pinnacle team july-august 2010 newsletter

8/9/2019 Pinnacle Team July-August 2010 Newsletter

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We encourage you to remain

educated. Our team is happy

to consult with you, discuss

your housing options, and

help you take advantage of

the current opportunities.

We hope you all are enjoying

your summer!

The Pinnacle Team

Ryan, Sarah, Nadine, Emily

& Hillary

Our team continues to see

promising activity in the real

estate market. While we’re

still in a buyer’s market, we

have been able to help many

sellers successfully marketand sell their home this year.

Regardless of whether you’re

a buyer or seller, it is

important to stay informed of

all options available to you in

the housing market.

For sellers - in this

newsletter, we review the

importance of listing your

home at the appropriate price

from the start. We have the

knowledge and resources to

advise you how to minimize

your market time and

maximize the dollars in your pocket.

For buyers and renters - it’s

important to evaluate the rent

vs. buy analysis. In most

cases, data is proving that it’s

advantageous to purchase—

low rates, high supply, and

surplus of distressed

properties.

Fannie Mae, one of the largestpurchases of mortgages,recently implemented asignificant change to themortgage underwritingguidelines. Starting with loanapplication taken on/after June 1st, any loan sold toFannie Mae will be required tohave a soft credit pull inquiry

(FICO scores will not bepulled) upon submission of thefinal underwriting conditions.

If new debt has beenobtained, the loan mustbe reevaluated withunderwriting to ensurecompliance with the debt-to-income ratios andborrower eligibilityrequirements.

Any new credit inquiresmust be specificallyaddressed by theborrower to ensure thereare no undisclosed debtobligations.

If any existing debtpayments have increasedand the difference affects

the total debt-to-incomeratio by more than 2% theloan must be reevaluatedwith underwriting.

If any existing debtpayments have increasedand the difference causesthe debt-to-income ratiosto exceed the lender guidelines the borrower may no longer qualify.

The new Fannie Maeunderwriting guidelines couldcause a loan to blow up rightbefore the closing date.Whenever possible, it isrecommended to not apply for new credit or build up existingcredit card balances after applying for a mortgage.

Knowledge is Power

I ns ideth isissue :

Soft CreditPull BeforeClosing

1

Recipe:Proscuitto

Roasted Basswith RootVegetables

2

Restaurant:BananasFoster Café

2

Short SaleEducation

3

How Should IPrice MyHome?

4

Pinnacle TeamListings

5-7

Soft Credit Pull Before Closing

Pinnacle Team Newsletter J u l y / A u g u s t 2 0 1 0

Todd John son

Guaranteed Rate

[email protected]

mailto:[email protected]




P a g e 2

hours, but we think the real

treasures here are the dinner

dishes because many of them

hover around $10.

Edgewater – Neighborhood

Edgewater is a community area

in the far North Side of the city

with the second highest

population density of any

neighborhood in the city.

Located about seven miles north

of downtown Chicago,

Edgewater offers a diverse,eclectic retail corridor featuring

award-winning restaurants,

services, and shops all with a

close knit neighborhood feel.

Edgewater offers attractive

opportunities for business and

retail development in a north

lakefront community with a

strong residential market.

Edgewater enjoys easy multi-

modal access to Chicago’s

downtown and O'Hare

International Airport.

It is bordered by the

neighborhoods of Rogers Park to

the north, Uptown to the south,

Lincoln Square to the west

(Andersonville) and south and

West Ridge to the west and

north. As one of Chicago’s 77

official community areas,

Edgewater is bounded by Foster Avenue on the south, Devon

Avenue on the north,

Ravenswood Avenue on the

west, and Lake Michigan on the

east. Edgewater contains several

beaches that residents enjoy in

the warm months.

1147 W. Granville

www.bananasfostercafe.com

John Winslow (formerly general

manager at Blue Plate Catering)

is behind this all-day café, which

serves a little bit of everything.

This casual Edgewater

cafe offers a British-centric take

on European comfort food all day

long, with separate breakfast,

lunch and dinner menus.

Breakfast specialties include a

full Irish breakfast (beans,

tomato slices, fried soda bread

and Irish loin bacon) and French

toast several different ways.

Lunch and dinner bring hearty

faves such as fried fish

and chips (take your pick of

tilapia, haddock or cod),

shepherd’s pie and French lamb

stew.

