These two video's are so funny. If you need a stress release or just need to laugh it off, do NOT pass these up. However, these are not video's for everyone.











I just wish they were written for all audiences. Anyway, have great weekend!

History of Robert Jarvis

If you think long and hard enough, there’s always a history or reason for anything that is substantial in your life.

Recently, a friend of mine stated that “branding my websites and letterheads and emails with my signature was really cool”.

I hadn’t put much thought into it after all these years, until just this week. I can remember the exact year and situation it all started.

Back in the 1980’s, I hadn’t had a ton of friends, although the friends I did have were great friends. We were all learning and discovering ourselves and becoming the admiral people we are today.

During those adolescent years, I wasn’t the model teenager either.

I didn’t study much. I didn’t lead the pack and I didn’t always follow the rules.

I was usually was looking for excuses to get out Mrs. Zappula’s homeroom, Mrs. Millette’s literature class, Mr. Dynes history class, or Mr. Szpilla’s math class. (My earliest of friends might remember the Jeep and how we DID get out of these classes)

I put a lot of effort one day into mastering both of my parents’ signatures. That year back in the 1980’s, I could put my mothers or fathers signature on anything that was school related – including report cards and dismissal notes. (This of course ended up in another story which could NOT be called “The history of Robert Jarvis”)

I also discovered that part of growing up, was becoming who we are today and what we wanted to become. For me, I identified with my fathers signature.

His signature was unique and legible. To me, it also looked powerful and confident. It was easily recognized and it was something for me to aspire to be. When I looked that signature, I knew the man behind it was honest, hard-working, open to listening to others and he made friends with anyone who came his way.

Almost overnight, I started signing everything from Birthday Cards and Christmas Cards to school papers exactly like my dad. It stuck. It was part of me forever. It is who I am today.

So, what’s behind my signature? It’s someone who meant (and still means) a whole lot and tons to me. It’s a remembrance of how I looked up to my Dad at a very impressionable young age.

Over my more recent years, when I would sign on a training document, or a lease/contract, or contingency release, I still think of my signature as one of the many things that my Dad has given me. Even though I don't think of "why" very often, I have NEVER forgotten "where" or "who" that signature came from.

It’s a signature that I am proud of and I stand behind my signature as if it were my fathers. I am Robert T. Jarvis Jr.

Robert Jarvis

robertjarvis@anopenhome.com
773-572-2362
http://www.anopenhome.com/

President Obama refuses to sign foreclosure bill that could shield mortgage processors from liability

President Obama refuses to sign foreclosure bill that could shield mortgage processors from liability

Botched paper work and loose notarization is one thing - but the freeze on foreclosures does shed some light on part of the problem. It's like a monkey wrench thrown in...

This may provide a little more time for homeowners to recover or find a buyer to help get out of a bad situation... Or will the reverse happen? Will more upside down homeowners think this is right time to stop paying without looking for the proper help?

All to often, it appears easier on the cover to run from the stigma of short sale but I hope home owners will take this time to save their credit (err... stop a foreclosure from appearing on their credit) and reach out for help and consider a short sale.

Robert Jarvis
Keller Williams Realty
773-572-2362
RobertJarvis@AnOpenHome.com

This month in real estate - October 2010

This month in Real Estate about undervalued markets. Its a time for buyers. Recovery is underway, but you don't want to miss the opportunity to buy now or upgrade!

Robert Jarvis
773-572-2362
www.AnOpenHome.com
RobertJarvis@AnOpenHome.com

I hit the streets this weekend and had a BLAST doing it!

This weekend, I took to the streets to meet people and I met some really cool people. Some kids were willing to play and take a survey from me, and some just didn’t care.

At first I was asking if they would participate in survey, and about 15-20 rejections later, I asked “Why” and the responses were mostly, I’m not interested in politics. I changed my strategy and started introducing myself as a real estate agent and I have couple questions about the real estate market… and quickly I got through 49 participants.

Here were my questions and responses….

What neighborhood do you live in?

Lincoln Park, Lakeview, Rogers Park, South Suburbs, Beverly, Berwyn, Bridgeport, South Loop, West Loop, Gold Coast, Near North.
* I was surprised at the vast area's being represented while I was walking through Lakeview! Very diverse!




Are you a renter or owner?


I wasn't too surprised to see 3 times as many renters.











When I am showing properties in YOUR neighborhood, what are some of the highlights I should make sure I point out? (In other words, what is it about your neighborhood that you love?)




I wasn't surprised that while in Lakeview the top response was "Parks and Recreation" followed by transportation, food, shops and amenities...

Great schools was a surprise, and very happy to hear diversity and culture!



Who do you know that is planning on buying in todays market?




I wasn't surprised here either, but pretty dissapointed. Most people didn't know anyone. I sort of get it, but I still think this is the best opportunity to buy... if you can...






If you could move anywhere right now, where would you go?




No one choose a location with more snow or wind... Good news is that most people were either happy in their location or would stay but upgrade to larger places! And NAR says the population want to downsize!




What resources are you using to stay knowledgeable on the real estate market?




1. I can't stand what the media says. and 2. Why would you use local listing services when 80% of the listings wont/cant sell?

and 3. Ignoring the proplem doesn't make it go away...





