Everything Warrenville - Mike Hale Homes Real Estate Blog

September 2009 Warrenville Real Estate Market Statistics

2009-10-05T09:20:00.000-05:00

In September there were a total of 14 properties sold in Warrenville, with a median sold price of $168,725. The average market time was 345 days.

While an average market time of almost a year sounds bad, eight of the fourteen total properties sold were between $150,000 and $200,000. These eight properties had an average market time of 440 days. (Five had been on the market for over a year.) This means that some of the properties that have lingered on the market for a while are finally being bought.

There are currently 147 homes on the market in Warrenville, with an average list price of $270,300. The average market time is 205 days. When you compare the homes sold in September, the 52 active homes priced between $150,00 and $200,000 have an average market time of only 139 days.

The median price of homes sold in Sept. 2009 dropped about 9% when compared with Sept. 2008. There were 3 less sales (14 compared to 17 in Sept. last year). Again this doesn’t sound good, but when you take into consideration the market time of the homes sold in Sept. 09, it can mean some of the lower priced homes that have been on the market a long time are now being bought and taken off the market. There is still a roughly 14 month supply of homes in Warrenville.

Data according to MRED MLS (which may not include FSBO sales)

Ron Westphal Chevy Asks For Your Help

2009-06-18T17:50:00.002-05:00

I'm copying a letter here sent by Brian Caldwell of Ron Westphal Chevy asking you write your state legislators urging them to support the Automobile Dealers Economic Rights Recovery Act of 2009. Westphal Chevy is a long time member of the Warrenville Chamber of Commerce and is heavily involved in the Warrenville community.

Warrenville is split between District 13 (Judy Biggert) and District 14 (Bill Foster). Their contact information is:

Representative Judy Biggert, (13th District)
Washington, DC Office
1034 Longworth House Office Building
Washington, DC 20515
Phone: 202-225-3515
Fax: 202-225-9420

District Office
6262 South Route 83, Suite 305
Willowbrook, IL 60527
Phone: 630-655-2052
Fax: 630-655-1061

Representative Bill Foster, (14th District)
WASHINGTON, DC OFFICE
1339 Longworth HOB
Washington, DC 20515
Phone: (202) 225-2976
Toll Free: (866) 777-6670
Fax: (202) 225-0697

BATAVIA OFFICE
27 North River Street
Batavia, IL 60510
Phone: (630) 406-1114
Toll Free: (866) 324-6128
Fax: (630) 406-1808

June 18, 2009

Good Morning Everybody,

I regret that I have to write this e-mail but I am asking that all of you follow the link below and use the prewritten letter and forward it to all of the Congressional list. If we can get H.R. 2743 passed it would save hundreds of jobs and local businesses.

If you didn't know, your local car dealership is responsible for 15-20% of the sales tax that comes into a local community(quoted by city manager of manager of Monroeville, Pa.on December 1 2008). Also your local dealership is involved in the community that it serves, from Chamber of Commerce, Rotary and other service groups. If the local dealership goes away what will happen to our taxes? If the local dealership goes away what happens to all of the community events/ programs that the dealership sponsors? Just remember when the local dealership is gone the community suffers as well.

I never thought in 14 years of selling cars that I would be writing this e-mail but I am, and I am asking all of my friends and family to take the time to write your Congressional leaders. It's time for the community to support their local new car dealership.

Please pass the e-mail to everybody on your e-mail list!

Brian Caldwell
Sales Manager
Ron Westphal Chevy

Congressional Contacts Needed on H.R. 2743

The Illinois Automobile Dealers Association reminds you that your assistance is needed to urge the Illinois Congressional Delegation to support House Resolution 2743. IADA extends its appreciation to those dealers who have already contacted their Congressman or woman and to the following Congressmen who have signed on as co-sponsors to H.R. 2743: Jerry Costello (D), Bill Foster (D), Phil Hare (D), Jesse Jackson, Jr. (D), John Shimkus (R) and Don Manzullo (R).

H.R. 2743 creates the Automobile Dealers Economic Rights Recovery Act of 2009, which would restore dealer rights that have come under attack by Chrysler and General Motors in the course of their bankruptcy proceedings. Click here for the full text of the legislation.

Please contact your Congressional Representative and ask him or her to sign on as a co-sponsor to H.R. 2743.

Sample Letter:

The Honorable _________
United States House of Representatives
Washington, DC 20515

Dear Mr. Mrs. or Ms,

Through bankruptcy the manufacturers have terminated thousands of dealers, not for the sake of cost, but for an unproven belief that fewer dealerships are better. As a result, my local dealership has lost its franchise. This means fewer choices for me when shopping for a vehicle and my current vehicle cannot be serviced for warranty without traveling excessive miles. In addition, not only will the loss of this business affect me, but also our town has lost a valuable community supporter.

