50 n plum grove

Cloud CMA

COMPARATIVE MARKET ANALYSIS

50 Plum Grove Rd, Palatine, IL 60067

PREPARED FOR

Gail AndersonJANUARY 13, 2015

Inis Cohen | Cove Realty | 6 South Cove Drive | Mobile: 847-809-5548 | www.coverealtyinc.net |[email protected]

http://www.mapquest.com/?q=6+South+Cove+Drive

http://www.coverealtyinc.net

mailto:[email protected]

INTROCloud CMA

WHAT IS A CMA?

No two homes are identical, which is why choosing a sales price or offer price for a home can bechallenging. That’s where the comparable market analysis, or CMA, can be useful.

What is a CMA?The CMA is a side-by-side comparison of homes for sale and homes that have recently sold in the sameneighborhood and price range. This information is further sorted by data fields such as single-family orcondo, number of bedrooms, number of baths, zip codes, and many other factors. Its purpose is to showfair market value, based on what other buyers and sellers have determined through past sales, pendingsales and homes recently put on the market.

How is the CMA created?CMAs are generated by a computer program supplied by your real estate agent’s multiple listing service(MLS). The MLS is available to licensed members only, including brokers, salespeople, and appraisers,who pay dues to gain access to the service’s public and proprietary data, including tax roll information,sold transactions, and listings input by all cooperating MLS members.

Listing agents generate CMAs for their sellers, and buyer’s agents create them for their buyers so bothsides know what current market conditions are for the homes they’re interested in comparing.

How accurate are CMAs?The CMA is a here-and-now snapshot of the market, based on the most recent data available, but it caninstantly be rendered obsolete by a new listing, or a change of status in a home with the same criteria.Why? The market is constantly changing – new listings, pending sales, closed sales, price reductions,and expired listings.

CMAs can vary widely, depending on the knowledge and skill of the person inputting the searchparameters to the software as well as the number and type of data fields that are chosen. That meanssome features may not be included.

As informative as the CMA is, it should only be used as a tool and should not substitute for your realestate professional’s knowledge and advice.





INTRO

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Inis CohenCove Realty

Address 6 South Cove DriveMobile 847-809-5548Web www.coverealtyinc.netE-mail [email protected]

Cloud CMA

CONTACT ME


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INTROCloud CMA

MAP OF ALL LISTINGS

MLS # Status Address Price0 Subject 50 Plum Grove Rd, Palatine, IL 600671 08517483 S 50 North Plum Grove Road, Unit 803 $315,0002 08523783 S 50 North Plum Grove Road, Unit 302E $218,0003 08518503 S 50 North Plum Grove Road, Unit 802E $635,0004 08086710 S 50 North Plum Grove Road, Unit 205 $134,0005 08119463 S 50 North Plum Grove Road, Unit 209E $200,0006 08442092 S 50 North Plum Grove Road, Unit 602E $400,0007 08211380 S 50 North Plum Grove Road, Unit 604 $232,0008 08137475 S 50 North Plum Grove Road, Unit 501E $235,0009 08036035 S 50 North Plum Grove Road, Unit 801 $312,500

10 08384382 S 50 North Plum Grove Road, Unit 605 $225,00011 08464701 C 50 North Plum Grove Road, Unit 803 $399,900





MLS # Status Address Price12 08576897 A 50 North Plum Grove Road, Unit 611 $550,00013 08673653 $290,00014 08653624 $150,00015 08503317 $156,00016 08555421 $158,00017 08716820 $164,00018 08392198 $165,00019 08568075 $239,00020 08653649 $245,00021 08731047 $247,00022 08642421 $249,90023 08633074 $252,90024 08429745 $95,00025 08670943 $130,00026 08745059 $0

Status: S = Closed, C = Cancelled, A = Active, =





INTROCloud CMA

SUMMARY OF COMPARABLE PROPERTIES

Sold Listings

Address Beds Baths YrBlt SqFt ListPrice

SoldPrice

SoldDate

50 North Plum Grove Road,Unit 803 4 4/2 2007 5,000 $374,900 $315,000 9/12/14

50 North Plum Grove Road,Unit 302E 2 2/0 2006 1,285 $229,900 $218,000 5/2/14



50 North Plum Grove Road,Unit 209E 2 2/0 2006 $220,000 $200,000 8/29/12



50 North Plum Grove Road,Unit 501E 2 2/0 2007 1,627 $249,900 $235,000 11/16/

1250 North Plum Grove Road,Unit 801 2 2/1 2007 $349,900 $312,500 7/23/12

50 North Plum Grove Road,Unit 605 1 1/0 2007 1,420 $229,900 $225,000 10/25/

13Averages 2,226 $316,430 $290,650

Cancelled Listings


SoldPrice

SoldDate

50 North Plum Grove Road,Unit 803 4 4/2 2007 5,000 $399,900

Averages 5,000 $399,900

Active Listings


SoldPrice

SoldDate





50 North Plum Grove Road,Unit 611 3 2/1 2007 3,000 $550,000

Averages 3,000 $550,000





MLS #08517483

S

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PROPERTY DETAILS

$315,00050 North Plum Grove Road, Unit 803, Palatine

Listing informationMLS#: 08517483 Beds: 4 Sq Ft: 5,000 Sold Date: 9/12/14Status: Closed Baths: 4/2 Year Built: 2007 DOM: 316

FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air; Sewer: Sewer-Public; Water: Public; Garage:Garage Door Opener(s),Heated; Exterior: Balcony; Interior: Laundry Hook-Up in Unit;Basement: None; Number of Rooms: 8; Tax Amount: 3024.70; Parking Included in Price:Yes; Garage Spaces: 3; Additional Rooms: No additional rooms; Assessments: 2100;Assessments Frequency: Monthly; Assessments Include: Heat,Water,Gas,Parking,CommonInsurance,Doorman,TV/Cable,Exterior Maintenance,Lawn Care,Scavenger,Snow Removal;Common Area Amenities: Door Person,Elevator,Storage; Pet Info: Cats OK,Dogs OK;

RemarksOnce in a lifetime opportunity to design your own luxury 3 level Penthouse w/Panoramic sunrise/sunset views! 5 balconies plus rooftop terrace. Volume ceilings throughout, zoned heating & cooling.Priced to sell as is. Ready to be finished. Walk to train, dining, shopping & more! Some of the roomshave been framed out but anything can be changed. Plumbing has been roughed in for 5 baths andkitchen. Call for details!