Well, thats my survey, I found it interesting, fun, and found 2 future buyers! Thank you to EVERYONE who played this weekend! I had a blast chatting with you and look forward to seeing you at the closing table one day!

Robert Jarvis
www.AnOpenHome.com
773-572-2362
RobertJarvis@AnOpenHome.com

9 New Facts About Todays Real Estate Market

9 new facts about todays real estate market

View more documents from Robert Jarvis.

What your banks wont tell you about credit - 35 Important Facts Everyone should be aware of...

What your bank wont tell you about credit facts

View more documents from Robert Jarvis.

Too proud for a short sale? Still borrowing money to make your monthly payments?

Here is an analysis I did for a client this weekend. They purchased a home in 2004 for $185,000. They refinanced in 2007 to pay off college tuitions at a whopping $225,000!

Now, due to underemployment issues at the household, the family is struggling to make ends meet. A “new one” is on the way and finances aren’t looking good. But, the home is perfect for them today.

Family members are assisting, but not at the rate needed to get ahead. Each month is one step backwards. They knew nothing about HAFA programs or Housing Counselors until they met me.

They still asked me what it would take to unload the problem.

Here is a sample of what you might expect. Even though we are in a declining market, and home values might actually be less next year, I still assume a 3% to 4% increase in home value for the long haul. (I believe that is more than a fair assumption)

The current balance on this mortgage is $221,000 and monthly payments are approximately $1,375 per month, or $16,510 per year. Today a market analysis shows this property might only sell for $160,000.

The above chart shows the next 10 years and 20 years probable scenario. Still underwater for another 5 years, possibly at a break even point in 7-8 years, and able to sell and break even in 8-9 years.

In 5 years, 2015, the mortgage balance will be $199,785 and home might value around $195,000. In 7 years, the mortgage balance will be $189,375 and the home might value around $210,000. Assuming 6%-9% closing costs, the homeowner will still be bringing money to the table to sell.

After 10 years, the mortgage balance will be $171,315 and the home might value around $235,000. Assuming the same closing costs and fees, it could take almost a decade for this homeowner to reach a breakeven point, AFTER $180,000 in mortgage payments.

Could their underemployment improve in the next 2-3 years? Certainly.

Could their financial situation change in the next 6-12 months? Certainly.

Could the situation get worse or better? The baby on the way might have different plans…

I could go on and on about the story, but the banks don’t care about their (your) story and where / how much money they (you) have borrowed from family and friends, nor do they care. The banks have a right to receive their money that you borrowed several years ago.

Now, what’s the worst thing that could happen? Any point in time where it becomes financially impossible to make that next mortgage payment, the homeowners decide to walk away, leaving the home for a foreclosure.

They will not be able to buy another home. They will struggle with all things related to credit for years and years.

What’s the best thing that could happen? New programs offered through the Home Affordability Foreclosure Alternative (HAFA) might be able to assist them with reduced monthly payments through modifications, or in a case of unemployment, a forbearance or deferred payment. These programs will help them keep their home for the long term.

Why consider a short sale? These same programs described above also offer alternatives sell your home at a loss – or for less than what you owe. If you qualify, you could receive $3,000 for moving expenses, or you may be eligible for a waiver of deficiency judgment.

Give me a call to discuss what we can do to get you on the road to change, either for homeownership retention or liquidation options.

Robert Jarvis, MBA

RobertJarvis@AnOpenHome.com
Direct: 773-572-2362
Website: http://www.anopenhome.com/

Home Affordability Foreclosure Alternative

Here is a simple video with some information on foreclosure alternatives. There is a time and place to prepare for worst, at that time is before it is simply too late.

I urge you to please contact me or anyone you trust with information pertaining to programs which you maybe eligible for BEFORE its too late and you no longer can take advantage.

This is NOT a strategic maneuver not should you be ashamed. This can mean the difference between a temporary relocation before your situation improves or a very long term recovery.

Please ask for help before it's too late.



Did you know you may be eligible for a $3,000 Moving Cost Assistance after a successful short sale?

Did you know you may be eligible for a waiver of deficiency judgement?


Robert Jarvis
Keller Williams Realty
773-572-2362
RobertJarvis@AnOpenHome.com

Final Walk-Through

Cracked Tooth!

I had a tooth accident yesterday. I want to thank Dr. Michet Dental office in Evergreen Park for helping me out!

I had a root canal a couple months ago and yesterday I felt what appeared to be a piece of floss hanging out of it. I tried looking at it and I thought it was my root canal hanging out of my cracked tooth!

At first I thought it was piece of floss or something but realised that YUP, the tooth is cracked, the stuff they put in the root is hanging out - good thing the tooth is already dead!

I walked in his office during lunch and he took me right away, cleaned it out, put a cap on it - no questions asked! The best dentist I've ever used.

I've been going to him since I moved to Evergreen Park after a very bad experiance with another dentist and I will never go anywhere else again...

MY DENTIST - Michet Dental Offices

Daley: Give renters more condo conversion protections :: CHICAGO SUN-TIMES :: Metro & Tri-State

Daley: Give renters more condo conversion protections :: CHICAGO SUN-TIMES :: Metro & Tri-State


The copy of the report can be downloaded here: http://www.chicagorealtor.com/associations/6001/files/Final%20Condo%20Conv%20Task%20Force%20Report%209%202%2010.pdf

I think its a little too late, but hopefully it will be enforced when recovery begins. I have other mixed opinions too, but I have to run to an open house, so I'll touch on them later!