Please support for H.R 2743. This bill will not cost the government or the people of the United States any money. What it will do is reinstate my terminated dealer. Thank you for your support.

Sincerely

Customer

Sunset Developers New Showroom

2009-04-16T11:42:00.002-05:00

Sunset Developers in Warrenville hosted a Chamber of Commerce After-Hours event last night to show off their new showroom at 3s523 Batavia Road yesterday. Sunset is run by the brother & sister team of Bill and Grace Langford. Bill has been doing remodeling and improvements for quite a while, and has also built several homes, including the castle at 3s510 Mignin Avenue here in Warrenville.

Bill Langford, Mike Hale, Grace Langford

The showroom currently has 37 different styles of cabinets, countertops and backsplashes. What’s unique here is that you can mix and match all of them (not just a small sample piece!) right in the show room to see how they work together. In fact if you have tile already they can even create a sample backsplash for you.

Their focus is mainly on kitchens and baths, but they’ll do many other types of home improvements as well. Stop by the showroom when you have a chance and welcome them to Warrenville!

March 2009 Market Statistics for Warrenville

2009-04-02T18:30:00.000-05:00

March saw a very slow Warrenville real estate market with only three homes sold priced from $172,900 to $211,900. (Median sold price: #203,900).

In March of last year 14 homes were sol d at a median price of $213,500. That’s a 78.5% drop in sales and a median price drop of 4.5%. Average Market Time increased 20% from 140 days in Mar 08 to 168 days in Mar 09.

Today there are 20 homes under contract with an average list price of $166,605, and another 150 active listings in Warrenville with an average list price of $277,344. An average of 9.8 homes sold in each of the last 12 months. With 150 active listings, that gives Warrenville 15.25 months supply of inventory.

These numbers aren’t pretty by any means, especially for sellers, but with mortgage rates still near historical lows, and the $8,000 First Time Homebuyer’s Credit, this is a very good time to be a buyer.

While the steep drop in sales when compared to March 2008 looks pretty scary, remember that Warrenville on average the last 12 months sold 9.8 homes, so the percentage is going to be larger because of the smaller number of homes sold each month.

It remains to be seen what effect the government’s bailout and stimulus plans will have on the housing market, and the economy in general, but many economists are still predicting an end to the recession later this year, with growth beginning in 2010.

* Data according to MRED MLS (which may not include FSBO sales)

Governor Launches Illinois Recovery Website

2009-02-24T18:18:00.001-06:00

Wondering how Illinois will benefit from the $787 Billion (that’s with a “B”!) stimulus package? IL Governor Pat Quinn launched a website to information about the American Recovery and Reinvestment Act, and how it relates specifically to Illinois taxpayers.

Illinois will seek part of the $2 Billion set aside for the redevelopment of foreclosed and abandoned homes to help fund its own Neighborhood Stabilization Program which provides emergency assistance to local governments to acquire and rehab foreclosed properties.

If you’re interested in seeing which other state programs will benefit go to the Illinois Recovery Website

Warrenville "State of the City"

2009-02-13T11:40:00.004-06:00

I attended Mayor Brummel’s “State of the City” address hosted by the Warrenville Chamber of Commerce at the Courtyard Banquets. It was an overview of what was accomplished last year, and the general plans for 2009.

One very important thing to note is that Warrenville is not operating in debt. Projects and purchases are made with city cash, so there are no additional debt servicing payments. Even though these are some tough economic times, and the city has had to scale back or postpone some projects, overall Warrenville is in good financial shape.

I think this is in no small part due to the mayor and city council being prudent in their spending, and they deserve some credit for that. On a side note, in the upcoming city elections, the mayor and all city council members are running unopposed.

Some major projects/initiatives for this year include funding TIF #3, construction of a sidewalk on the south side of Galusha road, implementing a citywide bike & pedestrian plan, continued construction of the new Hubble Middle School and the next phase of the Warrenville Road resurfacing with permeable pavers. The use of these pavers has brought environmental recognition to the city of Warrenville!

The DuPage river cleanup should continue despite the fact that Tronox, the company that acquired Kerr-McGee, has declared bankruptcy. It’ll be interesting to see how that plays out this year. The Forest Preserve purchased the Cenacle Property on Batavia Road, and has plans to build a River ecology education center on the site. This is just one more piece of open space for Warrenville to enjoy!

There were two flooding events this year, and the city hired Strand & Associates to do a study on how future flooding can be prevented. The study is being done in a phased approach, so the total cost of the study itself, or the cost of implementing any of its recommendations won’t be known for a while. I have a friend on Williams Road who suffered some major flooding damage, so preventing it from happening again, if possible, is very important.

I walked away from this event with a positive outlook for the new year, that and a full belly from the delicious food provided!

