Join the village, the Park District and the Rotary of Carol Stream

at 6pm Friday, Nov. 25th for the annual tree lighting at Town Center. (Lies Rd & Gary Ave.)

Families can enjoy a hayride, S’mores, crafts, coffee, hot chocalte, music, ice carving and a souvenir photo as the community gathers to welcome the holiday season.

The village will also be accepting lights at the event for their annual holiday lights recycling program.

ALSO, FOOD Donations for Christmas Share welcome!

The Hybl Hometeam are certified Short Sale, Foreclsure Resources (SFR). If you have questions, concernes, or need advice on the foreclsoure, short sale process we can help. We have qualified Attorneys, Lenders and other professionals that can help nationwide… more information at www.HyblHometeam.com

Need to Know Your Property Value?

Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl 630-975-9000 Hyblhometeam@gmail.com We are Cambridge Pointe residents!

Buying?

The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com

Realty Executives Suburban

Notes from the Assessor Michael E. Musson, C.I.A.O.  Wayne Township Assessor

630-231-8900 • M-F 8:30am – 4:30pm  www.waynetownshipassessor.com

My staff and I are currently working on the 2011 General Assessment, formerly called the Quadrennial

Reassessment. We expect to complete the General Assessment by mid-November. Each homeowner

will then receive an assessment notice. The assessments will be published in the Examiner newspapers.

The appeal deadline will be thirty days after the publication date. Residents who file appeals will need to demonstrate

that their assessments exceed one-third of market value using 2008-2010 sales. No sales that have occurred after January 1, 2011 can be considered in the 2011 assessments, nor can we consider listing prices of homes that are currently on the market.

Property taxes are a key source of revenue for local governments, including schools, villages, counties, libraries and park districts. When real estate rices (and assessments) are increasing, people assume that their annual tax increases are a result of the assessment increases. The past two years have proven that taxes can still increase when assessments are flat, as they were in 2009, or decreasing, as they were in 2010. This is because most local taxing districts continue to increase their spending levels each year. I For 2011, assessments will again be reduced, although possibly not as quickly as most homeowners expect, because we are required to use sales from 2008-2010 to calculate the assessments. The use of three years of sales results in more gradual assessment changes, both when the market is increasing and decreasing. In an increasing market the assessments will tend to be below the most recent sale prices, while in a declining market assessments will tend to be above current sale prices.

 The assessed values that I submit to the DuPage County Supervisor of Assessments (SOA) are subject to statistical review. I f I make reductions to assessments that result in a level of assessments that is below the level dictated by the sales that closed between January 1, 2008, and December 31, 2010, the assessments will receive an equalization factor from the SOA, raising them to the required level.

My staff and I frequently speak to homeowners who have refinanced then -  homes, and who have appraisals that are below the market value indicated by their assessments. The Board of Review gives  very little weight to these appraisals for several reasons. First and foremost, such an appraisal typically clearly states that the purpose of the appraisal is for a mortgage finance transaction, and no other purpose or use is authorized. Second, these appraisals are often based on comparable sales data that occurred after the assessment date. These.appraisals  also frequently contain erroneous data regarding the property characteristics of the subject or comparable properties. Finally, these appraisals present values at a specific moment in time, while we are required by state statute to present values based on the three-year window in time.

As always, my staff and I work to ensure assessment uniformity in each neighborhood across the township. Please understand that I am powerless to change the overall level of taxation. If I reduce values for one homeowner or one group of homeowners, it will cause taxes to increase for other homeowners. As long as uniformity exists, the level of assessments is less important because tax rates will automatically adjust to ensure that taxing bodies receive the same tax dollars. Higher assessments result in lower tax rates, and lower assessments result in higher tax rates.

Some residents across the county have received mass-mailed solicitations from individuals offering to represent them in assessment appeals. I f a homeowner wants to appeal his/her assessment, he/she has access to sales information through our website, and can easily compare his/her assessment to similar homes to verify uniformity without having to pay consultants.

John Hybl

Realty Executives Suburban    Bloomingdale, IL 60108

Toll Free: 800-378-4301     Fax: 224-232-5208    JohnHybl@RealtyExecutives.com

Direct: 630-975-9000

www.JohnHybl.com

Never too busy for You or Your referrals!