Happy Reading!

RObert Jarivs
www.AnOpenHome.com

3930 N. Pine Grove | Lake Park Plaza

3930 N. Pine Grove Unit 2314
Offered at $199,900

MLS # 07582954

Complete information at:

HERE on MLS Finder.com

1 Bedroom / 1 Bath unit
Irving Park Road and N. Pine Grove

Walk to Red Line (.33 Miles)

Steps to Bus Stops:
#80 Irving Park
#135 Clarendon/LaSalle Express
#145 Wilson/Michigan Express
#148 Clarendon Michigan Express

Newer Unit with Amazing Views!
Updated large 1BR. Newer kitchen w/granite breakfast area, newer hardwood floors, newer rehabbed bath, amazing Hunter Douglas light/heat blocking triple honeycomb blinds. Great closet space. Open floor plan makes space very enjoyable. Assessment include Heat, A/C, Cable TV, Pool, Gym, Exercise Room. Valet parking at $128/month.

Come for the Views, Stay for the Amenities!
Building amenities located on 2nd floor and card operated Laundry, Pool, Tennis, Basketball, Grills, Putting Green, Gazebos...

Building has never had a special assessment. 24 hour Maintenance Staff.

Robert Jarvis, MBA

Keller Williams Realty

Robert Jarvis Signature Properties

Direct: 773-572-2362

Text: 773-852-7759

http://www.anopenhome.com/

email: RobertJarvis@AnOpenHome.com

Short Sale Process getting better?

Interesting video for those who have not been through the Short Sale Process but have expressed interest in looking at buying one!






Robert Jarvis
Signature Properties







Direct: 773-572-2362
Text: 773-852-7759
Email: Robert Jarvis@AnOpenHome.com

Right of Offset..Yet Another Trick Up The Lenders Sleeve

Right of Offset..Yet Another Trick Up The Lenders Sleeve (brought to you by a members only post on ActiveRain)


The following text was taken directly from Bob Herzogs blog.


"Folks, this is scary stuff. Yesterday, I received a call from one of my clients, telling me that her bank recently withdrew money out of her account to pay part of her missed mortgage payments. We are in the middle of the short sale process, and she happens to bank at the same institution that holds her 1st Mortgage.

Banks have what is called a "right of offset", which allows them to take money out of your account, without your prior approval or knowledge. The Comptroller of the Currency Administrator of National Banks says the following:

Generally, a bank may take money from your deposit account to make a payment on a separate debt that you owe to the bank, such as a car loan, if you are not paying that loan on time. This is called the right of offset.

In some situations, the bank can exercise the right of offset without letting a customer know in advance that it is going to do it.

However, federal law limits what a bank can do in some cases. For example, federal law won’t allow a bank to offset your deposit account to pay off your consumer credit card account.

As soon as I'm finished writing this post, I'm going to start calling my clients, advising them of this "right of offset". Time to move your money!



I am also going to start sharing this information with all of my clients and fellow real estate agents.

Interesting Closing Cost Trivia

While closing cost vary from state, they are also very local to your county, city and sometimes neighborhood. I still find this little bit of trivia from BankRate quite interesting.

http://www.bankrate.com/finance/mortgages/2010-closing-costs/state-ranking-chart.aspx

Robert Jarvis Signature Properties Sales Data 3930 N Pine Grove Lake Park Plaza

Check out this SlideShare Presentation:

Robert Jarvis Signature Properties Sales Data 3930 N Pine Grove Lake Park Plaza

View more presentations from Robert Jarvis.

To Flat Fee or Not to Flat Fee?

I’ve had a rash of clients interested in Flat Fee MLS services. I actually considered offering a Flat Fee to my potential clients. It has been bothering so I decided to do some investigations of my own.

I expected to see “sellers can’t sell using a flat fee service”. I was surprised at my findings. They do sell! I thought this was more fuel added to the fire and that maybe I should defy my fellow Realtors® and do it anyway….

I’m going to share my data, but I am going to eliminate the names of the Flat Fee Services. I only chose 4 services to compare to our service. I chose these 4 because existing clients have used them and one of these services is emailing me every week with recruiting emails… I find that quite annoying!

We will call them FFA, FFB, FFC, (which stands for Flat Fee Company A, B, and C) and KW-WL (that stands for Keller Williams West Loop).

Closed Transactions for Attached Properties in 2010
FFA – 49 closed transactions (listing side)
FFB – 4 closed transactions (listing side)
FFC – 23 closed transactions (listing side)
KW-WL – 31 closed transactions (listing side)

Ok, so now what? These FF companies are selling! Next I looked at “Expired” listings.
FFA – 38 expired listings
FFB – 3 expired listings
FFC – 4 expired listings
KW-WL – 19 expired listings

Well, FFC is doing pretty good only 14% expired listings while KW-WL is around 38%. (The other two were at 56% and 57%) Well, I already know that 25% of all listings can not sell and there is nothing we can do about that. The market simply rejects them.

There is another MLS status called “Cancelled”. Some Realtors® I know use this cancelled status to rejuvenate interest in a property. It also allows the Listing Market Time to reset to 0 days, (It does NOT reset the Market Time so think twice before using this – I don’t like it and I always look at the total market time with my buyers!) But I do know that some sellers DO cancel, so I am going to look at it anyway.

