex track lighting or suspended track lighting. The addition of a dimmer switch makes your lighting more versatile and is a great mood enhancer. Ceiling fans add value, and you may want to consider adding them in place of staid old light fixtures. If you don't want to replace existing ceiling fans, make sure you clean the dust off the blades and update the decorative pulls at the end of the chain.

Tip #3: Do some basic landscaping, particularly in the front yard. The front yard is the first thing that potential buyers see, so don't miss out on your chance to pique their interest. Prospective buyers and tenants make up their minds about your home as they walk the first 10 feet from their car to your front door. A junky yard will make them think that you've neglected maintenance. A pristine yard will reassure them that your home is well kept. Focus on a clean cut, straighten up the lawn edges, freshen the landscaping and add some color spots or striking shrubs for impact. Mulch is inexpensive, so use it. If your yard lacks interest, consider constructing a retaining wall. Use railroad ties, bricks, or stones to construct that wall. The landscape design should complement your home's style and colors.

Tip #4: Get a new front door, or give the existing one a facelift. Paint the front door a complementary but bold color. Choose a color that says, "Look at me!" Once you're finished painting the door, install a new doorknob that emphasizes sturdiness and class. Also install a new kick-plate that matches your lockset finish. Remember, while your prospective homebuyer or tenant is waiting for you or the real estate agent to let them in, they are observing your front door. If you have an old storm door, get rid of it. If you really feel the need for a storm door, install one of those with a lot of window space to highlight the bold color of your front door.

Tip #5: Install some blinds and window shades. Certain rooms could really use blinds or shades to emphasize style. The best places to start are the living room, kitchen, master bedroom, and master bathroom. These are the four rooms that prospective buyers and tenants will study most when evaluating your property. Pick window shades that complement existing furniture or your paint color. If you want to stick with inexpensive vinyl blinds, then make sure all the blinds in the room are a matching color. When showing a home during the day, you should always have your blinds and shades open to let in abundant light (unless you've got a clear view of the mess in your neighbor's backyard).

Tip #6: Get rid of photographs of people. You may love Aunt Matilda, but you don't need to have her portrait posted all over the home you're showing! Prospective buyers and tenants need to imagine themselves living in the home, not you and your family. If you are going to put up photos, display pictures of nature.

Tip #7: Clean off the tops of the water heater, furnace, oil tank, washing machines, and any other mechanical fixture. Most homeowners don't bother to do this at all. Clean the dust and grime off the top of your furnace, water heater, oil tank, washing machines, and so on. This makes these devices look newer, well-maintained, and clean. If you have a dirty-looking furnace, don't be surprised if your buyer demands a concession for a new furnace. Don't say I didn't warn you!

Tip #8: Make sure every light bulb in the house works. Always make sure that every light bulb in your home works. If the prospective homebuyer or tenant can't see your place, then you can't expect them to like your place. When people see lamps with one good bulb but three burned-out ones, they think that you don't maintain the residence and they worry about other deferred maintenance. Where it's safe, use higher wattage light bulbs in your lamps for a bright, warm atmosphere. Also consider slightly pink-tinted or full spectrum "natural" light bulbs to create a warm glow for your home. Don't forget about the bulbs in your basement and in your exterior lamps.

Tip #9: Place decorative flowers and candles throughout the home. Fake (or real if you can water them regularly) flowers work wonders. You can often buy fake flowers at yard sales or in the clearance section of stores. Candles give the home a romantic or warm feel. Scented candles are best. Some scents are so strong that homebuyers can smell them even when the candle isn't burning. Once you've sold or rented the home, pack the flowers and candles in a box and stage your next property.

Tip #10: Place magazines about luxury homes around the house. Magazines about elegant homes or sophisticated styles can put prospective homebuyers and tenants into the mood. When they see that bright, shiny issue on your nightstand or coffee table, they envision your property as the stylistic new home that they wish to live in. Grab some copies of Our House®, Elegant Homes, Beautiful Homes^TM, and Better Homes and Gardens^TM.

