Pinnacle Team January/February 2010 Newsletter

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  • 8/14/2019 Pinnacle Team January/February 2010 Newsletter


    Moving forward, we havedecided to send out ournewsletters bi-monthly sothat were not inundating

    your inbox on a monthlybasis.

    We hope that 2010 bringsyou wonderful things!

    The Pinnacle Team

    Happy New Year, Friends!

    Our team is very excitedabout what 2010 has tooffer. We expect the first 4

    months of the year to bebooming with the tax creditextension on the table andthe kickoff of the Springmarket.

    If you have any questionsregarding the currentincentives or the state ofthe market, please contactone of us.

    Were holding a verycasual, yet informativeseminar on Thursday,January 21 (more details

    on page 5). We encourageyou to come and inviteyour friends if youre in aposition to be buyinganytime in the near future.We will have a panel ofexperts in the field that willbe at your disposal in a nopressure setting.

    On January 1, 2010 theDepartment of Housingand Urban Development(HUD) established newrules that are intended tosimplify and clarify whatmortgage lenders cancharge to originatemortgages. Starting in

    2010, all mortgage lendersare required to provide thenew Good Faith Estimate(GFE) form ( toall applicants. The newGFE is intended to makean apples-to-apples

    comparison of the truecosts of loans fromdifferent lenders morestraight forward.

    The new three page GFEform requires lenders todisclose fees in the samespots. The GFE helps

    identify origination fees andpoints charged up-front toreduce the interest rate. Italso clearly lists the loanamount, terms of themortgage, monthlypayments, interest rate,prepayment penalties andwhether the interest ratecan change.

    Please call me if you haveany questions.

    I look forward to workingwith you!

    A New Year

    I n s id eth isissu e :

    New GoodFaith EstimateForm



    Sausage Stars


    Restaurant:Osteria ViaStato


    PreparingYour Home toSell


    MaximizingYour Savings




    Pinnacle TeamListings


    A GrowingTeam


    New Good Faith Estimate Form

    Pinnacle Team NewsletterJ a n u a r y / F e b r u a r y 2 0 1 0


    Todd Johnson

    VP of Mortgage Lending

    Guaranteed Rate

  • 8/14/2019 Pinnacle Team January/February 2010 Newsletter


    P a g e 2

    dont sound very fancy, buthey, its pizza, it should besimple.

    The wine list is worth

    mentioning as well. It is abasic representation of popularItalian varietals, all priced veryreasonably, which reallysurprises me for LEY.

    The last piece of the puzzle isthe service. The staff is verywell trained, courteous, andworks hard to make sure youfeel as though you are avalued guest.

    If you are one of the tens ofthousands of people that call

    the River North neighborhoodhome, or if you are looking tomove there, you should knowthat this area is a bitcomplicated with regard to realestate. This location is prettycomplex, with just a blockmaking a huge difference invalue, and the buildings arevery different in terms ofamenities, financial health,

    etc. Values vary from buildingto building and you should becertain you are working with aReal Estate Professional thatunderstands this market. (Hint:we do!)

    In general, this market iscomprised of high-rises withseveral other options availablein small quantities. Check outthese stats on availablecondos:

    1 bed / 1+ bath: 233 units,$135k - $1.5M

    2 bed / 1-2 bath: 213 units,$249k - $1.25M

    3+ bed / 2+ bath: 84 units,$460k - $5M

    620 N State

    This casual sister restaurant tothe popular Osteria Via Stato isa must-visit if you are in themood for delicious Roman-style pizza in a comfortablesetting.

    Located just to the north of theEmbassy Suites lobby on Statein River North, I am oftenskeptical of restaurants thatare part of a large chain orcompany, but Lettuce EntertainYou delivers on thisventure. We have dined withPizzeria Via Stato three timesin the last two months andhave had three greatexperiences.