Cancelled Listings
FFA – 110 cancelled listings
FFB – 18 cancelled listings
FFC – 85 cancelled listings
KW-WL – 69 cancelled listings

Hmmm…. Should I even do the math? Anyway, I’ll do it, but I don’t know if will completely believe the results… FFA is selling 33% of their listings, FFB is selling 19% of their listings, FFC is selling 25% of their listing and WOW, we (KW-WL) are selling 35% of our listings! We win! (Remember, I don’t completely believe in this statistic because of the unnecessary cancelling of listing to relist the same property). So to satisfy my own needs, I will continue searching for reasons why I shouldn’t offer a flat fee service; after all, it appears to be working!

I researched the Market Time (not the listing market time, because I don’t like the cancelling of a listing to reset listing market time – even though I might consider it if I have a property that needs that extra juice) and what I found is that KW-WL only sells properties a few days quicker than the FF services (using a median value).

Next I decide to compute the List Price to Sell Price ratio. BINGO! I found the reason I should NOT consider a flat fee service! I am a FULL SERVICE REALTOR® and I spend hours on numbers and calculations and I KNOW my market figures.

I will never offer my hours of research for $299 or whatever that fee might be, and I do not have it in me to let a client “choose their own listing price because that’s what they want”. I know buyers don’t care what the seller wants, they don’t care what the sellers need, and not to mention the potential for a failed transaction because the property will not ever appraise!

Here are the results. The percentage of SOLD PRICE to LIST PRICE
FFA – 93.36% of list price
FFB – 93.85% of list price
FFC – 93.09% of list price
KW-WL – 103.57% of list price

Median Sold Price
FFA – $252,000
FFB – $197,000
FFC – $209,000
KW-WL – $290,000

Sellers need TWO things. The first is a knowledgeable agent to help sell their property and a negotiator who will act in their best interest. Look at the 10% spread between the FF Services and the Full Services Realtors®. 10% on $300,000 is $30,000. And I do not charge $30,000 for my services! But I do know my markets, and I do fight for the price that will give you the highest possible dollar in the shortest amount of time.

I have decided that my services are WORTH my commission and that I will not offer a flat fee. I have a heart, so also do not believe in loosing a clients $30,000, nor do I have it in me to sit back and let my clients do their own work. I have to remain a Full Service Realtor®.

Robert Jarvis

Keller Williams Realty

Direct: 773-572-2362

Text: 773-852-7759

RobertJarvis@AnOpenHome.com

http://www.anopenhome.com/

Add this to your Evergreen Park Calendar!

Mon - 16th - Village Board meeting will be held at 7:30pm on the 2nd floor of Village Hall, 9418 S. Kedzie Ave. All are welcome

Wed - 18th - Village of Evergreen Park will be holding a special meeting to present a proposed settlement with the Sisters of Mercy. The meeting will commence at 6:30pm at EP High School, 9901 S. Kedzie. The Village encourages all who are interested to attend the meeting.

Thurs - 19th - Farmers Market continues at Yukich Field, 89th & Kedzie Ave. from 7am - 1pm.

Garden Club of Evergreen Park will hold its Inaugural meeting at 6:30pm at the EP Library. Call 708-423-8768 for more info.

Thanks!
Robert Jarvis
Keller Williams Realty(R)
773-572-2362
RobertJarvis@AnOpenHome.com

How much is your home worth?

I've been working hard on watching (learning and studying) the market and WOW is it LOCAL! By local, I mean each neighborhood is slightly different. To add validity to my studies, a fellow realtor, Phil Byers, intorduced to me a new method to prove the market position. Here's how it works:

Through public records, anyone can locate the original purchase price and year (month) purchased. So go find one.... I'll wait... Good, now that you have that information, go to http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us---- to locate the S&P index for your current year AND the year purchased... OK, got them? Let's go...

Now divide the year purchased by the current year (or month - remember to be consistant) and mulitply that percentage by the original purchase price. That is your estimated value. You may have to some adjustments if there have been improvements or such, but thats a start.

Next, lets get more local... pull up the median (not average!) of the local area, the neighborhood or city for the year purchased and the current year. Do the same division and multiply the second index by the purchase price.

Lastly, get real neighborly, and pull up just the 1 sq. mile or 2 sq. mile median home prices of the two years (year purchased and current year) and perform your magic!

You should have 3 varied numbers which are estimated home values! It's amazing how close they are to your actual selling price. Try it out. If you have questions, contact me! If you are having difficulty find this information or aren't that great at statistics, give me a shout out. I would love to help you in this market!

Robert Jarvis
Robert Jarvis Signature Properties
Keller Williams

Direct: 773-572-2362
Text: 773-852-7759
Email: RobertJarvis@AnOpenHome.com
Website: www.AnOpenHome.com

525 Hawthorne Place Sales Data as of July 31, 2010

Be sure to visit http://525Hawthorne.AnOpenHome.com for updated content!