Source: MREDInformation is deemed reliable but not guaranteed.


http://www.mredllc.com/photos/property/483/08517483.jpg


http://www.mredllc.com/photos/property/483/08517483_1.jpg





MLS #08517483

S

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MLS #08523783

S

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PROPERTY DETAILS

$218,00050 North Plum Grove Road, Unit 302E, Palatine


FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air; Sewer: Sewer-Public; Water: Public; Garage:Heated; Interior: Hardwood Floors,Storage; Basement: None; Appliances: Oven/Range,Microwave,Dishwasher,Refrigerator,Washer,Dryer,Disposal,All Stainless Steel KitchenAppliances; Number of Rooms: 5; Tax Amount: 3603.53; Parking Included in Price: Yes;Garage Spaces: 2; Additional Rooms: No additional rooms; Assessments: 411; AssessmentsFrequency: Monthly; Assessments Include: Heat,Water,Gas,Parking,CommonInsurance,Security,TV/Cable,Exterior Maintenance,Lawn Care,Scavenger,Snow Removal;

RemarksPRESTIGIOUS PROVIDENCE BUILDING IN THE HEART OF PALATINE PRESENTS THISBEAUTIFULLY APPOINTED 2 BEDROOM, 2 BATH UNIT WITH CHERRY CABINETS, GRANITECOUNTER-TOPS, STAINLESS STEEL APPLIANCES, GORGEOUS HARDWOOD FLOORS ANDPRIVATE BALCONY! WASHER & DRYER IN UNIT! ELEVATOR BUILDING! 2 HEATED INDOORPARKING SPOTS (9, 46)! PRIVATE STORAGE CLOSET BY #9! PLUSH LOBBY, SECURITYMONITORING, AND SUNDECK! HIGH WALK SCORE OF 71!










MLS #08523783

S

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MLS #08523783

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MLS #08518503

S

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PROPERTY DETAILS



FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air,Radiant,2+ Sep Heating Systems,Indv Controls,Zoned;Sewer: Sewer-Public,Sewer-Storm; Water: Lake Michigan; Garage: Garage DoorOpener(s),Transmitter(s),Heated,7 Foot or more high garage door; Exterior: Balcony,Deck,Storms/Screens,Outdoor Fireplace,End Unit; Interior: Vaulted/Cathedral Ceilings,Bar-Wet,HardwoodFloors,Heated Floors,Theatre Room,Storage; Lot: Common Grounds,Landscaped Professionally;Basement: None;

RemarksFULLY APPOINTED Luxury Multi-Lvl Penthouse w/Over 3200 SF!Downtwn Palatine w/Train,Shops,Restaurants!Breathtaking Views from 4 Balconies&Rooftop Deck w/Firepit Seats 25!CanSee Chicago Skyline on a Clear Day!OPEN Flr Pln w/14'Clgs&Palladium Windws!CUSTOMCabnts,Moldgs,Lightg,Granite,Travertine,Quartz,Brazilian&Oak Flrs&Stairs!Wood&Iron Railgs,ClgFans,Upscale Appls,Custom SSound in EVERY RM!2 F/P's!3 Htd Parkg Spaces










MLS #08518503

S

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MLS #08518503

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MLS #08086710

S

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PROPERTY DETAILS



FeaturesWaterfront: No; Heat/Fuel: Gas; Sewer: Sewer-Public; Water: Lake Michigan; Garage: GarageDoor Opener(s),Transmitter(s),Heated,7 Foot or more high garage door; Exterior: Balcony,StorageShed; Interior: Elevator,Hardwood Floors,Laundry Hook-Up in Unit,Storage; Basement: None;Appliances: Oven/Range,Microwave,Dishwasher,Refrigerator,Washer,Dryer,Disposal,All StainlessSteel Kitchen Appliances; Number of Rooms: 3; Tax Amount: 2962; Parking Included in Price:Yes; Garage Spaces: 1; Additional Rooms: Balcony,Walk In Closet; Assessments: 271;Assessments Frequency: Monthly;

RemarksPalatine's Premier Luxury Condo "THE PROVIDENCE" Upscale amenities Cherry Cabinets, StainlessSteel Appliances, Granite Countertops, Hardwood Flooring, Washer & Dryer in Unit, Walk-in Closet7x7 with Professional Cherry Closet Organizer, Private Balcony with Storage, Underground ParkingSpace. Party Room & Roof Terrace in SECURE bldg in GREAT DOWNTOWN PALATINELOCATION! SHORT SALE








MLS #08119463

S

Cloud CMA

PROPERTY DETAILS


Listing informationMLS#: 08119463 Beds: 2 Sq Ft: Sold Date: 8/29/12Status: Closed Baths: 2/0 Year Built: 2006 DOM: 7

FeaturesWaterfront: No; Heat/Fuel: Gas; Sewer: Sewer-Public; Water: Lake Michigan,Public; Exterior:Balcony; Interior: Elevator,Hardwood Floors,Laundry Hook-Up in Unit; Basement: None; Numberof Rooms: 5; Tax Amount: 6998; Number of Fireplaces: 1; Parking Included in Price: Yes;Garage Spaces: 2; Additional Rooms: No additional rooms; Assessments: 554; AssessmentsFrequency: Monthly; Assessments Include: Water,Gas,Common Insurance,ExteriorMaintenance,Lawn Care,Scavenger,Snow Removal; Pet Info: Pet Count Limitation,Pet WeightLimitation; Total Number of Units: 58; Unit Floor Level: 2;

RemarksINVESTORS - THIS DESIRABLE CORNER UNIT IS LOCATED IN DOWNTOWN PALATINE'SPREMIERE BUILDING "THE PROVIDENCE". PROPERTY IS CURRENTLY LEASED UNTIL 09/30/2013 WITH A MONTHLY RENTAL OF $2,400. EXCELLENT TENANTS KEEP THE UNIT INPERFECT CONDITION. GREAT RETURN ON YOUR INVESTMENT. THIS UNIT ORIGINALLYSOLD FOR $433,000. LARGE 2 BEDROOM, 2 BATH, WITH FIREPLACE. 2 INDOOR PARKINGSPACES. HIGH-END SS APPLIANCES, GRANITE.








MLS #08442092

S

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PROPERTY DETAILS



FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air,Hot Water/Steam,Indv Controls; Sewer: Sewer-Public;Water: Lake Michigan; Garage: Heated; Exterior: Balcony,Storms/Screens,End Unit; Interior:Vaulted/Cathedral Ceilings,Hardwood Floors,Heated Floors,Laundry Hook-Up in Unit,Storage; Lot:Common Grounds,Landscaped Professionally; Basement: None; Number of Rooms: 5; TaxAmount: 9965.38; Number of Fireplaces: 1; Parking Included in Price: Yes; Garage Spaces:2; Additional Rooms: Great Room,Walk In Closet; Assessments: 959; AssessmentsFrequency: Monthly;

RemarksOriginally sold for over $700,000. Unit is one of the largest in bldg, perfect for downsizing. 3BR/2.1BAw/3 balconies overlooking downtown. GR with hardwood flooring, granite surround FP. Customkitchen cabs, ss appliances. Gorgeous MBR. Ultra bath w/radiant heated floors. 2 car heated garage& 2 storage units. Amenities include 2 party rms and terrace for entertaining. Freshly painted 2013.










