WHat is Happening in Belleville this month ?

Belleville Illinois Art Show Festival
Art on the Square is a juried fine art show located in beautiful downtown Belleville, Illinois. Now in our 11th year, and rated #1 by Art Fair Source Book, Art on the Square is held annually the weekend after Mother's Day.
Featuring the original works of over 100 accomplished artists from around the world, fantastic musical and stage performances as well as delicious local food and drink, Art on the Square is a three-day sensation for the eyes, ears and palate!
Children will enjoy Art on the Square's extensive and interactive children's art section where they will create their own take-away art projects. There's something for everyone to love at Art on the Square. And if that isn't enough....I will be there !!! Lol.

Be a part of it!

Date:	May 18 - 20, 2012
Friday:	Show Open to the Public 5:00 p.m. - 9:00 p.m. An Affair on the Square Private Party for Art Cash patrons, sponsors and VIP guests. 6:30 p.m. - 8:00 p.m. Courthouse Plaza
Saturday:	10:00 a.m. - 8:00 p.m.
Sunday:	11:00 a.m. - 5:00 p.m. Awards Brunch 8:30 a.m. Bellcourt Court Manor
Location:	Belleville Public Square Intersection of Highway 159 & Main St. Belleville, IL 62220 CALL ME IF YOU WOULD LIKE TO MEET THERE! 618-920-6189

WHAT IS A "SHORT SALE"

The basic answer to what is a short sale is a short sale is a property that sells for less than the balance owing on its mortgage. A short sale can be an underwater home, an apartment building or even vacant land. If there is a mortgage balance that is greater than the market value of the home, that property is a short sale.

A Short Sale is a Privilege, Not a Right
 Not every property qualifies as a potential short sale in a bank's eyes. A bank must agree to grant a short sale. Banks are under no obligation to approve a short sale. Banks will grant a short sale if the bank feels it is in the bank's best interest to approve the short sale.
 It is in the bank's best interest to approve the short sale if the bank will make more money through the short sale than to foreclose. It is estimated that banks might save 25% to 30% on foreclosure costs to grant a short sale over a foreclosure, but some investor guidelines make it more profitable for the bank to foreclose.

What is Necessary for a Short Sale?
 Most short sale transactions are handled by real estate agents who specialize in short sales. There are 4 essential ingredients to a short sale; however, strategic short sales, those without a hardship, are also possible. What makes a short sale work are the following:

•An underwater home
•A willing short sale bank
•A seller with a hardship
•A buyer willing to purchase the home

What Role Do Real Estate Agents Play in a Short Sale?
 Some real estate agents throw homes on the market that will never close as a short sale. That's because the agents do not always qualify the short sale sellers. Some agents place unrealistic price tags on the short sale, which the bank will never accept. It is wise to choose an experienced short sale agent who has closed at least 100 short sales. Here is what an agent does in a short sale:

•Determines the type of short sale. There are many types of short sales, from Fannie Mae HAFAs to regular, non-GSE HAFAs to a traditional short sale, and a few more in between.

•Gathers the required paperwork and submits the short sale package to the bank. Sometimes agents outsource this part of the process or they might hire a third-party to negotiate the short sale.

•Helps the seller to price the short sale home. The price needs to be attractive enough to entice a buyer to wait for short sale approval but high enough to satisfy the bank's BPO.

•Puts the home on the market. The agent must submit all offers received to the seller. Some offers will be lowball offers because buyers don't know any better.

•Negotiates the short sale. Sometimes sellers will hire a lawyer to do the short sale, but often it's the agent who negotiates with the bank on behalf of the seller.

•Submits the short sale approval letter to the seller. Most sellers want a release of liability and no deficiency to do a short sale. State laws tend to govern the terms in the approval letters.

Enjoy the Spring in Pere Marquette State Park

Pere Marquette State Park

 

Trying to think of something to do with the kids this weekend? Dust off the winter and head outdoors. I take this road trip frequently on my motorcycle and LOVE it. Drive up the river road past Alton, View the beautiful Mississippi and Missouri Rivers. Stop in Grafton for lunch and shopping, then off to Pere Marquette. 