Tip #11: Refinish your hardwood floors. Most people like hardwood floors, particularly if the floor has a luster to it. If your hardwood floors are stained, you still may able to sand them and apply a darker finish that hides stains. If your hardwood floors don't need to be sanded but have dull spots or cracks, try some off-the-shelf refinishing agents or cleansers. Murphy's® Oil Soap or Rejuvenate polish are personal favorites to restore that classic wood look.

Tip #12: Get rid of clutter. Space sells. If you have clutter, don't stuff it in your closets, or your basement, or your garage. Throw it out or rent some storage space. Prospective buyers and tenants should not feel hemmed in because of all the boxes you have laying around or those old rickety chairs you can't seem to discard.

Tip #13: Shampoo your carpet. Yes, many people like new carpet for obvious reasons. However, we can't always afford to buy new carpet, for obvious reasons. Rent a carpet cleaning vacuum or hire a shampoo service. The proper detergent and equipment can get rid of old stains and make odors disappear.

Tip #14: Place air fresheners throughout the home. You'd be amazed at how easy this one is but how many people don't actually do it. Potpourri and air fresheners set the mood. People tend to associate fresh scents with cleanliness and purity. Be careful not to overdo it with the air fresheners, or people will think you're trying to hide an odor.

Tip #15: Powerwash the exterior of the home. Road dust builds up under overhangs and coverings. Mold, moss, or insects may accumulate on your siding. By powerwashing your place, you'll make your house that much more inviting from the street. Even though there's a For Sale sign in the front yard, be advised that many passersby will not call the phone number if the house looks dirty or old. If they do call the number, they may be looking to give you a lowball offer because they think you can't afford the upkeep.

Tip #16: Install brushed-nickel or brass switch plate and wall outlet covers in the master bedroom, the kitchen, and the dining room. Many places I've seen for sale or rent do not have matching switch plates and outlet covers. Some are ivory, some are brown, some are white, and most are dirty. New outlet covers and switch plates can cost anywhere from a few cents to several dollars. You may want to consider installing brushed-nickel or brass covers in your most heavily trafficked rooms. These covers give the room a look of elegance and style.

Tip #17: Replace those old, worn-out doorknobs. I've seen doorknobs that are over 80 years old and have been painted over several times. Ugh! Doorknobs can be some of the most dirty, bacteria-infested items in the house, and don't your prospective buyers know it! Replace those old doorknobs with new ones. If you have a brass theme in the room, go with brass. If it's brushed-nickel you like (and that's "in" nowadays), then go with that look.

Tip #18: If you have a paved driveway, reseal it. If your driveway is already paved but is cracked or otherwise in bad shape, repair it and/or use a driveway sealer. A sharp-looking driveway is the first thing a prospective buyer or tenant sees because that's what they're driving toward. Besides, the sealer prevents existing cracks from becoming worse.

Tip #19: Compile a full list of the warranties on the appliances and fixtures, and leave that list on the kitchen counter. If your home has been repaired in recent years, such as a new roof, or if you've replaced major appliances, be sure to have the receipts on hand to show interested buyers. Better yet, type up a list of the warranties and leave copies of that list on the kitchen counter. Many homebuyers need to feel secure that items in the house are in good working order. If your house is the only one with warranty information, these buyers may be more likely to make an offer (and a good one at that).

Tip #20: Run an air purifier to get rid of those lingering odors. You're used to the odors in your house, but trust me, no one else is. If a thorough cleaning and some well-placed potpourri don't do the trick, then it's time for an air purifier. I have an EcoQuest air purifier, and it eliminates the bacteria that can cause odors. There are less expensive purifiers on the market, so take your pick. A good place to run an air purifier is the basement.

Tip #21: Refinish your vinyl or tile floors. Clean your vinyl and tile floors. If that isn't enough, then it's time to find the right chemicals, solutions, or polymers to make those floors look like new. Tile floors may need new grout. Perhaps you need to replace a cracked tile (I should hope you bought one or two extra tiles way back when for just such a need). Regarding vinyl floors, I am a fan of Rejuvenate polish. You can use a flat mop to apply it, and it fills in cracks and shines the floor.

Tip #22: Spend a day looking at Open Houses held by property sellers. After observing what other people do with their homes, you'll view your property with a fresh perspective. Plus you'll get a feel for what the market values are in your neighborhood. Top athletes check out the competition. Top businesspersons check out the competition. You should too.