MLS #08442092

S

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MLS #08442092

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MLS #08211380

S

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PROPERTY DETAILS



FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air; Sewer: Sewer-Public; Water: Lake Michigan;Garage: Garage Door Opener(s),Transmitter(s),Heated; Exterior: Balcony; Interior: Storage;Basement: None; Appliances: Oven/Range,Microwave,Dishwasher,Refrigerator,Washer,Dryer,Disposal,All Stainless Steel KitchenAppliances; Number of Rooms: 5; Tax Amount: 4731; Parking Included in Price: Yes;Parking Type: Unassigned; Parking Spaces: 2; Garage Spaces: 2; Additional Rooms: Noadditional rooms; Assessments: 411; Assessments Frequency: Monthly;

RemarksThe Providence is a prestigious bldg in the heart of Palatine. Cherry hardwood floors & cherry kitchencabinets with granite counter tops. Top of the line SS appliances. Ceiling fans. Electrolux upgradedwasher and dryer. Closet organizers. Luxury abounds. Views of the City. Outstanding balcony. 2heated car spaces. Large storage area. Building gets discount in the adjacent excercise facility.








MLS #08137475

S

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PROPERTY DETAILS



FeaturesWaterfront: No; Heat/Fuel: Gas; Sewer: Sewer-Public; Water: Lake Michigan; Garage:Transmitter(s),Heated; Exterior: Balcony,Deck,Door Monitored By TV; Interior: Vaulted/CathedralCeilings,Elevator,Hardwood Floors,1st Floor Bedroom,Laundry Hook-Up in Unit,Storage; Basement:None; Appliances: Oven-Double,Microwave,Dishwasher,Refrigerator,Washer,Dryer,Disposal,AllStainless Steel Kitchen Appliances; Number of Rooms: 6; Tax Amount: 6021; Parking Includedin Price: Yes; Garage Spaces: 2; Additional Rooms: Sitting Room; Assessments: 522;Assessments Frequency: Monthly;

RemarksLive in the lap of luxury with all of the perks of big city living. Stunning 2 bed/2 bath condo on upperfloor of a full service, posh building. Walk to shopping, upscale dining and TRAIN. High end kitchenwith SS, granite, hardwood,42" maple cabinets. Master suite with huge bath..whirlpool, dual sinks. Lg.2nd bed and bath. 2 underground parking spots, with storage area. Investors welcome. A 10+++FABULOUS HOME








MLS #08036035

S

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PROPERTY DETAILS


Listing informationMLS#: 08036035 Beds: 2 Sq Ft: Sold Date: 7/23/12Status: Closed Baths: 2/1 Year Built: 2007 DOM: 58

FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air,Radiant,2+ Sep Heating Systems,Zoned; Sewer:Sewer-Public; Water: Lake Michigan; Garage: Garage Door Opener(s),Heated,7 Foot or more highgarage door; Exterior: Balcony; Interior: Vaulted/Cathedral Ceilings,Bar-Wet,Elevator,HardwoodFloors,Laundry Hook-Up in Unit,Storage; Basement: None; Appliances: Oven/Range,Microwave,Dishwasher,Refrigerator,Refrigerator-Bar; Number of Rooms: 6; Tax Amount:12240; Number of Fireplaces: 1; Parking Included in Price: Yes; Parking Type: AssignedSpaces; Parking Spaces: 2; Garage Spaces: 2;

RemarksWOW !!PENTHOUSE!! Seller paid almost $900K!! Luxury at Palatine's premier address! Endlessviews from top floor w/3 balconies! Cherry kitchen, high-end S/S appls. & granite counters. 10'ceilings thruout. Huge great room with fireplace, formal dining room, & den. Enormous, luxury mastersuite w/marble bath. An absolutely incredible opportunity! AS IS.








MLS #08384382

S

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PROPERTY DETAILS



FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air; Sewer: Sewer-Public; Water: Lake Michigan;Garage: Heated; Exterior: Balcony,Storms/Screens; Interior: Hardwood Floors; Basement:None; Appliances: Oven/Range,Microwave,Dishwasher,Refrigerator,Washer,Dryer,Disposal;Number of Rooms: 4; Tax Amount: 5257; Number of Fireplaces: 1; Parking Included in Price:Yes; Parking Spaces: 1; Garage Spaces: 1; Additional Rooms: Den,Foyer; Assessments:496; Assessments Frequency: Monthly;

RemarksYou deserve the luxury this Providence bldg, deluxe condo offers you. Hardwood floors throughoutthe gracious open floor plan w/breathtaking views of Palatine from the upgraded balcony. Lovely LRw/corner fireplace. MBR w/huge WIC. Solid interior doors & 9' ceils. Heated garage w/deeded space.Walk to train, restaurants & shops. Minutes to 53 & Woodfield. Close proximity to elevator. Den couldbe 2nd BR.










MLS #08384382

S

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MLS #08384382

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MLS #08464701

C

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PROPERTY DETAILS


Listing informationMLS#: 08464701 Beds: 4 Sq Ft: 5,000 List Date: 10/10/13Status: Cancelled Baths: 4/2 Year Built: 2007 DOM: 98

FeaturesWaterfront: No; Heat/Fuel: Gas,Forced Air; Sewer: Sewer-Public; Water: Public; Garage:Garage Door Opener(s),Heated; Exterior: Balcony; Interior: Laundry Hook-Up in Unit;Basement: None; Number of Rooms: 8; Tax Amount: 2676.44; Parking Included in Price:Yes; Garage Spaces: 3; Additional Rooms: No additional rooms; Assessments: 2100;Assessments Frequency: Monthly; Assessments Include: Heat,Water,Gas,Parking,CommonInsurance,Doorman,TV/Cable,Exterior Maintenance,Lawn Care,Scavenger,Snow Removal;Common Area Amenities: Door Person,Elevator,Storage; Pet Info: Cats OK,Dogs OK;

RemarksOnce in a lifetime opportunity to design your own luxury 3 level Penthouse w/Panoramic sunrise/sunset views! 5 balconies plus rooftop terrace. Volume ceilings throughout, zoned heating & cooling.Priced to sell as is. Ready to be finished. Walk to train, dining, shopping & more! Some of the roomshave been framed out but anything can be changed. Plumbing has been roughed in for 5 baths andkitchen. Call for details!










