Sell By Owner and Get 10 Offers By This Weekend!

Super Charge Your For Sale by Owner!
As with all professions, the good ones who last the longest and are the most successful, are also the ones who gain experience on what works and what doesn’t.  Here’s how a real estate agent would sell their home in a weekend.  And, as a bonus- see my link for a e-booklet below on Selling By Owner for more tips.  20+ Secrets -The Ultimate Guide for Selling Your Home By Owner

black dslr camera mounted on black tripod

Photo by PhotoMIX Ltd. on Pexels.com

Picture it
Before your opening weekend, spend a day cleaning and decluttering your home and you won’t regret it when the photographer comes to take beauty shots of the interior and exterior.  Hire a U Haul and clear out the funky junk.  Folks want to see your home as a gem, not a lump of coal.  Everything is already fixed and clean, from the freshly mowed lawn, to the sparkling clean windows.

No matter where you post your ad, Craigslist, Facebook, Instagram or Zillow, the photos will be the first thing buyers will see.  Adding a slideshow and video walk through are also great ways to showcase your home.  Paying a bit extra to have your ad at the top of the page as a preferred home will be expensive but well worth it to ensure extra eyes are seeing your home.

Realtor Tip- upgrade to a 3D walk through or hire a drone operator to get some amazing high def video shots.  This works especially well for estate properties or on bigger lots.

Auction it
After taking a lot of time to clean up the home, and getting amazing photos, don’t short change yourself on the price!  If you haven’t gotten a professional market analysis done, and you want to really test the market conditions, put it up for sale on an Auction site and see if you get any bids.  An over priced home will not generate any interest.  A home that is 10-15% over market value might get a nibble, so at least you’ll know roughly how far off you are.

Residential properties tend to sell for higher amounts on the MLS, which is another reason seasoned investors avoid it.  Property investors seek bargains on auction sites.  Many times, home owners risk underselling their property on auction sites, hoping to get a huge bidding war.  Starting out at a low price point and waiting a week for an auction to conclude may be a disappointment if you get no bids.

Realtor Tip- Put the property on auction, with a reserve, and you won’t have to worry about canceling the auction later, as long as no one meets your reserve price.

group of people reading book sitting on chair

Photo by Helena Lopes on Pexels.com

Open House Meet N Greets
If you’re going to spend time on an Open House, go big!  First impressions matter so invite the neighbors, family, and friends, fill up the block and driveway, and bring out the goodies.  Be sure to use a sign in sheet for your guests and get phone numbers for follow up calls.  Don’t forget to include the local brokers.  Agents love your open houses!  These folks are interested in your home for a very good reason.  They have buyers, connections, and expertise, to do what you are trying to do as a side business.

On the downside, open houses also let in a lot of folks who don’t have a dime to their name, but really would love to buy your home.  If you have patience and a lot of time, one of these looky-loo folks can turn into your buyer, but getting them pre-approved may be a challenge.

Realtor Tip- Have a list of local mortgage lenders handy to help follow up with these potential buyers for you, to turn a “looky loo” into a Ready To Go Buyer!

woman wears beige suit hand shaking man wear suit

Photo by rawpixel.com on Pexels.com

Coordinate and network with local Realtors
Agents selling their own home would always run a market analysis first.  And for sale by owners should too.  Call up the local agents in the area and use their  pro skills and leverage them.  See if you can get free market reports and a CMA.  Ask them when they are doing open houses in your area so you can add yours to the list.  Don’t be invisible to agents who are active in your area.  And reconsider offering a buyer’s agent fee.  A service to find you a buyer is worth every penny and reduces the hassle and aggravation of waiting for an offer.  Not every home seller has the luxury of 700 days to sit on the market.

Realtor Tip- Stubbornness is admirable, but it won’t help sell your home if you’re overpriced.

Use social media to spread the word your property is for sale
Social media is so easy, a teenager can do it!  Unfortunately, if your teenager tells 100 of their friends about your house being for sale, it is still unlikely you’ll get any offers.  Why?  Because unless they are all nearby friends who have families that are looking to buy a home in your neighborhood, you’ll be hitting the wrong audience.  Take it from someone who has adjusted her social media advertising year over year for 11+ years.  Targeted social media can find the right folks a lot faster.

Realtor Tip-Advertising on social media is not so simple these days.  That’s why I hire social media experts help to promote my listings, so I can be an expert on selling houses, not 10 different advertising platforms.