Related Links: Mayor Brummel's Warrenville State of the City Address

Expanded Parking Lot?

2009-02-11T21:40:00.003-06:00

Ran out to get some pop (love my Diet Mountain Dew!) tonight and saw a bunch of Warrenville police lights at Route 59 & Batavia Rd. A car had gone into the ditch by the Family Foods lot. I don’t know if anyone was injured or what the story was, since I got there after the tow truck. It looks like it went straight into the ditch from the BK lot, narrowly missing the fire hydrant.

Always having my trusty Samsung Saga with me I snapped a quick pic!

January 2009 Market Statistics for Warrenville

2009-02-07T17:28:00.003-06:00

As I’m writing this, the sun is shining and melting away the snow outside. Hopefully this is a sign that the Warrenville housing market will be heating up too!

There were eight sales* in Warrenville in January priced from $112,500 to $251,000 (median sold price: $182,000). Six were Single Family homes and one Attached home sold.

January of last year saw 11 homes sold at a median price of $185,900. While Jan 08 vs. Jan 09 the total number of homes sold was down 36%, the median price only dropped 2%. On a positive note, the average market time decreased from 200 days (Jan/08) to 119 days (Jan/09), a drop of 40%!

There are currently eleven properties under contract with an average list price of $182,500. There are also 133 active listings with a median list price of $218,500.

* Data according to MRED MLS (which may not include FSBO sales)

City Council Meeting & Sinister Mailboxes

2009-02-03T08:16:00.003-06:00

Now that we’re finally having temperatures in the double digits again I made it out to the Warrenville City Council meeting last night. It was a pretty quick meeting but not without some interesting moments!

I did learn that if you enjoy running red lights you might be ok if you’re going westbound on Butterfield at Winfield. Apparently no citations have been issued there and the company that provides services the cameras has been called to look into it.

Interestingly, only about 45% of the citations the city gets are approved since according to Warrenville Police Chief Ray Turano the city makes sure an actual violation, as opposed to someone that has stopped past the line for example.

I have mixed feelings about these stoplight cameras. Some people just can’t seem to wait while turning left and have to try to sneak and be that 3rdor 4th car through. And while city officials can swear up and down that they’re just there for safety, at $100 a pop they’re definitely a good revenue stream for the city. Theres a lot of controversy on whether or not they are actually effective in ,aking intersections safer. In fact, some studies have even shown that accidents have increased when redlight cameras are installed.

I guess we’ll have to wait and see if they’re effective at reducing accidents (were there really THAT many accidents at these intersections to begin with?), but one thing is for sure… they aren’t going away anytime soon now that they’re up, and we’ll probably see a few more installed at other locations.

Anyway… If you want to be get involved Mayor Brummel is looking for volunteers for the Police Commission and the Environmental Advisory Commission. Also, there’s a meeting being held at the Warrenville Public Library on 2/3/09 (today!) by the Chicago Metropolitan Agency for Planning (CMAP) as part of their regional comprehensive plan called GO TO 2040. If you have concerns or opinions about the needs and wants of the area, and its preservation, you should attend this informational meeting or visit their website for more info.

Finally, for me the best part of the meeting was the lengthy discussion on the “evil, sinister killer mailboxes from hell”.

Ok, I might be exaggerating that just a bit, but Alderman Bill Weidner (Ward 2) made a valiant effort to protect us from the brick menace. Ultimately he was denied though, and the City Attorney will draft an ordinance to define the process for having these approved.

Since these are built on the city right-of-ways, I understand the question, but people should be allowed to build these if they want to. The issues brought up were time and costs to the city for processing the permits, but isn’t that was the permit fees are meant to cover? Why else would they be charged?

There was also a question about safety, if someone drove into one, but are we going to remove light poles as well then? There is a legitimate concern that there could be liability to the city if they were damaged by a plow or utility service, but any ordinance would address that and limit the city’s liability.

Warrenville Sentinel Facing Tough Times

2009-02-02T05:25:00.001-06:00

I first heard about the Warrenville Sentinel newspaper at a Warrenville Chamber of Commerce event last year. Published by Stan Zegel, and edited by former alderman George Safford, the Sentinel covers city government, events and articles by locals such as garderner/author Shawna Coronado. In fact, I was even mentioned in one of the fist issues! Although unfortunately it was only for being ticketed for driving on an expired license. (Long story!)

I’ve been saying for years that print newspapers are a dying medium. A newspaper offered news delivered in a timely fashion, that you could read at your convenience. Well the internet one-upped that by giving you virtually instant news, updated throughout the day, that you can read at home, work, even on most cell phones.

