Cindy Banks Team

Tips To Get Your Home Sold

2012-02-15T07:00:00.000-08:00

4 Tips to Get Your Home Sold in a Buyers' Market

Yes, it’s still a buyer’s market, and there doesn’t appear to be a change coming any time soon. What makes this a buyers’ market? There are more homes for sale than people who want to buy them. That means it takes longer for homes to sell, and buyers can be pickier.

If you want or need to sell your home, here are four tips to help you do that in today’s real estate market:

Be choosy about the real estate agent you hire. Interview at least three agents. Ask questions about how they’d market your home. You want someone who markets aggressively and uses both online and offline marketing techniques. Find out how many homes they’ve sold in your neighborhood within the last six months. You want an agent who has recently sold homes in your area - not just listed them, but actually taken them all the way through to closing.

Implement the advice you get from your agent. Find out what you should do to prepare you home for sale by asking, “What changes should I make to my home?” Then do what your agent recommends before putting your home on the market. What might seem unimportant to you can mean the difference between selling your home quickly and having it sit on the market for months. Today’s buyers can afford to be picky, so they consider even minor home maintenance issues a sign of neglect and a reason not to buy your home.

Price it right. You’ve taken the time to hire a knowledgeable agent. Now, take his or her advice, especially when it comes to pricing. They have the tools and up-to-date information needed to find out what homes similar to yours have sold for recently and how much you can get for yours.

Be willing to negotiate. If you’re unwilling to make concessions, buyers are willing to walk away. Remember, with the large number of homes for sale, buyers have many other options.

Yes, it’s more challenging to sell your home in a buyer’s market. But it is definitely possible, if you are proactive.

If you’re ready to work with an agent who has a proven marketing plan that gets homes sold faster and for the most money possible, give me a call today at 630-533-5900 or email me at cindy@cindybanks.com.

Links:

Buyer’s market

http://realestate.msn.com/article.aspx?cp-documentid=13108455

Interview at least three agents

http://www.hud.gov/selling/intrview.cfm

Home maintenance

http://www.myhomeideas.com/how-to/weekend-projects/home-maintenance-checklist-10000001731328/

Happy Super Bowl Weekend

2012-02-03T19:49:00.000-08:00

Check out everything that's going on in Indianapolis this weekend!!!

How to be a Savvy Home Buyer

2012-02-01T04:06:00.000-08:00

Buying a home is both easier and harder thesedays. Yes, it’s a buyer’s market, which implies that prices are lower, but italso means there are tons of homes for sale that you have to wade through tofind your jewel. Purchasing a home is alot easier when you know how to be a savvy homebuyer.

Follow these five tips to get the home of yourdreams with less hassle and at a great price:

List your home before looking for another home. Contracts contingent on selling your existing home complicate the buying process and reduce your chance of getting a great bargain. Sellers are often unwilling to give any concessions if they have to wait for you to sell your home.

Get pre-approved for a loan. Sellers prefer to negotiate with buyers who are pre-approved for a loan large enough to purchase their home. The pre-approval may save you money because you’ll have more leverage to negotiate a lower price. Additionally, you’ll save time by looking exclusively at homes within your price range.

Ignore easy-to-change design issues. If the shag carpeting isn’t your style, you can easily change it after purchasing the home. Don’t like wallpaper? Remove it after you own the home. Envision what the home can look like with your personal touch.

Get a professional home inspection. Buying a home is one of the biggest purchases you will ever make, so be sure the structure is in good condition. During a home inspection, a qualified inspector takes a thorough, unbiased look at the property. The home inspection contingency is one you do want in your contract.

Make a serious offer. Listen to the price guidance your real estate agent provides and make an offer that won’t offend the seller. Most sellers expect an offer lower than the asking price, but they don’t want to feel insulted. You’ll get much closer to what you want to pay for the house if you treat the seller like you want to be treated – with respect and courtesy.

If you’re ready to buy a home, let me help youget it at the best price and with as little hassle as possible. Give me a call today at (630) 533-5900 or email meat cindy@cindybanks.com to get started.

Links:

Concessions

http://smallbusiness.chron.com/seller-concessions-work-14296.html

Get pre-approved for a loan

http://www.realtor.com/basics/buy/looking/preapp.asp

Homeinspection

http://www.nolo.com/legal-encyclopedia/get-house-inspection-before-buying-29749.html

Urbanabur - 4N183 Wiant Road in West Chicago

2012-01-30T09:34:00.000-08:00

Team member Marge Tornga had a recent feature with Urbanabur!