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Enjoy the attention and be ready to negotiate with everyone, at all price points
Opening the floodgates selling by owner is a wonderful opportunity to learn about folks in your area interested in buying a home.  The down side is some folks may bring in low ball offers, or be unqualified buyers, without a job or income.  Others may have no down payment or savings, and still are interested in buying your home, someday.  Without an agent to filter them, or a listing agent to screen out the lookie-loo’s, the entire world has broad access to your home.

On the bright side, you will have plenty of follow up calls to make and loads of market activity for the first week or two.  Getting the right offer from your weekend activity is well within your reach.

Realtor Tip-  A sign in the front yard for FSBO often signals a discount to investors, sometimes as much as 20% below your asking price!  They figure because you’re saving on agent commission, they can squeeze a little more cash or equity out of the deal.

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Bonus tip:
If you’ve been on the market more than 4 weeks with no offers, it might be time to re-consider your price point.

If you need a few more tips, I’ve put together an amazing guide for selling by owner.  You can download the e-booklet here:   20+ Secrets – The Ultimate Guide for Selling Your Home By Owner

No secrets among friends
The reality is, no licensed agent can tell exactly when offers will arrive, or at what price they come in at.  Agents will use all the tools they have at their disposal to sell their own home for top dollar, and stack the deck in their favor, just like anyone with pro skills would do for themselves.  A bricklayer is not going to short change his quality of materials on his own home.  A mechanic will put in higher quality parts on their own cars, knowing it will save them money down the line.

If you cut to the bottom line,  agents have a pro skills edge too.  It’s called the multiple listing service, the local MLS, and it’s not a secret that Zillow, Trulia,  Realtor.com,  and all the rest, use the MLS data.  Licensed agents put in their listings into the MLS to pool their information, making it the biggest database by a landslide.

The data in the MLS is highly regarded as top quality, extremely accurate, highly valuable, and is used by mortgage lenders, appraisers, inspectors, contractors, builders, attorneys, and many other professionals.   Agents must pay for their MLS access, even when selling their own home.  They would want the best exposure, and the fastest sale for the highest possible amount, and unless they are selling to a family member as a private sale, their own home will go into the MLS too.

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Did you know?

Fox Valley Homes is full of great marketing tips and ideas.  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes @ Charles Rutenberg Realty of Naperville, IL, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

2016-09-25

Contact me:

sitting-hs2

Jennifer Kinzle, e-PRO, SFR, B.S., Broker
Fox Valley Homes
Charles Rutenberg Realty of Naperville, IL
3135 Book Rd, Naperville, IL 60564
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValley-Property.com

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Charles Rutenberg Realty of Naperville, IL
3135 Book Rd, Naperville, IL 60564
LIC 481.010.165
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How Your Hot Temper Can Cost You

Got a Hot Temper?  It Could Cost You 6 Figures on your Home Sale!

It’s a lost art here in America, the Art of the Haggle.  We may click on a few auctions on Ebay, or see if the flea market guy will take a lower offer once in a while.  But Americans in general, are not the leading hagglers of the retail world.   Very often, our instinct is more of a Get-It-Now type, and rarely allows for the hint of disappointment, like on a Black Friday sale, or the near panic of “what if I’m not the winning bid?!”

people walking on street between concrete buildings

Photo by Irina Kostenich on Pexels.com

In many European countries, for example, the opening offer is just a starting point.  No one takes the first offer personally, or as an insult to get angry over.  Haggling over price is time honored tradition, and buyers and sellers easily separate the sale from themselves. Having an expectation like this helps sellers and buyers to allow an easy back and forth discussion on price, to come to acceptable terms.  Average Americans often prefer to speed through transactions.  They see a price tag and expect to pay it, and get a fast, done deal!

But wait, there’s an app for this too.  Gethaggle.com says it can help you negotiate with businesses to get a “personalized price”.  Or joining a membership based club can get snag discounts.  Costco offers a type of buyer’s discount program for vacations, cars, and thousands of bulk products at its stores.  But it’s unlikely you could get a price reduction from Costco directly as an individual.

A different kind of retail haggling?

But Americans are not without negotiating skills when it comes to getting a deal.  Many people today price match to avoid paying too much, while still not running through a full haggle on price.  They rely on internet based price comparisons and store price matching policies.  They snap a picture of the item and check first on Amazon, then the rest of the internet, to compare the price.

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Photo by Pixabay on Pexels.com

Price check my home!

Applying this retail price comparison skill, however, is impossible on properties.  How likely are you to find the exact same house online somewhere else for less? Even the best maps cannot produce the exact same house with all amenities the exact same.   The old rule of “all real estate is local” forms the basis of pricing properties.