Tip #23: Oil your door hinges so they don't squeak. You may not notice the squeaking hinge because you've heard it so many times, but buyers will wonder what else needs maintenance. Oil those hinges. Also make sure that every door opens and shuts with ease. Sometimes doors get misaligned and they don't shut unless you apply lots of pressure.

Tip #24: Replace your doorbell if it is old or worn. One of the first things a prospective homebuyer notices is the doorbell. Is it old? Does it work? Does anyone in the house hear the bell? Imagine if you're home, waiting for a prospective homebuyer to stop by, and you can't hear them ringing the bell. Doorbells are inexpensive items, and a new one (at least a new button) will impress your visitors.

Tip #25: Clean, clean, clean. Once the potential buyer walks through your front door, they should be wowed by the cleanliness. A sparkling home just screams that it's been properly maintained. Even if you clean regularly, chances are, there are things you don't notice because you live there. Consider spending a couple hundred dollars and bring in the professionals for a thorough cleaning. With a window cleaning, your house will surprise you with a new look.

Tip #26: Modernize that kitchen. As the hub of family interaction, the kitchen is the heart of the home. Brighten the cabinets with a fresh coat of paint or some updated hardware. Add a new faucet or light fixtures to rejuvenate the space or change the window coverings for a more modern feel. Buyers are always interested in the kitchen, so try a quick facelift that will turn up the heat on your bottom line.

Tip #27: Brighten up rooms with new paint. This one is obvious but many people still don't do it (or do it properly). New paint may be one of the most effective dollar-for-dollar value enhancers. You can hire a professional or do it yourself. Choose neutral colors for most rooms, but don't be afraid to use a bold color (red? black? violet?) on a wall or two to create contrast or style. Just don't go crazy with the bold colors. Also consider painting the walls and trim complementary colors.

Tip #28: Give the master bedroom a bold and romantic look. People associate the master bedroom with romance, authority, comfort, and style. Give the people what they want! Buy some new bed sheets or throw pillows. Consider a new comforter. Set up candles and flowers. Get rid of junk. Don't leave any clothes laying around.

Tip #29: Add crown moulding. It is available in countless colors, widths, and styles - from simple to elegant; classic to contemporary. Moulding can give an ordinary looking room the special touch needed to make it really stand out.

Tip #30: Add landscape lights or a decorative street lamp. A classy street lamp gets attention, even during the daytime. Landscape lights can really establish security and elegance at the same time. I've seen prospective homebuyers view a home during the day, and then insist on coming back at night to see how the place looks. You don't have to overspend, but consider adding or updating your exterior lamps.

Tip #31: Install a new mailbox. Mailboxes can be relatively inexpensive. Install a new one so your prospective buyers and their prospective houseguests don't have to look at that dingy old thing on the front of the house.

Tip #32: Remove weeds from between concrete slabs and walkways. This is a sure sign of property neglect and a big turn off for potential buyers. Nowadays, you can buy weed-killing chemicals that destroy unwanted plant life in hours. Or you can try a solution of 20 percent bleach and 80 percent water.

Tip #33: Build a new garage or add a carport. Every homeowner knows the advantages afforded by a garage, and every prospective buyer will see a garage as a big plus. A new home garage is a great property enhancer that increases the market value of the home. Carports are a less expensive option. Many basic carports retail for $795 to $995. I've seen people fall in love with the interior of a home but fail to put in an offer because they complained about the lack of a garage.

Tip #34: Install an automatic garage door opener. Another fine way to increase property value is to install a garage door opener. Select a model with a multi-code garage door opener remote that routinely changes the code for additional security.

Tip #35: Enhance your porch or doorstep with pots or baskets of blooming annuals. This is an inviting and fragrant way to boost visual appeal and add eye popping color. You can find flower pots at dollar stores, and a bag of topsoil may cost only slightly more than a dollar. I like to keep flower pots at many of my properties for sale, and once they've sold I take the pots (flowers and all) and plant them on the doorstep of the next property I want to sell. A tip to keep the flower pots light is to place some empty water bottles in the base and cover them with soil. Sometimes the flowers won't need a lot of dirt, and the empty bottles create space but not added weight. Make sure you water the plants often enough, because dead plants will have the opposite effect of what you intend.