    The pizzas are paper thin,flavorful, and seem to alwaysbe cooked perfectly. Theappetizers are delicious, theingredients are fresh, and themenu items are verycreative. Favorites thus far arethe Roasted Garlic, SweetOnions, and the ClassicoCheese Pizza (add Pepperoniof course). I know these items

    Osteria Via Stato

    Ann Lund, Overland Park, KS

    1 lb. mild or med. pork sausage (R.B. Rice)

    1 small can sliced black olives, drained1 cup grated cheddar cheese tsp. ground red pepper1 cup grated Monterey Jack cheese1 pkg. Won-Ton wrappers1 cup prepared Ranch dressing (May use lite)

    Preheat oven to 350 degrees. Cook sausage and drain thoroughly. (I use mild butuse as spicy a sausage as you like.) Combine drained sausage with cheeses,olives, dressing, and red pepper. Set aside. Lightly grease muffin tins. Press onewon-ton in each cup and bake 5 minutes. Remove from tins and place on bakingsheet. Fill each won-ton with sausage mixture. (I use a small ice cream scoop.)Bake an additional 10 minutes until cheese is bubbly. Place on serving tray. Makes 2


    Sausage Stars

  • 8/14/2019 Pinnacle Team January/February 2010 Newsletter


    P a g e 3

    Preparing Your Home to SellWhen selling your home, the most important

    steps to take are actually beforethe unit

    actually hits the market. You, along with your

    agent, should be as proactive as possible

    because you only have a chance to make a

    first impression once. Taking the time to do

    some homework up front will pay invaluable

    dividends, create a smoother selling process

    for everyone involved, and will even help

    maximize the selling price. Our team firmly

    believes in taking the following steps to make

    your listing be the best it can be:

    Purge: Go through every single belonging you

    have and make a grouping of items you can

    donate to Goodwill, items you can sell on

    Craigslist or Ebay, and items that can be

    thrown away. Although this process seems

    daunting, it will help you immensely. Youre

    going to be moving soon anyway, so why not

    get a head start on minimizing the amount of

    packing youll have to do for your move?

    De-clutter: The best compliment an agent/

    seller can receive is when a buyer walks into

    the unit and asks, Does someone live here?

    While you dont want the home to look too

    sterile, you want it to be depersonalized of

    your belongings. Some quick tips: remove all

    items from the countertops, remove all

    personal pictures, remove all items/magnetson a refrigerator, and organize all closets and

    cupboards. You want the buyer to focus on the

    unit itself and not be distracted by personal


    Staging: Staging (or furniture placement) is an

    essential part of listing a unit. The flow of traffic

    within a room is important for a buyer to get a

    sense of the amount of space a home offers.

    Oversized furniture in a small unit generally

    makes a unit feel cramped. Speak with your

    agent about what works or doesnt work with

    your existing furniture. It may mean that youneed to store a couple of items or that you

    need to purchase/borrow a piece of furniture.

    Improvements: Make any necessary

    improvements. The most common and helpful

    are repainting and re-carpeting, if necessary.

    You may also want to update a light fixture,

    window treatment, or hardware (such a pull

    knobs on cabinets).

    Clean: Do a deep cleaning prior to listing. This

    means cleaning the inside of all appliances,

    touching up any paint scuffs, carpet cleaning,

    powerwashing, etc. Having a unit clean before

    all showings is imperative as well.

    Good pictures: It is important that your agent

    has professional pictures taken for MLS and

    marketing collateral. Professional home

    photographers have the necessary equipment to

    make your place shine. A simple point and shoot

    digital camera will not do the trick.

    Document collecting: Collect all paperwork

    necessary for attorney review condo

    declaration and bylaws, rules and regulations, a

    years worth of meeting minutes, and budget/

    financials. Although you wont need this

    information right away, its nice to have on-hand

    so that youre not scrambling around when you

    receive an offer. Any items you dont have, you

    can generally obtain from the Association

    President or management company.

    Receipts: Its also a good idea to provide any

    receipts for repairs and/or improvements youvemade as a homeowner. This could include

    furnace/AC maintenance, plumbing work, etc.

    Providing all of this up front will give the buyer

    no doubt as to the condition and upkeep of the


    Healthy Associations: As the market is

    changing, so is the importance of healthy

    Associations. Make sure youre involved and up-

    to-date as to whats going on in your building.

    Several factors play an important role in a

    healthy Association: regularly organized

    meetings with agendas, concise minutes

    documenting board decisions, realistic budget,

    planned long-term maintenance, well-maintained

    common areas, a healthy amount in the reserve

    account (in proportion to the age of the building),


  • 8/14/2019 Pinnacle Team January/February 2010 Newsletter


    P a g e 4

    Maximizing Your Savings