I’ve also said that the exception to his is “hyper local” papers that focus on a small area of community. While the internet certainly provides you world, national, and local news with ease, it is hard to get down to what is actually happening in your neighborhood or city. That’s where the local papers, like the Warrenville Sentinal still provide a valuable service.

The Warrenville Sentinel does just that, but it too is facing challenges from the slow economy. Right now, it is publishing at a loss each week. There just hasn’t been enough advertising dollars to offset the costs of printing and mailing the paper. In fact if it weren’t for some sponsors chipping in each week to cover the difference we may not have gotten it.

Because of the difficulties and costs the publishers have decided to rotate the area of Warrenville that will receive the paper each week, and offer a subscription plan for $29.95 a year which means you’ll continue to receive every issue.

Personally, I think having the Sentinel around is a great thing for Warrenville, and there’s ways you can help make sure it continues to be published:

Donate the $29.95 for an annual subscription
Place ads or classifieds
Get involved by writing for the paper
Sell ad space (for a commission)

If you’d like to get involved and help give them a call at 630.562.0011 or send a donation to:

The Warrenville Sentinel
PO Box 686
Winfield, IL 60190-0686

December Market Statistics for Warrenville

2009-01-09T14:56:00.002-06:00

As we all dust of the snow that’s been falling, I’m going to dust off this blog and be more active. It was also a New Year’s Resolution to do more writing, and this is one I can probably keep! I’ll spare everyone the recap of 2008 since it was a year most people probably want to forget, but things should be looking up in 2009.

December saw a total of eight sales closed (according to MRED MLS which may not include FSBO sales) ranging from $100,000 to $625,000, which just goes to show the wide range of property available here in Warrenville. Six of the homes sold in December were for less than $200,000.

Five single family homes sold with an average sale price of just over$262,198. The three attached homes sold for an average price of $150,167. While Warrenville still hasn’t seen the dramatic price drops some areas have, the average market time for the homes that sold in December was 229 days (7 ½ months).

As of today, Jan 9th, there are 13 homes under contract with an average list price of $161,715. Seven are Attached homes and six are Single Family Homes. Additionally there are 128 homes in Warrenville currently listed in the MLS at an average list price of $285,198.

Galusha Road Public Input Meeting

2008-04-24T00:46:00.000-05:00

I attended the public information and input meeting for the plans to build a multi-use trail along Galusha Road (Download PDF), between Herrick and Winfield Roads. The meeting was well attended by many of the homeowners from along Galusha road and the nearby area.

The meeting was hosted by Community Development Director Ron Mentzer and public works Superintendant Mike Smith (who was recently honored at a city council meeting for 25 years of service to the city of Warrenville.) Also in attendance were city council members Matthew Wiesbrock (Ward 3, includes the affected area) and Clare Berry (Ward 4), along with Mayor Brummel.

As one resident pointed out, the fate of this project, and their properties, will be decided by the city council, and it would have been nice to see a better turnout by the city council members to hear the public input. (I may have just not seen them though)

The city has had the intent to build some form of pathway there since a comprehensive plan was drawn up in 1985. The project has remained high on the priority list of projects, but due to budget restraints hasn’t been a real possibility until now. There is a six million dollar general city fund that would finance the estimated one-million dollar pathway project.

With the new Hubble Middle school being built nearby, this pathway would give students walking to school a safe path. In fact, the city may be able to apply for a Safe Routes to School grant from the state to help offset construction costs if it meets certain requirements.

The proposed plan is to put am eight or ten foot wide concrete path on the South side of Galusha Road. An alternative is to put the path on the North side, which would require getting an easement from the DuPage Forest Preserve. This would also force people to cross Galusha, but would have less of an impact on the homeowners along Galusha Road.

A lot of concerns were addressed, such as new storms sewers that would need to be installed, the path crossing people’s driveways, the safety of walkers or bikers using the path, long term maintenance costs, the need to move utility poles, etc.

My impression was that the most favored option would be to put a 5 (ADA requirement) foot pathway/sidewalk along the North side of Galusha Road made of Limestone screenings, like the Prairie Path that runs through Warrenville. Also there was a positive response to the idea of making it a curvy road to discourage high speed biking and make it more scenic, as well as safer.

I was just mainly listening, but I almost spoke up when the issue of property values came up. In my opinion, it would be much easier to market a home having that has a flat pathway to the new Hubble Middle School and Herrick Lake, as opposed to having a drainage ditch along the side of the road, which is hard to maintain and landscape, and collects garbage.

It’ll be interesting to see if this project moves forward what the end result will actually be. I do commend the city planners for seeking the feedback of the public, and those whose properties will be affected, and to the citizens for turning out in force to raise their concerns. It’s just further proof that Warrenville is a great place to live!

Down the Husky Highway

2008-04-21T23:48:00.001-05:00

Just a quick Follow-up... The students of Hubble Middle School chose "Husky Highway" as the name of the new street going into the new school building.