MLS #08464701

C

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LISTING PHOTOS


























MLS #08576897

A

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PROPERTY DETAILS


Listing informationMLS#: 08576897 Beds: 3 Sq Ft: 3,000 List Date: 4/5/14Status: Active Baths: 2/1 Year Built: 2007 DOM: 284

FeaturesWaterfront: No; Heat/Fuel: Gas; Sewer: Sewer-Public; Water: Lake Michigan; Exterior:Balcony,Roof Deck; Interior: Vaulted/Cathedral Ceilings,Elevator,Hardwood Floors,Laundry Hook-Up in Unit,Storage; Lot: Corner; Basement: None; Appliances: Oven/Range,Dishwasher,Refrigerator,Disposal,All Stainless Steel Kitchen Appliances; Virtual Tour: Link;Number of Rooms: 8; Tax Amount: 10957.10; Number of Fireplaces: 1; Parking Included inPrice: Yes; Garage Spaces: 2; Additional Rooms: Balcony,Den,Eating Area,Pantry;Assessments: 1199;

RemarksEXCLUSIVE PROVIDENCE BUILDING IN HEART OF D-TOWN PALATINE! 3000 SQFT TWO-LEVEL PENTHOUSE CONDO BOASTS UPSCALE PERFECTION THRU-OUT! VIEWS FROM N-S-&W ON 3 DIFF PRIVATE BALCONIES! LOADED WITH XLG CUSTOM CROWN & TRIM!HARDWOOD FLOORS, GRANITE COUNTERS & UPGRADED CABINETS! MASTER W/PRIVATEBALCONY & DUAL CLOSETS FILLED W/CUSTOM BUILT-IN ORGANIZERS! OPEN FLOOR PLANINCLUDES 3 FULL BED ROOMS, DINING AREA, DEN & GREAT RM



http://tours8.vht.com/CBI/T50406583/nobranding








MLS #08576897

A

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MLS #08576897

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MLS #08673653Cloud CMA

PROPERTY DETAILS

$290,000

Listing informationMLS#: 08673653 Beds: Sq Ft: List Date:Status: Baths: 0/0 Year Built: Sold Date:

Remarks

Information is deemed reliable but not guaranteed.






PROPERTY DETAILS

$150,000


Remarks







PROPERTY DETAILS

$156,000


Remarks







PROPERTY DETAILS

$158,000


Remarks







PROPERTY DETAILS

$164,000


Remarks







PROPERTY DETAILS

$165,000


Remarks







PROPERTY DETAILS

$239,000


Remarks







PROPERTY DETAILS

$245,000


Remarks







PROPERTY DETAILS

$247,000


Remarks







PROPERTY DETAILS

$249,900


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PROPERTY DETAILS

$252,900


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PROPERTY DETAILS

$95,000


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PROPERTY DETAILS

$130,000


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PROPERTY DETAILS

$0


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ANALYSIS

Sold Listings

Number of listings 10

Lowest price $134,000

Average price $290,650

Highest price $635,000

Avg price per sqft $148

Avg DOM 175

Cancelled Listings






Avg DOM 98

Active Listings






Avg DOM 284

Cloud CMA

COMPARABLE PROPERTY STATISTICS





ANALYSISCloud CMA

ONLINE VALUATION ANALYSIS

Sold Listings

Address Sold Date Sold Price Zestimate Difference50 North Plum Grove Road, Unit803 9/12/14 $315,000 $233,810 -25.77%

50 North Plum Grove Road, Unit302E 5/2/14 $218,000 $233,810 7.25%

50 North Plum Grove Road, Unit802E 3/31/14 $635,000 $233,810 -63.18%

50 North Plum Grove Road, Unit205 2/21/13 $134,000 $233,810 74.49%

50 North Plum Grove Road, Unit209E 8/29/12 $200,000 $233,810 16.91%




50 North Plum Grove Road, Unit801 7/23/12 $312,500 $233,810 -25.18%


Sold Averages $290,650 $233,810 -5.29%

Cancelled Listings

Address List Price Zestimate Difference50 North Plum Grove Road, Unit 803 $399,900 $233,810 -41.53%

Active Listings

Address List Price Zestimate Difference50 North Plum Grove Road, Unit 611 $550,000 $233,810 -57.49%

Source: MRED


http://www.zillow.com/homedetails/50-N-Plum-Grove-Rd-UNIT-302E-Palatine-IL-60067/87709761_zpid/












http://www.zillow.com

http://www.zillow.com




ANALYSISCloud CMA

SOLD PROPERTY ANALYSIS

Address List Price Sold Price Difference DOM $ per Sqft50 North Plum Grove Road, Unit 803 $374,900 $315,000 -15.98% 316 $6350 North Plum Grove Road, Unit 302E $229,900 $218,000 -5.18% 53 $17050 North Plum Grove Road, Unit 802E $649,900 $635,000 -2.29% 29 $19850 North Plum Grove Road, Unit 205 $145,000 $134,000 -7.59% 139 $13450 North Plum Grove Road, Unit 209E $220,000 $200,000 -9.09% 750 North Plum Grove Road, Unit 602E $449,900 $400,000 -11.09% 87 $13450 North Plum Grove Road, Unit 604 $265,000 $232,000 -12.45% 134 $18150 North Plum Grove Road, Unit 501E $249,900 $235,000 -5.96% 73 $14450 North Plum Grove Road, Unit 801 $349,900 $312,500 -10.69% 5850 North Plum Grove Road, Unit 605 $229,900 $225,000 -2.13% 855 $158

Sold Averages $316,430 $290,650 -8.15% 175 $148





INFOCloud CMA

COMMISSION DISTRIBUTION

Real Estate AgentsNearly nine out of 10 real estate agents work on commission, and are paid only when the transactioncloses. Except for the legal profession, real estate agents are the only fiduciaries and agents who workthis way.

Commissions are paid according to the terms of twocontracts - the listing agreement, and the salescontract.

To simplify how commissions are routed, the realestate industry customarily allows all salescommissions to be paid out of the seller's proceeds,according to the terms of the listing agreement.

BrokersAccording to licensing law, only licensed brokers canserve as fiduciaries. They have “agents” or licensedsalespeople who work for them, but they have thelegal responsibilities of operating the brokerage. Thesalesperson license allows salespeople to serve asagents of the broker. They can negotiate contracts,but the seller is actually negotiating with the broker,by proxy. It’s the broker’s company name andsignature on the listing contract.

DistributionOnce the home is listed in the Multiple ListingService (MLS), the listing broker discloses the termsof the commissions to other competing brokers, so they will bring their buyers to the listing. When thebuyer’s broker presents a contract to the seller, it will include a provision to collect their share of the salescommission, as offered by the listing agent in the MLS.

That means a commission can be split as many as four ways:

• Listing broker or agent• Listing salesperson• Buyer’s broker or agent• Buyer’s salesperson

At closing, the listing agent is paid by the escrow agent out of the seller’s proceeds, or a day or two laterwhen the buyer’s loan is funded by the lender. The listing agent, in turn, pays the buyer’s agent his or hershare of the sales commission.

All commissions are negotiable, but sellers should keep in mind that commissions are incentives.





INFOCloud CMA

WHY YOU NEED A REAL ESTATE PROFESSIONAL

If you’re planning to sell your home, it’s probably crossed your mind to try to sell it yourself and save thesales commission. But, there are some very good reasons why that would be a mistake.

According to housing industry experts at HomeGain.com and Realtor.org, more homes listed by realestate agents are sold than homes marketed by owners, and they sell more quickly and for more money.