Check out this SlideShare Presentation:

525 Hawthorne Place Year Ending 2010 July 31

Robert Jarvis
Keller Williams Realty
Direct: 773-572-2362
Text: 773-852-7759
Email: RobertJarvis@AnOpenHome.com
Website: http://www.anopenhome.com/

Week of July 30 - Evergreen Park Calendar

Fri - July 30th - Evergreen Park Chamber of Commerce Golf Classic at EP Country Club, 9140 Western Ave. Shotgun start at 9am. Lunch to follow at American Legion Post 854 beginning at 1:30. Lunch only $50. All are welcome. Call 708-423-1118

Sat. - July 31st - Free Electronics Recycling 8am-1pm @ Stagg High School 8015 W. 111th St, Palos Hills. For more info call 815-931-8318.

Sat. - July 31st - South Side Theology on Tap at 6:30pm hosted at St. Bernadette for all area parishes, 93rd & Francisco. Geared to college age and 20 to 30 yr olds. Great food, beer and wine and conversation all for free. Call 708-692-7078 for more info.

Sat. - July 31st - Rummage Sale in parking lot of Most Holy Redeemer School 95th & Lawndale benefitting "Christmas without Cancer"

Mon. - August 2nd - Village Board Meeting, 2nd floor of Village Hall at 7:30pm. All are welcome.

Tues. - August 3rd - EP Chamber of commerce Meeting at the Library, 9400 S. Tray 9am.

Tues. - August 3rd - Tee off with SXU at their 14th Annual Golf Classic at Silver Lake Country Club, 147th St. & 82nd Ave. Shotgun start at 9am. Call 773-298-3311 for more info.

Thurs. - August 5th - Evergreen Park Farmer's Market at Yukich Field, 89th & Kedzie Ave from 7am - 1pm. Lots of vendors offering fruits, vegetables, flowers, crafts and much more.

Fri. - August 6th - Free Concert in the Park featuring Cirrus Falcon at Klein Park 97th and Homan from 6-8pm.

Join the YMCA Father & Daughter Adventure Princess Program. New season will be starting in September. Visit their website for more information at http://www.blackhawkprincess.com/

EP Youth Commission is going to have a tour of White Sox Park on Mon. Aug. 9th from 9:45am - 1pm. Includes tour, lunch and transportation. Call 229-3377 to make a reservation.

EP Recreation Department has openings in Cooking classes, outdoor soccer league and tickets for Shrek the Musical(Cadillac Theatre) August 13th Call 229-3373 for info.

Beginning this month, the State of Illinois is offering a new service connected to your driver's license. You can click on the link below and add two emergency contacts to your license data. Therefore, if you are incapacitated in some way, your license can be scanned and the emergency contacts retrieved so your loved ones can be contacted.
http://www.cyberdriveillinois.com/departments/drivers/ecd/home.

Chicago Area Rentals

Did you know that I have access to 1,000’s of rentals in Chicago? Actually, right now, the north and west side of Chicago alone has over 2,000 active rentals looking for you!

NOTE: Please visit the "original post" below to get your local neighborhood rental prices!


The process is quite similar to buying a home, but it is usually fast. I do the homework; you get to help in deciding the location, the properties, the amenities and more…

Start your own rental search at http://www.anopenhome.com/ and if you want to save your search so you can be updated as new rentals come on the market, you can create an account!

Thank you!
Robert Jarvis









Keller Williams Realty® - West Loop
Direct: 773-572-2362
Text: 773-852-7759
RobertJarvis@AnOpenHome.com

Bill Gassett reports "A Guide to Short Sale Facts & Myths"

I found this blog post to be completely informative and think all buyers and sellers facing today's short sales should look at this. After your done reading and would like to search for short sales in IL, please use this link from www.AnOpenHome.com

Via Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty):

Understanding Short Sale Transactions A Guide to Short Sale Facts & Myths

A short sale unfortunately has become a common buzz word in the Real Estate industry. For those that have been hearing the term "short sale" and don't quite understand what it means, a short sale is a legal lender approved solution designed to assist a home owners who is financially strapped to get out from under their mortgage debt.

A short sale is negotiated through the mortgage holder of an owners home where by the mortgage holder agrees to take less than what home owner owes on the property.

A quick example of a short sale would be if a home owner owes $400,000 on their current mortgage and their home is only worth $350,000. The lender in this example would agree to take a short fall of $50,000 at closing.

In some cases the mortgage holder may completely wipe out the debt and the home owner does not have to repay the 50,000. Many lenders may require a seller to sign a note and repay the debt over a certain amount of time. Typically the debt will be reduced and the owner may receive favorable repayment terms of the short fall.

There is quite a bit to know about short sales from both a buyer's and seller's perspective. I have been successfully been completing Massachusetts short sales over the last three years. In fact (knock on wood) I have never had a short sale that did not get approved! Successfully completing a short sale is about understanding the process.

Many consumers make extremely poor choices by working with Real Estate agents that don’t have a lick of experience with getting short sales approved. Picking a good short sale Realtor is critical to your success.

The following is a number of specific topics about short sale transactions that you would want to be aware of if you are planning to either buy or sell one of these types of distressed properties.

Stop making mortgage payments during a short sale? ~ Whether or not a home owner should continue to make mortgage payments is a common question that many sellers want to know when considering a short sale. The most common answer to this question is YES, however it really depends on the lender! Click the link to understand all the considerations.

Picking the right short sale Realtor ~ Picking a Realtor to work with in a short sale is very different than a traditional transaction. You want to work with an agent that has experience successfully closing this type of transaction. Remember as a seller you could potentially be facing a foreclosure. There are many mistakes that are made by agents handling short sales. Don't get caught with your pants down!

