RealEstateConsumerInfo.com

Bank of America has no heart! Read how they deny an already granted loan mod!

Fri, 17 May 2013 12:31:04 -0700

Bank of America is AGAIN denying/declining/rescinding an already granted loan modification to this particular homeowner. After months, years of trying to get thru this Bank of America will probably proceed with foreclosure.

If there is anyone out there who knows who to complain to when things like this happen, please let me know so we can all take collective action against Bank of America.

My thoughts are with Gail Robinson at this time when her family needs her most.

Via Gail Robinson, REALTOR, e-PRO Fairfield County, CT (William Raveis Real Estate, Southport, CT):

BOA SENT ME A DECLINE LETTER TODAY AS MY HUSBAND WAS BEING ADMITTED INTO HOSPICE

I made all the trial loan modification payments on time over the phone via my BOA Customer Relationship Manager, yet today I received a FedEx letter stating that my permanent loan modification was DECLINED. At the same time as the letter arrived, the hospice nurse came to sign my husband up for in-home hospice care. Can you believe this????

The letter from BOA states "Thank you for contacting us regarding the Home Affordable Modification Program. While we realize this decision comes at a difficult time in your life, we regret to inform you that we are no longer considering your request for a modification because after being offered a Trial Period Plan, you did not make the required Trial Period Plan payment by the end of the first month of the trial period."

I made the first trial payment on 3/4/13, the second one on 4/2/13, and the third one on 5/2/13. The original letter from my BOA Customer Relationship Manager outlining the terms for the trial period dated 2/25/13 stated, "To participate in the Trial Period Plan, make your first month's trial period mortgage payment as soon as possible, but in no event later than 30 calendar day after 4/1/2013."

Since I made the first payment on 3/4/13 and it was not due until 4/1/13, it seems to me that I am in compliance.

This was so upsetting that I could not focus properly on getting my husband admitted into hospice. My husband is very upset. He has Stage IV, Pancreatic Cancer and was diagnosed 4 years and 4 months ago. He's now in the end stages of the illness.

Can you see where I made an error? Perhaps I'm not thinking straight due to the stress of putting my husband in hospice today. It's an emotional day.

Why wouldn't my BOA Customer Relationship Manager call me to tell me ahead of time that this letter was going out? Why won't she return my calls. I have had to ask for an Appeal, but this is the last thing I need to focus on right now. My attention should be 100% on my husband in his final days.

BOA have a heart!!!!

Links to previous posts where the AR community rallied around us to convince BOA not to foreclose on our home:

Today I Was Told by BOA My Home is Going into Foreclosure

Thank You to My AR Friends and Friends of Friends

BOA Sent Me the Trial Loan Modification Papers Today

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

5 Top Reasons People Buy

Mon, 13 May 2013 08:58:35 -0700

Source: KCM Blog, various Gallup surveys

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Buyers, Stagers, Everybody can use this room planning tool!

Fri, 10 May 2013 05:51:30 -0700

Buyers, Stagers, Everybody can use this cool tool!

I have to give Pinterest the credit here as they send me a highlight email every week and this is where I noticed this 'cool tool'. I jumped on the room planner and gave it a whirl and it is sooooo easy a monkey could do it (like me!).

Urban Home has a room planning tool that they use obviously to sell furniture but it's fresh and innovative too. Actually let's you visualize what the furniture will look like in your room with different planner aids of actual furniture. As soon as I saw this it was a 'eureka' moment.

We've all had visually challenged buyers right? So for grins, I did a bedroom furniture plan to see how easy it was to do. Took all of 5 minutes! Wish moving an armoire was as easy as pushing my mouse!

Give it a try and check it out. I'm sure that you can envision many more uses that will help your clients.

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Northwest Suburbs Real Estate Update - April 2013

Sat, 11 May 2013 08:15:21 -0700

Real Estate Market Update - Northwest Suburbs - April 2013

Welcome to the place to get those housing questions answered about the real estate market in the Northwest Suburbs!