Location is a key factor in real estate, just ask anyone with ocean front property.  The same ocean front top floor condo is far cheaper 6 blocks inland.  There is not going to be an app for bargaining on property due to its relative nature.  If there was, sites like ForSaleByOwner would have already surpassed the local MLS. But unlike a new car, or a new dress, no two properties are ever the exact same.  Even a new home builder will have different lots to build on, and some cost more than others.

Insult the house, not the owner

In the typical home sale, American home buyers decide what they like and what homes  are worth when they make an offer. Low ball offers run the risk of insulting the home sellers, and this could mean a huge loss for an angry seller.

Home sellers getting angry over a low ball offer won’t help increase the offer.  As we all know, home sales are very personal.  Sellers are often attached to a home, with fond memories of loving renovations, raising a family, and enjoying holiday traditions.  A home can seem like it is a part of you.  It is easy to see why home owners may get angry or upset over offers they feel are too low.  It feels like a value judgement on your home.

Low ball offers are an irritation, of course, but hot tempered home owners tend to take it as a personal insult, making the home sale about themselves being judged, instead of the property.  Fortunately, houses do not get insulted, only people.

angry phone call

Patient, consistent negotiations working with both sides, and skipping the angry outbursts, will get to the middle ground much faster.  A faster sale, for the best price, is what all real estate transactions strive to achieve.  Allowing heated emotions into the sale of their home just makes it more difficult to find a true buyer, because you may be limiting the pool of offers out there by angrily eliminating the low ball ones.

Plus, sellers need to realize if the buyers apply for a mortgage, a lender will seek an appraisal on the property.   A separate, third party appraisal may or may not meet the home sellers’ expectations of price.  In other words, just because you and the buyers agree on a price, the bank may not approve the mortgage amount.

Check Your Anger Management

The best way to lose a home sale completely is to be offended by an offer.  Losing a ready and willing buyer can cost thousands of dollars for a temperamental seller, when they find a different property to buy.  Instead, sellers should focus on making it about the home sale and the value the home offers, plain and simple.  Education is key and having an experienced Realtor who can bring accurate comparable home sales to the owner, is vital in retaining top dollar.  Knowing the market value before you list a home can save thousands of dollars and many hours of frustration.  An experienced agent can also be a great buffer to the buyers, as well as helping owners keep a cool head.

for sale by owner

Pro Tip: For Sale By Owners

Keeping your cool under the emotional pressure to sell your home is difficult when you get great offers.  Now imagine getting several low ball offers and it gets even harder.  Everything becomes much more personal when it’s your own home.  Unless you have professional negotiating skills, you could lose your deal if you lose your cool.  Be sure to keep your temper in check before letting a low ball offer go.  Even if you’re 100% sure that low ball will never work, give it shot.  They may just surprise you and meet you halfway.

 

Did you know?

Fox Valley Homes is full of great marketing tips and ideas.  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and wider Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes @ Charles Rutenberg Realty of Naperville, IL, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

2016-09-25

Contact me:

sitting-hs2

Jennifer Kinzle, e-PRO, SFR, Realtor, Broker
Fox Valley Homes
Charles Rutenberg Realty of Naperville, IL
3135 Book Rd, Naperville, IL 60564
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValley-Property.com

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Charles Rutenberg Realty of Illinois
3135 Book Rd, Naperville, IL 60564
LIC 481.010.165

Selling Invisible Homes

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It all started with a phone call.  The caller was very frustrated.

“Our home is in great condition, the location is excellent, I’ve got inside and outside photos in all four seasons, too!  We are priced right!  It’s been on the market for 4 months and I’ve had no offers!   Why haven’t I gotten an offer?” she said.

Let me take a moment to clarify.  This person was a For Sale By Owner and I know what you’re going to say:

“Save the commission, don’t list with an agent!”

Fair enough, but since I had already talked with this person about selling by owner, she didn’t hesitate to reach out when she got stuck.  Actually, I’m sure she called several agents to vent about the housing market, but I was the only one who told her what she needed to hear.

for sale by owner

First, let’s go over what she did right:

She got the best information (and most accurate data) she could on the market activity in her neighborhood, she got real estate agents to come preview the house, and she didn’t hesitate to use the knowledge they shared to de-clutter, stage and showcase the home to highlight its best features.

Unlike a lot of by owner sellers, she wasn’t afraid to entertain the idea of a buyer’s agent commission, which would open her up to a wider pool of home buyers.  This is all A+ work in the By Owner Classroom.