Ivory Billed Woodpecker Sighting in Glen Ellyn

2008-04-11T22:35:00.001-05:00

Well, at least the skin & feathers of one that was taken as a specimen about 120 years ago!

The DuPage Birding Club welcomed Doug Stotz who gave a very entertaining and informative talk on the Ivory Billed Woodpecker, and the controversy surrounding its recent sightings in Arkansas and Florida.

The club itself is not that different from the Kane County Audubon Society I blogged about prior to this. (It was a bit funny to have back-to-back birding cub meetings!) They meet at the IIT Rice Campus in Glen Ellyn, nearby Butterfield & Naperville Road. The club has about 200 members, mostly over 50 (but a wide age range) and there was probably around 60-75 people at the meeting.

If you don’t know the story, the Ivory Billed Woodpecker was last seen in the wild in the U.S. in 1944, and was thought to be extinct as a result of massive logging and deforestation of their habitat.

Around the year 2000 there were some unconfirmed sighting reports, and some audio evidence was collected in 2002 in the Pearl River region in Louisiana. Then in 2004, a reported sighting was considered credible enough that a team from Cornell University conducted a more exhaustive search.

During this search there were more sightings, and even some video evidence. Not since the Zapruder film of the Kennedy assassination has a piece of video been as closely scrutinized, and caused so much debate. What you see in the video is a large, blurry woodpecker flying away from the camera.

There is evidence that can be used for both sides of the argument, that this was an Ivory Billed Woodpecker, or just a Pileated Woodpecker, which is very similar, and definitely NOT extinct!

Doug, who is in the “It was an ivory-billed” camp, gave both sides of the argument, and had specimens of both Ivory-Billed and Pileated woodpeckers from the Field Museum for comparison. I have to admit, even though it was just a specimen, it was pretty cool to see this bird up close!

One for the Birds - Kane County Audubon Society

2008-04-10T13:07:00.001-05:00

Growing up on the “East Side” of Chicago.. (103rd & Ewing) I didn’t see a lot of birds growing up. Well, I did see a lot of birds, but they were mostly sparrows. Little brown birds… and they all looked the same to me at the time anyway. We had a very small yard, and not much in the way of trees. In fact, between the sidewalk and the street was Chicago’s infamous “Green cement”.

When my family moved to the south suburbs, to a house with a big yard and trees, I started to notice a much wider variety of birds (They aren’t all just brown after all!). Once I put up my first feeder I was hooked!

I’d say for the last five years or so, I’d say I consider myself a “birdwatcher” or “birder”. I have a bunch of feeders up at my house, and in the summer I get up to around a dozen feeders. I do my best to keep them all full while, all while waging a (losing) battle against the squirrels.

My official life-list is at 51 birds. I’ve seen far more than that, but this list is strictly the birds I have positively identified.

Since I’ve gotten to the point where I’m not really seeing many new “back yard birds” I said this year I was going to get out looking more often. There’s a couple nature & birding clubs in the area I wanted to check out, and last night I went to my first meeting of the Kane County Audubon Society at Peck Farm Park in Geneva.

Joined by about forty or so other birders and nature enthusiasts, everyone reported on first sightings of spring birds they’ve seen, and where the action was at some local hotspots.

We also got an update on the Great Horned Owls at the Third Street Courthouse in Geneva. This is the fourth year they have nested there. Unfortunately, just over a week ago the one owlet in the nest fell into a window well at the courthouse.

Through great effort by members of the Kane County Audubon Society, they were able to get animal control and someone from the courthouse to help (no easy task on a Saturday!). The little guy (or gal, too young to tell) was rescued, and moved safely to the roof of the courthouse building by animal control.

The latest reports are that the owl has been spotted in nearby trees and appears to be doing just fine!

It’ll be nice to get out with some more experienced birders to see some new birdies this year. The club does official planned outings as well as some impromptu get-togethers to go out walking and watching.

Hubble Students Get Chance to Name Road

2008-04-08T18:41:00.000-05:00

Interesting tidbit that came out of the Warrenville City Council meeting I attended last night at Warrenville City Hall…

Aside from the amusement of watching Mayor Brummel try to get a consensus on the name of the road that will lead into the new Hubble Middle School for District 200 students, an idea was raised to let the students themselves have a chance at coming up with the name.

Galaxy Drive, Hubble Lane, Edwin Hubble Lane, Husky Drive were all discussed, and the plan was to have students supply a short list of names to the city council so they could be OK'd with the police and fire departments, then let the students vote on the new name.

The details still need to be worked out by the school, but I thought this was a great idea. I'm keeping my fingers crossed for "Edwin Hubble Lane" because it honors the namesake of the school, and it'll stop people from asking why the school was named after a telescope!