Homes listed by real estate professionals get more exposure and their sellers get more support. Realestate professionals offer many advantages:

• They’re trained and licensed professionals.• They have experience in your neighborhood and your market.• They have oversight from brokers and state licensing officials.• Their job is to advise you the best way to reach your goals.• Their continuing education keeps them up-to-date on housing issues.• They know how to present your home and deal with buyers.• They know how and where to market properties.• They know how to overcome typical snags that occur in all real estate transactions and closings.• They understand state-required disclosures and look out for your best interests.• They understand personal safety and security for your belongings during showings.• They know the best resources to make transactions go more smoothly, from bankers to home-

stagers to contractors.• They have the most accurate data sources – the MLS, the only data repository that has the most up-

to-date listing and sales information.• They know how to negotiate.• Their job is making real estate transactions successful.

When you market your own home, you have to make the time to do all the jobs a real estate professionalwould do, and you’ll be competing against other sellers who have real estate professionals by their sides.

If you can’t leave work to show your home, or you feel it requires more knowledge and experience thanyou have, you can’t go wrong by hiring a well-respected real estate professional.





INFOCloud CMA

INTELLIGENT PRICING AND TIMING

Pricing a home for sale is as much art as science, but there are a few truisms that never change.

• Fair market value attracts buyers, overpricing never does.• The first two weeks of marketing are crucial.• The market never lies, but it can change its mind.

Fair market value is what a willing buyer and a willing seller agree by contract is a fair price for the home.Values can be impacted by a wide range of reasons but the two largest are location and condition.Generally, fair market value can be determined by comparables - other similar homes that have sold orare currently for sale in the same area.

Sellers often view their homes as special which tempts them to put a higher price on the home, believingthey can always come down later, but that’s a serious mistake.

Overpricing prevents the very buyers who are eligible to buy the home from ever seeing it. Most buyersshop by price range, and look for the best value in that range.





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INTELLIGENT PRICING AND TIMING

Your best chance of selling your home is in the first two weeks of marketing. Your home is fresh andexciting to buyers and to their agents.

With a sign in the yard, a description in the local Multiple Listing Service, distribution across the Internet,open houses, broker’s caravan, ads, and email blasts to your listing agent’s buyers, your home will getthe greatest flurry of attention and interest in the first two weeks.

If you don’t get many showings or offers, you’ve probably overpriced your home, and it’s not comparingwell to the competition. Since you can’t change the location, you’ll have to improve the home’s conditionor lower the price.

Consult with your agent and ask for feedback. Perhaps you can do a little more to spruce up your home’scurb appeal, or perhaps stage the interior to better advantage.

The market can always change its mind and give your home another chance, but by then you’ve lostprecious time and perhaps allowed a stigma to cloud your home’s value.

Intelligent pricing isn’t about getting the most for your home – it’s about getting your home sold quickly atfair market value.





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CURB APPEAL, A FIRST IMPRESSION THAT LASTS

First ImpressionsMost buyers form their first impression of your home before they even get out of their cars. This is “curbappeal,” or the view from the curb that tells the buyer how attractive and well-maintained your home iscompared to other homes. In a competitive market, it takes more than trimming the hedges and plantinga few flowers to create curb appeal.

The exterior of your home must be in pristine condition – freshly painted, cleared of clutter, with novisible repairs needed. A broken step, overgrown bush, or abandoned toys in the yard can spoil theappearance and your buyer’s first impression.

Curb AppealCurb appeal is important because it sets the tone for what the buyer is going to see inside. If the buyerlikes the exterior, he or she will be predisposed to also like the interior and you’re that much closer toselling your home. To see what needs to be done to sell your home faster and for a higher price, gooutside, stand on the curb and try to look at your home the way the buyer will.

Walkways/driveways - Make sure walkways are clear of snow, weeds, or debris. Repair or replacecracked steps or pavers. Driveways should also be clear of vehicles, toys and debris. Park cars in thegarage.

Landscaping - Keep your lawn mowed, edged and watered. Prune dead branches and plants. Weedflower beds and replace leggy, thin landscaping with fresh plants and flowers.

Exterior - Replace loose or damaged roof shingles, clean the gutters, and paint and caulk window trimand doors. Repaint the front door an eye-catching color that complements the rest of the exterior.Replace broken windows.

Entry - Power wash siding, brick, windows, and porches. Paint or replace furniture such as rockingchairs or porch swings. Replace mailboxes, light fixtures, door knobs or any other fixture that looks lessthan fresh. Put out a welcoming new floormat.

Some parts of your home may require more work than others, but it’s well worth it to get buyers eager tosee what’s inside.





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SHOWINGS AND OPEN HOUSE CHECKLIST

Once your home goes on the market, real estate agents may call to show your home anytime, day orevening. Keeping your home "showtime" ready can be challenging, especially if you have children andpets.

Showings & Open House checklist• Eliminate clutter: Not only is clutter unattractive, it’s time-consuming to sort through and expensive

for you to move. If you have a lot of stuff, collections, and family mementoes, you would be better offrenting a small storage unit for a few months.

• Keep, donate, throw away: Go through your belongings and put them into one of these threebaskets. You’ll receive more in tax benefits for your donations than pennies on the dollar at a garagesale. It’s faster, more efficient and you’ll help more people.

• Remove temptations: Take valuable jewelry and collectibles to a safety deposit box, a safe, orstore them in a secure location.

• Remove breakables: Figurines, china, crystal and other breakables should be packed and putaway in the garage or storage.

• Be hospitable: You want your home to look like a home. Stage it to show the possibilities, perhapsset the table, or put a throw on the chair by the fireplace with a bookmarked book on the table.

• Have a family plan of action: Sometimes showings aren’t convenient. You can always refuse ashowing, but do you really want to? If you have a showing with little notice, get the family engaged.Everyone has a basket and picks up glasses, plates, newspapers, or anything left lying about.

• Get in the habit: Wash dishes immediately after meals. Clean off countertops. Make beds in themorning. Keep pet toys and beds washed and smelling fresh.

• Clean out the garage and attic: Buyers want to see what kind of storage there is.

The Essential Five-minute Clean-up for ShowingsEveryone gets their baskets and cleans up clutter. Check for hazards, like toys left on the floor. Makesure all toys, including bicycles, are put away.

• Put pets in daycare, sleep cages or take them with you: In the listing instructions, there shouldbe a warning if there is a big dog on premises. Buyers with allergies also may appreciate knowing inadvance if you have pets.

• Turn on lights: Open the drapes, turn on lights so buyers can really see.• Give the buyer privacy: The buyer can not come to your home without being accompanied by an

agent. The buyer can assess your home more honestly without your presence.





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MOVING CHECKLIST

Moving to a new home can be an exciting journey. Whether you’re changing cities or neighborhoods, amove is not only a change in scenery, it’s the start of a new chapter in life. Yet, moving can also be verystressful, often seeming like one thing after another has to be done. By finding the right moving serviceand having a good, though flexible, moving plan, most of the common moving headaches can be easilyavoided.

