Gene's Bit of Blogging
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Gene Mundt, Mortgage Lender: Posted on Thursday, May 17, 2012 8:34 PM
Opening Night Coming
For Joliet Slammers Baseball!
Joliet's professional baseball team, the Slammers, will open their 2012 playing season next week on May 22nd. They'll be playing the Traverse City Beam Bums that evening, starting at 7:05 pm.
 Expectations are high for this year's season, as the Slammers will be defending their 2011 Frontier League title. A ring ceremony will be held prior to this year's first game to celebrate last year's League champions.
After the Slammer's opening day game, there will be a fireworks show for the fans.
If you would like more information regarding the Slammers' Opening Day game or future games and accommodations, please call Kelli Dreschsel at: 815.722.2287 or email: info@jolietslammers.com.
Hope to see you Opening Day!
* Contact me ... if you're hoping to buy or refinance a home in Joliet, Will County, or Chicagoland area. I'll put my 35 years of experience to work on your behalf. I can be found at any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Conveniently at Skype: 630.219.1316
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Gene Mundt, Mortgage Lender: Posted on Wednesday, May 16, 2012 8:03 AM
Multiple Offers and Appraisals. Learning to Co-Exist Successfully We are presently in the time of year when Appraisers, Realtors, and Mortgage Originators ... as well as Home Buyers and Sellers are often "anxious". Both good anxious and bad anxious. This Spring, many of us find ourselves anxious, but hopeful, that our housing market is reviving itself after a long winter. This is especially true in the Midwest region where I live. Weather makes home sales somewhat more seasonal here. This year's anxieties are accompanied by the good-to-have-problem of rising house prices. In many areas, we are presently seeing multiple offers placed on strategically-priced properties. RISING home prices shouldn't be a problem, right??? Welllllll ... they can be ...  As an example, let's consider what the prior 6 months of property sales were in the Chicagoland region. Again, those months are typically the slower sales season in this region, but most certainly they have been even slower because of the health of the housing market this last year. This particular 6-month period showcased a housing market trying desperately to gain traction and stability. Now as someone that's a former Appraiser, it's my opinion that there are going to be some real challenges ahead for current-market Appraisers ... and those challenges will trickle-down to Agents, Brokers, and Mortgage Originators. And I most likely need to include Mortgage Underwriters in this mix too. Where are these challenges coming from? Many potential Home Buyers are now having to actually compete for homes in this spring's market. They've been caught a little off-guard at the return of a bewildering phenomenon ... multiple-offer bidding wars. If they are a Home Buyer that has been disappointed one or more times because of bidding wars, what happens the next time they begin a new home search?
My local referral partners are telling me that the fear of getting outbid again is motivating these potential Home Buyers to aggressively pursue and price their next offer to purchase. Contracts are being signed AT or ABOVE the asking price of a home.
Let's see ... new Home Buyers are securing a historically low interest rate. The Sellers have sold their home (more quickly and for perhaps higher than they had envisioned). Agents have helped facilitate and secure a successful contract. Mortgage Lenders have been called into action. The wheels are turning ... all cause for celebration. Right?
Again, yes and no. Things couldn't be that simple!! What's the issue?? Remember I mentioned the previous 6 month time-frame above? Well, during that period, sales were slower or stagnant. Most times, housing prices were lower. And now?? A home has been sold. And an appraisal must be ordered and completed to facilitate the mortgage financing. But finding Comparables to support the sales price of the home might prove tricky. The question becomes ...
 At what point do Appraisers recognize market changes that seem to be taking place in many housing markets? When do they choose to support and make adjustments reflecting these new trends for home sales prices? JMO, but not only do Appraisers need to recognize this trend, but so do Underwriters who eventually REVIEW, approve the Appraiser's work, and ultimately "bless" the final Opinion of Value. But therein lies the possible problem ...
Consider this current scenario: As an Agent, you've priced a new listing via your MLS, supported data, and info. You've worked hard. Potential Home Buyers are now actively pursuing your listing. You've generated offers. One Buyer, a veteran of bidding wars, has made a solid, aggressive offer. They want this home! But the Sales Price on the home is at the high end of the previous 6-months' supported data, or higher. Question ...
Are the Closed sales from that previous 6-month sales period, (November, December, January, February, etc.), going to support that newly-arrived-at-much-anticipated Sales Price you just received? How are Appraisers going to approach it? If not, what can be done to facilitate and safe-guard the sale? First ... let me qualify what I think is an important bit of information. EVERY HOUSING MARKET IS DIFFERENT. Those differences must be taken into consideration.
That said, Listing Agents experiencing a healing, "correcting" housing market must be well-prepared to go to battle. They must be willing and capable to provide Appraisers current listings, pending sales, and March-April-May Closed Sales information that is relevant and comparable to their Subject Property. And very importantly ... Appraisers must be willing to accept and utilize valid, "fresh" sales and info from that period, as well. Add mortgage lending Underwriters into that mix. Securing successfully closed transactions for our clients must be ALL of our goals. If we don't get on the same page during this transitional period, if we don't work hand-in-hand, we will disappoint often.