Urbanabur - 29W780 Smith Road in West Chicago

2012-01-23T08:39:00.001-08:00

Cindy Banks- 29W780 Smith Road produced by Urban abur on WellcomeMat

Determining Your Home's Value

2012-01-15T16:37:00.000-08:00

Answers to Your Questions about Online Real Estate Valuations
I’ve been getting a lot of questions about the estimated real estate values provided by online sources, so I thought I’d answer a few of the most frequently asked questions here today.

Why is the price you think my home can sell for different than the estimated home values provided by online real estate sources?

Because computer programs set those prices. Here’s how it works in general. A computer pulls the description of your real estate from public records. Using that extremely basic information, such as square footage and number of bedrooms and bathrooms, the computer comes up with a price for your home.

Computer programs cannot personally visit your home and other homes in your neighborhood to see the differences and similarities. For example, they cannot see that your home has recently been painted and renovated.

Are there any circumstances in which those computer generated values are at least fairly accurate?

The estimated home values could be in the ballpark if all the following are true:

· Your home is in a subdivision in which homes are very similar;

· Several homes just like yours have sold recently;

· Homes are not being sold as short sales or going into foreclosure;

· Your home is newer and has not had a major renovation or addition that is not in the public records.

While it’s fun to go online to see what your neighbor’s home sold for, don’t use that information as the final word on what your home could sell for in today’s market.

If you’d like a free, in-person, professional analysis of what your real estate could sell for in today’s market, give me a call today at 630-686-5900 or email me at cindy@cindybanks.com. No obligation, just information.

Links:

Public records

http://publicrecords.onlinesearches.com/Assessor-and-Property-Tax-Records.htm

Estimated home values

http://homeguides.sfgate.com/estimated-property-values-6654.html

Square footage

http://tlc.howstuffworks.com/home/measure-square-footage.htm

Urbanabur - 914 Oak Crest Lane in St. Charles

2012-01-09T10:23:00.001-08:00

Cindy Banks- 914 Oak Crest Ln. St. Charles produced by Urban abur on WellcomeMat

Urbanabur - 5N780 Ravine Drive in St. Charles

2012-01-09T10:19:00.000-08:00

Cindy Banks-5N780 Ravine Dr. St. Charles produced by Urban abur on WellcomeMat

Urbanabur - Honey Hill Circle Lots 1-5

2012-01-09T10:08:00.000-08:00

Cindy Banks-40+ Equestrian Acres Available in Wayne produced by Urban abur on WellcomeMat

Happy Holidays!

2011-12-22T14:58:00.000-08:00

Here's a special greeting from us to you. Happy Holidays!

CLICK HERE to view Cindy's holiday video blog.

RE/MAX Cornerstone Open House - Album 2

2011-12-19T12:47:00.000-08:00

We've recently uploaded a 2nd photo album from the RE/MAX Cornerstone open house! CLICK HERE to view the photos.

To see photos from Album 1, CLICK HERE.

Daily Herald Ad - Homes Section

2011-12-09T16:00:00.000-08:00

Did you pick up The Daily Herald today? If so, you should've seen this on the front page of the Homes section: CLICK HERE.

Photos from the RE/MAX Cornerstone Open House!

2011-12-07T15:26:00.000-08:00

To see photos from our recent open house at RE/MAX Cornerstone, CLICK HERE.

4N531 Turnmill - West Chicago

2011-11-28T15:22:00.001-08:00

Urbanabur - 1240 W. Flamingo - Roselle

2011-11-14T12:45:00.001-08:00

Check out this feature I shot with Urbanabur! It features our listing on 1240 W. Flamingo Drive in Roselle:

Cindy Banks-1240 W. Flamingo Dr. produced by Urban abur on WellcomeMat

Happy Halloween

2011-10-31T05:00:00.000-07:00

Check out my feature on Urbanabur ("Urban Neighbor")!

2011-10-27T15:31:00.000-07:00

I was featured on urbanabur.com today! It also features one of our recent listings on 26W366 Inwood Lane.

Cindy Banks-26W366 Inwood Lane produced by Urban abur on WellcomeMat

We purchased RE/MAX Cornerstone in West Chicago!

2011-10-19T08:25:00.000-07:00

Tuesday, October 18, 2011
Cindy and Tony Banks Purchase RE/MAX Cornerstone in West Chicago

ELGIN, Ill., Oct. 18, 2011 -- Cindy and Tony Banks (pictured above) are optimistic about the metro Chicago real estate market. It’s why the husband-and-wife team recently purchased RE/MAX Cornerstone, a busy brokerage located at 480 E. Roosevelt Road in West Chicago, Ill.