Tip #36: Give your old BBQ grill a makeover. Degrease it first, rinse well; repeat if necessary. Once totally clean and dry, refinish it using a bright fireproof/high-temperature paint. Select a color that complements your home's exterior look. Or try something fun that will really stand out, such as orange, yellow, or blue.

Tip #37: Install shutter and window box sets that match. Shutters and window boxes add charm and character to a home. Some people prefer to place fake flowers in the window boxes, while others prefer the real thing.

Tip #38: Install a skylight dome or roof skylight. People like natural light, especially light from above. Skylight installation also increases natural lighting in rooms; making them more inviting and cheerful.

Tip #39: Build a mini herb pantry. Many homes are sold based upon the setup of the kitchen. An herb pantry can be something as simple as a cubby hole built into the wall between studs. Or it may be a closet area converted into an herb pantry with a glass door.

Tip #40: Add something "green," like solar panels. Green is good these days (or any day). Many homebuyers need to feel like they are doing something good for the planet, while saving money at the same time. Solar panels are en vogue again. Consider installing some of them. Another green activity that enhances value is to add insulation where it's needed.

Tip #41: Empty out that cluttered basement. Many basements can be downright scary. You certainly don't want that impression. When selling your property, I suggest you empty out the basement as much as possible. Take your junk to the trash dump or place it in storage. Homebuyers need to sense that they have lots of open space (to store the junk they have in storage).

Tip #42: Trade in those old, leaky faucets for shiny new ones. We all know that kitchens and bathrooms can attract buyers, or repel them. The centerpiece of any kitchen or bathroom is the sink, and the centerpiece of any sink is the faucet. Replace them yourself or hire a handyman. You'll often find perfectly good faucets on the clearance shelf at home improvement stores.

Tip #43: Change the filter in your air conditioner. You want to avoid that musty, stale smell when it is operating. Whether it's a window air conditioner or a central air system with ductwork, change the filter.

Tip #44: Hang a large mirror in the living room. It creates virtual space and the illusion of greater size. Buyers and renters love open space. Give it to them!

Tip #45: Make sure the colors of your kitchen appliances match. A kitchen with a yellow refrigerator, a stainless steel range, and a white microwave may look okay to you, but it doesn't look right to buyers. Make sure you match the colors. This may not require purchasing all new appliances. Sometimes it's a matter of ordering the right color panels.

Tip #46: Hang new towel bars and toilet paper holders. Once you've replaced the bathroom faucet, you'll want to change the towel rack and toilet paper holder to match it. Always make sure that you have a roll of toilet paper on the holder. I suggest you hang a decorative towel on the bar too. That makes the bathroom look complete.

Tip #47: Run a dehumidifier. A perpetually damp basement or bathroom can be the breeding ground for mold, odors, and insects. Neither mold nor odor nor insect helps your cause. Run a dehumidifier to dry out the air and cut down on the musty smell.

Tip #48: Paint the fence or railings surrounding your home. A freshly painted fence creates a tremendous Wow! factor. Prospective homebuyers often observe the exterior of a property before even considering whether to view the interior. If your exterior is old and decrepit, then you simply won't have many showings. By repainting the fence, you may even inspire your neighbors to paint their fences and railings to keep up with you. Spray paint works well on metal or cast-iron railings. Be sure to use primer first.

Tip #49: Install new street numbers on the front of your home. When prospective buyers or tenants are driving around the neighborhood trying to find your address, their eyes will gravitate toward bright, shiny, new street numbers. I should hope that those shiny numbers are affixed to your house. It only costs a few dollars to buy new brass or brushed-nickel numbers to boldly identify the front of your property. This is money well spent.

Tip #50: Use throws in colors that match the room to cover up worn sofa and chair upholstery. You could attempt to buy all new furniture to spruce up a room in the place you want to sell or rent. Or if all new furniture is not in your budget, buy some throws and pillows to place on your furniture.

Thank you for taking the time to read our blog on how to increase the value of your properties. We hope that these tips will aid you in your property investment buying and selling. We at Significa are grateful to be aligned with people like you.