Questions to ask a short sale listing agent ~ If you are thinking about buying a short sale there are some specific questions you can ask the listing agent to determine the probability that the short sale will be approved or not. These short sale questions will also help determine if the Realtor handling the short sale knows what they are doing!

Acceptable hardships for a short sale ~ On many occasions when doing a short sale the lender is going to require some kind of hardship on the part of the seller. Short sale hardships however, have become less rigid recently and some lenders are becoming more concerned strictkly on whether the short sale would benefit them more than a foreclosure sale.

Short sale tax consequences ~ Understanding the tax consequences in a short sale is one of the most important considerations for a home seller. Whether the short sale home was a primary residence or an investment property can have different tax implications.

Getting short sale debt released ~ Getting the debt released on a short sale is obviously a very big deal. Many Realtors that are working with short sales don't have any knowledge of how to get the debt released. A seller needs to pay particular attention to this detail as you can expect to be hearing from a collection agency without it!

When to do a short sale home inspection ~ This topic is important to understand from both a buyer's and seller's perspective. A home inspection should be done before short sale approval and NOT after. Read the article to understand why it benefits both the buyer and seller to do so.

Strategic default vs short sale ~ There are many home owners who are deciding just to walk away from their homes. Fannie Mae has started to crack down on this practice and is now penalizing borrowers from getting a mortgage for up to seven years! A perfect alternative to a strategic default is a short sale.

These articles were published on my Massachusetts Real Estate blog where I talk about numerous topics that are important to consumers who may be thinking about buying or selling Real Estate.

I am successfully completing short sales through out the Metrowest Massachusetts area. So far, knock on wood, I have a 100% success rate for short sale approval! If you need to complete a Massachusetts short sale please feel free to get in touch.

If you are outside of the Metrowest Massachusetts area and need to do a short sale please give me a call or email and I would be happy to refer you to a Realtor in your location that handles short sales and knows what they are doing! I have referred short sales to other Realtors all around the country.

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About the Author: The above Real Estate information on understanding short sale transactions was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356.

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise!

For Metrowest Massachusetts Real Estate and homes see Massachusetts Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service short sales in the following towns in and around Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Northboro, Shrewsbury, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Framingham and Douglas MA.

Click here to view Bill Gassett's Real Estate profile.

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Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 24 years.

Daily Herald reports imposing a new stamp on homesellers

Read the full story here http://www.dailyherald.com/story/?id=394690&#storycomments and take note of the case of foreclosures.... with 1,000's of foreclosures in Kane County, that's a lot of homes!

My response is NOT to introduce this new stamp on foreclosures. The buyers ultimately will have to pay these unpaid bills prior to closing on that property, especially when the stamp can be refused for unpaid ambulance bills or parking tickets!

Now Cook County is looking to follow a similiar path. See the article here: http://www.chicityclerk.com/legislation/sublegmatters/2010/june9/Aldermanic/26MALDO%20PR2010-46.pdf and contact your local officials to help the real estate market recover, not hurt it more.

An increase in the transfer tax on foreclosure or in lue of foreclosure properties imposed on the banks will ultimately fall on the buyer of foreclosure properties. Most area's in Chicago will not benefit from this additional tax, especially today when we have half number of qualified buyers!

Robert Jarvis Signature Properties

When selecting a Realtor, select a friend who you trust - someone who will give you all the facts you need to make the right decision. I promise to always remember my job IS that important!

Robert Jarvis

mailto:robertjarvis@anopenhome.com

Website: www.AnOpenHome.com

Direct: 773-572-2362
Text: 773-852-7759

Mission Statment

To create long lasting relationships and trust through knowledge, integrity and commitment.

To understand how important my job is in the lives of others and to continuously ‘awe’ them with my customer service.

To ensure success to every family who entrusts me with their real estate by making the most of their hard earned equity.

To treat your investments as if they were my own because your home is where you build your lives.

To always remember that my job IS that important!

525 Hawthorne Place Condo's

Be sure to visit http://525Hawthorne.AnOpenHome.com for updated content!

Unit 408 at 525 Hawthorne Place FOR SALE! MLS # 07426800

See Complete Sales Data for 525 Hawthorne Place here

Built in 1969 as a rental property, Hawthorne Place converted to condo's between 2002 and 2005. There are 30 stories and 232 condominiums.

The building has two main elevators and one freight elevator. There are 2 on-site laundry facilities (2nd to open in August 2010), and exercise room, sundeck, pool, bike room, on site dry cleaners, vending machines, ATM machine, 24 hour security, on-site management office and maintenance and Parking Garage with 145 spaces.

In 2007, the building had under gone a $1.4 million to update the facade, window repairs and modernization of the elevators which did result in a 60 month special assessment.

In 2009 / 2010, the building undertook another multi-million dollar update of the heating, air conditioning and ventilation systems resulting in $100,000's of annual savings. This did not result in a special assessment to the owners.

Contact me for more information!