If it’s not price, it’s not condition, it’s not location, what else can it possibly be?

I had to give her the good news and the bad.

“I don’t think you’ve done anything wrong from what you’ve told me,” I said.  “You’ve done just about everything right.  The problem is,  you’re invisible.”

invisible house

How could a house possibly be invisible?
Top 4 Reasons Why Your House Could be Invisible:

1- You’re selling By Owner, but you didn’t get the home to show up widely on the internet
2-You’re overpriced for the market place
3-Your photos or video don’t work in your favor
4-You’re on the Private MLS and don’t want to be found (yet), like a pocket listing

In our scenario, the seller covered many of the essentials right out of the gate.  She didn’t mess around with dark photos, cluttered rooms, or a ridiculous price, and she knew to get the latest market info from local agents.  She even got the FSBO package that included yard signage.

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She just missed the mark on getting enough exposure via the internet from the biggest database for homes.  And it’s not Zillow, or Trulia, or Homes.com or even Realtor.com that have the biggest home database.  These are simply feeder sites across the internet.  They don’t hold the full database of homes on the market, not even close.  Every single one of these sites gets its data from one place, the local MLS database, where all the agents in the area put in their listings.  If you’re just listed on the tiny For Sale By Owner site, you’re missing out big exposure for the rest of the internet and your home is invisible.

You’re invisible because today’s buyers are internet savvy and look at buying homes online.  They can see photos and video on a big portal site like Zillow and share it with friends and family.  But when they are house hunting, they aren’t going to search past page 1 of Google to find a good website to look up houses.  They want something that is easy to use, like the  3 or 4 mentioned above.

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Unless you’re feeding it directly into MLS database resource, it’s not going to trickle down to the 3rd party feeder sites.

Think about it, if the FSBO.com and By Owner sites were so powerful, why bother listing it on the local MLS at all?  They wouldn’t need to put it any where else.  Why do they offer different price packages to home sellers?  The top notch packages offer the exposure to the MLS, some with a flat fee brokerage too.  It’s an upsell to get your home on the MLS, because they know that’s how to get the exposure that agents use.  If the FSBO sites think it’s a good idea to use the MLS, maybe you should reconsider it too.

The FSBO and By Owner sites won’t admit that selling a home is kicked off  via the internet. Photos and videos are a must, but if they don’t get fed to the big portals and get pushed out with the rest of the homes in your area via the internet, the listing gets lost.  And your home remains invisible to the internet, which in this case, makes a By Owner seller frustrated.

Have you been upsold by a FSBO site?  Did you get your home sold without help from the internet?  Let me know your stories below!

 

Hi, I’m Jennifer and I sell invisible homes.  I also sell normal houses and help buyers find great homes too!  Contact me below or reach out via Facebook.
Jennifer Kinzle, e-PRO, SFR Broker
Fox Valley Homes
Charles Rutenberg Realty of Naperville, IL
630-854-4360
FoxValleyHomes1@gmail.com
www.FoxValley-Property.com
Facebook: FoxValleyHomes-Jennifer Kinzle, broker SellMyFoxValleyHome

Charles Rutenberg Realty of Naperville, 3135 Book Rd, Naperville, IL 60563

 

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Ready for even more tips how to sell your home like a pro, including how to leverage auctions?  Don’t forget to check out my Podcast with more tips on Selling By Owner!

Fox Valley Property – Podcast – 5 Tips to Sell By Owner

 

Maximize Selling By Owner Now

Ready to sell your home By Owner? This is the blog post for you.  I’ll cover three tips in this post, plus even more in my podcast here:  Fox Valley Property – Podcast – 5 Tips to Sell By Owner
FSBO sign
Maximum Knowledge For Maximum Results!

Home owners can definitely sell their own home, it is just a matter of time, effort, sanity, marketing, and sheer will power.  Leveraging what is already in place is best, but owners that love to DIY, here’s what you need:  a home, lots of time, and more knowledge.  Pretty simple, right?  The biggest reason why By Owners fail to sell, is lack of knowledge, followed by time commitment.

#1-Your time is valuable.

Home selling is a time suck, and let’s face it, most home owners also work regular jobs.  But working a 9-5 day job, M-F shifts, or late nights, or are traveling for work, reduces the available time to show the home.  And not having the home immediately available  means the buyers may move on to the next one they can get inside to see.  This can cost you a valuable buyer.  It does eat in to your personal time, but scheduling home showings is absolutely vital to finding a buyer quickly.