________________________________________________________________________________

About the Author: Tai A. DeSa is Chief Executive Officer of Significa Corporation, a professional real estate investment company based in Pennsylvania (www.significacorp.com and www.significadeals.com). DeSa is a graduate of The Wharton School at the University of Pennsylvania. Prior to entering the real estate investment business, he served as an officer in the U.S. Navy. He is the oldest in a family of 11 children and was valedictorian of his high school class. DeSa is also an Associate Broker with Keller Williams Real Estate (www.thetaidesateam.com). He is an organizer of the Lehigh Valley Real Estate Investors Group (www.lvrig.com) and an Area Director with Business Network International (www.bnidvr.com).

HGTV Episodes about our area!

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Tue, 23 Feb 2010 15:27:36 -0600

HGTV Episodes about our area!

Was pleasantly surprised to see our area of Hoffman Estates featured in one of the HGTV segments on 'My First Place' recently. I had recorded (TIVO'd?) two episodes to watch about staging and the one was about a popular area stager Julea Joseph in which she transforms a room with one day's notice. Julea did a fabulous job.

The other was about a first time home buyer that started out in Libertyville (20 miles north) and by the end of the program ended up in a ranch in Hoffman Estates! Hey, that's my area and what are you doing with an unknown out of the area agent buyin' a house! She was very lucky for the publicity but I don't know who she even is! Even after the TV spot, I don't know anything about her! Talk about a lost opportunity for some PR!

So as I am watching the segment I jump up and yell 'hey I know that guy ...... he's Dave Jacobsen the home inspector guy I use!' So they are inspecting the furnace which seems to have a cracked heat exchanger which is not a good thing folks. Whoops, can you say new furnace? Evidently they get it all worked out and the couple move into their new home!

It's great to see our area on TV. Who says nothing ever goes on around here that's exciting! Who was that mystery agent?

Heck when my dog and I were taped for TV on rinky-dink WCIU I was tellin' everybody!

"Commitment Before Contract" Episode on HGTV
ABC Home Inspections with Dave Jacobsen

Can you say fire Mr. SpongeBob?

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Tue, 23 Feb 2010 08:12:05 -0600

Can you say fire Mr. SpongeBob?

How do you spell fire Mr. SpongeBob SquarePants? Are the owners of this house so unbelievably stupid that they have put a giant bag of foam rubber near the hot exhaust pipe of their water heater?

WHY YES!

Can you spell stupid Mr. SpongeBob?

Can you say 'poof' up in flames?

Foreclosure and your Lease

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Mon, 22 Feb 2010 07:56:41 -0600

Foreclosure and your lease

Ok, so now you're in trouble and you've found out that you've been scammed or been told a lie by your landlord. You have a lease but didn't know the owner of your place is now in foreclosure. What do you do?

OR

You've signed a lease with a landlord and have found out they haven't been making a mortgage payment for 6 months - what do you do?

OR

You've signed a lease, moved in and found out that the person you thought was your landlord doesn't even own the building! This just happened this week in Chicago! What do you do?

OR

You've put up a substantial security deposit due to your less than enthusiastic credit rating and have found out the landlord always was in foreclosure and is not making mortgage payments! He's ran off with your deposit, your rent checks and can't be found! What do you do?

Don't ignore it! Call an attorney, tenants rights group or one of the pro-bono legal groups that I have linked to on this post!

Your lease is valid if it was signed prior to the foreclosure in Illinois. Don't let the lender bully you into thinking that you have to vacate the property right this second.

Please understand that this is a very complex issue and unfortunately you will have to seek out legal advice. Please be sure to gather your lease and all rent payments made and have them available when you talk with someone regarding your position.

Gangsters aren't only in the movies!

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Sat, 20 Feb 2010 11:23:57 -0600

This should be a consumer outrage! One thing I feel of utmost importance is to bring to light what is happening in our industry and how it effects you, me and Mr. John Q Public! This is a complex subject but an important one that I want you to investigate on how the FDIC plans to spend (and is spending) your hard earned money!

You thought the 'mortgage mess' was over - well read this! I urge you to pass this along to your family and peers.

Via Robert G Hertzog (Summit Home Consultants):

OneWest Bank Releases Their First Year Profit Statement $1.6 Billion- You Won't Believe This One!