Lines snake out the door and

onto the sidewalk during brunch

Bananas Foster Café

Susan Ramakere, Edgewater

Veg: (oven 400 degrees)

2 Cups each cubed/diced (1/2 inch) of the following:

Carrots Butternut squash

Yukon gold potatoes Parsnips

Carrots

Toss vegetables w/ 1/3 c. olive oil & 1 T sea salt, 1 t black pepper, 1/2 t cayenne. Roast on baking

sheet for 30 minutes, turning pan once. Remove & add 1 T minced fresh garlic. Roast another 10

min until tender & brown.

Fish:

6 8 oz fillets of bass/halibut/cod

6 sliced of good prosciutto

6 sprigs fresh rosemary

3 T lemon juice

1 stick of butter

While veggies are cooking, line a baking sheet with foil & place a baking rack on top of the

foil. Brush fish with olive oil & season liberally with S&P. Wrap each with a slice of prosciutto,

arrange seam side down on the baking rack, & roast for 10-15 minutes until just barely done (still

soft to the touch). While fish is roasting, melt the butter in a saute pan on med heat & add rosemary

sprigs until the leaves are crisp & butter begins to brown. Remove rosemary & add lemon

juice. Take off of heat.

Serve fish with rosemary butter on top & surround with the vegetables. Garnsh with lemon wedges.

Proscuitto Roasted Bass w/ Root Veggies

http://www.bananasfostercafe.com/

http://www.bananasfostercafe.com/



P a g e 3

Short Sale EducationMany Buyers, Sellers, Real Estate Agents and

Attorneys are misinformed on the Short Sale

process, how it works, how long it takes, and

how it assists the Seller. This misinformation

contributes to a majority of unsuccessful Short

Sales and frustrates all Parties to the

transaction.

Even recent articles in local newspapers are

not 100% accurate regarding the Short Sale

process.

A Short Sale means the Seller’s lender is

accepting less money than the lender is due.

However, it does not necessarily mean that the

Short Sale lender will waive the deficiency

balance owed by the Seller. A waiver of the

deficiency balance is the best result. However,some lenders look to the Seller for a

promissory note or cash contribution at closing

to settle the balance of the loan, especially

when there is Private Mortgage Insurance

(PMI) on the loan. This outcome is still a much

better alternative for the Seller as they avoid a

Foreclosure Sale and can help the Seller avoid

the need to file for Bankruptcy.

The Seller also has an extra incentive to

complete a successful Short Sale. The

Mortgage Forgiveness Debt Relief Act of 2007

excludes from taxation discharges of up to $2

million of indebtedness that is secured by a

principal residence and is incurred in the

acquisition, construction or substantial

improvement of a principal residence. The

Seller will not be taxed on the deficiency

balance if the Short Sale lender agrees to

waive the balance of the loan.

Most Short Sales take anywhere from three (3)

months to over one (1) year to complete. It

depends on the lender, whether there is an

investor or a private mortgage insurance

company involved and if the Buyer is willing to

wait for the Short Sale approval.

Knowledgeable real estate professionals who

know how to navigate a Short Sale process and

help to educate their clients in a Short Sale

transaction give the transaction a high probability

of success.

The Seller and the Buyer considering a Short

Sale should ask their Real Estate professionalthe following questions:

How much experience do they have in Short

Sales?

How many Short Sale transactions have

they closed?

What were the results of the Short Sale (i.e.

was it successful)?

How long did the Short Sale process take?

Who was the Short Sale lender involved?

Who negotiated the Short Sale on behalf of

the Seller? Was it the Seller’s attorney,

Listing Agent or a Third Party Negotiator?

How often are the involved Parties updated

on the status of the Short Sale?

These are very relevant questions to ask your Real Estate professional. The Seller should hire

professionals who understand the process, can

explain the process and can keep the Parties

informed. Education and communication are the

keys to a successful Short Sale.

S

Chris Stasko

Stasko Law Group, LLC

[email protected]






P a g e 4

How Should I Price My Home?

This is by far this biggest question thatour sellers have had in this market. In

these challenging times for homevalues, sellers are having troubleswallowing the pill that their home haslost value.

Unfortunately, the decade between1998 and 2008, not counting somesmall blips on the screen of time, ledus all to believe that a typical home inChicago should appreciate at 5% to10%, or even more, per year. I think

we all get the picture on the flaw inthis supposed reality. Moreimportantly, what can a seller doTODAY to get the most amount of money for their home in the leastamount of time?