A short sale happens when the lender is shorted on a mortgage, meaning the lender accepts less than the total amount that is due. If your mortgage is $100,000, but your home is worth, say, $90,000, you are $10,000 short, not including costs to close the sale such as real estate commissions, recording fees or title and escrow charges.

Sometimes, to avoid going through the costs of foreclosure, a lender will sanction a short sale by letting a buyer purchase the home for less than the mortgage balance while the home is in pre-foreclosure stage. A pre-foreclosure stage is one of the three stages of foreclosures.

Here are sample steps of a short sale:
Seller signs a listing agreement with a real estate agent subject to selling as a short sale with third-party approval.
The agent finds a buyer who makes an offer for less than the amount of the mortgage.
Seller accepts the buyer’s purchase offer.
Seller’s lender accepts the buyer’s purchase offer.
Transaction closes when the buyer delivers the funds, the lender releases the lien and the seller delivers the deed.

In fairy-tale land, everybody lives happily ever after. Except the seller. There are consequences.

Qualifications for a Short Sale

Before you eagerly climb aboard the short sale bandwagon, consider the following to determine whether you may qualify for a short sale. If you cannot answer yes to all four requirements, you may not qualify for a short sale.
The Home’s Market Value Has Dropped.
Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.

The Mortgage is in or Near Default Status.
It used to be that lenders would not consider a short sale if the payments were current, but that is no longer the case. Realizing that other factors contribute to a potential default, many lenders are eager to head off future problems at the pass.

The Seller Has Fallen on Hard Times.
The seller must submit a letter of hardship that explains why the seller can not pay the difference due upon sale, including why the seller has or will stop making the monthly payments.

A few examples that do NOT constitute a hardship are:
Bad purchase decisions. Blowing your paycheck on a home theater system with surround sound does not qualify as a hardship.
Unhappy with the neighbors. Even if every home on your block has turned into pot growing houses, that will not qualify as a hardship.
Buying another home. The lender will not care if you have decided the home is no longer suitable for you or your family.
Pregnancy. Increasing the size of your family or starting a family is not considered a hardship.
Moving into an apartment. If you decide to move out of your home, that is a lifestyle decision and not a very good reason to abandon your home.
Examples of hardship are: Unemployment
Divorce
Medical emergency / sudden illness
Bankruptcy
Death

The Seller Has No Assets
The lender will probably want to see a copy of the seller’s tax returns and / or a financial statement. If the lender discovers assets, the lender may not grant the short sale because the lender will feel that the seller has the ability to pay the shorted difference. Sellers with assets may still be granted a short sale but could be required to pay back the shortfall.

For example, if the seller has cash in a savings account, owns other real estate, stocks, bonds or even IRA accounts, the lender will most likely determine that the seller has assets. However, the lender might discount the amount the seller is required to pay back.

Many entities profit from short sales, but there is no seller short sale profit.
Short Sale Consequences

A short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer’s offer. If the lender rejects the offer, a short sale will not take place.
Tax Consequences
If the lender agrees to the short sale, the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness, according to the Mortgage Forgiveness Debt Relief Act of 2007.

You should speak to a real estate lawyer and a tax accountant to determine the amount of short sale tax consequences, and whether you can afford to pay those taxes, if any.

Blemished Credit Report
A short sale will show up on your credit report. It’s a pre-foreclosure that has been redeemed. Short sales affect credit ratings. While the damage to your credit report may not seem as significantly bad as a foreclosure to you, creditors may not make the distinction.
Always seek legal counsel before attempting to pursue a short sale. A real estate agent cannot give you legal advice.
John Hybl  SRES
Broker-Owner
Realty Executives Suburban Group
Offices in Bloomingdale & Arlington Heights