Start planning your moveFinding the best mover for your particular needs and at the right price involves a simple evaluation ofyour needs. Like many service-oriented industries, the moving companies of today have expanded tooffer a wide range of services in order to be competitive. From planning your move, to storing yourthings, to packing and unpacking, to decorating and organizing your belongings in your new home, youcan choose the extent of services you require and have them tailored to suit your moving budget.

Deciding what to pack isn’t as simple as it sounds, particularly if you’re downsizing, but the amount ofgoods as well as the type of goods you’re moving can make a big difference in which mover you chooseand how much you’ll spend.

A good rule of thumb is to group items into no more than three categories - Keep, Donate, Throw Away.Label your things according to the rooms where they’ll be moved – bedroom #2, first floor powder bathby stairs, etc. Provide your movers with copies of the floorplan of your new home, so they can movemore efficiently without having to stop and ask you where things go. Lastly, remember that the movers,though they are professionals, will get tired. On the Chicago-based Bernard Movers website, the moversadvise keeping boxes under 50 pounds whenever possible. They also strongly recommend puttingheavier items in smaller boxes to reduce bulkiness, and lighter items in larger boxes with proper labelinglike "topload."

Get referralsAccording to Mayflower.com, one of the nation’s most recognized movers, finding a good moving servicebegins with asking someone you know - a family member, coworker or a friend about their movingexperiences, good or bad. Who do you know who works with people who frequently move? Your realestate professional can also be an excellent source of information. And if you’re being transferred, askyour relocation agent which moving companies their company recommends. Other employees of yourcompany who have preceded your relocation may also be able to suggest a reputable mover.

Large industry organizations such as American Moving and Storage Association have associatemembers listed on their Web sites. These associate moving company members must agree to abide bythe terms of the organization's published tariffs and to participate in the Arbitration Program sponsoredby the organization, which may be positive for consumers. Although the AMSA doesn't recommendmovers, a list of members is posted on the site, along with helpful hints. The AMSA does suggest gettingseveral estimates in order to compare cost and range of services.

Consumer organizations such as the Better Business Bureau can give you additional insights. If thecompany is registered through BBB, then you can find all relevant information from their corporate





address, BBB rating, if there are any complaints against the company, the names of any and allmanagement, and any specific licensing that your state may require. Of course one of the many placesto start looking for your mover is the Internet. Online you can find and compare many moving companies’services on their websites.

Comparing moversWhen you compare price and service estimates from several moving companies, you will find thatestimates are based on the weight of your household items, the distance they will be moved, and theamount of packing and other services you will require. Be sure to show the estimator every single itemthat will be moved. Find out if your mover accepts credit cards, third-party payments from your company,or whether the mover operates by cash only. Negotiations with your mover should include a clearunderstanding of rates and charges that will apply, the mover's liability for your belongings, pick-up anddelivery schedules, and claims protection. For example, if you decide to pack some of your own things,your mover will not be liable. If your estimate is binding, it will not cover non-itemized items. Non-bindingestimates are not guaranteed rates, and only cover the weight of your shipment, and the cost of themoving services. An estimate still has to be performed before a mover will provide you with a bindingcontract.

If you are moving interstate, you should read and understand all of the information you will receive. Inaddition to brochures explaining their various services, moving companies should give you a copy of aconsumer booklet entitled "Your Rights and Responsibilities When You Move" and information regardingthe mover's participation in a Dispute Settlement Program. Distribution of the consumer booklet and therequirement that movers must offer shippers neutral arbitration as a means of settling disputes that mayarise concerning loss or damage on household goods shipments are requirements of the FederalHighway Administration (FHWA).

Be preparedEven in the most well-planned moves, something can happen. Insurance is crucial. Check with yourhomeowner’s insurance carrier about coverage for your belongings while moving. Your mover willprovide either released value insurance (about $0.60 per pound of goods lost or damaged, according toNAVL.com) or full replacement value, which you must sign for on your bill of lading. If you are not surehow to estimate the value of your belongings for insurance purposes, your insurance carrier may providesuggestions, such as $10,000 per room or half the value of the new home. Items of special value such asheirlooms, paintings, or collectibles can be insured under separate riders. In the event of damage to anitem, file a claim immediately. Be sure to save the packing materials to show to the adjuster, should therebe any problems.





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FEATURES THAT SELL

According to the National Association of REALTORS® latest profile of homebuyers and sellers, buyersplan to occupy their homes for the next 10 years. They want homes that offer the room, flexibility andcomfort they anticipate they will need for a long time. Over three out of four buyers chose a detachedhome, while attached homes - condos and townhomes - were favored by single homebuyers and buyerswithout children.

Buyers TodayThe median-sized existing home purchased in 2010 was built in 1990, with 1,780 square feet, threebedrooms and two bathrooms. Size mattered most, while the home's condition came in a close second.Buyers in multiple surveys expressed concerns over operating costs. They want energy-efficientappliances, windows, water and operating systems. They're also carefully considered commuting coststo jobs, schools and other destinations. Overall, they’re buying smaller homes closer to the inner city.

A study by The National Association of Home Builders found that buyers are interested in saving onsquare footage, but they want a gracious, but casual ambiance. It's likely that new homes by 2015 willreflect buyers' preferences for maximizing square footage with smaller entries, dining rooms and livingrooms, and awarding that square footage to a greater-sized family room and eat-in kitchen.

Must Have Features:• A walk-in closet in the master bedroom• Separate tub and shower in the master bath• A separate laundry room• Ceiling fans• First-floor master• Two-car garage• Insulated front door• 9-foot ceilings on first level

Buyers want homes that are sustainable and affordable, more than homes that are impressive to others.For that reason, builders predict that homes of the future will continue to be smaller and more energy-efficient, with far better space-planning, storage and utility than existing homes have today.





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SELLING YOUR HOME IN A TOUGH MARKET

When home prices fall, supplies of homes for sale increase, and buyers become more demanding, it’s abuyer’s market. That doesn’t mean you can’t sell your home for a fair price. You just have to work harderto make it happen.

A buyer’s market is not the time to represent yourself. It may be tempting to recoup some equity by notpaying a real estate agent, but you’ll lose more than you’ll gain. A real estate professional can give youan accurate overview of the market, help you with strategies, and bring offers from qualified buyers.

Make your home pristineIn a buyer’s market, only location and condition can move buyers to pay more for any home. You can’tdo anything about location, but you can take condition out of the equation. There’s a huge differencebetween a home that “doesn’t need a thing” and a home that “needs work.” Show pride of ownership byputting your home in top move-in condition so that your home is more appealing to buyers than any otherhome in your price range.

Price it rightYou can expect lowball offers in a buyer’s market, but homes that are priced fairly and in pristinecondition will be treated with more respect by buyers.Pricing according to recent sold comparables mightnot be as smart as pricing to pending sales – those yet to close. You have to know what your bottom lineis, but pricing your home should have nothing to do with how much you owe creditors, how much cashyou need to buy your next home or how much you need for your retirement or any other reason. Buyerswill only pay current or pending market value as determined by the most recent comparables.