Our local inventory level has continued to decrease and is now at insanely low levels. My assessment is that our recovery would be better suited if we had more inventory for the available buyers. Multiple offers in many price ranges make it tough to compete.

Not at that price! Based on these low inventory levels if your home is still 90 days or more on the market the buyers have deemed it overpriced for it's condition.

Foreclosures increasing their prices - I have noticed that there has been substantial price increases in foreclosures new to the market. Can't fathom where they justified these prices because they are the ones that bottomed out prices for the rest of us. Hope they have problems with those appraisals like regular sellers have!

What about those Prices? Well, the national media continues to be wrong about price increases here in the Northwest Suburbs. Everything in real estate is local and that includes talking about prices. Prices are flat but should 'eventually' increase based on the current inventory level.

Mixed Signals Here? You bet there is. I've been waiting for months for the lack of inventory to propel prices upwards but it hasn't happened yet.

I am optimistic about our overall market and when interest rates are so low, buyers should take advantage of the best affordability ever. This opportunity will not last forever as either price increases or interest rate increases can cut into your purchasing power.

Looking for an agent that's a true market expert? Let's get your Northwest Suburban home on the market and priced right to sell! I can zero in to your specific area and give you the current market details so you can make an informed decision and help your home sell faster.

If your home is currently on the market, is your agent showing you any of this information? I'm one of those unique people that will tell you how the market really is explaining the good with the bad.

Looking for a home in the area? Please give me a call or email me (on the upper right) to talk about the possibilities. Depending on your price range, you will need current market strategies to get you into that new home.

Sources: MRED April Stats 2013

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Rental Inspections - Good or bad idea?

Thu, 09 May 2013 05:19:50 -0700

Rental inspections? Good or bad idea?

Consensus would have it that intrusion into any form of homeownership is a bad thing but there are more & more communities that are enacting inspections prior to property rentals. Aside from charging a yearly rental fee of $75 to $100 in most cases, is there really a benefit besides revenue generation?

Sometimes I think it's beneficial, sometimes not.

Let's talk about a property rental that I have now. Besides 'taxing' the property another $100 per year above and beyond what other owners in the neighborhood have to pay, there is the inspection itself. Code enforcement is important I understand but bringing up an older 1970's property to today's code standards is an over reach of authority.

Case in point, this townhome 'has to have' a dead bolt in order to bring it up to 'code'. Really? That is life threatening? Beneficial I guess, yes, but a dead bolt for the public good?

Another item, water heater does not have a discharge line and needs to be brought up to code. Plumber doesn't think it's necessary and the village does (oh no, I agree with village). It must be done because we will not be in compliance and the property cannot be occupied until all repairs are completed. Owner doesn't understand the plumber, plumber doesn't understand the owner, I'm in the middle asking when the tenant can move in. Lease did start on the 1st people!

So each time we all have a 'misunderstanding' of the code officer, the owner is charged another re-inspect fee of $75. Cha-ching.

So far, it's getting ridiculous but the 'punch list' is getting smaller with each visit.

Electrical plugs with GFI installed in both bathrooms. Cha-ching.
Smoke detectors in each bedroom, throw in carbon monoxide detectors too. Cha-ching.
Inspection of rear yard saying it's not very neat.

Awww Jeeez!! Yes mom, we'll do it right away.

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

What are today's buyers looking for in a home?

Wed, 08 May 2013 05:48:09 -0700

What are today's buyers looking for in a home?

Lots of statistics and lots of preferred features when buyers begin searching for a home. But what are buyers really looking for? This post is aimed in telling you which features are the most sought after with today's buyers. Every buyer has a 'wish list' but these are the top features that buyers request most.

Air conditioning - pretty anti-climactic here right? I thought this was a pretty standard feature (94%) in our area but possibly not in all. To me it's like a cell phone - got one right?