An unwillingness to broaden the scope of properties considered via Appraising and Underwriting ... and the data accepted and utilized within transactions ... will sink transactions completely. That will hurt our clients and further delay the healing of our housing market and real estate industry.
This is going to call for a bit-of-a-shift in mentality. My guess, but there is probably going to be a bumpy adjustment period ahead regarding appraisals. Challenges to be sure.
This particular situation once again provides strong proof that ... the choice of real estate and mortgage professionals working on any transaction is vitally important. Experience, knowledge, and past successes should and must count greatly for clients when making those choices. Being anxious to buy. Being anxious to sell. Being anxious to celebrate ... to move ... to decorate ... to landscape. Those are all positive. But being anxious over whether you can seal a deal with a property appraisal certainly isn't ...
* Contact me today to work with a mortgage lender that has 35+ years of education and experience to assist you throughout your entire home buying and mortgage financing transaction. I can be found at any of the following: Direct: 815.277.4036 Cell/Text: 708.921.6331 Convenience @ Skype: 630.219.1316
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Buying a Home, Mortgages, Working with a Mortgage Professional, Appraisals, Chicagoland, Agents and Brokers, Selling Your Home, Working with a Real Estate Professional, Real Estate Professionals, home buying, Appraisal changes, Realtors, Pricing a home for Sale
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Guest Blogger - LaNita Cates, Re/Max Realty of Joliet, IL: Posted on Thursday, May 10, 2012 10:52 AM
Buyers Decide Within 8 Seconds Whether They Are
Interested In a Home
I am a huge fan of Real Estate Agent and Mogul Barbara Corcoran. Barbara is a Real Estate Contributor on NBC's Today show and the wonderful addition to ABC's Shark Tank.
 Per Barbara:
"BUYERS DECIDE WITHIN 8 SECONDS WHETHER THEY ARE INTERESTED IN YOUR HOME."
I'm not surprised by this at all. It's the first impression when
walking in and hearing, "Wow, this is cute" - or - "Ugh, what is that smell?" Pretty much sums of the next few minutes of the tour of that home.
I always tell my buyers that they will know when they walk in if this
is their home or not. If they aren't feeling it within the first 10
seconds, let's move on. They never believe me... AT FIRST. But usually
by the 4th house, they agree that they know pretty much immediately if
they are interested or not when walking in the door.
So buyers pretty much know. Sellers - remember that! That first
impression (or at least the first 8 seconds) can decide whether the
buyer is interested in your home!
* LaNita
Cates of REMAX Realty of Joliet has been serving the Joliet,
Plainfield, Naperville, Crest Hill, Bolingbrook, Shorewood and
surrounding areas, helping buyers and sellers with all their real estate
needs.
Call or Contact: LaNita Cates REMAX Realty of Joliet today ...
Office: 221 Springfield Ave., Joliet, IL 60435 Office Phone: 815-609-0887
Office Fax: 815-364-1267 Cell: 630-341-1545 |
Buying a Home, Real Estate, Real Estate Advice, Will County, Agents and Brokers, Home Improvements and Curb Appeal, Maintenance and Upkeep of Your Home, Selling Your Home, Staging your Home, Remodeling, Real Estate Professionals, Home Maintenance & Repair, Home Buyers, home buying, Deciding Which Home is Best to Buy, Home Staging, Realtors, Preparing your home for sale
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Gene Mundt, Mortgage Lender - The Federal Savings Bank: Posted on Wednesday, May 09, 2012 11:44 AM
Students from Naperville, IL
to Appear on
"Late Show
with Letterman",
May 10th
 I don't know about
you, but anytime David Letterman
has a "Kids Scientist" segment scheduled ... I'm
watching!
Dave's interactions with the
kids are so much fun to watch!
Letterman's "Kid Scientists" programs have
become one of my favorites. And this
Thursday night's program gives me all the more reason to view and enjoy this
ongoing event.
Local students
from Naperville, IL will be taking part
in Dave's "Late Show" - "Kid Scientists" segment, broadcast May 10th.
The Naperville, IL
students involved include:
- Zack Pradel -
Lincoln Jr. High School
- Abby Louise -
Kennedy Jr. High School
- Joy Chiu -
Naperville Central HS
- Jack Brandt -
Kennedy Jr. High School
- Cairo Lawrence
- Kennedy Jr. High School
Teachers
accompanying the students on this "Kids
Scientist" segment will be:
- Jaci Gentile -
Naperville Central chemistry instructor
- Lee Marek -
Retired Naperville North teacher
Our area's learning academies have much to be proud of. Thursday night's May 10th appearance by Naperville, IL students
will celebrate over 20 such appearances by area students on the "Late Show with David Letterman" since 1997.
Congratulations to ALL the students ... and their teachers .... participating on Thursday night's "Kid Scientists" segment!