Fox Valley Clutter Club – Unconventional Organizing

2008-03-26T09:25:00.002-05:00

Read any article with tips for selling your home and the first things they tell you to do are clean and eliminate clutter. Showing a disorganized, cluttered home can give the potential buyers the feeling that the house is too small. "We'll never fit all our stuff in here!"

Defining clutter isn't always easy… Knick-knacks, trinkets, papers, clothes, arts & craft supplies, etc. All these things can give a home an unkempt appearance. Selling a home that is currently being lived in presents a handful of challenges, and I always think of a quote by one of my heroes, Ben Franklin, who said:

"A place for everything, everything in its place."

To me, this means sorting, organizing, and storing your stuff in a methodical manner, and keeping it out of the way wherever possible. In many situations, and for many people, this is much easier said than done. Some people just can't seem to find a way to get organized no matter what they try. This was the topic of the Fox Valley Clutter Club meeting hosted by Barb Gould of Bright Start Organizing held last night at the Batavia Public Library.

This is a fairly new club. I believe this was only the third meeting, but the turnout was good, and Barb really presented the information well. There are about a dozen or so "Clutter Clubs" that meet throughout the US. After the main presentation there was a Q&A session where people shared ideas and tips. I wanted to check out this club for two reasons really…

First, I can always use some help and ideas to keep my ever-growing piles of paper in order. I affectionately refer to this as a "paper fungus" growing on my desk! Secondly, as a Realtor I find myself parroting that same "Get rid of the clutter" advice and the groups gave me some good ideas for specific techniques to do just that.

The meeting covered some material from the book Conquering Chronic Disorganization by Judith Kolberg. Someone with chronic disorganization has usually struggled with trying to get organized most of their life, and their disorganization has had a negative impact on their quality of life.

Some people are "Situational disorganized", such as when a life changing event (having a baby, moving, divorce, needing to take in a loved one, etc) has caused someone to become disorganized worse than they normally are. Even if they were just generally disorganized before the event. People that have average disorganization tend to just be too busy, or are juggling too many projects and tasks to stay on top of things.

The book discussed gave some great ideas and techniques, or "games" that could be used to help start getting more organized, and the conversation and questions it raised I think would be pretty helpful to most people, even those that aren't considering selling their homes.

Warrenville Youth & Family Services Bowl-a-thon

2008-03-17T17:19:00.002-05:00

I had a chance to stop by the Warrenville Youth & Family Services Bowl-A-Thon fundraiser on Saturday. It was held at the Bowling Green Sports Center in West Chicago on Roosevelt Ave. This was the 18^th Annual Bowlathon and it looked to be quite a success! I was there during the afternoon session and there were around twenty teams bowling and having a good time. There were also a ton of prizes lined up behind the alleys to be won in the raffle.

I only had a little time to spend there, but I did get to meet some of the WYFS staff and volunteers. They really put on a smooth event and I'll be happy to be involved again next year. I sponsored a lane this year, and chatted and joked with the bowlers on the team that bowled on my lane. I wanted to get a good picture of the signs they made up too. One of my favorite things about being a local Realtor is that I can advertise and get my name out there while still supporting such a great cause. Outreach Community Ministries and the Warrenville Youth & Family Services are doing great things in our community, and we should all show them our support!

My apologies to Barb though, who didn't start out this game so well. At least there were no last names on the scoreboard!

The Warrenville Youth & Family Services is part of Outreach Community Ministries, a Christian community service group in DuPage County. They perform a wide range of charitable, educational, religious and community development activities. WYFS provides services geared towards, you guessed it, families and young people in the Warrenville area. They provide mentoring, and also reach out to the Hispanic community in our area.

You can make donations directly to them, or support the Discoveries Resale Shop at Route 59 & Batavia road. Donate items to be sold there or just find some bargains for your home. All proceeds from Discoveries Resale Shop support Warrenville Youth & Family Services.

Fox Valley Woodworkers Club March Meeting

2008-03-06T20:53:00.003-06:00

I went to the Fox Valley Woodworkers Club meeting for the first time this week. As an avid woodworker I've been meaning to join for a while. One of the things that really sold me on my house was the full, unfinished basement. I had my woodshop set up in the cramped corner of a leaky basement, but was finally able to spread it all out. No more needing to move each machine out every time to use it.

Now that the weather has lightened up I made the trip to Bethany Lutheran Church in Batavia where the meetings are held each month. There was quite a good turnout, if I had to guess I'd say around 100 people showed up. The group is made up mostly of retirees, but there was a good mix of ages as well. I have to admit I certainly felt young again! Everyone I met was very friendly, and you can't go wrong with free cookies and ice cream.