Eat-in Kitchen - the kitchen is still the family gathering space with most buyers liking the newer open feel and styling of an island or breakfast bar. (89%)

Walk-in closet for the Master Bedroom - 60% of buyers felt they would pay an extra $1350 to have this feature in their next home. I'm not sure that is a realistic number but this feature is one of the top requested by my buyers.

New kitchen appliances - buyers today want the newest and best, including stainless steel appliances in the kitchen. This is an 'optimum' for our area but is always mentioned as favorable with my buyers. Buyers stated they would pay an extra $1840 in the survey for a home with these features. Depending on the quality of the appliances, this is definately not a realistic dollar amount. In fact, this is just a reasonable price for the average refrigerator alone. I think buyers need to take a trip to Best Buy.

Basements or In-law suites - 33% of buyers felt they would pay an additional $3250 more for a home with these features. Very unreasonable and out of touch in my estimation in today's market. This is where education is important. The minimum basement costs that I have seen in IL are upwards of $9000 or more and that doesn't include any finishing of any type. Obviously the larger the home, the more the basement will cost.

Looking for a home with these features in the Schaumburg Area? So let's begin your home search here to ensure every detail of your purchase or sale is handled smoothly!

Looking forward to working with you and finding you the perfect home!

Home Buyer Road Map

Source: NAR

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

What makes a good neighborhood?

Tue, 07 May 2013 07:14:09 -0700

What makes a good neighborhood?

These are the most common factors of home buyers on deciding what area to purchase a home. Obviously, having children plays a large role in housing selection because of schooling and convenience to those schools.

1) Overall quality of the neighborhood
2) Convenient to job
3) Overall affordability of homes
4) Convenient to friends/family
5) Design of neighborhood
6) Convenient to shopping
7) Quality of the school district (this becomes the #2 point for buyers with children)
8) Convenient to schools (this becomes the #3 point for buyers with children)
9) Convenient to entertainment/leisure activities
10) Convenient to parks/recreational facilities

I can offer significant information on the Schaumburg neighborhoods when you are thinking of purchasing your next home. 'Where everything is' and 'how do I get there' is the most asked question when I work with home buyers looking in Schaumburg.

Source: NAR report 'Profile of Home Buyers & Sellers'

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Smells like a 'Fishtamate' to me!

Fri, 03 May 2013 08:56:13 -0700

Another 'guessing game' comes to real estate & I'm calling it the Fishtamate!

TechCrunch announced today another over anxious participant in the quest for a better Zestimate. Redfin announced today it's own solution to the highly inaccurate evaluation function spouting a better, more accurate format called 'Home Value Tool'.

Redfin says that participants will have the ability to customize and build the search for better accuracy. Really?

Why the rush to become one of the masses? I guess that Redfin feels there is a 'market' for Zestimates, or in their version which I'll call the 'Redfin Fishtamate'. Seems accurate to me as they are 'fishin' for a price using 5 comparables in the neighborhood. Does seem more accurate over a Zestimate but still can't be considered a good real estate value format.

The 'Fishtamate' stinks just as badly as a Zestimate. I don't understand why this has the spin of 'a necessary request being given to the consumers' that are hungry for this information? Consumers are demanding this as part of a real estate site? Consumers no longer care for accuracy? Listings? We can all beg to differ there as most consumers are fed up with the inaccuracies of listing information on Zillow or Trulia.

Sellers deserve this information? Hhmmm. What sellers deserve is a better real estate site that rejects the idea of telling the seller their home's value by an algorhythm.

It's a value by ouija board that offers an unrealistic value for one of their biggest investments and is not the model that consumers really need.

Take the 'instant' out of the equation and pop in the words 'accuracy'. That's what consumers need and that 'accuracy' can only come from a human being.

Ask your computer (or Siri maybe?) what might your home sell for and you have to be a total lune if you expect the correct number.