Pere Marquette is the largest state park in Illinois, offering visitors 8,000 acres of beautiful forested bluffs and some of the most expansive views of the region. Countless species of rare trees and unique plants can be found along the eight hiking trails in the park. A drive up the windy roads of the park affords visitors with spectacular views of the scenic byway and Illinois River Valley. Visitors love the recreational opportunities at the park, including: biking, hiking, fishing, canoeing, kayaking, boating and horseback riding. You'll find fun for the whole family in Mother Nature's backyard!

For More Information:

Pere Marquette State Park

13112 Visitor Center Ln.

Grafton, IL 62037

618-786-2331

So get out there and ENJOY family time. 

FORECLOSURES vs. SHORT SALES... WHAT IS BETTER ?

Waiting for an answer on a short sale can be frustrating. A short sale happens when a seller's lender agrees to accept less than its unpaid mortgage balance to facilitate a sale between the seller and buyer, and banks take a long time to decide.
Some short sale buyers wait six months or more for a response. More than half the time, the answer is "No, and don't let the door hit you on the way out."

Short Sale List Prices are Not Real

Buyers gravitate toward short sales for two reasons. The list price is attractive and they believe the seller is desperate. However, neither of those beliefs is necessarily true.
Since not every short sale home is in foreclosure, not every seller is desperate. Moreover, sellers often set the listed price unrealistically, hoping that buyers will flock to that listing like moths to a flame.

Preapproved Short Sales

The way a listing agent finds out how low the bank will go is if an offer has already been accepted and the buyer walks away. Only then is the agent free to market the listing as an accepted short sale because banks rarely disclose a bottom-line price up front.
With a preapproved short sale, the new buyers' wait is dramatically shortened. Typically, about the time the first buyers walk away, the sellers' documents have already been submitted to the lender, and the lender may have been close to issuing the short sale approval letter. The missing documents at this point are the new buyers' offer and loan qualifications.

Short Sale Negotiations

The sellers can agree to any type of purchase offer put before them for signature, but it's not binding unless the sellers' bank approves the offer. It doesn't matter what stipulations are in the offer if the bank won't accept them. Your true negotiation does not lie with the seller; it lies with the bank's negotiator.
Banks rely on desktop appraisals and third-party BPOs (broker price opinions) to determine value. Although banks don't want to follow through on a foreclosure, they also want fair market value. It is up to the listing agent to provide comparable sales and to substantiate the price submitted by the buyer.

Is the Price Lower After a Foreclosure?

Whether a buyer should wait for the property to go through foreclosure and be deeded to the bank depends on whether the home has multiple offers. If more than one buyer has submitted an offer, the highest and most qualified offer will most likely win.
If the buyer is the sole offerer and the bank is responding negatively, or worse, not at all, it might be in the buyer's best interest to wait out the foreclosure. There is also no guarantee that a bank won't reject multiple offers, too, particularly if none is high enough.
Sometimes banks aren't reasonable and end up shooting themselves in the foot. I've had several listings where banks refused to accept short sale offers only to get title to the home through foreclosure, which then ultimately sold for tens of thousands less.
Don't get discouraged if the bank rejects your short sale offer. Be smart. Laugh all the way to your bank.
If no one else submits a higher offer -- and if you didn't, why would anybody else? -- eventually the bank will put the home up for sale as an REO. Watch for it to reappear on the market as a bank-owned home. If the price is reasonable at that point, buy it from the bank. At least buyers of bank-owned homes are relatively assured their transactions will close within 30 days or so, and most likely at a much lower price.

5 TIPS : SELLING YOUR HOUSE IN A BUYER'S MARKET

5 tips: Selling a House in a Buyer's Market

House prices are falling in much of the country, and a report by Merrill Lynch says a record 2.2 million single-family homes and condos are on the market -- almost 1 million above normal levels.

It's a buyer's market, but don't despair.

Selling in a buyer's market:

You can increase your chance of selling your house in a reasonable time by following a few good guidelines.

  5 tips for sellers  

1. Play the cards you're dealt.

2. Scope out other houses for sale.

3. Make it a turnkey, not a turkey.

4. Offer incentives.

5. Be realistic.

1. Play the cards you're dealt.

A successful poker night begins before you reach the table, when you resolve not to chase after hands that you have no realistic chance of getting( Just ask my friend Joey ). Similarly, a successful home sale begins before the house is listed, when you decide not to expect to make a killing.

All you can do in a falling market, if you have to sell, is have the best possible product out there at the price it should be, Not what you wish you could get, not what the neighbor got two years ago, but at the price you should get now. That's the reality.