They have worked as licensed Realtors® for 26 years and say the time was right to purchase the West Chicago RE/MAX office, with which they have long been affiliated.

The residential real estate market may be suffering through challenging times today, but the Banks say the market is poised for a turnaround. They are looking forward to running RE/MAX Cornerstone as the turnaround hits.

“The timing is right for growth in the real estate market,” Cindy said, “and for an uptick in the residential and commercial real estate markets in the western suburbs.”

Cindy and Tony Banks would know. Neither are newcomers to the residential real estate business.

Tony has also worked as a mortgage loan officer for more than 10 years. During this time, Banks has earned the respect of both real estate agents and his fellow mortgage lenders for the honest and ethical way he does business.

Cindy has sold more than $500 million of real estate during her real estate career and has earned the prestigious RE/MAX Lifetime Achievement Award along with induction into the RE/MAX Hall of Fame. For more than a decade, she has been a member of the Top 20, which honors the 20 leading RE/MAX teams and the 20 top individual RE/MAX agents in Northern Illinois.

RE/MAX Cornerstone, with a current staff of eight agents and three assistants, serves the western suburbs of Chicago.

Cindy and Tony have a set of simple but important goals for their new brokerage: “We want to continue to assist first-time and upgrading buyers, as well as our investors, in securing the best values in this market. We will provide knowledge through years of experience to our sellers and all of our clients regarding the entire real estate process.”

Due to their many years in the residential real estate business, both Cindy and Tony can connect clients with skilled loan officers and real estate attorneys. They can recommend local home inspectors and title companies and are certified to assist both buyers and sellers through either the short sale or foreclosure process, two areas that have become increasingly important in today’s housing market.

Tony Banks also stressed that their RE/MAX Cornerstone office offers many advantages to real estate agents, with its efficient systems, marketing efforts, competitive position and high-tech environment. Tony and Cindy can be reached at www.cindybanks.com or by texting 630-533-5900.

----------------------------------------------------------------
Originally from:
http://blog.illinoisproperty.com/2011/10/seasoned-metro-chicago-real-estate-pros.html

What's Your Home Worth?

2011-09-14T10:21:00.000-07:00

In this video blog, I touch upon several key factors that determine your home's worth.
--------------------------------------------------------------------------------------------------------------
Cindy Banks
630-686-5900
cindy@cindybanks.com

http://www.cindybanks.com

The Cindy Banks Team
Top 10 Team - RE/MAX Northern Illinois

You Just Purchased a New House...Now What?

2011-08-01T08:32:00.000-07:00

In this video, I will take you through what to expect once you have a signed and accepted purchase contract on a residential property.
Please share this video with anyone who you think may benefit from it and remember to subscribe to this blog for eNews and updates.

As always, please feel free to contact me with any questions.

Cindy Banks Team
E-mail: cindy@cindybanks.com
Web: http://CindyBanks.com
Cindy (630) 533-5900

Get Your Ducks In A Row

2011-07-15T15:19:00.000-07:00

In this video I will discuss the items that you need to get in order prior to looking for a home to purchase in order to get the best deal.

Cindy Banks Team
E-mail: cindy@cindybanks.com
Web: http://CindyBanks.com
Cindy (630) 533-5900

Cindy talks with WYLL AM 1160's "The Mortgage Man"

2011-06-30T15:13:00.000-07:00

I was recently a guest on Drew "The Mortgage Man" Stephens' radio show on WYLL AM 1160!

We talked about topics such as: the current state of the real estate market, short sales, interest rates, and more.

Drew's show airs every Saturday at 4:30 pm on WYLL AM 1160.

http://www.drewthemortgageman.com/

Part 1: http://youtu.be/OO7vFPe1G70

Part2: http://youtu.be/zmgjRoU6sHA

Home Improvements: Good or Bad?

2011-06-17T09:35:00.000-07:00

Appraisals

2011-04-18T10:10:00.001-07:00

Sales Agreement

2011-04-18T10:09:00.001-07:00

Single Family Homes

2011-04-18T10:06:00.001-07:00

Getting Your Home Ready To Sell

2011-04-18T10:02:00.001-07:00

That's right... we play the BIG GAME to win! :)

2010-11-30T12:55:00.000-08:00

What is A Short Sale?

2010-11-05T08:54:00.000-07:00

A “short sale” is a handy term for a situation in which a homeowner’s debt on his or her property is greater than the amount for which the property can be sold. Here’s an example: Assume a homeowner has an unpaid loan balance of $110,000, but the property will only sell for $100,000. The unhappy lender accepts that $100,000 as full payment from you or another investor. This is obviously “short” of the full $110,000 amount, thus the name “short sale.” Let’s be clear – lenders don’t like short sales and often will go through them only as a last resort. After all, they’re not in business to lose money! In many cases, they’ll prefer the option of foreclosure since that choice makes more financial sense. However, there are instances in which lenders accept short sales and, if you’re “Johnny-on-the-spot,” you can make a very good profit – if you’re willing to brave a complicated process!