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Always Hire a Home Inspector - Lyn Sims (847)230-7324 RE/MAX Suburban

Mon, 02 Jun 2008 13:26:45 -0700

"Upon Further Inspection"

One of the most important steps in the home buying and selling process is often overlooked: the home inspection. While many buyers and sellers alike are wary of inspections (for fear of finding the dreaded "deal-breaker"), in reality thorough and timely inspections help smooth the process and prevent headaches during or after closing.

The Difference between Appraisal and Inspection

Many consumers are unclear regarding the difference between a home appraiser and a licensed home inspector. A house appraisal is an independent evaluation of the current market value of the home from your lenders/bank perspective. Generally speaking, the appraiser's job is to review the property to determine its worth relative to similar properties in the area and recent sales history. With that value set, the lender can determine how much money can appropriately be loaned to the buyer. Appraisers typically work for the bank, the FHA, or HUD depending on the type of loan.

In contrast, the house inspector is trained to identify items in the home that need either replacement or repair. A licensed inspector will carefully examine the home's structural components, heating, cooling, plumbing and electrical systems, insulation, roofing and so on. A home inspection report will give far more detailed and overall information than a home appraisal.

While an appraiser will perform a walk through of your home, it is typically a cursory examination that lasts between 15 and 30 minutes. An in-depth home inspection will last from two to three hours. An appraiser may point out potential problem areas, but they are not trained to spot damage or faulty systems. Only a certified inspector can adequately review the quality and condition of a home for sale.

Seller's Perspective: Informed Buyers, Added Protection

Many sellers choose to have their home inspected before ever putting the property on the open market. Such "pre-sale inspections" are combined with the seller's disclosures to form a comprehensive disclosure package of documents about the home.

Some sellers shy away from this practice, feeling that it is an unnecessary expense when many buyers will obtain their own inspection anyway. But presale inspections aren't meant to replace the inspection an interested buyer will seek, rather they are meant to increase a potential buyer's knowledge about the property. Well-informed buyers will be less likely to walk away from a property that they like, and by providing a disclosure package you show buyers that you are negotiating in good faith.

The presale inspection is also a safeguard against potential home defects that might affect a future closing or even worse result in legal action after the sale of the home. An early inspection can help you identify any items you that will require either repair or disclosure (and possible concessions) as you move forward.

Buyer's Perspective: Cost-Effective Peace of Mind

A pre-sale inspection provided within the seller's disclosure package does not mean that smart buyers should go without a second inspection by an inspector of their own choosing. In general, a home that has been thoroughly inspected benefits buyer and seller alike.

Buyer-driven inspections are common contingencies in many sales contracts usually within the first 5 days after acceptance. Sellers must allow the buyer to pick an inspector without restriction. Look for experienced inspectors with a strong reputation in the community.

Inspectors in Illinois are required to be licensed.

Specialist Inspectors

If the general inspection identifies problems or potential defects, seek a second inspection by a specialist. The reason for this is simple: while home inspectors are trained to spot defects throughout your home, by their very nature they do not have specific expertise with every single structure or system in the house. For example, an inspector may cite signs of wear on a HVAC system as possible evidence that a replacement is in order. Calling in a licensed heating contractor may either confirm the existence of a problem or show that the general inspector was mistaken.

Additional inspections do come with an expense, but they can prevent surprises after closing or eliminate unnecessary repairs, the cost is easily offset. If the general inspector recommends additional inspections (which is often the case), you should heed the advice.

Finding the Right Inspector

Whether buying or selling, picking the right inspector is an important decision. A good inspector will be experienced, meticulous and plainspoken. It pays to use a home inspector with a proven track record in your area. You'll also want an inspector who will stand by their work and take responsibility for any oversights or errors. If the inspector is also a general/repair contractor, they should disclose this information upfront. Both seller's and buyer's agents can typically provide referrals of qualified inspectors. You can also check for local members of the National Association of Home Inspectors (NAHI) or the American Society of Home Inspectors (ASHI), two of the most respected home inspection associations.