We work with our clients on all of thefacets of best presenting a home tothe market, and most are very

responsive, but pricing is always themost delicate topic. We have foundthat when there is such a question of great importance out there, just look atthe data and it will tell the truth.

For example:

Looking at all 2 and 3 bedroom SOLDhomes in Lincoln Park for the last 12months, we wanted to know who got

the most for their homes, on average?

When choosing your Realtor, it’stough to decide who is giving it to youstraight and who is telling you whatthey think you want to hear. No mattewhat you believe, it is best to listen tothe person that backs up their recommendations with facts andfigures. After all, our duty is to helpyou get the most money in the least

amount of time, and we on ThePinnacle Team take this responsibilityseriously.

MarketTime Sold Price

% of OriginaList Price

<30Days $ 464,380 96%

<90Days $ 450,315 93%

<180Days $ 446,112 91%

<365Days $ 444,323 89%

>365Days $ 439,226 89%



P a g e 5

Pinnacle Team Listings

New Listing! 2331 N Lister, E - $449,900A true find located in the Clybourn corridor between Lincoln Park and Bucktown.Spacious and extremely sunny fee simpletownhome with a great layout. Idealentertaining kitchen/dining area, roomybedrooms, 2 balconies, attached 2 car garage, dual zoned HVAC. Shows like amodel!http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1261649&Style=IDX

New Listing! 431 W. Oakdale, #7D -$378,000Elegant and spacious home steps from Lake

Michigan! Intimate building with only 2 unitsper tier. Hardwood floors and new carpet, newkitchen, separate formal dining room,fireplace. This home boasts clean, vintagedetails that are sure to impress. Convenient totransit, restaurants, and Lake Shore Drive.Walk Score of 95/100!http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=50043849&Style=API

New Listing! 65 E. Monroe, #4217 -

$299,0001 bed/1 bath steps from Millennium Park.Sweeping city views from the 42nd floor’s floor to ceiling windows. Large open floorplan w/upgrades that include Travertine, marble,granite, hdwd flrs throughout & Kohler fixtures.Full amenity bldg in the heart of the Loop – fitness center, 24 hour doorman, pool, rooftop,etc. W/D in-unit. Lowest priced 1 bed/1 bath inthe building! http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1266173&Style=IDX

New Listing! 1616 W. Montrose, #2E -$289,000Beautiful condo in the heart of Ravenswood;steps to dining, CTA, Metra and a Walk Scorof 88! This charmer has a soft lofted 2ndbedroom, large living/dining area, and balconoff living room. Great kitchen with breakfastbar. Mater bed has custom closets with loadsof storage. Master bath w/ double vanity,separate shower and soaking tub. Side byside W/D in laundry room. Underground,secured parking spot included!http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1261803&Style=IDX

New Listing! 8336 S. Latrobe, Burbank, IL$229,9003 bed/2 bath two level home featuring largeliving room, kitchen and dining combo. 2bedrooms and full bath on main level.Hardwood under carpet on main level, woodburning fireplace in living room. New addition2nd floor has master suite complete with walin closet and large master bath with Jacuzzi. car garage, large gated backyard.http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=50042922&Style=IDX

New Listing! 7742 N. Paulina, #3E -$224,900Unbelievable value, 3 bed home offers agracious floor plan with app 1500 sq ft. Thesunroom looks down on a beautiful tree linedstreet and opens into a large living rm. Thelong hallway leads to rear of home whichfeatures a fully updated, eat-in kitchen w/maple cabinets, granite counters, & stainlessappliances. Converted in '05, this top floor enunit w/ N, S & E exposures, offers vintagedetail & modern amenities!http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1266133&Style=IDX

http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1261649&Style=IDX




http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=50043849&Style=API








































P a g e 6


Price Reduction! 2031 W. Pierce, #1A -$425,000Unbelievable 2bed/2.5 bath duplex down w/deeded garage parking included in price.Timeless finishes include granite/ss/hardwoodfloors, etc. Grohe, Kohler, Toto, Jacuzzifixtures. 13 Closets - Storage Galore. W/D inunit. Master Bath recently upgraded. Balconyoff of dining room. Spacious and beautifulhome steps to Bucktown, Shopping, Trains,Restaurants, etc. Priced to sell!http://tours6.vht.com/Viewer/PhotoGallery.aspx?ListingID=1224589&Style=IDX

Price Reduction! 4412 N. Racine, #1N -

$399,000Luxurious and spacious duplex downdesigned for entertaining. Truly unique, amust see! 2 bedrooms have en suite baths.Chef’s kitchen features XL island, tons of cabinets, ss appliances, vented hood, wine/beer frig, surround sound, dumbwaiter.Laundry room with cabinets, W/D, and utilitysink. Master has custom walk-in closet andseparate den. 2 outdoor spaces and securedparking included in the price.http://tours6.vht.com/Viewer/PhotoGallery.aspx?