Keep negotiations pleasantNegotiation is a fine art, and typically works best when both parties get what they want. For example, youmay be willing to take less money in exchange for a cash offer or a quicker closing. Your buyer may bewilling to pay your asking price, but they may ask you to pay their closing costs. You’ll quickly realize ifyou’re dealing with a sincere buyer. Respond to the buyer's negotiations with documentation, receiptsand other information in a timely manner. If you feel the buyer isn’t negotiating in good faith, simply stopnegotiations. You’re under no obligation to respond to an unreasonable offer. The buyer will get themessage. Buyer’s markets work for sellers, too. Keep in mind that when you buy your next home, you’llbe able to take advantage of falling prices, too. Think about the future – that you can repurchase morehome for less money next time. It all evens out.





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NEGOTIATING WITH BUYERS

Sellers today have to do more to attract buyers and offers than ever before. When offers come in,sometimes they are low or have conditions that have to be negotiated. As a seller, you can be proactivebefore the offers come in to make sure negotiations are kept to a minimum and in your favor.

Negotiate by planning aheadBefore you begin negotiations with any buyer, make sure you have the upper hand by removing anysticking points in advance.

Price your home to sell at or below current market comparables and you’ll more likely receive seriousoffers close to your asking price. Put your home in spotless move-in condition, with no visible repairsneeded. De-clutter your home, deep clean it, paint it and repair it, and keep it “show-ready” every day it’son the market. Get your home inspected so you know where issues are and can correct them before theybecome negotiating points that cost you money.

Buyers respond well to fair pricing and a “model home” appearance. Your buyer has less to negotiate,and will more likely make an offer closer to asking price.

When the offer comes inBuyers sometimes test sellers with low offers, but don’t get upset or discouraged. If the offer is too low,simply have your agent return the offer with a copy of recent comparables to show that your home ispriced fairly at current market value. They will get the message, and either come back with a reasonableoffer, or move on to another home. If the offer is low, but close to what you want, study the termscarefully, adding up possible expenses such as paying the buyer’s closing costs. Ask for the buyer’sreasoning behind the offer to give you insight into the buyer's mindset. Could the buyer be trying to buymore house than he or she can afford? Could a change of financing help get closer to your price? Canyou afford to help with the buyer's closing costs if he or she will raise the offer price?

Before you agree, make sure the buyer is preapproved with a lender and working with a real estateprofessional. Serious buyers have access to the same comparables as you do, so a buyer working with areal estate professional is more likely to be preapproved by a lender and informed of current marketconditions. A full price offer doesn’t mean negotiations are over. It could signal that the buyer intends tonegotiate a lot of repairs or refurbishing costs during the inspection period. Stay calm and reasonable.

If you’ve done your homework – priced and prepared your home for the highest, best offer, your homewill sell at a fair price.





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WHAT IS A SHORT SALE?

Short SalesMany sellers are finding that their homes cannot be sold for enough to cover the mortgage lien on theirproperties. So they sell “short” by getting the mortgage lender to accept less than what they owe to clearthe mortgage debt. Distressed home sales recently accounted for more than one-third of home sales,according to the National Association of REALTORS®. Lenders are already inundated with inventory thatis expensive for them to maintain. They want to sell loans, not manage property.

Why would lenders allow a short sale?Lenders will allow you to sell short if you meet the following criteria:

• Has the home’s market value dropped below what you currently owe on your mortgage, according torecent comparable homes sold in your area?

• Are your payments current? Current payments may not rule out a short sale if other factors areleading to foreclosure.

• Can you show distress? Unemployment, bankruptcy, death or divorce are all hardships the lenderwill consider.

• Do you have a buyer? Prepare a Net Sheet that shows the sale price you will receive, costs of thesale, unpaid loan balances, outstanding payments and late fees.

• Do you qualify for the Making Home Affordable government refinancing or loan modificationprogram? If you purchased your home before January 1, 2009, and are having trouble making yourpayments, you could be eligible for modification of your loan’s terms. See:http://www.makinghomeaffordable.gov/modification_eligibility.html

Contact your lender and ask to speak to a decision maker who is authorized to approve your short sale.Provide a statement letter detailing your circumstances such as loss of job, medical problems, orwhatever has caused your financial distress. Be willing to supply proof of assets, including recent bankstatements, savings accounts, money market accounts, and anything else of tangible value. The lendermay want to go back six months or a year to see your credit history. Show the lender your buyer’spurchase offer along with a comparative market analysis from your listing agent.

The key to a successful short sale is to get started on a solution early. Contact your lender for help,before you get behind on your mortgage payments.


http://www.makinghomeaffordable.gov/modification_eligibility.html




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ONLINE HOME VALUES AND YOUR HOME

Plenty of sellers have visited online home valuation sites such as Zillow, Trulia, eAppraisal, and othersonly to be shocked at the value of their homes.

Most sellers are pleased when the values appear higher than they expected, but many online valuationscome in far lower.

Online ValuationsEstimating a home’s market value is far from an exact science. What these sites attempt to do is providegreater transparency to homebuyers and sellers by making data derived from public records,more…public. They publish what you paid for your home and how much you pay in taxes. Many havesatellite views so accurate they can spot your cat laying on the front porch.

How do they do it? Home valuation sites contract with major title companies such as First American toobtain county tax roll data. All property is registered with the county for property taxing purposes. Theyalso find ways to become members of local multiple listing services, which are either subsidiaries of realestate associations or owned by local real estate brokers. That way, they have access to listing data.

Between tax roll data and listing data, home valuation sites apply their own secret sauce, or algorithm tocome up with “zestimates” or approximate values of what homes are worth.

Sometimes the results are spot on, but they can also be terribly inaccurate. First, transaction data has tobe recorded with the county, which could take weeks. But, what alters the algorithm most is thatproperties not currently on the market are included in the data. The algorithms can’t possibly showwhether or not a home has been updated, how well it’s maintained, or esoteric values such as curbappeal and views.

For that reason, online valuations should be used only as one of many tools to estimate a home’s value.

Ask your real estate professional for their expert analysisAsk your real estate professional for a comparative market analysis, or CMA. He or she can show youthe most recent listings and sold comparables, accurate to within hours or a few days at most.

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HOW CMAS CAN VARY

Whether you are buying or selling a home, your real estate professional can give you a snapshot of thelocal market known as the competitive or comparative market analysis or CMA.

CMAs are generated from multiple listing service data. They’re convenient reports that help sellerschoose a listing price and buyers to make offers on a given home.

CMAs vary greatly depending on the search parameters that are input by the real estate professional, bytype of home (detached vs. attached), zip code or by street, number of bedrooms, baths and living areas,square footage, and numerous other search criteria.

They also tell you which homes have recently sold - six months, three months, one month, and whichhomes are currently on the market in the area and price range you’re interested in. As many fields ofinformation as there are, some criteria simply can’t be listed in a CMA. If the MLS has a field for “oceanviews,” you’ll know. But if not, you’ll have to learn more in the remarks section that is filled in by the listingagent. There you might find “great views.” But who is to say what makes a great view?