If you are unable to show frequently, be sure to add extra market time to your expected sale date because if it takes you a week to do one showing, that can really slow down offers.  You need showings to generate offers.

Realtor Tip: My rule of thumb is 7.  After 7 days of showings with no offers, something is off and you should check your property price, condition and neighborhood market.

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Another way to look at your time being valuable is this:  If you’re at work being paid $50/hr, then you know exactly what your work is worth for 1 hour. Of course, the hours you put in to sell your home are Unpaid.  Your time is still worth a lot, but now you are dipping into your personal time, nights, weekends to market, show, clean and/or negotiate your home sale.

I add it up like paid sick time.  Lots of folks earn sick days, maybe 5 days a year. Who really wants to meet an unqualified buyer at the cost of a sick day? Or worse, dig down even deeper and give up a vacation day?  That is about as much fun as taking a vacation day for a root canal.

# 2 Know your property is only as valuable as the appraisal.

NOTE:  Market values are consumer-driven and appraised values are driven by experts.

Your property is valuable, but the buyers determine it’s market value.  And that does not always match the appraised value.   Market value is what the buyer in today’s market will offer for your property, so it is consumer driven.  The Appraised value is driven by experts, as those hired by a mortgage lender to appraisal a property before approving a mortgage on it.  It is unlikely a bank will approve a mortgage above the appraisal price.

Realtor Tip:  Get a current report on the home sales in your area.

So let’s say you picked the perfect number. What if it still doesn’t get an offer? Notice I said “offer”.  Receiving an offer does not mean it is sold. Offers are a good thing, because they mean you’re on the right track to get a deal done.  No offers, means no deals.

Think about it: if you get a lot of showings, that’s great. Having folks come through to see your home is a necessary requirement to getting it sold.  Let’s say you get 3 people the first week, 3 the second week.  But then in the third week, you get 1 person, and in the fourth week 4, you get zero.

What the heck happened?  Excellent question.  It could be you forgot to run your ad, you didn’t do an open house, or your price is not enticing enough.  The shine has rubbed off your FSBO sign as most of the investors in the area have likely already called you.

Realtor Tip:  if you’re in a seller’s market, and you have showings but no offers, means you’re priced too high.  If you’re getting showings and some offers, you’re in the sweet spot.  If you get full price offers before the sign is in the ground, you’re priced too low.

By the way, you can test this with a private listing.  Ask me how.

fsbo graphic 15 tips

#3 Knowledge is power

Pre-screening is vital for buyers to avoid wasting your time.  Knowing your bottom line with a Seller Net Sheet will help you negotiate a deal better. But unless you pre-screen the buyers, you could waste a lot of time with looky loos.  Never take an offer from a person who is not pre-approved by a mortgage lender or has no proof of cash.  A serious buyer won’t hesitate to show you money.

Now that you’ve come this far, it’s time to level up your strengths and get into the nitty gritty of negotiation.  If you’ve done your research and are confident in your value, it is time to use your leverage wisely.

My favorite tip: the agents who call you to say they have a ready buyer, can they come look at your house?  And you should say “Absolutely, yes!”, and set up a weekend visit for all agents to bring their buyers through.  Make it a one shot deal and have all the agents visit at the same time.

Why?  They’ll either bounce fast or try to convert you to a listing.  Tell them you will offer them a full commission of 2.5% if any of them bring you a buyer.

 

Home owners armed with the proper information can most certainly sell their homes by owner.  It is up to the individual to decide if the time and effort is worth it, much like any home project.

Ready for even more tips how to sell your home like a pro, including how to leverage auctions?  Don’t forget to check out my Podcast with more tips on Selling By Owner!

Fox Valley Property – Podcast – 5 Tips to Sell By Owner

 

Contact Jennifer:
Jennifer Kinzle, SFR Broker Fox Valley Homes
630-854-4360
Jkinzle73@gmail.com
www.FoxValley-Property.com

Charles Rutenberg Realty
3135 Book Rd
Naperville, IL 60563

 

 

Home Not Selling? The secret trick when your property is stuck

topsecret

What happens when your great property sits on the market for a long time?  Has your home gone old and stale?  Have your property previews dwindled?  Are you considering a fourth price drop and another open house? You’re starting to feel as though everyone on your block is selling faster than you but yours is a nicer home in outstanding condition.  Where’s the perfect buyer?

If you’ve checked the market conditions and your property price is still highly competitive, it could merely be a slow market.  Perhaps there are too many shiny penny homes on the market and your home isn’t ranking up there with “Dream Home” status.  

