Mike Stodola

David,
The spring market was very slow in no small part due to the long winter. We are actually seeing a big increase in buyer traffic right now and the number of calls we're getting is really up in the last 30-40 days. The other side of this though is on the North Shore even though there has been a lot more buyer interest latley, over the last 60 days for every home that has accepted a contract about three new ones have come on the market. This means we're constantly adjusting marketing strategies and mediums to hit the buyers since there's so much competition. While I hate to speculate, I think this summer's going to be kind of steady (with a slow down this week around the holiday) and then we'll see a nice uptick in September til mid November again.

Good luck and if you have any questions about marketing don't hesitate to ask.
Mike - Mon Jun 30 2008, 09:15

I have a great stager who will give you a consultation for $50 for an hour. She does a great job in an hour and I haven't needed to hire her for longer though she'll work with you all day if that's what you need. Also, ask an appraiser is typically $200-$300. Again I have good local appraiser who can do this with about 24 hours notice. A cheaper way is to get an good agent through. Let me know if you'd like names or numbers. - Wed Jun 25 2008, 13:03

Abby, definitely consult your attorney before doing this, but I've had clients who were under contract and before they closed the builder there dropped prices buy over $100k (in one instance almost $150k) so they walked away from their deposit of about $30,000-$40,000 and then went right back in and bought the same house. Even with losing the deposit, they still bought the home for at least $60,000 less then they were originally going to. If you need a good real estate attorney, I'd be happy to send you the name of a the one my clients use. If you are going to do this please let me know and I can tell you about the details. But please, talk to an attorney before doing anything. - Mon Jun 23 2008, 10:22

I couldn't answer the question better then either of the last two with the exception that you want to be careful when writing a lease option. What I mean by this is make sure that your down payment and monies applied towards down payment are separated and held in an escrow or reserve account by the owner. For example, say you want to buy a home for $200,000 and you give the seller $5k up front (to be applied towards the cost of the home if/when you buy) and you're getting $500 a month credit towards the cost of the home. At the end of a year you decide to buy and think you have $11,000 ($5,000 up front and 12 x $500 a month) towards the purchase price and you find that the seller refinanced their home and actually owes $200,000. They also don't have $11,000 plus expenses to bring to closing so where has your $11,000 gone (a new car, the sellers took a nice vacation on your dime)? What you'll want to do is really set it up so that you are paying two checks every month. One made out to the owners with a memo for rent. And a second check for $500 (just used in the example) to the escrow account they've set up and a memo stating that it's towards principal reduction for 123 main street. This will better protect you then simply writing one check a month. There are many pro's to this method which is even more true for people in transition who don't want to pick up additional assets at the moment, but don't want to be throwing away money on rent. Feel free to call to me at 847-557-1622 and ask for a free list of homes that are for sale with a lease option. If you have any further questions, I'd be happy to answer those, or I work with an attorney who specializes in Family Law and Real Estate and he said he'd be happy to answer any specifics for you. Good luck! Mike Stodola - Mon Jun 9 2008, 14:31

Jenny, are you looking for a particular home or any foreclosure with 4 beds and 2 baths in Antioch? Also, if the home is in foreclosure, renting can be tough. What are your thoughts? - Fri May 23 2008, 10:05