Robert Jarvis

RobertJarvis@AnOpenHome.com
http://www.anopenhome.com/

Open House / 739 Cornelia Unit N1

** OPEN HOUSE for RENT **

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SUNDAY JULY 18th 3 PM to 5 PM
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First Floor Unit / Parking Available Close By!
Available Furnished - 6 Month Lease - 12 Month Lease

Central Air / Washer Dryer In-Unit / Pet Friendly
Security Doors / Intercom / Four Seasons Sunroom or Den
STOP BY AND SEE IF THIS UNIT IS RIGHT FOR YOU!
AVAILABLE TODAY - MOVE IN ASAP!
MLS ID: 07444108

Stop by for a no hassle tour of the property and
ask about getting no hassle rental lists, over 2,000 throughout Chicago!

Visit www.AnOpenHome.com for more Details or access to Open Houses through out Chicagoland!

I just received a $25 Visa Card!

I just received a $25 Visa card for taking an online survey that was emailed to me and then suggesting to Fannie Mae a home-buying program that would buy down your interest rate for two years and that money would be put in an account for you to use however you wanted at the end of the two years!

Question: Would this program interest you or your buyers in buying a bank-owned property today?

I only ask because they were suggesting in the survey stuff like: inspection credits to take at closing, buy down rates for next two years, including pre-inspections for the buyer, and appliance reimbursements...

I know there are many home-buying incentives (many of which I am trying to learn), but it seemed to bother me a little when I saw "buy down your interest rate" and when I read between the lines, at the end of two years, the interest rate would hike back up. I feel that if a buyer where to become accustomed to a specific monthly payment for two years, then at the end, the monthly payment would raise to the predetermined figure, isn't that just slightly close to predatory?

The New Mortgage Approval

"Cleared to closed" may not mean "cleared to close".

We are all familiar to the Pre-Approval Process and most of us have migrated to Mortgage Bankers and Brick-and-Morter Banks. This past month, Fannie Mae has announced new updated requirements to the LQI (Loan Quality Initiative).

A second Credit Report will be pulled just prior to closing to assure that no new activities have occured on the buyers reports. Now, more than ever, the Home Buying Bible The Ten Commandments are more important than ever.

This also includes buying appliances, furniture, or any large ticket item on a credit card. DO NOT DO IT. All big ticket items must be paid in cash, or the loan will not pass the second credit report check.

Real Estate Agents, and Loan Officers, all need to reinforce these buying habits in our buyers.

The Ten Commandments when applying for a loan

When Applying for a Real Estate Loan

1. Thou shalt not change jobs, become self-employed or quit your job.
2. Thou shalt not buy a car, truck or van (or you may be living in it)!
3. Thou shalt not use charge cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your loan application.
6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.

2645 W 98TH Street, Evergreen Park 60805

If the 30+ photo's in this photoblog do not display, click on the title bar and the slide show will begin! Let me know if you have any problem!

thanks, Rob...

Contact: Robert Jarvis - Keller Williams Realty
Call or Text: 773-852-7759
Website: http://www.anopenhome.com/

Newer! BEAUTIFUL OPEN 3 BEDROOM / 2 BATH MULTI LEVEL DREAM HOME READY FOR YOUR ARRIVAL!

1990 CONSTRUCTION, GORGEOUS SUN SOAKED EAT IN KITCHEN WITH SKY LIGHT, GLEAMING HARDWOOD FLOORS THROUGH OUT.

SPLIT LEVEL W/ ROOM FOR OFFICE, SEPARATE FAMILY ROOM OR KIDS PLAY SPACE, LARGE SUB BASEMENT TO EXPAND.

GENEROUS 2.5 CAR GARAGE W / EXTRA (3RD) SPACE FOR GUESTS.

GREAT SCHOOLS AND GREAT HOME.


2008 Taxes: $4,712

Master Bedroom: 14X11
2nd Bedroom: 14X9
3rd Bedroom: 10X10

Living Room: 16X12
Dining Room: 9X9
Kitchen: 14X10
Family Room: 21X12
Office: 10X10

#3. Get Rid of Evidence of Kids

OK, well, let’s not get rid of the kids! It's just that your home needs to appeal to the largest audience. It's ok to let potential buyers understand your home is "kid-friendly", but make sure it doesn't look like every neighborhood kid has a place in your home. You are not running a day care center; you're trying to sell your home.

Get rid of strollers on the porch, inflatable kiddy pools in the back yard and any toys that may be lying around in the hallway. Get rid of baby gates and make sure there are no handprints or crayon drawings on the wall. Studies have also shown that homes that have kid’s stuff strewn about are considered to be less hygienic or valuable than those that don’t.

MSN Home Page "17 secrets real-estate insiders won’t tell you"

Yup, 17 real estate secrets revealed", then to make it sound facinating, they script the text below to say: "Find out what the industry insiders don't want you to know. Like the fact that you can probably sell your home without hiring an agent."

I had to read all 17 pages and here are the results of their "real esate insider burns".

Real-estate agent: "My fees are negotiable."
Real-estate agent: "You can probably do this without me."
Real-estate agent: "I know zilch about zoning."
Home inspector: "Your idea of a home inspection isn't necessarily the same as mine."
Home inspector: "I'm not climbing up on your roof."
Home inspector: "I've been known to cause more damage than I find."
Homebuilder: “I’ll build your house on marshmallow.”
Homebuilder: “I won’t just cut corners — I’ll sever them.”
Homebuilder: “Your warranty may be worthless.”
Contractor: “My license is laughable.”
Contractor: “I’ll be back when I feel like it.”
Contractor: “If it looks good, I don’t care if it’s done right.”
Landscaper: “My sprays are real killers, all right.”
Landscaper: “Don’t expect a refund if your garden croaks.”
Landscaper: “What I’m doing won’t necessarily make your home more valuable.”
Architect: “You may not need me at all.”
Architect: “My drawings aren’t really builder-ready.”