Maybe it’s time for a reboot on your options.  If you have time on your side, sellers like you can use it to your advantage.  A super flexible closing date may entice a renter to put roots down and give the price the sellers want.  

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Consider using a “lease to own” or Rent To Own option.

 

More attractive to more buyers: Rent to own deals entice more buyers in who have less than perfect credit or difficult securing a traditional mortgage.  By offering a flexible option to rent now, buy later, the renters may be able to improve their credit sufficiently to make the purchase down the road.

More rental income: Another plus for a seller is the additional income a rent to own option offers.  Instead of just a monthly rental check a rent to own option allows for a higher payment.  the extra funds are put towards the eventual purchase price on the home.  You can earn rental money on top of the option purchase money.  

Bumping up the purchase price:  Many renters desire greater flexibility over a cheaper deal.  Bumping up the purchase price as part of the rent to own means waiting longer for the transaction, but getting a better offer when at the closing table.  Asking for a higher price to offset the wait time to sell is very common.  Even if they never use the option to buy, many renters will prefer to pay the higher amount for the greater flexibility.  

Invested renter: A rent to own buyer is very likely a better renter because they see themselves more as a caretaker or a future owner of the property, and as such, are more likely to take better care of the property.     

Not all home sellers will want to consider this as their option for Plan B.  But if you’ve already invested months of time and your patience has not paid off, a Rent To Own option could work out to your greatest advantage.  Becoming a temporary landlord for a 12 months lease could find you a perfect renter, who can turn into the ideal buyer.  

Get it Sold!

soldsign

Did you know?

Fox Valley Homes is full of great marketing tips and ideas.  In addition to helping owners with distressed homes and foreclosures,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

2016-09-25

Contact me:

sitting-hs2

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

CRR_Letterhead_Logo_small
Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165

Buyers in Kane County – don’t buy a home without reading this first!

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The spring market is underway in the Fox Valley!  It’s time to do a little spring cleaning and shake off the cold hand of winter to find your new home.  We’ve got a lot of new programs to help folks find the perfect loan program, including ultra low down payments, special terms for Kane County renters, great Illinois home incentive programs and more.  Check out this list and be sure to call for more details!

Kane County Buyer’s Program:
KANE COUNTY – Fox Valley First Time Home Buyer Programs

If you’re looking to buy right where you live, in Kane county, you’re in luck!  They offer a wonderful down payment assistance program for first time home buyers.  With a down payment of 1% of the purchase price, you can become a home owner instead of paying your landlord!  Ask about the other county specific programs available too.

New Home Buyers Postcard2

But that’s not all!  There are many more programs available for home buyers to look into:

@HomeIllinois
@Home Illinois – an IHDA program

This program offering up to $5,000 in down payment and closing cost assistance for FHA, VA, USDA and Conventional loans.  Qualifying borrows include first time buyers, veterans, repeat buyers and those who want to refinance.  Borrowers must meet income and purchase limits, credit requirements and contribute $1,000 or 1 % of the purchase price, whichever is greater.

1stHome Illinois
1st Home Illinois – an IHDA program

This is a program similar to IHDA’s (see above) but is only available to first time buyers and veterans purchasing a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago counties.  Qualifying buyers get $7,500 cash assistance for down payment and closing costs for a low-cost 30 yr fixed rate mortgage.  They must contribute $1,000 or 1% of the purchase price whichever is greater.  

steps-for-buying-ahome

FHA Loans
HUD for FHA Loans

This is a very popular type of loan for first time home buyers.  This is a federally backed mortgage by the Federal Housing Administration (FHA) and offers a 3.5% down payment, low closing costs and the less-than-perfect-credit score is accepted.  Limits on the purchase price in the Chicago land area are up to $365,700  Check the link below for details.

FHA Home Loans by First Click Mortgage

 

HomeReady Mortgage by Fannie Mae
HomeReady Mortgage by Fannie Mae

HomeReady offers a 3% down payment option for eligible low-to-moderate income first time and repeat buyers.  Additional income sources will be considered an all co-borrowers don’t have to live in the property.  Home buyers must complete a home ownership education course.  

Home Possible Advantage by Freddie Mac
Home Possible Advantage by Freddie Mac

Home Possible Advantage is Freddie Mac’s version of the 3% down payment mortgage loan.  The program is also open to qualifying low-to-moderate income first time or repeat buyers or those purchasing in high-cost or under served areas.  First time buyers must complete home ownership counseling.  