ListingID=1226938&Style=IDX

Price Reduction! 420 W. Ontario, #202 -$294,000 + $30,000 for parkingThis south facing 2 bed/2 bath timber loft inthe heart of River North boasts fresh paint andcarpet. Ktichen with breakfast bar, stainlessappliances, and granite. Hardwood floors,exposed brick, a private balcony, and new W/D complete this gem. Steps from restaurants,public transportation, 90/94, parks, gyms,etc—a 97/100 on walkscore.com!http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1256939&Style=API

Price Reduction! 1522 W. Jonquil, #2E -$245,000Lovely 2 bedroom condo ready to move in!Private garage parking included in price!Recent rehab, central AC, large living roomwith charm, hardwood floors throughout,hallway ideal for art gallery, kitchen made forentertaining. Extra room can be dining roomor den. Large deck a plus! One block to thelake. 6 months assessment provided by theseller!http://tours7.vht.com/Viewer/PhotoGallery.aspx?ListingID=1235677&Style=IDX

1225 W. Morse, #204 - $274,900

Spacious wide loft, 10’-12’ ceilings, largewindows with great light. Kitchen with granitecounter, stainless appliances, W/D in-unit an42” cabinets. Loads of storage throughout.Roof deck coming. Perfect location—close tolake, parks, transportation, and restaurants.Deeded garage parking included in the price.http://tours6.vht.com/Viewer/PhotoGallery.aspx?ListingID=1226979&Style=IDX

Price Reduction! 6400 N Sacramento, 2

Units - $94,900 - $124,900These wonderfully finished 1 bedroom, 1 batcondos offer luxury and affordability. Theintimate 16 unit building offers parkingincluded in the price, storage, and an elevatoEach condo is finished standard with doubleovens, marble baths, Kohler fixtures, granitecounters, central heat & air, oak floors, 42”cabinets, and Jacuzzi tub. Exceptional value!FHA and VA Approved!http://tours5.vht.com/Viewer/PhotoGallery.aspx?ListingID=1184844&Style=IDX

For our commercial investors, we also have astorefront for sale:

3008 W. Devon - $224,900













































P a g e 7


901 W. Madison, #622 - $324,900This 1 bed + den condo is in mint conditionand ready for its new owner. Upgradesinclude premium granite, cherry cabinets,hardwood floors, and $2k window treatments.This large condo gets great light with floor/ceiling windows and the balcony is perfect for grillin and chillin. Heat bill, what heat bill? Gasis included in assessments and indoor heatedparking is in the price! Easy to show!http://tours6.vht.com/Viewer/PhotoGallery.aspx?ListingID=1220364&Style=IDX

Price Reduction! 1048 W. Byron, G -$254,900

Very high garden unit in hot Wrigleyville!Features grade level separate entrance onfront and rear. This 2 bed, 1.5 bath condo iswell maintained and has been nicely updated.Large rooms. Master bedroom featuresprivate half-bath. PARKING INCLUDED!Unbelievable outdoor space for entertaining.Walking distance to train, restaurants andbars, Lake Michigan, this location is primo.http://tours5.vht.com/Viewer/PhotoGallery.aspx?ListingID=1208710&Style=IDX

Sold! 1264 W. Winona, #3B - $252,900Beautifully appointed, top floor, 2 bed, 1 bathcondo in the heart of Andersonville. Walk toshops, restaurants, Red Line, grocery inminutes. Recently rehabbed, this homefeatures hardwood floors thru-out, granitecounters, 42" cabinets, stainless steelappliances, security system, Kohler fixtures,crown molding, and window treatments. Homeis in mint condition and move-in ready. XLstorage is included! Rental parking availablefor $100/month. http://tours6.vht.com/Viewer/PhotoGallery.aspx?ListingID=1220797&Style=IDX






















pinnacle team july-august 2010 newsletter

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