Why Is a Short Sale More Complicated Than a Normal Real Estate Transaction?
Simply put, it’s complicated because there are so many factors involved: - the loan mitigation policies of the lender and third-party investors - the financial condition of the lender and third-party investors - financial condition of the borrower - the property’s as-is value - the cost to “repair” the property to put it into saleable condition and market it, etc. On top of these factors, approval for short sale has to come from the investor who actually owns the loan. And then, if the lender is a government-sponsored institution like Fannie Mae or Freddie Mac,approval can eat up a lot of time. After all, you’re dealing with government bureaucracies!

When Will Lenders Accept a Short Sale?
There are a variety of situations in which lenders accept short sales. For example, homeowners experience a devastating illness that eats up all their financial resources. Or they may be military personnel called up to active duty for extended periods of time, and they lack the income to continue mortgage payments. Other examples include anyone who falls into the “hardship” category—disabling, permanent injuries; financial insolvency; convictions; lack of employment due to economic conditions beyond the homeowner’s control, etc. In these instances, lenders are willing to consider a short sale.

How Do I Find Out If A Property Qualifies for a Short Sale?
You’ll have to do some digging and gain knowledge about the lenders in your area. In order to acquire that knowledge, complete the following tasks:
Task 1: Talk to the lender and find out their loss mitigation policy. If they seldom or never do short sales, don’t bother with them. Find another lender with a better record in this area.
Task 2: Find out the number of liens recorded against the property title and the total amount of money in those liens.
Task 3: Know the borrower’s present financial condition.
Task 4: Know the type of loan that’s in default and its current status.
Task 5: Know both the property’s as-is market value and its as-repaired value.
Task 6: Be aware of the state of the local economy and the current real estate market conditions. Analyze all this information to determine if a short sale is worth pursuing. Okay, let’s assume you’ve completed all those tasks and know the short sale is worth pursuing. What’s next?

How to Pursue a Short Sale
First, have the homeowner sign an authorization to release the loan information. Next – and this is very important! - you must have cash on hand. Why? Because all short sales are cash transactions! What’s more, you also need verifiable proof that you possess the money! Also very important - short sales can’t be made to relatives, family members, or close friends of the homeowner. In real estate, this is called an “arm’s length transaction.” What happens if you do this and the lender discovers that you’ve done an arm’s length deal? The lender can file a lawsuit to have the sale overturned! As you might expect, the property owners themselves can complicate the process. After all, they can’t receive any of the money from a short payoff sale. That means not much of an incentive for them to do a short sale. And one last negative - the debt that’s canceled by the short sale payoff of a mortgage or deed of trust is subject to federal income tax as ordinary earned income. This is not true of a bankruptcy or insolvency.

How to Start the Short Sale Process
Follow these steps (yes, there are many): - Get in touch with the homeowner who’s in foreclosure. - Determine the homeowner’s financial condition. - Analyze the condition of the property. - If both the financial and property condition are suitable, ask the homeowner for written authorization to communicate with the loan loss mitigation department of the lender. - Get in touch with the decision-maker in the loan loss mitigation department of the lender and provide them with a copy of the written authorization. - Contact the decision-maker to discuss the short sale and request that the decision-maker send the appropriate short-sale documents to the homeowner. - Ask the homeowner gather all documentation to provide support for financial hardship case. - Get repair cost estimates from a minimum of three licensed home improvement contractors. - Do a comparable value study by assessing the value of three similar neighborhood properties sold in the last six months. - Return the short sale proposal to the lender’s decision-maker. It should include a signed purchase agreement for a percentage less than the amount owed to the lender; e.g., 20%, 30%, 40% less, etc. Include a HUD 1 Settlement Statement in your proposal. You can download the statement in PDF form here. - The lender’s decision-maker reviews your proposal and orders a BPO to determine the property’s as-is and as-repaired values. - The decision-maker either accepts your proposal or rejects it. - If the decision-maker feels a short sale is appropriate, they’ll make a counteroffer. - You then accept or reject the counteroffer. - If you accept the counteroffer, you close on the transaction within 30 days. I hope this brief introduction to short sales gave you enough information to decide whether or not you want to pursue this type of transaction. If you have more questions, please contact me today at 630-686-5900 and we can discuss this topic or any other area of real estate.