USDA Single Family Housing Guaranteed Loan Program
USDA Single Family Housing

Buy a home in certain rural areas and you might not need any down payment at all.  This U.S. Department of Agriculture (USDA) program assists low and moderate income consumers buy homes in eligible rural areas, including many counties in Illinois.  A low interest, fixed rate loan can be used to build, rehab, improve or relocate a dwelling in an eligible area.  

VA Home Loan Program
VA Home Loan Program

VA loans are another great tool for veterans and their families looking to buy a home without a down payment.  The loans are only for qualifying veterans, active milityar members and eligible surviving spouses.  Guaranteed by the U.S. Dept of Veterans Affairs, the loans to do not require mortgage insurance.

confused
Questions on the loan programs?

Contact a Senior Loan Originator with People’s Home Equity
Steve Smither
S
enior Mortgage Adviser
NMLS #224681
1801 S Meyers Rd. #500
Oakbrook Terrace, IL. 60181
Cell: 847-942-5151
Fax: 847-701-3267

ssmither@peopleshomeequity.com

 

 

Did you know?

Fox Valley Homes is full of great home tips, ideas and programs for all levels of buyer and sellers.  In addition to helping owners with distressed homes and foreclosures,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information about programs to list or buy with Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

2016-09-25

Contact me:

sitting-hs2

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

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Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165

New Home Buyers: Risks and Benefits of Rent To Own

rentalleaseagreement
Planning ahead on your home ownership dream?

If you are ready to kick your home search into full gear,  consider an option like a rent to own.  Less than perfect credit scores and loads of flexibility are two pluses when buying a home as a lease to own.  

A rent to own option works like this: a buyer is given the “option” to purchase the home at some point in the future at a specified price.  A traditional sale brings the buyer and seller together to complete the purchase quickly, after agreeing to terms.

Instead, with a rent to own transaction, the final purchase is delayed.  The buyer and the seller agree to the possibility of the sale at a future date and it may or may not occur.  The buyer or seller can back out of the agreement, by simply not accepting the sale when the agreement is ended.  In the meantime, the renter decides if they want to make the purchase, often paying additional funds to the seller, to decrease the amount of money needed toward purchase price.

piggy bank and house

Benefits for Buyers:

Renters can buy even with bad credit: Often dinged on credit scores, renters may not qualify for a traditional conventional home mortgage.  But they may be able to repair their credit with a solid report of their regular monthly payments over the long term.

Lock in a purchase price: Renters can agree with the sellers as much as 12 months 9 or more) ahead on the purchase price.  They can put extra dollars toward the purchase of the home, setting up a discount for when they finally do close.  

Take it for a Test Drive: Try it before you buy it!  Renters may fall in love with the home even more while under the option.  Or they may decide the property isn’t the home of their dreams and decide to skip it at the end of the agreement.

 

Risks for Buyers:

Forfeiting money: If for some reason, you don’t buy the home, you lose all of the extra money you paid.  

Slow progress: If you plan on getting that raise or improving your credit score, and it doesn’t quite work out, you may be unable to commit to the sale when the agreement ends.  

Less control:  This is a tricky part because while you inhabit the property, you don’t have control over it (yet).  For example, your landlord could skip making mortgage payments, not pay the taxes or wind up with a contractor’s lein.  These are outside of your control.  Be sure to have it in your agreement to address these scenarios, including the landlord cannot sell to another buyer while under the option to you.  

Falling prices:  This is not a consideration for the current home market, but it was a few years ago.  If home prices fall during your contract, you may be unable to renegotiate the purchase price.  Then you are left with the option of forfeiting all your option money or buying the house at a higher than market value price.  If your lender won’t approve an oversized loan, you’ll need to bring extra money out of your own savings to the closing table to cover the difference.

Late payments hurt: Just like a traditional mortgage, missing monthly payments can penalize you.  Your lease to own agreement may include a qualifier clause that you must make all payments on time, you may lose the right to purchase (and lose your extra payments).  In some cases, you keep your option, but your extra payment for the month is not “counted” towards the eventual purchase.

Home Issues: There might be problems with the property that you don’t now about until you try to buy it (as noted with tax liens, deferred maintenance and title problems).  It’s best to treat a rent to own property like a “real” purchase and get the reassurance of a full home inspection and title search.