National Association of Home Inspectors http://www.nahi.org
American Society of Home Inspectors http://www.ashi.org

Inspect the Inspector Article

What your Inspection should cover

Having someone in your corner with over 20 years experience will ensure every detail of your purchase is handled smoothly!

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

Northwest Suburban Chicagoland Real Estate in the areas of: Roselle, Hanover Park, Bartlett, Streamwood, Elgin, South Elgin, St. Charles, West Chicago, Bloomingdale, Medinah, Itasca, Elk Grove Village, Hoffman Estates, Schaumburg.

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

What's an average score when it comes to loan applications?

Thu, 25 Apr 2013 11:14:04 -0700

Today in the National Real Estate Post (aka Think Big, Work Small) they talked about the 'averages' in today's lending environment. I have to say that I am definitely working with the wrong bunch (sorry buyers!) in my area based on these numbers.

Average Credit Score of Applicants is 743.

Average Down Payment is 19%

Average Score of a denied loan is 702.

Except for the 'denied loan' score I am far removed for those numbers in my middle class area.

What is average? What is considered 'good average' anymore?

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Hoffman Estates IL Real Estate Recap for 2012

Fri, 01 Feb 2013 10:58:54 -0800

Hoffman Estates IL Real Estate - Virtual Market Presentation for 2012

So how did the Hoffman Estates Real Estate Market fare last year? My presentation gives lots of interesting facts in regard to your Hoffman Estates Home.

My visually fun and educational objective was to tell you:

How many homes sold in 2012?
What was the average sales price?
How long does it take to sell?
What type of financing do buyers use?
Are there many foreclosures?

A few market anomalies that I've seen from doing this report:

For Hoffman Estates homes the best time to sell was in June & November. Hoffman Estates townhomes did better in the months of August & December. Probably not what you thought and not the normal predictor of when is the best time of the year for selling.

Inventory is at an all time low for our Northwest Suburbs. If you are thinking of selling, this would be a good time to put your home on the market.

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Schaumburg Homes - What are sales prices doing?

Tue, 05 Feb 2013 09:29:21 -0800

Schaumburg IL Real Estate - Are prices increasing?

Schaumburg homes are selling at a better pace and at better prices. Based on the monthly numbers that I will show you, our housing prices in IL are flat in spite of the media reports to the contrary.

Schaumburg home prices have increased over 2011 levels but that is because nothing was really selling well! We have an overall better mix of lower priced and upper priced homes elevating that average price.

Looking to put your home on the market soon? All real estate is local, so you need a price analysis based on your location, subdivision and style. The market is different for every area and every price range. Why not put my area expertise to work for you?

Average sales price for 2010 was $304,243. In 2011 it was $256,804 and in 2012 it finished at $259,245.

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

My Loan Officer is 'just not getting it' ......

Mon, 24 Dec 2012 11:43:01 -0800

My loan officer 'is just not getting it', said the buyer!

This year has been the 'year of multiple contracts' for my buyers and unfortunately me! One thing I don't need is practice on writing contracts! My buyers and I were going to discuss our strategy on 2 different properties the buyer was considering and the message the buyer left me was 'the lender thought that we should all get together on a conference call'.

Arggg, I thought. Since when is the loan officer on the contract or even part of the decision? But when I called the buyer back he was a little distressed because the loan officer just wasn't up on the current fast paced market we are having here in the Northwest Suburbs. Many properties (whether nice or not) are having multiple offers & it doesn't make any difference on what types. Foreclosures, short sales or regular!

The loan officer was giving 'stale advice' on what would be a good offer. Have the seller pay points, mortgage in your new carpeting, 5% off list, etc! Hmmm, yeah, I think that might have worked LAST YEAR but it's not an option now.

Thanks for playing the game with us but we can take care of the negotiations ourselves thanks. We have written 4 different offers so far ALL OVER LIST and still don't have a home to show for our efforts!

