Richard Chimniak CNC - Charles Rutenberg Realty : Aurora IL Home Buying

HOW TO TURN OFF BUYERS WHEN SELLING

Richard Chimniak — Thu, 23 Jul 2009 16:24:00 GMT

1. Overpersonalize your space - collections of dolls, beer cans, posters, toys, pictures etc ? Remove the clutter and organize.

2. Let your pets run during showings - although the dog is cute and harmless, this can intimidate buyers. Put Tinkerbell in the cage, or take her for a walk.

3. You attend the showings and talk to the buyer through-out their walk - buyers want their space and if you talk you may say more than you want too soon....get Tinkerbell and boogie down the street for a latte.

4. Refuse to get real about the price in todays market - the market has corrected beteen 15-30% from it's high...and if it's a short sale (lender owned) this could add another 10-20% You need to be at the bottom end of the pricing and at the top end of home condition.

5. Take the low ball offers - and respond back with a counter rather than just a rejection. You want to keep the communication alive - truth - low balls have been known to come up to respectable offers.

6. Curb appeal - overgrown bushes, cracked sidewalks / driveways, most sellers use the garage and never walk up the front walk. Take a buyers view and look at the walk and front enterance.

7. Sellers need to share all their information with the Listing Agent. You want to disclose, disclose and disclose! No suprises a or gotchas later.

8. Make your photos and remarks stand out of the crowd. This is what buyers are looking at first when they get a listing sent to them.

STIMULUS BILL and DISTRESSED PROPERTIES

Richard Chimniak — Wed, 18 Feb 2009 21:09:00 GMT

Stimulus bill includes boosts for housing. The American Recovery and Reinvestment Act of 2009 (H.R. 1) increases the first-time homebuyer tax credit to $8,000 and eliminates the repayment requirement for buyers who purchase a home between Jan. 1, 2009 and Dec. 1, 2009 (See how the tax credit works). Other housing measures in the bill include:

FHA, Fannie and Freddie loan limits - Higher 2008 limits will be reinstated for 2009, except in communities where the 2009 limit is already higher. (Link to NAR estimates.)
Foreclosure mitigation and neighborhood stabilization – Funding will be given to states and municipalities that are recipients of Community Development Block Grant dollars to stabilize neighborhoods and redevelop abandoned and foreclosed homes.

Nationally, prices drop as buyers purchase distressed properties. According to NAR’s 4Q08 report, distressed sales–foreclosures and short sales–accounted for 45 percent of transactions in 4Q08, dragging down the national median existing single-family price to $180,100, which is 12.4 percent below 4Q07 when conditions were more balanced

WHAT LENDERS ARE LOOKING FOR IN A BORROWER ?

Richard Chimniak — Fri, 08 Feb 2008 20:01:00 GMT

CURRENT MORTGAGE REFOCUSING - FEB 2008

· During the refinance boom, lenders would get back to you whenever

· Bust of the sub-prime market has eliminated a good percentage of buyers 40-50%

· Traditional buyers with good credit (>720), little debt, and equity in their primary residence are in the drivers seat.

· Lenders are climbing over each other to get your business. You can count on better service.

· You now have leverage to possibly waive fees and negotiate a lower interest rate.

· Beware of thin profit margins with the lenders that are left.

· Mediocre credit scores and not much equity can still get a refinance, but it may take more time and higher rates.

· Do your homework, talk to a least 3 lenders, compare rates and costs, look for room to negotiate.

· The lender doesn’t want you to take a good loan to a competitor.

· PROFILE OF A WANTED BUYER

o Solid Credit scores – (720- 850)

o EUITYT – At least 20% of equity or down payment on a new home

o Good Debt-to-income ratio Debt needs to be less than 42%-45% of income

o Cash reserves equal to six (6) months of living expenses. (Bank, 401K or brokerage accounts)

FULL SERVICE BROKERAGE

Richard Chimniak — Thu, 22 Feb 2007 19:05:00 GMT

According to the 2006 NAR (National Association of Realtors) Profile of Home Buyers and Sellers, 83% of sellers use full-service brokerage, 9% use limited-service brokerage and 8% use minimal-service such as simply listing the property on the MLS.

Consumer satisfaction with the level of brokerage service varies, with 71 percent of sellers saying they are very satisfied with their full-service experience. Fifty (50) percent of sellers using minimal-service say they were dissatisfied with their experince.

As a full-time agent/realtor, Charles Rutenberg Realty provides a full-service brokerage including but not limited to marketing plans, strong internet sites, visual tours, CD's, professional pictures, advertising...etc.