398 W. Army Trail Rd  #118
Bloomingdale, Il. 60108

Direct: 630-975-9000
JohnHybl@RealtyExecutives.com
www.HyblHometeam.com

My Blogs: http://dupagecountyillinoisrealestate.wordpress.com

http://www.cambridgepointe.com

John Hybl

Realty Executives Suburban  630-975-9000

Halloween Safety Tips

Official Village Trick or Treat hours are Mon., October 31 from 3 – 7 pm. Parents and guardians are asked to be sure to review the following trick or treat safety tips with children under their care to make Halloween a real treat. following trick or treat safety tips with children under their care to make Halloween a real treat.  make sure the costume fits your child, doesn’t drag on the ground is brightly colored or has reflective marking and is ‘flame resistant’;

Feed your children a snack so they are less likely to eat the candy they collect before you have a chance to inspect it ; Wear a watch you can read in the dark; Costumes accessories like light swords and sabers should be made of soft flexible material; Carry a flashlight and make sure your child’s shoes fit, even if they don’t go with the costume; Obey traffic signals, cross streets between crosswalks or at intersections.

If no sidewalk, walk on the parkway adjacent to the street and never on a street; Walk, don’t run, don’t cut across yards or driveways and stay on sidewalks. If no sidewalk, walk on the left side of the road facing traffic; Never approach a vehicle, occupied or not unless accompanied by a parent or adult guardian; Stay away from and don’t pet dogs you don’t know; Children should trick or treat with a parent or adult guardian; Take extra effort to eliminate tripping hazards on your porch and walkway from flower pots, low tree limbs, support wires or garden hoses and make sure jack-o-lanterns that are lit by a candle are placed away from your home’s entrance so as not to interfere with trick or treaters; Trick or treat in familiar neighborhoods or at the homes of friends and neighbors and avoid unfamiliar and unlit homes; Be courteous and say ‘thank you’ to those who give you a treat and don’t push others when you are at the door; Never enter a home, but remain on the stoop/porch for a treat; Never approach a home that doesn’t have a porch light on; Never play with or around a lit jack-o-lantern; Instruct children to not eat any candy until you have inspected it at !

A free event with new activities like sheep hearding, Doggie Olympics, and Rover Rest area.  The festival is focused on celebrating our four legged friends! Many activities and pet shopping mall too.

More info at: http://www.csparks.org/barks/index.php

The sports and recreation festival is at the Town Center at Gary & Lies Road. There are more than 100 activities. The BMX stunt show is at 11;30am, 2 and 4:30 pm on Saturday, also Sunday at 1& 3pm.

Cost is FREE but some activities may have a fee…

More information at:  http://JustPlay.org

Need to Know Your Property Value?

Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl 630-975-9000 Hyblhometeam@gmail.com We are Cambridge Pointe residents!

Buying?

The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com

Realty Executives Suburban

Click here for tour

The Hybl Hometeam are certified  Short Sale, Foreclsure Resources (SFR). If you have questions, concernes, or need advice on the foreclsoure, short sale process we can help. We have qualified Attorneys, Lenders and other professionals that can help nationwide…  more information at www.HyblHometeam.com

Need to Know Your Property Value?

Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl  630-975-9000   Hyblhometeam@gmail.com   We are Cambridge Pointe residents!

Buying?

The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com

Realty Executives Suburban

Some sellers wonder if the Open House is worth the work and inconvenience. Some even
complain that agents only do open houses to pick up clients, not to sell their
home. Others worry about having items being taken from their homes. Other
sellers expect their Realtor to hold open houses, so agents, regardless of
their personal feelings about sitting on homes, will do what makes their client
happy. “My seller thinks they’re important, so I do them” is what many Realtors
feel and say when it comes to open houses. But then there are sellers who
wonder why they should open their homes to the public if most people coming
through are not serious buyers. Preparing for an open house is a great deal of
work because the house should be “perfect” and then you have to be away for
most of a day, not to mention wear and tear on the house and the risk of theft.
“You get Lookie Lou’s trying to pick up some decorating hints and curious
neighbors who always wanted to know how your house looks on the inside,”
said Eric Tyson and Ray Brown in their book House Selling for Dummies (Hungry
Minds, Inc., 1999). One client who declined using the open house as a marketing
tool said. “I don’t want to lose control of who is actually coming into my
home.” Clearly not having open houses is easier for the seller and agent.

