Barb Van Stensel, Realtor - Chicago, Illinois

We have a bailout coming but unless the underwriting guidelines are tightened up even more, that bailout could be a fallout down the road.

Besides being a Realtor, I am a strategist. In order for the proper channels to understand how America feels about what has happened with the economy, I used the illustration of the Super Bowl. Brady kept throwing to "25" but he was having an off day. #25 kept dropping the ball or missing it. One would think after the two incompletes that the sidelines would catch on. They didn't. So, in order for the "troops" to understand America's trust factor: I said the Government was Brady and #25, well that was the American people. See, America hasn't had a high trust factor and hence when a new program or concept was thrown to them, what do you think they did? They wouldn't do what happened to #25 - incompletes. Or, to be quite frank - they wouldn't accept this new program as nothing our Government was being accepted by the people.

In steps Eli Manning. Low profile but up and coming name. He won the Super Bowl because his passes were in 10 yard segments. When I was watching it, I thought - America just might accept changes in smaller dosages with someone not so prominant as our President, but someone with simplicity and a low profile like Manning. It was suggested that changes be made in small dosages so that America would adjust slowly instead of these grand ideas that either made it or fell through the cracks.

The one thing I am so proud of is that the American people have realized that they were sold a "bill of goods" that may or may not have been explained to them so that they could understand the long term consequences. When one looks at the fact that under these old programs the consumer could purchase a property with just dollars in their checking account, now impulse and desire outflanks reality. to the point of a tidal wave. Just like a car accident, there is a broad spectrum of responsibility that lies all the way across the globe and with each defaulting file the responsibility of failure will change.

The next thing I am proud of America is that they are no longer listening to the media as much. They are taking the information and making their own informed decisions and its about time.

But right now we are facing a bailout. One of the things that I believe when I speak about real estate options is to force our government to set some strong boundaries. Here's some suggestions that have come up and I want to share them with you.

If the subject property is a 2-4 unit property and this is the first time the buyer(s) have ever owned an investment property, they need to take certification classes in understanding:

Debt Service Ratios
Property Management
City Ordinances regarding Tenants and Landlord rights
Handling Tenant Issues

I believe that with the Debt Service Ratio, that when the appraiser figures out the remaining life of the roof, the furnace, hot water tanks, appliances, etc., that those monies of the cost vs. the remaining life should be caculated and it should be required that the buyer have sufficient funds based on the appraisers estimates. This is in addition to the number of mortgage payments that the lender would be required to insure that there is sufficient monies to back (x) amount of months of mortgage payments that would require the buyer to qualify for this building.

I believe that the building needs to qualify under the current rents and supported by receipts for the last six months as well as leases. The appraisers right now can estimate what the market rent should be but if the new buyer's can't understand or don't care, I feel that has been an area where we have a high default in investment properties. So, the property value can be based upon market rents but the current rents are the foundation for qualifying the buyer and if the current rents cannot qualify the buyer, then the buyer either needs to put more money down, change programs where the mortgage payment is less but won't adjust like a wild bandit leaving the buyer in dire straights.

If the property has problems that are disclosed by the seller and/or the house inspector or City Governing Inspection, a credit can go to the buyers. HOWEVER, this credit will be held in escrow with the Title Company as they can be governed more then Attorneys. I am not here to offend people but there is responsibility all across the board to our mess and it includes Attorneys, as well. A title company is accountable on paper and since they handle distributions of monies for new construction, they would be the obvious choice to handle the distribution of funds to insure that the property gets up to grade by a licensed contractor versus a hobbiest. When the inspection is done, only then can the licensed contractor receive his monies. Plain and simple but accountable. This way, those monies repair or replace what was needed to be addressed and those monies weren't shuffled under the table, or spent on a kids pool, closing closts, etc.

These are just a few "suggested" guidelines that have been submitted and I feel will help us float to the surface where the waters shouldn't be so violent. People will sqwuak about the changes but that's because they were spoiled.

It's about accountability and it's about time we started.

Just my two cents.

I got this yesterday from History.com and it was pretty moving and compelling. Alot of innocent people were murdered on 9/11. They were not in the service defending our country but normal everyday people. I hope this link works. Take a moment, reflect, pray and go home and hug your wife and kids.

http://emailnewsletters.aetv.com/h/images/!History/news/hosted_2008_0910.htm?HPF_rid=1411539&HPF_mid=1530_T1_Url0

On Saturday, September 13th, the Lincoln Square Neighborhood will be holding its "Applefest"!