I did stumble through a quick introduction of myself in the beginning of the meeting. I'm not always good at talking to a large crowd like that without a little preparation! I just mentioned that I live in Warrenville and really started woodworking seriously a few years ago when I started building/repairing electric guitars.

The meetings start out with announcements and updates of club activities, and this month the club president, Tom Sharp, gave a presentation on using putty molds to make small replacement or matching parts when making repairs.

After the main presentation there's the break for cookies and ice cream. So much for trying to stick to my diet! During the break I spoke with a nice gentleman from Naperville about the plans to remove the Warrenville Grove Dam on the west branch of the DuPage River. I may blog about this in the near future as well. It's a very interesting debate about restoring the river to its more natural state vs. the history and scenic nature of the dam.

After the break they have a raffle and members can do a "Show & Tell" session about their recent or current projects. I like this, since this gives me some motivation to get down into the shop and actually make something for a change! It's always interesting to see what other people are working on.

Next month's show & tell should be pretty interesting. Since the meeting falls on April 1st (April Fool's Day) the show and tell will be goofs. Too bad I reused a set of tapered table legs that had the mortises on the outside of each leg.

If you enjoy woodworking it is definitely worth coming to a meeting to check it out!

Mortgage Foreclosure Seminar at DuPage County Bar Association

2008-03-02T12:49:00.009-06:00

Last week I went to a Mortgage Foreclosure Seminar hosted by the Dupage County Bar Association. For all the media hype about the "subprime crisis" I was surprised that only a handful of people attended. The information was presented by three attorneys, each covering a different aspect or perspective on the process. The presenters were:

Kent Gaertner – Covered the different bankruptcy options available (Chapter 7, Chapter 13)
Steven Bashaw – Foreclosure defense attorney (Helps the borrower address the foreclosure)
Pat Williams – Lender's attorney. Gave the lender's perspective on the foreclosure process

There was a lot of information covered, and several different options discussed From the conversation afterwards I think a few of the people left still scratching their heads about what would be the best approach for them. It wasn't intended to provide any specific advice, but just to give an overview of the entire process, and what the various options are. I'm going to provide some of the highlights, but none of this is intended as legal advice. If you are facing foreclosure, please seek an attorney to help you.

There are three very important things you must do as early as possible:

Don't avoid it!

The lender will have logs of every attempt to collect. You can't claim you didn't know about it just by ignoring it. It isn't a problem that is going to go away, and the earlier you address and work with your lender the easier it will be to make arrangements to correct it. Once the courts and lawyers become involved it is a much more costly and complicated process.

Create a payment plan you can afford and stick to it.

Propose a resolution as early as possible. In fact, if you just got bad news, such as being laid off, a medical crisis, or some other event that is going to impact your ability to pay your mortgage, talk to the bank before you miss any payments. Don't propose a payment plan you can't meet. If you aren't able to follow the plan, the lender is less likely to continue to work with you.

Do everything in writing and keep logs

Present any proposed payment plans in writing. Also keep logs of any contact between you and the lender. Keep track of what was discussed, any agreements made, deadlines, changes to the plan, who you spoke with, etc.

Pat Williams spoke first about the lender's view of the foreclosure process. Having to defend the "big bad bank" is no easy task. He stressed the fact that the lender doesn't want your house, they want their payments, so they'll be willing to work with the borrower. If no arrangements are made and the foreclosure is filed there is no real chance to work things out. You still have options for keeping your home, but making arranging a payment plan is no longer an option, plus you'll now face legal fees and court costs.

One of the interesting things he discussed was what the foreclosure does in legal terms:

Bank takes title to the property
Extinguishes the mortgage and any other subordinate debts (second mortgages, etc)
Clears the title for any buyers
Secures possession of the property to the lender

Another point worth noting is that the entire process takes at least 7 months from the time the foreclosure is filed. In that time, you have options to pay off the back payments and keep your home.

Reinstatement

By law in Illinois, if you pay any defaulted payments, late fees, interest, attorney's fees, and court costs within 90 days of the foreclosure being filed, your mortgage is "Reinstated" and the foreclosure process stops. Because the bank wants the payments, and not the actual property, lenders may agree to a reinstatement even after the 90 days required by law has expired.

Redemption

If the 90 days have passed the foreclosure was served, the borrower may still keep their home by paying off the entire amount owed, as well as any back payments, and other interest, fees and legal costs within 7 months of being served notice of the foreclosure. While it isn't likely someone facing foreclosure can find the money to pay off the mortgage, or to refinance the home, it can happen.

Steve Bashaw then covered the borrower's side of a foreclosure. He also stressed the importance of working with the bank as early as possible. In addition to any proposed payment plan, you should send the bank a "hardship letter" explaining what created the situation in the first place. It should cover:

What caused the default? (job loss, medical bills, etc)
Has the situation been remedied or corrected?
Was it beyond your control?
If payment arrangements are made, can you afford them, your other bills, and still keep your home?