The opinions of Realtors/agents are as diverse as sellers when it comes to doing
the Open House. One agent said people attend open houses to compare the house
to the one they really want to buy, to gain a better understanding of what is
on the market before making a decision, to see what their neighbors house looks
like and finally to get decorating ideas. Since none of these is valuable to
the seller he recommends avoiding the hassle of open houses.

So what are other agents saying about holding an open house? I found the following
agent comments on the internet in various articles. “I do not see any need
for open houses right now, houses are selling quite rapidly and sellers can
focus on other items of importance.” Another agent says she “very
rarely” has open houses now because buyers shopping on the Internet can
see pictures or take virtual tours of homes. But then there is this, “The open
house is the best way to market a home, the more people we can get to look at
their house, the more opportunity they have to sell the house and get top
dollar for it.” Here is one agent who says it pretty straight, “I don’t believe in
Open Houses. They rarely bring buyers.” Here are a few more, “The more
potential buyers you can get to view your home, the better chance you have to
sell it” and “Open houses can provide instant feedback to sellers, as well as
word of mouth once neighbors know it’s on the market.” And finally “I hold
an open house when I have a nice house in a nice area; I don’t like to hold
them for homes when people are still living in them. I don’t want to have to
watch their stuff.”

A survey conducted in Texas by the Real Estate Center at Texas  A&M
University (recenter.tamu.edu) says, “Although open houses are popular with sellers, they
appear to be losing their appeal among agents. Sellers see the open house as an
indication the agent is actively promoting the listing. Agents know, however,
the odds are long that an open house will produce a buyer.”

The  National Association of Realtors polled agents and found that open houses led
to only 7 percent of all home sales. Referrals were sited as the biggest sales
factor at 29% of all sales. In a 2005 profile of Home Buyers and Sellers, also
conducted by the NAR, 42% of home buyers found open houses to be “Very
Useful” as an information source and 55% said they used open houses as an
information source in their search but of the nine categories in the chart
showing where buyers first learned about the home they purchased, open houses
were not even listed.

The Texas survey which had 36% of all Certified Residential Specialist license
holders in the state respond, found that 97% had held open houses but only 41%
said they were effective. According to the article associated with the survey,
“Survey Slams Door on Open House”
(http://recenter.tamu.edu/pdf/1258.pdf), “While 32 percent agree that public
open houses attract many potential buyers, 62 percent believe most people attending
open houses are not serious buyers. In fact, three out of four (77 percent) of
the respondents say most open houses are held merely to appease sellers.” In
addition the survey found that three out of four agents think open houses are
effective in interesting buyers in homes other that than the one being shown.

The Open House has been a staple of selling homes for a long time and although we
are seeing agent resistance and even data demonstrating they are not very
effective I don’t see them going away anytime soon. As long as there are
sellers out there who see value or at least believe there is value in holding
an open house, there will be agents who sit in houses on weekend afternoons.

The Hybl Hometeam are certified  Short Sale, Foreclsure Resources (SFR). If you have questions, concernes, or need advice on the foreclsoure, short sale process we can help. We have qualified Attorneys, Lenders and other professionals that can help nationwide…  more information at www.HyblHometeam.com

Need to Know Your Property Value?

Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl  630-975-9000   Hyblhometeam@gmail.com   We are Cambridge Pointe residents!

Buying?

The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com

Realty Executives Suburban

Click Here for Virtual Tour

The Hybl Hometeam are certified  Short Sale, Foreclsure Resources (SFR). If you have questions, concernes, or need advice on the foreclsoure, short sale process we can help. We have qualified Attorneys, Lenders and other professionals that can help nationwide…  more information at www.HyblHometeam.com

Need to Know Your Property Value?

Call or email us today for a FREE property analysis, and tips to get top dollar in a weak market! John & Dana Hybl  630-975-9000   Hyblhometeam@gmail.com   We are Cambridge Pointe residents!

Buying?

The Hybl hometeam services NW Chicago and the suburbs! Foreclosures * Short Sales * New Construction * Existing Homes… we have it all at www.hyblhometeam.com To search pre-foreclosure & foreclosures go to www.Hyblhometeam.com

Search 70,000 properties for sale in Chicago & the Suburbs at www.HyblHomeTeam.com

Realty Executives Suburban