To view this segment, watch the "Late Show with David
Letterman” on CBS, Thursday, May 10th, at 10:35 pm, CST)
* Hoping to buy a home in the Naperville, IL area? The surrounding Chicagoland region ... or elsewhere across the US? Contact me conveniently and quickly through any of the following means:
Direct: 815.277.4036 Cell/Text:
708.921.6331 Skype: 630.219.1316
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DuPage County, Localism Posts, Announcements and News, Schools, Naperville, DuPage Township, Education, Special Events, Fun, Comical, Educational Opportunities, School Districts, Chicagoland Entertainment
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Gene Mundt, Mortgage Lender: Posted on Monday, May 07, 2012 5:39 PM
I May Not Be Yoda,
but I'm Darn Close!
Yesterday, I was reading yet another blog about the low interest rates presently available to home buyers seeking mortgage financing.
Seems another new historic low was announced. Something not quite so noteworthy anymore, as we all have grown used to hearing about how the rates have dipped, dipped, and dipped again.
 And therein lies my big worry, both as a mortgage lender and as a parent. I think buyers have grown quite weary and fairly complacent.
Low interest rates, such as we are seeing presently, should be news that sends home buyers (currently seeking and potential) all giddy. They should be doing a happy-dance.
But although rates remain a topic of interest for mortgage applicants I speak to, the rates we are seeing do NOT stimulate action in the housing market or number of inquiries for financing you would predict. So many potential buyers simply are doing nothing in response.
And I find that sad. That attitude translates into so much potential lost savings . So many opportunities simply being ignored.
I believe that many potential buyers falsely believe they cannot buy. That they will not be approved for loan. It's certainly the mantra repeated by the media. And it seems nowadays, everyone knows someone that knows someone that has an awful story to tell about the financing process. Heck, I even hear it within our own industry.
The truth of it is that there are many successes being celebrated out there. The majority (around 62%) of people that apply for a mortgage loan DO get financing and successfully
buy a home. (Remember, we've seen the result of and are suffering from no one being turned away.)
Now, do mortgage applicants have to work at finding their successes? Yes! Is it easy? No! Are
they frustrated at times throughout the process? H#*$ yes! Should the
process be like this? No! I'm a mortgage lender and I think it sucks that
buyers and those refinancing are put through the ringer like they are. But the
process is what it is ...
So if that is the truth ... and the process is what it is, at least at this point, I ask ... What are you, if a hopeful and/or potential home buyer, going to do? What's your reaction??
I've written some about this in the past ... my own personal experiences with rates, home buying, and financing over my 35+ years within the mortgage and real estate industry. It's been interesting, to say the least.
But over all those years, one thing has remained true for home buyers and those seeking mortgage financing: No matter how bad your financial situation. No matter your credit scores. The situation and your scores CAN be improved and turned around. Help is available.
Okay .. okay ... you're right. I need to add an asterik to those statements ...
- Asterik 1: With time, care, and patience.
- Asterik 2: If willing to do some hard work.
And therein, lies some of the current problem. Many people hate the asteriks. But taking that into consideration, my question becomes this:
If you ever hope to buy a home ... now or in the future ...
Are you going to let those asteriks scare you away from starting the process? Are you going to let the need for some hard work and patience intimidate you into foregoing inquiries about your home buying capabilities and options?
Are you going to let all those stories ... those asteriks ... steal REAL opportunity from you? REAL SAVINGS?? And yes, I said steal. I can talk to you all day and all night about what I think
is the right thing for you to do. And it
will be "yadda yadda yadda" ... just noise in
your ears. Or I can tell you this ...
I may not
be Yoda,
but I'm
darn close!
I'm a mortgage lender, yes. But more importantly, I'm a
husband, a dad, and now a grandfather too. And
that is where my message (and vast wisdom) to you springs from.
I've been there. I've stared-down
growing insurance costs. Rising taxes. Emergency repairs at the home. Health bills for braces, glasses, broken noses, emergency hospital
trips.
I've had to come-up with unexpected costs ... dues for
sports camps, traveling leagues. I've shelled-out extra for Size 15 Nikes.
I've looked college payments in the eye.
And I'll tell you ... your child you never thought you'd hear it from? Yep, even
MORE schooling ... LAW school! Then wedding
plans start. Times 2 ... within 6 months of
one another. Heart-tugging Grandchildren aren't far behind.
All of these expenditures and more might be in your
future as they were in mine, you just never know. So take it from someone that knows ... you need to look for, and take
advantage of, every savings when you can.
Listen to Yoda ...
The savings you
can and will reap by buying now and locking-in a historically low interest rate?? Cha-Ching!
The savings you can and will reap through the lower housing prices found in many
markets right now? Cha-Ching Cha-Ching!
Those savings WILL come in mighty handy later
... believe me.
Forget whatever negative you have heard. Take action.
Reach out. Pick-up a phone. Text.
Email. Whatever! Do it on your break. At lunch time. Before you head to bed.
Ask your questions. Don't just accept what you're hearing on the news ... or from others, no matter who they are. Fight for every option, work for every advantage, every opportunity you can
find. You owe it to yourself and your future.
Contact me. Even if you have challenging financial and credit
issues. Get started on bettering your finances and future. It costs you zippo ... absolutely nothing to talk to me.
You'll be glad we talked. I'll be glad to hear from you ...
* You can find me in several convenient ways:  Direct: 815.277.4036Cell/Text: 708.921.6331 At Skype: 630.219.1316 Through Your Mobile Device:
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