What's so great about Applefest? Apples, People, Recipes, Apple Cider and not just any apple cider, we're talking a 12 blend apple cider.

You want to have some downright fun with your family, then come to Lincoln Square this Saturday and get real with apples!

For those of you who can't make it ...... I'll let you in on a family recipe secret for Apple Crunch of as some of you call it "Apple Crisp"

The secret is to use 6 different kinds of apples with granny smith being the lead apple. The topping is: 1 Cup of each of the following: flour, brown sugar and butter (softened, but not too soft). Put in the oven at 325 degrees (that's the secret) and don't take it out until the edges just start to bubble and that's when you create the best Apple Crunch or Crisp ever!

Painting by J.L. Fleckenstein. For more of these wonderful paintings visit http://www.iliveonafarm.com

I just read an article and I am aware of the book that is out about that your doctor keeps secrets from you. In this book it states the Doctors don't know much as we think they know. How can that be? Well, we are the ones that put them up on the pillar and they think that we come to see them for medicine and prescriptions when in total actuality maybe we should convey to them that we want to know and be told that a when we have a viral infection that antibiotics just ain't gonna touch it. We have a cold and sniffles. Stop the prescription medicines because they won't work when you need them because you are taking them all the time, just because. Do you feel better and have marked improvements when you get that prescription in your hand? Stats are saying the answer is "yes".

What's this got to do with real estate? EVERYTHING! People, people people .... listen up! You, the consumer, need to ask questions and get answers that makes sense to you. You, the Realtor, need to start talking and stop with the secrets. Just like the doctor to the patient and the patient to the Doctor, it is all about communication.

Me, I don't ask for prescriptions. I ask for gum drops! I do. If you could have seen the size of those needles back in the '60's! Those babies were big and I was chased around Dr. Wiese's office by Nurse Tish with that big needle. Dr. Wiese got wise and had this jar of gum drops and if we let Nurse Tish (Sweetest nurse, but big in size and she looked like she was armed with the biggest weapon in America) give us the shot, we got a gum drop!

POINT BEING, when we convey in ease and are effective communicators, it erases the fear of the consumer. It's about doing our job and stop keeping secrets!

As my father has always said "You are up to bat. Now go hit a home run!"

RAVENSWOOD MANOR is to be designated historic district!

So what!

Here's the WHAT: Residents may be entitled to significant benefits

If you have ever been to The Manor, you'd know that a "smorgasboard of both high-end and popular early 20th century styles. While bout half of th ehomes are classic Chicago Bungalow, there are also over 100 American Four Squares (check out Francisco!) and over two dozen Craftsman homes in the district,", reports Jessica Pupovac from the Chicago Journal. "Throughout, the neighborhood is peppered with style surprises, icnlduing Colonial Revival, Queen Anne Victorian and Tudor Revival homes", she continues.

RAVENSWOOD MANOR is centered upon the intersection of Kimball and Lawrence Avenues and it stretches from Sacramento AVenue in the west to the North Branch of the Chicago River in the east and is wedged right between Montrose and Lawrence.

Pupovac continues to say that "the neighborhood whose artistry has produced some of Chicago's most prominent inspired minds, from Abe Saperstein, creator of the Harlem Globetrotters, to Billy Corrigan, lead singer of the Smashing Pumpkins."

NOTE: The Historical Registry doesn't prohibit homesowners from doing what they wish with their homes, but it does carry a host of financial incentives, including tax deductions and credits, for preserving and rehabilitating them.

Bottom is, even while demolitions occur (building size to land ratio or condition) aren't an every day occurrence, they do happen. Yet, the tax benefits are awesome and extremely motivational for the existing structures which makes this neighborhood even more appealing and now being called the "new urbanism". "The notion that you can build transit-oriented neighborhoods around train stations. It was something people did back in the 20's so that people could get to work without using their automobile.", states Jim Peters of Landmark Illinois.

For me, I love the neighborhood as I list and sell alot and I enjoy the homes, the neighborhoods, the river, the whole atmosphere as it is so well throught out when it was first developed in the early 1900's.

Fall is here: I'd be putting Ravenswood Manor on a Fall Color Tour via bike!

Ravenswood Manor has a Walkscore of 77.