Kudos to Scott Reckard with the LA Times. He wrote an article today that is sure to open some eyes. The article, titled "OneWest Bank Profit: $1.6 Billion" does an excellent job of pointing out some very interesting observations.

According to the article, OneWest paid the FDIC $1.55 Billion for the failed IndyMac Bank, and turned a profit of $1.57 Billion in it's first year. The article specifically addresses the shared-loss agreement that was also put in place by the FDIC, which is expected to cost the FDIC nearly $11 Billion.

The reason I'm posting this article is that it dovetails perfectly into my blog titled "Is The FDIC Killing OneWest IndyMac Short Sales" in September/2009. The blog, which ended up being the basis of the recent video produced by Think Big Work Small (without my knowledge or consent, by the way) deals with a transaction I handled for one of my clients with OneWest Bank. Rather than go into all of the details of the blog you can read it here. But basically, it centered on shared-loss deals, and how they are creating a disadvantage for consumers trying to accomplish loan modifications or short sales.

The FDIC was so upset with the video that they decided to issue an official press release on Friday, February 12th. The LA Times article specifically states that the FDIC refused to comment today on the profit statement released by OneWest today.

So let me get this straight... The FDIC issues an official press release on a YouTube video, but doesn't want to talk to anyone about the profits OneWest just reported today, and the possible effects of the shared loss agreement they have in place with them? Interesting. Anyway, enjoy the article. This story is beginning to "grow legs", as they say. With 93 other loss share agreements in place, according to a recent Business Journal article, I'm sure this is something we will all hear more about in the very near future.

Oops, I spoke to soon! While writing this article, I just found out that the FDIC just issued ANOTHER press release, this time announcing that they just sold La Jolla Bank in La Jolla, CA to, guess who? You got it, OneWest Bank! And guess what? That's right, they signed yet another Loss Share Agreement with them as well. Well, that makes a total of 95 loss share agreements, and counting!

Folks, it's time to stop this madness. The LA Times article shows what this program is costing the American Taxpayer. Some, like the FDIC (and their banker buddies) will tell us time and time again that the FDIC receives no taxpayer dollars, and is funded wholly by the FDIC premiums charged to the banks. Think about it... When banks have to pay more for increased premiums, where do you think they get the money? Quite simply, they raise their rates to YOU, the consumer, to cover these additional expenses. And, when they finally run out of money, they have a nice little $500 Billion "Credit Card" they can use at the U.S. Treasury. Where do you think this money comes from? Correct... YOU, the taxpayer.

So do your part and help spread the word. It's time to stop asking questions, and start demanding answers from our fearless leaders in Washington. Don't just read this and get mad. Read this and share it with all you know.

Bob Hertzog

www.foreclosureuturn.com

Moving with Pets - Schaumburg IL Homes

Lyn Sims ~ Chicago Northwest Suburbs (Schaumburg Illinois ~ RE/MAX Suburban) — Fri, 15 Feb 2008 15:04:50 -0600

Moving to a new home can be stressful on your pets, but there are many things you can do to make the process as painless as possible. Experts offer these tips for easing the transition and keeping pets safe during the move.

1. Update your pet's tag.   Make sure your pet is wearing a sturdy collar with an identification tag that is labeled with your current contact information. The tag should include your destination location, telephone number, and cell phone number so that you can be reached immediately during the move.

2. Ask for veterinary records.   If you're moving far enough away that you'll need a new vet, you should ask for a current copy of your pet's vaccinations. You also can ask for your pet's medical history to give to your new vet, although that can normally be faxed directly to the new medical-care provider upon request. Depending on your destination, your pet may need additional vaccinations, medications, and health certificates. Have your current vet's phone number handy in case of an emergency, or in case your new vet would like more information about your pet.

3. Keep medications and food on hand.   Keep at least one week's worth of food and medication with you in case of an emergency. Vets can't write a prescription without a prior doctor/patient relationship, which can cause delays if you need medication right away. You may want to ask for an extra prescription refill before you move. The same preparation should be taken with special therapeutic foods - purchase an extra supply in case you can't find the food right away in your new area.