Yeah, so let's ask for the moon and be a tough-ass negotiator and we will be dead last on the sellers list. The market has changed and I'm proud to know that my buyers realize what they have to do & when someone's advice is just not going to work for them.

Ya' have to stay current no matter what facet of the real estate business you're in. The buyers will know you're blowing smoke.

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

410 Morton St, Hoffman Estates IL 60169

Fri, 04 Jan 2013 15:34:13 -0800

Lyn Sims | RE/MAX Suburban | (847) 230-7324

410 Morton St, Hoffman Estates, IL

LOTS OF UPDATES FOR THE PRICE!

3BR/2BA Single Family House

offered at $204,900

Year Built 1959 Sq Footage 1,471 Bedrooms 3 Bathrooms 2 full, 0 partial Floors 1 Parking Unspecified Lot Size 11,557 sqft HOA/Maint $0 per month

DESCRIPTION

Excellent condition with many updates you'll like! Hardwood floors, formal Diningroom, Eat-in Kitchen with pantry, 6 panel doors, neutral carpeting. Bath's remodeled, newer windows, newer mechanicals, deck & patio areas, brand new fence!

see additional photos below

PROPERTY FEATURES

- Dining room - Family room - Laundry room - Living room - Master bath - Pantry - Dishwasher - Garbage disposal - Refrigerator - Stove/Oven - Fenced yard - Ceiling fans - Central A/C - Double pane windows - Security system - Garage - Detached - Hardwood floor

OTHER SPECIAL FEATURES

- Deck - Newer Windows, Doors - Newer Roof, Gutters, Siding

ADDITIONAL PHOTOS

Front

Livingroom

Diningroom

Kitchen

Familyroom

Master BR

2nd BR

Master BA

Main BA

Fenced Yard with Shed

Patio & Deck

Front

Contact info:

Lyn Sims

RE/MAX Suburban

(847) 230-7324

For sale by agent/broker

Posted: Jan 4, 2013, 1:18pm PST

Lyn Sims ● Schaumburg IL Area ● Northwest Chicago Suburbs ● (847)230-7324

Associations and 'Unintended Consequences'

Mon, 11 Feb 2013 13:38:40 -0800

Unintended Consequences ....

We know that many times one new rule made to benefit others has the opposite effect sometime in the future. It's seems to be a new 'law of the universe' over the last few years with mortgages, appraisals and this new real estate economy.

A case in point for associations making rules against owners renting out their units or selling to investors. The rule is 'intended' to clean up the neighborhood making owners a clear majority in the subdivision. The normal thinking is that owners preserve their properties better than tenants so the entire subdivision benefits.

But do they?

Let me tell you a story about those unintended consequences. This particular subdivision stopped allowing renters and investor purchases many years ago and then the economy changed. Owners could not sell their properties and they couldn't rent them either. The board officers would now be able to hear 'on a case-by-case basis' the homeowner hardships for a variance of this rule. Another problem occurred when the board just said 'no' or the economic impact to the homeowners didn't seem damaging enough.

So what happened?

What did happen was these owners who were not able to sell and not able to rent their properties were left with one option - foreclosure. Now, I'm sure that was the furthest thing from anyone's mind when they voted for the anti-renting regulations nearly 10 years ago.

But things have a way of changing .....

This comes up many times a year when I'm asked and I've changed my stance on rent restrictions. Does the subdivision really benefit when restricting rental rights? Obviously in this example you can clearly say 'no'. Personally I would take a tenant in the subdivision over a foreclosure any day. A foreclosure has a heavier impact on the values than any renter ever could.

It's not always about right now!

Regardless of your age, you want to be sure that your assets passed down to your family are not hindered in any form. If your descendants can't sell at a decent price and they can't rent either - what are they to do with your home? It just becomes a money pit which your survivors cannot afford. Why restrict anything that they could do with your property?

Thank hard before you give up any future ownership rights.