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Saint Charles, IL

Speechless Sundays - Getting Ready for Summer!!!

Larry Bettag Illinois FHA Specialist: Mortgage Company in Saint Charles, IL

I used to work at a Camp in Colorado when I was in college. We had Getting Ready for a Dipa 12 by 12 foot raft. I was the head lifeguard and the Atheletic Director. It was awesome. In any event, many years later, when we got our new house it came with a 1 acre pond. I couldn't wait for me to build the same 12 by 12 foot raft.

Guess What?

We get about 100 gallons a minute coming up through the underground springs and it's about 40 degrees. Yesterday we waded out to bring the raft back and today we're going swimming in the pond. A lot of fun. I'm going to see which kid will put their money where their mouths are!!!!Getting Ready for a Dip

Dear Listing Agent: Yes, I’m Serious. Are You?

Leslie Ebersole, REALTOR®                    Chicago's Western Suburbs: Real Estate Agent in Saint Charles, IL

Dear Listing Agent: Yes, I’m Serious. Are You?

“Is your buyer serious?” was the question I got from a listing agent this weekend when I called to schedule a showing in St. Charles IL. After waiting six hours for a return call, it was all I could do not to snap back “Nope, we’re not the least bit serious. I’m wasting my time and I want to waste yours, too.”

I know that sellers get weary of the cycle of cleaning-showing-disappointment, especially if their house has been on market a while. Many sellers who were on the market over the winter are hoping that the new crop of Spring shoppers will bring out that perfect buyer. But some of these sellers — and their agents — are letting their cynicism and skepticism get in the way of selling a house in St. Charles.

Each buyer who enters the market is looking at the inventory with fresh eyes. The listing agent has a responsibility to be as excited today about the house as he was the day he entered the listing. The house has to shine on the internet and at the showings. If the house has fall photos, they should be updated with spring shots. A new front photo and new interior shots with re-arranged rooms might even attract a buyer who has been lurking for months. The house should be easy to show and as perfect looking as it was the day of the first broker tour.

More thoughts for listing agents:

  • Check your remarks in the mls. ”$10,000 credit for a contract by December 1″ is just sloppy and shows you’re not paying attention.
  • If I call to schedule a showing, I am serious. Do not grill me, if I’m showing houses it’s because I have a serious and qualified buyer. That’s all I have to reveal so don’t ask me more.
  • If the schedule changes it’s the listing agent’s job to communicate it to the seller. Little kids throw up in the car, flights are late, people cut out whole subdivisions at the last minute…the list is endless. I’ll call, text or email the second I know the schedule is shifting. It is not my fault if you use an on-line showing application that doesn’t update you or you’ve turned your phone off for the day.
  • Buyers and their agents need info in a way they can use it. Written is best…leaving a long voice mail about all the upgrades in the house is a waste of time and insulting. If you have something important to say, it’s important enough to write down. Which brings me to….
  • Brochures are really important. There are usually lots of interesting details that might make a house stand out. I like seeing a map of the subdivision, a list of community events, park district and school information. Many agents are now offering an e-brochure to be sent before the showing, a great alternative to long paper brochures.
  • My feedback is brief but accurate. Don’t call me and ask me to make a particular suggestion in the feedback to the seller on price or improvements. That’s the listing agent’s job.

So let’s all enter the Spring market with a fresh attitude to match the fresh breezes. We owe it to our clients.

I list and sell houses in St. Charles, Geneva, Batavia, Wayne and Elburn IL. Want a fresh perspective on the market? Give me a call (630)94-7935.

Originally published at Foxvalleyrealestate.net

Friday Night Tunes - 2 Minute AWESOME Painting to Music!

Larry Bettag Illinois FHA Specialist: Mortgage Company in Saint Charles, IL
So tonight my wife and I and all 5 of my kids went to Here I am Lord tonight at our church. It's basically a vocational call for people into the ministry. My son was excited and told me that they were having this guy come tonight so we went, as a family, to see it. To say that THIS TWO MINUTES WAS INCREDIBLE was an understatement. Nothing short of awesome...with good tunes to boot!!!!

In any event...it's awesome.

FINALLY - GREAT NEWS IF YOU WANT A FHA STREAMLINE REFINANCE!!!!

Larry Bettag Illinois FHA Specialist: Mortgage Company in Saint Charles, IL

At a Senate hearing yesterday on the state of housing market, Secretary Donovan indicated that FHA would be reducing premiums for FHA loans endorsed on or before May 31, 2009. The Secretary said:

Basically, this is the first positive move that they are doing for the consumer. Probably lowering premiums to the prior rates so that those who have had FHA mortgages can refinance and lower their payments.

THIS IS HUGE!!!

"In addition to taking steps to make these refinance loans more widely available, FHA is working on adjusting the premium structure for all Streamline Refinance transactions that are refinancing FHA loans endorsed on or before May 31, 2009, to further incentivize refinance activity. These changes will ensure that borrowers benefit from a net reduction in their overall mortgage payment while still ensuring FHA has the resources to pay any necessary claims."

We expect that changes to the streamline refinance program (lowering both the upfront and the annual premium) should be announced in the next week or two.

It's Official...the Government Wants out of Housing

Larry Bettag Illinois FHA Specialist: Mortgage Company in Saint Charles, IL

In an effort to stimulate our economy and to get more housing starts, the Federal Housing Administration is following through with its pledge to increase the upfront AND annual mortgage insurance premiums....HOW THRILLING FOR US WHO WORK IN REAL ESTATE!!!!

Unveiled late Monday, the increases are designed to strengthen FHA's capital position and "have minimal impact on the market and borrowers," according to FHA acting commissioner Carol Galante. She noted that FHA streamline refinances are exempt from these premium hikes.

Starting April 1, FHA will hike its upfront premium by 75 basis points to 175 bp on all single-family loans, including jumbos.

FHA will also raise the annual premium on loan balances of up to $625,500 on April 1.

These premiums are expected to slow FHA originations from $218 billion in the current 2012 fiscal year that ends September 30 to $150 billion in FY 2013....AND EVENTUALLY KILL NEW HOUSING STARTS!!!!!