Well, it was a fun read while it lasted... It's funny how the media can draw you in. But, buyers and sellers should be aware and check references, check with local ordinances, etc...

525 West HAWTHORNE Place CHICAGO IL 60657 | Keller Williams Realty

Be sure to visit http://525Hawthorne.AnOpenHome.com for updated content!

See Complete Sales Data for 525 Hawthorne Place here

525 West HAWTHORNE Place CHICAGO IL 60657 Keller Williams Realty

Flood Insurance Program Extension

Also on June 30, the Senate passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), extending it until September 30, 2010. This retroactive bill will allow transactions to move forward and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

"This is great news for home buyers and sellers who live in flood-prone areas and the REALTORS® who work with them," said C.A.R. Past-President Mike Golden, co-founder of @properties. "Especially in the suburbs, where there tend to be more floodplains, this extends critical insurance coverage opportunities to people who might otherwise not be able to obtain it. I applaud this legislation."

** As reported by the Chicago Association of Realtors

Homebuyer Tax Credit Closing Extension

Homebuyers and REALTORS® in Chicago and nationwide can finally exhale: on June 30 Congress passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.

"The Homebuyer Tax Credit has had an extremely positive affect on the housing industry and the economy, and been a boon to thousands of American families who used it to achieve the dream of homeownership," said C.A.R. President Genie Birch, ABR, GRI, CIPS, Broker Associate with Koenig & Strey Real Living. "Without this extension, the tax credit’s full benefits would not have been realized. We are grateful to the Congressional leaders who helped enact this legislation."

NAR worked closely with Congress on both sides of the aisle to achieve the extension, which will provide additional stability to real estate markets in Chicago and across the nation.

** As reported by the Chicago Association of Realtors

Why I love Keller Williams

Why I Love Keller Williams

View more presentations from Marki Lemons.

#2. Get Rid of Evidence of Pets

It's True, you love your pets. Your Friends probably love your pets too. They are a big part of your family. But when you're selling your home, you have to appeal to the largest group of buyers.

If you have a dog or cat send them away for the day. Hide the litter box and any evidence of it’s aroma. Make sure there are no dog feces in the front yard. This type of thing, along with its smells can convince a buyer that there are allergens, mites and pet urea in the house. Houses with more pets are also considered to be less desirable than ones with no pets at all.

#1. Clear All Clutter

You can get rid of all of the junk in your home for free. Simply get rid of anything you don’t need and haul it away in your car to the nearest dump or Goodwill. This means getting rid of “stuff” in the front yard, back yard, hallway and basement. Studies have shown that people perceive clutter as being indicative of a property that is decrepit or not worth much money. They also associate it with decay and the presence of vermin or bugs.

One thing in particular you need to get rid of is ashtrays. People consider houses that have been smoked in to be less desirable and also smelly.

You should also get rid of all junk in your yard. This includes things like broken garden hoses, old equipment and bicycles.

Even things you are actively using should be tucked out of sight before a house showing. This means clearing your kitchen counter of appliances like George Forman Grills or blenders or anything else that takes up counter space.

Outside you should make sure that your garden hoses are coiled up, your birdbath is clean of leaves and that you do not have sports equipment or bikes laying around your front porch.

10 Ways To Make Your House Show Like A Model Home

If you are trying to sell your home then it really pays off to go to a little extra effort to impress your buyers. There have been studies that show it takes buyers only seven seconds to decide whether or not they are going to buy a home once they set foot in a house. That it is why it so crucial to make a good impression and also why “staging” a home for sale is such a fine art.

However not all of us have the cash on hand, or the time and energy, to do things that are really going to flip your home over to the next buyer quickly. For instance, not everybody has the cash on hand to install a brand new flashy Jacuzzi complete with freestanding brass towel warmers and new stone tile floors. However you might have the money on hand to install designer faucets, paint the walls and replace the old iron door handles with trendy new crystal knobs.

Here are some quick and easy ways to make your home show like a model home for under $200. These are easy-to-do tips and the type of thing an interior decorator would advise you to do to help “stage" a property so it is more attractive to buyers. The goal of this “top ten list: is to give you hints on how to make your home show better than your competitor’s home on the real estate market!

1. Clear All Clutter
2. Get Rid of Evidence of Pets
3. Get Rid of Evidence of Kids
4. Clean Up the Front Yard and Porches
5. Get Rid of Sunken Paving Stones
6. Paint Rooms That Need It
7. Replace Some Fixtures
8. Change the Faucets and Spouts
9. Provide Flowers and Greenery
10. Provide Some Aromatherapy

Of course if you do have some money to invest in preparing your home for sale, you can also hire a professional to stage your home for you. The benefits of this are usually a faster sale and more money for your property. Many of these organizations can rent you furniture and accessories that can help make your home look better. A home stager can also offer you an objective perspective on what exactly it is that can make your home look fresh, appealing and attractive to others.

With an eye for design and just a few hundred bucks you can usually fix up your home so that it is more appealing to buyers all by yourself.