Scams: Protect yourself and the sellers by hiring a reputable attorney to review the sales contract and go over all the requirements to successfully purchase he home.  A home purchase is a major investment, so be sure to do your due diligence.  If it sounds too good to be true, it probably is.   

stcharlesjustsold3

Contracts:

If you’re interested in finding out more about rent-to-own a home contracts, check out  a sample agreement for your state that protects both the home owner and the tenant.

https://www.rocketlawyer.com/document/rent-to-own-agreement.rl#/

There are many sample rent-to-own agreements and templates online that you can customize and use.  Before using a template however, you should review laws in your state and common items included in a contract to ensure you covering all bases prior to signing a contract. 

I always suggest that you consult with an attorney prior to signing any lease-to-own contract or drafting a contract for your home.  It’s a big investment, and you’ll want the peace of mind that comes with a well prepared contract to help protect yourself.

 

Did you know?

In addition to helping owners with distressed homes and foreclosures,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

 

2016-09-25

Contact me:

sitting-hs2

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

 

CRR_Letterhead_Logo_small
Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165

 

Fox Valley Home Shortage?

This spring, it hasn’t taken me a very long time to run through the full list of properties available in the lovely Fox Valley area for my select buyers.  It is a short list!  While home buyers may be stuck with low inventory, home sellers are enjoying the sellers market for the first time in years.  

 Chicago Housing Market February 2017

The housing inventory levels for an average market, are about 6 months’s worth of inventory during the year, but there is far less currently available now.  Today’s home buyers are seeking great homes with super low mortgage rates, and are willing to compete in bidding wars for the best ones if necessary.

 

Cloud CMA Map ScreenShot Naperville.jgp
Where are all the houses?  Been there, seen that

Adjust your expectations:
Fewer homes on the market can mean it may take longer for you to find the right one or even changing your expectations.  A willingness to compromise can go a long way to getting you into the perfect place.  Perhaps a finished basement can be skipped but a 3rd bedroom is a must.  If you prefer newer homes, but the city is full of turn of the century farmhouses, you may need to reconsider the style.  Or buyers may need to expand their search radius, increase their budget, or consider buying something that may need fixing up.  

Adjust your search:
Optimize your property search by getting the latest listings emailed to you once, twice or even as they hit the MLS!  Homes may be on the market for a day or two and have offers already in place if your search is slowed down.  Catching the listings as soon as they are activated can mean previewing them the same day or next day.  Consider talking to your agent about the best times to arrange showings for you and work around your schedule so you don’t miss a preview.

Adjust your offer: 
An experienced agent, like myself, can help you put together the best offer with a strong, personal letter, a pre-approval mortgage note from a local lender, and properly signed paperwork.  Using services to collect electronic signatures under Docu Sign or Adobe Digital Signature, will help get your offer in the same day and avoid any delays.  I also can monitor the status of the deal and send regular updates as it progresses.  Working out the price is just one part of the real estate transaction.

0S341 Kellar Ct exterior

 

 

Did you know?

Fox Valley Homes is full of valuable seller marketing strategies and ideas.  In addition to helping owners with selling,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers, as well as investors in residential properties across the northern Illinois and Chicago region. No other agent runs an Investor Meetup Group like Fox Valley Homes!  We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

2016-09-25

Contact me:

sitting-hs2

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

CRR_Letterhead_Logo_small
Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165

Front Porch News – Fox Valley Homes April 2017 Newsletter

April 2017 Newsletter

Now available: Front Porch News from Fox Valley Homes

Click the link below to download a PDF:

Fox Valley Homes April 2017 Newsletter

 

Did you know?

Fox Valley Homes is full of great marketing tips and ideas.  In addition to helping owners with distressed homes and foreclosures,  Fox Valley Homes offers full broker service for regular listings,  rentals, buyers and home sellers, as well as investors in residential properties across the northern Illinois and Chicago region. We coordinate real estate transactions effectively and retain the full skills and expertise of fully licensed Realtors®, including access to the resources of the local Illinois MLS database.

For more information, about Fox Valley Homes, please contact Jennifer Kinzle, e-PRO, SFR, (630) 854-4360. Email me direct  jkinzle73@gmail.com.

2016-09-25

Contact me:

sitting-hs2

Jennifer Kinzle, e-PRO, SFR Broker
Direct/Text:  (630) 854-4360
Email: jkinzle73@gmail.com
Twitter: @jkinzle
Instagram: @jkinzle

Facebook: Fox Valley Homes – Jennifer Kinzle, Broker
Fox Valley Investors Group: Fox Valley Investor Group – on Facebook
Website:  www.FoxValleyShortSales.com
MeetUp: Fox Valley Investors MeetUp Group

CRR_Letterhead_Logo_small
Charles Rutenberg Realty of Illinois
3135 Book Rd
Naperville, IL 60563
LIC 481.010.165