It takes discipline to face that reality. Humility, too. For many sellers, the only disappointment is that their friend, six months or a year ago, got more than they're getting,  Ego gets in the way when they're trying to sell. Or stubbornness, I should say.

2. Scope out other houses for sale.

Break through your ego and stubbornness by looking at the good deals that your neighbors are offering. The most important thing is to really shop the competition on the market right now.

Put on your shopping shoes and look at everything from a buyer's viewpoint. Get out in the car and spend a weekend looking at everything you can. Visit some weekend open houses. Just get a feel for what your buyers are looking at.

Visit newly built houses and find out which amenities and incentives builders are offering. Eavesdrop on other visitors to open houses to find out if there's something in particular they're looking for -- something you should do to make your house more presentable.

3. Make it a turnkey, not a turkey.

The word "turnkey" is used in commercial real estate. It means a property is ready for immediate use. Your house has to be that way when buyers have a cornucopia of houses to choose from. You have to make it a 100 percent turnkey situation Everything has to be ready to roll, because buyers never want to buy a house that needs a lot of work unless it's an absolute bargain. You have to take away all their opportunities to say no.

When buyers outnumber sellers, you can get away with selling a house with ratty carpet, smelly furniture and walls that need painting. The market was like that two years ago, but not now, some Realtors are hiring a house inspector before putting the house on the market. Know now, and fix it !

4. Offer incentives.

After you have put your head on straight, spied on the competition and fixed up your house, it's time to figure out what goodies you will dangle before buyers and their agents.

Besides a low price, incentives for buyers include paying closing costs or providing flexibility about the move-in date.

Consider offering a premium to the buyer's agent. Add a half-point or a point to the commission, or give the agent a cruise or a big-screen TV. "It may not cause the deal to happen, but it can just attract a little more attention and make your deal stand out.

Don't mix up incentives to buyers and their agents. Buyers focus on price and the house's amenities, so buyers' incentives should address those issues. A Caribbean cruise is a distracting gimmick to a buyer but might be an attractive incentive to a broker.

5. Price realistically.

Finally, Don't get greedy ! Just because it went up to some astronomical value and it went down from there, you have to be realistic that there has been moderation in the market.

It takes research, often conducted by a real estate agent, to come up with a realistic asking price, and discipline to abide by it.

It's important that you, as the seller, understand the dynamics of pricing enough to build a defensible argument. It's not enough just to throw out a figure.

Using tools on sites such as HomeKeys, Zillow and Redfin, buyers can get an idea of your house's market value. You can't bamboozle buyers because they have so much information about comparable house values.

In a” seller's market” , sellers typically ask for 10 percent to 20 percent more than they expect to get,  You don't have that luxury in a buyer's market, and I suggest asking for just 3 percent to 5 percent more than you realistically expect to get.

 Setting an aggressive asking price attracts more prospective buyers to your door, discourages lowball offers and saves negotiating time. You'll know fairly quickly whether they're willing to meet you or not. This is where your Realtor  excels. Listen to what he/she has to say about the positioning of your property,

In a market where prices are falling, asking prices must fall, too,which is a whole new concept for sellers right now,  For example, if the Smiths sold their house early this year for $700,000, you might have to ask just $695,000.

An agent has to have tact to break the news. When we tell our clients this, they think we are the devil.

If you have any additional questions, please feel free to call me direct at : 618-920-6189 or e-mail me @ jcarroll2809@gmail.com.

As always, there is no obligation.....Just answers !

Good Selling !

Why Do I Need a Realtor ?

 

With so much information readily available online, clients sometimes ask me, "Why should we hire a real estate agent?" They wonder, and rightfully so, if they couldn't buy or sell a home through the Internet or through regular marketing and advertising channels without representation, without a a real estate agent. Some do OK, many don't. So if you've wondered the same thing, here are 10 reasons why you might want to consider hiring a professional real estate agent.

1. Education & Experience

 

You don't need to know everything about buying and selling real estate if you hire a real estate professional who does. Henry Ford once said that when you hire people who are smarter than you are, it proves you are smarter than they are. The trick is to find the right person. For the most part, they all cost about the same. Why not hire a person with more education and experience than you? We're all looking for more precious time in our lives, and hiring pros gives us that time.