4. Seclude your pet from chaos. Pets can feel vulnerable on moving day. Keep them in a safe, quiet, well-ventilated place, such as the bathroom, on moving day with a "Do Not Disturb! Pets Inside!" sign posted on the door. There are many light, collapsible travel crates on the market if you choose to buy one. However, make sure your pet is familiar with the new crate before moving day by gradually introducing him or her to the crate before your trip. Be sure the crate is well-ventilated and sturdy enough for stress-chewers; otherwise, a nervous pet could escape.

5. Prepare a first aid kit.   First aid is not a substitute for emergency veterinary care, but being prepared and knowing basic first aid could save your pet's life. A few recommended supplies: Your veterinarian's phone number, gauze to wrap wounds or to muzzle your pet, adhesive tape for bandages, non-stick bandages, towels, and hydrogen peroxide (3 percent). You can use a door, board, blanket or floor mat as an emergency stretcher and a soft cloth, rope, necktie, leash, or nylon stocking for an emergency muzzle.

6. Play it safe in the car. It's best to travel with your dog in a crate; second-best is to use a restraining harness. When it comes to cats, it's always best for their safety and yours to use a well-ventilated carrier in the car. Secure the crate or carrier with a seat belt and provide your pet with familiar toys. Never keep your pet in the open bed of a truck or the storage area of a moving van. In any season, a pet left alone in a parked vehicle is vulnerable to injury and theft. If you'll be using overnight lodging, plan ahead by searching for pet-friendly hotels. Have plenty of kitty litter and plastic bags on hand, and keep your pet on its regular diet and eating schedule.

7. Get ready for takeoff.   When traveling by air, check with the airline about any pet requirements or restrictions to be sure you've prepared your pet for a safe trip. Some airlines will allow pets in the cabin, depending on the animal's size, but you'll need to purchase a special airline crate that fits under the seat in front of you. Give yourself plenty of time to work out any arrangements necessary including consulting with your veterinarian. If traveling is stressful for your pet, consult your veterinarian about ways that might lessen the stress of travel.

8. Find a new veterinary clinic and emergency hospital.   Before you move, ask your vet to recommend a doctor in your new locale. Talk to other pet owners when visiting the new community, and call the state veterinary medical association (VMA) for veterinarians in your location. When choosing a new veterinary hospital, ask for an impromptu tour; kennels should be kept clean at all times, not just when a client's expected. You may also want to schedule an appointment to meet the vets. Now ask yourself: Are the receptionists, doctors, technicians, and assistants friendly, professional and knowledgeable? Are the office hours and location convenient? Does the clinic offer emergency or specialty services or boarding? If the hospital doesn't meet your criteria, keep looking until you're assured that your pet will receive the best possible care.

9. Prep your new home for pets. Pets may be frightened and confused in new surroundings. Upon your arrival at your new home, immediately set out all the familiar and necessary things your pet will need: food, water, medications, bed, litter box, toys, etc. Pack these items in a handy spot so they can be unpacked right away. Keep all external windows and doors closed when your pet is unsupervised, and be cautious of narrow gaps behind or between appliances where nervous pets may try to hide. If your old home is nearby, your pet may try to find a way back there. To be safe, give the new home owners or your former neighbors your phone number and a photo of your pet, and ask them to contact you if your pet is found nearby.

10. Learn more about your new area.   Once you find a new veterinarian, ask if there are any local health concerns such as heartworm or Lyme disease, or any vaccinations or medications your pet may require. Also, be aware of any unique laws. For example, there are restrictive breed laws in some cities. Homeowner associations also may have restrictions - perhaps requiring that all dogs are kept on leashes. If you will be moving to a new country, carry an updated rabies vaccination and health certificate. It is very important to contact the Agriculture Department or embassy of the country or state to which you're traveling to obtain specific information on special documents, quarantine, or costs to bring the animal into the country.

LOOKING FOR A PET FRIENDLY REALTOR?

LYN SIMS at RE/MAX Suburban (847)230-7324

Northwest Suburban Chicago IL Market Areas of Schaumburg, Hoffman Estates, Elk Grove Village, Medinah, Roselle, Itasca, Bloomingdale, Bartlett, Streamwood, Hanover Park, Carol Stream, Elgin, South Elgin and St. Charles.