Barb Van Stensel, Realtor - Chicago, Illinois

McDonalds is hosting a Last Fling Before School here in Chicago.

When: Thursday, August 27th, 2009
11:00 a.m. - 1:00 p.m.

What is the McDonald's location:

4844 N. Lincoln Avenue
Chicago, IL

Just for Fun:

They will be having a Child Safety Program which will be presented by
the Chicago Police Department at 11:00 a.m.

Lots of fun things to do:

Basketball Free Throw Shoot

A Guest Appearance by the second busiest man in the world next to Santa Claus, is Ronald McDonald! Yep, Ronald McDonald will be appearing at this Lincoln Square location at 11:30 a.m!

Giveaways for kids ages 3 to 13! One per child and the child must be present.

Photo courtesy of McDonalds.

The Trustee is holding an Antique and Estate Sale here in the Lincoln Square Neighborhood in Chicago, IL.

What is for sale: Antique Baby Carriage (back from the early 1920's) and it is in awesome shape! Some Chicago Memoriabelia, Chinna, books, furniture, fixtures, collectibles, etc.

Why is it for sale: The Trustee needs to liquidate for the estate

Where is this sale: 2454 W. Carmen Avenue, Chicago, IL 60625

When is this Estate Sale being held: August 22nd and August 23, 2009
That's Saturday and Sunday

Time: 8:00 a.m. to 4:00 p.m.

LOCATION: Carmen is located off of Western Avenue approximately 3 blocks south of Foster and east of Lincoln Avenue.

I just had a conversation with the Buyer's Agent on one of my Chicago listings. We are under contract and she just downloaded the appraisal for my review as there appears to be "minor mold damage and drywall damage".

So, I downloaded this 16 page report with photos of the property included and low and behold, that's not our light fixture nor does it look like our ceiling. I'm going back to the property tomorrow and taking photos of the ceilings and identifying each ceiling as the appraiser neglected to tell the bank the location of the problem.

So, what might have been a big issue turned out to be a mistake. Mistakes do happen, as we all are human.

My suggestion: Do what we are doing. Don't react but respond.

The Wall Street Journal just posted the 28 neighborhoods where you might or might not want to live right now. What they have done in this report is review the jobless rate, Loan Payments Over Due, the Months' Supply of Inventory, the percentage of change in pricing and the Price Drop from Peak.

So, what does all this mean to Chicago? Well, we are the third highest with 18.1 months supply of inventory in the country and we are in the middle for the jobless rate and loan payments overdue.

Las Vegas, Phoenix, Orlando and Miami, along with Sacramento are in the 40 percentile and up with Price Drop from Peak. When one looks at Los Vegas at 53.7% Price Drop from Peak compared to Chicago's 23.8%, I'll stick with Chicago.

Detroit is reporting as still taking a hit at 31.9% with the Price Drop From Peak but that is alot better then last year!

Sacramento has the highest in change in housing inventory and has dropped -43.4% with only a 2.7 months worth of inventory!

Minneapolis Minnesota-St. Paul area has seen a -21.6% change with 7.8 months' supply of inventory.

Chicago, with it's 10.4% jobless rate has an adjusted -7.3% change in housing inventory which, as stated above leaves us with 18.1 months worth of inventory.

This information was complied from the 28 major real estate markets and it shows that certain areas of our country are beginning to heal while others are still suffering.

As a Realtor, one of the compelling questions I am hearing from those in default of their mortgages, the expireds, those just beginning to interview for the selling process is .... What will I be able to sell my home for in today's market?

A: What the buyer is willing to pay?;
B: What the market supports based on condition, neighborhood stability, available financing programs, and opinion of value?; or
C: What I Need to move on with my life?

Appraising is an "opinion of value" and that "opinion of value" is done by an appraiser. Real Estate Agents cannot give an "opinion of value" but they can give and esimated market value for your home. The difference is an Appraiser (like my brothers in Michigan) are licensed, are affiliated with maybe and I hope "The Appraisal Institute". They take courses, continuing education classes and if they are really good like my brother Jim, they are quoted alot because of their expertise. Real Estate Agents do not have the training, background or knowledge that good appraisers have.

DISCLAIMER: Just like any professional, there are good appraisers and ones that turn their heads to responsibility or don't disqualify themselves in an appraiser due to conflict of interest, qualitifications of the complexity of the appraisal and so on. The same holds true for loan officers, mortgage brokers, real estate agents and Realtors in the arena of selling or purchasing a home

Whether you are a Standard Sale, an Estate Sale, a Short Sale Seller, the bank will be looking through the eyes of the appraiser. The appraiser will take photos of street views, front and rear views of the subject property, interior photos, photos of the electrical system, the heating and cooling systems, water in the basement, broken or ruptured pipes, damaged kitchens, peeling paint, structrual (warped floors, drooping floors on back/rear or front porch decks, stairs, handrailings, etc. KNOW THAT APPRAISERS WERE SUPPOSED TO DO THIS ALL ALONG BUT SOME TURNED THEIR HEADS AND DIDN'T REPRESENT THE TRUE FACTS TO THE BANK.

When I meet the appraiser for every last one of my listings, I have the subject comparables in hand with letters from the Realtors describing the modernization, defects, terms of the sale (arms-length or ...), I have the true square footage of each of the subject comparables with interior and exterior photos from the listing Realtor. Yes, it is a lot of work but it is the best way to support what I was supposed to do when I listed the property. I do a lot of two flats here in Chicago and so I know that the appraiser has to give three comparables for market rent with information on all three comps as well. I have the leases in hand for the subject property, along with similar buildings in the neighborhood with a letter from the owner stating what the terms of their leases are. If the unit is vacant, then I get copies of the most recent within the last two years leases of the building so that the rental figures won't be pushed to the bottom of market rents in the variable range of rents for the number of bedrooms, baths and size. Maybe overboard but the multi-units are being based off of leases and if the subject building is vacant with no leases then the appraisers and the underwriters will review the building with the lowest market rents versus current market rents.

Appraisers were and always should have made any comments about health and safety issues, to take photos and let the bank take it from there. If there is structural, broken steps, weak porches, photos will be taken. Exposed electrical wiring - photos will be taken. This is how I was raised in a family business of real estate appraisers that began in 1911. My grandfather had his MAI, SRA, and was the President of the GR Association of Realtors (3 times), My father, S.R.A. (President of GRAR), my brother, S.R.A., M.A.I., (President of GRAR). What I grew up under was what The Appraisal Institute enforced and then the State of Michigan. The appraisers in my family didn't know the selling price of a home and it was appraised without the knowledge of the selling price but they were given the terms of the contract (motivation). My father kept track of his valuations and was off $37.51 per appraisal. To read the ignorance or lack of understanding of the appraisal process, what it takes to be an appraiser just like it should be as a real estate agent or Realtor, this is serious business. The practices of disclosing to the banks were there all along, some just "overlooked" it.

The best thing we can do for our clients, the sellers, is to eliminate any code violations, exposed wiring, replace broken steps, cracked board, weak porches, remove peeling paint and making sure that the property is safe, the sooner we as real estate agents do it, the less complaining and finger point around the arena. The appraiser is the eyes for the bank and some appraisers were either not taught that or didn't know that. They are the eyes. Bottom. The bank is not rejecting the buyer or the seller but the condition of the subject property.

You want to get closed? Then look at how the bank looks at your property because I don't think you would buy a lemon of a car, now would you?

If you need to sell in Chicago, then give me a call and let's talk about how it is done.