2. Agents are Buffers

Agents take the spam out of your property showings and visits. If you're a buyer of new homes, your agent will whip out her sword and keep the builder's agents at bay, preventing them from biting or nipping at your heels. If you're a seller, your agent will filter all those phone calls that lead to nowhere from lookie loos and try to induce serious buyers to immediately write an offer.

3. Neighborhood Knowledge

Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that a home down the street was on the market for $350,000, but an agent will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow.

4. Price Guidance

Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help to guide clients to make the right choices for themselves. If a listing is at 7%, for example, an agent has a 7% vested interest in the sale, but the client has a 93% interest. Selling agents will ask buyers to weigh all the data supplied to them and to choose a price. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy.

5. Market Conditions Information

Real estate agents can disclose market conditions, which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, median and average sales prices, average days on market and ratios of list-to-sold prices, among other criteria, will have a huge bearing on what you ultimately decide to do.

6. Professional Networking

Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. Due to legal liability, many agents will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency and competitive pricing. Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection.

7. Negotiation Skills & Confidentiality

Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction and because they are skilled. It's part of their job description. Good agents are not messengers, delivering buyer's offers to sellers and vice versa. They are professionals who are trained to present their client's case in the best light and agree to hold client information confidential from competing interests.

8. Handling Volumes of Paperwork

One-page deposit receipts were prevalent in the early 1970s. Today's purchase agreements run 10 pages or more. That does not include the federal- and state-mandated disclosures nor disclosures dictated by local custom. Most real estate files average thicknesses from one to three inches of paper. One tiny mistake or omission could land

9. Answer Questions After Closing

Even the smoothest transactions that close without complications can come back to haunt. For example, taxing authorities that collect property tax assessments, doc stamps or transfer tax can fall months behind and mix up invoices, but one call to your agent can straighten out the confusion. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist. Worthy and honest agents don't leave you in the dust to fend for yourself.

10. Develop Relationships for Future Business

The basis for an agent's success and continued career in real estate is referrals. Few agents would survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that an agent who stays in the business will be there for you when you need to hire an agent again. Many will periodically mail market updates to you to keep you informed and to stay in touch.

BUYING IN A HISTORICAL DISTRICT

It ‘s often said, "What’s Past is Prologue." In real estate, the past can indeed determine the future, when buyers choose to restore or preserve a historic property.
Opportunities abound for those wanting to purchase a historic home, but so do questions about the soundness of the investment..
Before making an investment in history, I recommend that potential home buyers consider these questions:

• What regulations govern local historic buildings and districts?
• Does the house need extensive restoration?
• Are original or substitute materials available for repairs?
• Are craftsmen who are knowledgeable about historical materials and building systems available?
• How will the house be appraised?

Knowing what to look for is an important first step. Potential buyers should understand that there are significant differences between a historic house and a new one. Before purchasing a historic home, consumers will want to research just how much restoration is needed and how much the restoration will cost. That includes, of course, uncovering any possible environmental problems not typically found in new construction such as the presence of asbestos or lead paint."
Knowledge of any structural problem and the time and money needed to fix it should not only influence the decision of whether to buy, but also how much to offer. In some cases, the seller may be required to undertake some of the work as part of the purchase agreement.
The advantages of owning a historic house often outweigh the work that goes into finding and securing the property. There is a rewarding sense of history in the unique detailing and meticulous craftsmanship found in historic homes as well as the satisfaction of restoration.
There may also be financial benefits for a historic home owners. Those benefits range from reductions in property taxes and adjustments to assessed value, to state income tax credits and property tax freezes for qualified rehabilitation and restorations.
The National Trust for Historic Preservation reports that 37 states and the District of Columbia have laws that provide individuals with incentives for owning historic properties that meet their criteria, and not all older homes do.
A historic house is an example of the cultural or physical development of a community, state, or the nation due to its architecture or association with an important historical figure or event.
If a home does qualify as a historic property, then it may be listed individually or as part of a historic district. The listing of a building or district in the National Park Service’s "National Register of Historic Places" provides public recognition of its importance, but will not interfere with an owner’s right to alter, sell, or determine how an individual property may be used.
A local or state government housing preservation organization usually will assist owners who want to pursue a historic designation, However, even if the historic building meets the designation criteria, it will not be listed if the majority of property owners in a district object for possible reasons. In this case, the building is put on an "eligible" list should the objections be overcome in the future.