The bank isn't looking for a "sob story" but needs to know what the situation was that forced you to face foreclosure. Also, be honest. If the bank finds out you provided any false information, or gross exaggerations, they are very unlikely to work with you at all.

A common payment plan is to pay 50% of the back payments up front, then spread the other 50% of back payments out for six to twelve months, in addition to making your regular payments. This may seem daunting to someone that cannot even pay their current mortgage payment, but it is a start. The lender will consider any other reasonable payment plan as well.

Another topic, one that I think can be very scary and confusing, is the timeframe and stages of a foreclosure. If you received a notice of foreclosure, the sheriff won't be knocking on your door the next day to kick you out. You have at least seven months for the process to wind its way through the courts.

If you are past due 90 days or more, the lender will go to the court, file a complaint and begin the foreclosure process. The borrower is notified via summons (served). If the court is unable to serve you with the summons, the legal notice filed in the newspaper counts as notification. The foreclosure clock starts the day you are served with the summons.

You have 30 days after being served to file an appearance in court. There are court fees (approx $150), but the judge can waive this if he sees fit. The day you appear in court starts the "redemption timer", the seven months you have to pay off the entire debt and costs to keep your home. If you don't appear in court within 30 days of being served, the redemption timer begins the day you were served. If a court judgment of foreclosure is made, you have 90 days after that for redemption, or the seven months from the date you served, whichever is longer.

If you don't redeem the house in time it will be sold at a sheriff's sale (auction). The bank will put a minimum bid on the property to ensure they retain possession if no one else makes a bid on the house. Terms are generally 10-15% due the day of the auction, and the rest (in full) within 24 hours. Bidders are often unable to inspect the properties beforehand.

If the property sells for less than what is owed at auction, the bank can file for a deficiency judgment against the borrower for any remaining amount owed. If the house sells for more, any remaining money after all court costs or other liens will go back to the borrower.

Once the court confirms the sale at auction, usually one to two weeks, anyone still living at the home has 30 days to vacate. If they don't, the sheriff may forcibly evict them. Some buyers of foreclosed properties, and even the bank, may offer "cash for keys" which is money to help the residents of the property to move.

Finally, Kent Gaertner spoke about the option of declaring bankruptcy if facing foreclosure. I'm not going to go into much detail since this can be a very complex process.

Some important things to remember though are that bankruptcy is federal law. Foreclosure is state law. Therefore a bankruptcy will trump any foreclosure proceeding causing an "automatic stay" of the foreclosure process. It doesn't necessarily wipe out the foreclosure altogether though.

There are two main options for bankruptcy when facing foreclosure:

Chapter 13

Most often used when facing a foreclosure. Chapter 13 can be filed when you can make payments. You may get up to 60 months to correct any defaults. You need to show you'll be able to pay your current bills and any arrears over 60 months. Any unsecured debtors (credit cards, etc) will get as much as they would had you filed a Chapter 7. A Chapter 13 must be filed before a sheriff's sale of the property. You may be able to file a Chapter 13 and put your house on the market, if you agree to lower your listing price according to a defined schedule.

Chapter 7

If you have a lot of general debt, Chapter 7 may be an option. This is used when you cannot stay current with your payments, or have very little or no equity in the home. It wipes out the debts, protecting any assets that can be exempted, such as the homestead exemption in Illinois. The lender may ask the bankruptcy court to continue foreclosure proceedings, but the borrower still has the right of reinstatement or redemption.

Some of the other topics discussed were short sales and a deed in lieu of foreclosure. Which option the bank will except will depend entirely on the situation.

A "short sale" is selling your home before the foreclosure process, and having the lender agree to accept a price lower than what is owed, and to forgive the difference. You should work with a Realtor to justify the list price of the home according to the market.

A "deed in lieu of foreclosure" is giving the title of the house to the bank in exchange for forgiveness of any back payments. This allows the bank to get possession of the property without needing to go through the foreclose process.

Something else that came up in relation to short sales was the taxability of any forgiven debt. In the past, a bank could issue a 1099, treating forgiven debt as taxable income. Each of the three attorneys that spoke raised this as being an issue with a short sale or deed in lieu, but the Mortgage Debt Cancellation Relief - H.R. 3648 act may mean that, in certain circumstances, the forgiven debt is no longer taxable.

Bottom line is that I found this seminar very informative. I would highly recommend anyone that is in or facing foreclosure to attend an upcoming event like this. It won't provide any specific advice for your situation, but should give you a better understanding of the process and the options you may have.

Sponsored Links:
Need a Bankruptcy Lawyer?
FREE Foreclosure Consultation