CMAs results may vary even between identical homesOne property may simply offer better drive-up appeal or is in better condition than the other, and that willbe reflected in the sales price.

Last, buyer and seller motivation can’t be quantified. You don’t know why a seller agreed to take less fortheir home or why a buyer paid more for another home. Family problems, corporate relocations and otherreasons all play a role. What you can learn from the CMA is how long the home took to sell. If it wasquick, the seller was highly motivated. If it didn’t, it was probably overpriced.

CMAs are ToolsFor these reasons, CMAs are not home valuations. They are tools to use alongside your real estateprofessional’s knowledge of the market. They may have house-to-house knowledge of the market and beable to tell you why they think one home sold for more than another.





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CMAS VS APPRAISALS

Market ValueEstablishing a home’s market value is equally important to buyers, sellers, lenders and real estateprofessionals so that transactions can proceed quickly and efficiently. A real estate professional mayprepare a comparative or comprehensive market analysis (CMA) for their sellers to help them choose alisting price. The CMA includes recently sold homes and homes for sale in the seller’s neighborhood thatare most similar to the seller’s home in appearance, features, and general price range.

Home ValueAlthough the CMA is used to help determine current market value, it does not establish the seller’s homevalue. In fact, the seller’s home is typically not even featured in the CMA. The CMA is merely a guide tohelp the seller learn what’s happening in their local market, so they can better understand where theirhome fits in term of price ranges, based on location, features and condition. Once the home is listed onthe open market, a buyer makes an offer, usually based in part on a CMA the buyer’s agent hasprepared. CMAs can help buyers better understand the local market as well as sellers. If the buyer isreceiving financing through a bank, the bank will order an appraisal. Unlike the CMA, a bank appraisal isa professional determination of a home’s value. It’s performed by a licensed appraiser, using guidelinesestablished by the Federal Housing Finance Agency, which regulates federal housing loan guarantorssuch as FHA, VA and housing loan purchasers Fannie Mae and Freddie Mac.

AppraisalAn appraisal is a comprehensive look at a home’s location, condition, and eligibility for federalguarantees. For example, a home that doesn’t meet safety requirements such as handrails on steps willnot be eligible for FHA or VA loans until the handrail is installed or repaired. Appraisers use the samedata in their market research to find comparable homes as REALTORS® do. They are also members ofthe MLS, but they also have additional guidelines from the bank to follow that minimize risk to the bank.They may take off value for slow-moving markets, or markets with high rates of foreclosures. If prices arefalling, the appraiser takes the number of days a home has been on the market far more conservatively.

When the appraisal is finished, the bank makes the decision to fund the loan, or it may require the sellerto fix certain items and show proof that the repairs have been made before letting the loan proceed. If theloan doesn’t meet lending guidelines, the bank will decline the loan. Despite stricter lending andappraisal standards, most buyers’ loan applications go through to closing – nearly 85 percent. Onereason for that is that real estate agents are preparing CMAs that are better tuned to lending standards,for sellers and buyers to better understand not only what the market is doing, but how much lenders arewilling to finance.





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SHORT SALES AND FORECLOSURES

Distressed PropertyShort sales and foreclosures are the result of homeowners in distress. A “short sale” simply means thehomeowner’s lender has given permission to the homeowner to sell the home for less than the remainingbalance of the loan.

To accomplish this, the seller must show the lender why they are in distress, such as job loss or illness,or that home values have fallen to the point that the seller doesn’t have enough equity in the home tobreak even or sell at a profit. If the seller can show means to continue paying the note, it’s unlikely thebank will grant a short sale, but if it appears the seller is about to default, the bank may agree to a shortsale in order to minimize its losses.

The terms of the short sale allow the seller to walk away from the mortgage while avoiding foreclosure,but the loss to the lender will be reflected in the seller’s credit report, possibly delaying their ability torepurchase a home in the near future. At the least, the next lender will require more down or demand ahigher interest rate.

Foreclosure ProceedingsOnce a homeowner defaults on mortgage payments, the bank begins foreclosure proceedings. Thehomeowner has many chances to stop the sale by paying the amount owed, until the home is put into apublic auction. At that point, the homeowners loses all ability to retrieve the home. If the home does notsell at auction, it’s taken back by the bank as an “REO” which stands for real estate owned. The homethen becomes an asset holding of the bank. REOs are managed by asset managers who are employedor contracted by the bank. REOs are put on the open market, often with a real estate professional whospecializes in distressed sales. Foreclosures that are purchased this way typically are sold “as-is,” whichmeans the bank has no intention to make environmental or structural repairs. So, buyer beware. When abuyer makes an offer on an REO, the asset manager decides whether or not to counter or accept, andstrives to get as close to or above the original loan amount as possible.

The Price of a BargainWhile short sales and foreclosures can be bargains to buyers, they don’t come without a price. Becausethe lender is losing money on both short sales and foreclosures, the process to buy these homes takeslonger and offers no guarantees to buyers. The length of time they are on the market, deferredmaintenance, and stigma hurts surrounding home values, as much as 20 percent, according to theNational Association of REALTORS®. Buyers should know that building equity takes time, and that thebest home to own is the one you can comfortably afford.





INTROCloud CMA

THE VALUE OF YOUR HOME

In a neighborhood of similar homes, why is one worth more than another? That’s the question that’steased buyers and sellers for ages, but the answer is simple.

Every home is different.When a home is sold, a willing seller and a willing buyer have just announced to the world the value ofthat home. From there, other similar homes are benchmarked, but other factors come into play. The mostimportant are:

Location - The closer a home is to jobs, parks, transportation, schools, and community services, themore desirable it is.

Size - Square footage impacts home values because they’re built using more materials. Larger lot sizesmean more privacy.

Number of bedrooms and baths - Over time, median homes have grown larger. Decades ago,household members shared bedrooms and baths without complaint, but today, families want moreprivacy. The median home purchased today is a three-bedroom, two-bath home.

Features and finishes - Features such as outdoor kitchens and spa baths make a home more luxurious.A home finished with hardwood floors and granite countertops is going to cost more than a home withcarpet and laminate countertops.

Condition - The closer a home is to new construction, the more it will retain its value. It’s perceived asmore modern, up to date, and perhaps safer. Homes that are not updated or in poor repair sell for less.It’s a good idea for homeowners to keep their homes updated and in top repair.

Curb appeal - From the street, the home looks clean, fresh, and inviting. Fresh landscaping and flowerswon’t change the size or location, but they certainly add charm.

When two homes are identical in the same neighborhood, a higher price may come down to somethingas simple as views, or paint colors, or the overall taste of the homeowner.

Valuing a home will never be an exact science, but if you buy wisely, keep your home updated and ingood repair, you should recoup most if not all of your investment.





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SAMEENA HUSSAIN

Call Sameena Hussain 630-234-0910 for showing appointment.





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