Steve Cohen, ABR, CRS, GRI - Broker
Coldwell Banker
Experience that Counts
"Stick with Steve"
- Seventeen Years Experience in Real Estate
- Broker Associate with GRI and CRS Designations
- Life Member of the $18 Million Dollar Club
- Local Area Resident since 1960
- Salesperson of the Year 1990-2005
- Website: http://www.stickwithsteve.com
- Married and Father of Three
- Supporter and volunteer of American Cancer Society and American Diabetes Association
My Commitment to Home Buyers
- Buyer Counseling Session - to discuss your needs and goals and our plan to search for your property.
- Financing Qualification - offer to arrange your preapproval with a lender to identify your range of affordability and to increase your negotiating strength.
- Property Previews - I will preview those properties that meet your criteria and then discuss with you which properties you would like to view. This saves you time and aggravation of looking at homes you would not purchase because of a poor kitchen, not maintained well, price too high and much more.
- Property Showings - I will show you properties that meet the criteria you have selected.
- Property Evaluation - we will discuss the positive and negative features of the property that may affect value and future resale.
- Property Disclosure - I will review with you all inspection reports and other documents pertaining to the condition of the property and disclose all physical defects of the property that are known to us.
- Home Warranty - I will explain the option of a home warranty plan to reduce your risk of repair.
- Home Inspection - I recommend you obtain a professional home inspection and will accompany you. I will work with you to request the seller remedy the items you specify after your review of the home inspection report.
- Offer Preparation - I will prepare a written offer on the property you choose, with terms approved by you.
- Negotiating Strategy - I will prepare a negotiating strategy, including advice on the initial price to offer where permitted.
- Offer Presentation - I will present your purchase offer in the most favorable light possible.
- Walk Through - I will accompany you on a thorough walk-through of the property before closing and I will assist you in dealing with any problems discovered during the walk-through.
- Closing - I will monitor and inform you of the progress of the purchase agreement, including the satisfaction of all contingencies and conditions during the entire transaction and will attend the closing to ensure any questions that may arise.
The Home Buyers Market
2005 Recap
Last year there was no real estate bubble and the rates relatively stabled with a slow climb up to 6.5 percent range. In 2005, nationally, sales remained strong with a median price of $208,700, up 12.7 percent from a median of $185,200 in 2004. There were 7,072,000 existing-home sales in all of 2005, up 4.2 percent from 6,784,000 in 2004. This is the fifth consecutive annual record. Interest rates bobbed and weaved between the upper 5 percent range ending the year with an average fixed rate of 6.22 percent.
For 2005, I had 63 sales with over $21,000,000 in sales for the year. I have and still am part of the Coldwell Banker's national Presidents Club member.
2006 Trends
What will 2006 bring for the real estate market? If you watch TV or read the papers you are probably hearing two things; higher interest rates and a Real Estate bubble. The fact is in 2006, while slower than 2005, we should still see robust sales.
Rising interest rates, expected to increase to 6.6 percent in 2006, will have an affect on the Real Estate Market. 2006 interest rate levels, while higher than in 2005, are still low compared to historical averages. Baby boomers, immigration, women-run households and the second home market should continue to drive the strength of real estate sales regardless of the higher rates. There will be a gradual slowing in the market, but it will still be strong by historical standards.
We will see a rise in home inventories and the average days on the market will continue to increase. The National Association of Realtors predicts there will be a "modest cooling" with the market coming off of a five year boom and will experience a soft landing in 2006. With the supply of homes increasing and buyers having more choices, the rate of price growth should come down to more average levels this year. In fact economists are expecting an annual increase of 5.3 percent of the median home price this year. With predicted moderate job growth resulting in low inflation and in turn a low mortgage interest rate environment, we will have another successful year by historical standards.
New Construction
Coldwell Banker's Builder Marketing Division works with nearly
200 of Chicagoland's largest builder communities.
- Representation - a common misperception by today's new construction buyer is that you cannot have Realtor representation in your purchase transaction.
- 99% of reputable builders value the Realtor community as a good source of quality, qualified home buyers and will pay a Realtor's brokerage fee out of the sale proceeds. This does not affect the price you pay!
- To have representation on a new construction purchase Steve must register you as his client on your first visit to the community, or your first contact with the builder. This step is essential to insure that you have Realtor representation.
- Having Steve represent you, and your interests insures that you have someone working on your behalf with the builder. The builder does not work for you or represent your best interest.
Additional Buyer Services
- Countrywide Mortgage - Finding financing can be one of the most frustrating and time consuming portions of buying a home. I have aligned myself with Countrywide Mortgage. Countrywide offers my clients a wide range of products and programs at the most competitive rates, and, in most cases without an application or appraisal fee!
- Preferred Alliances - Coldwell Banker has aligned itself with many national companies and can provide you with discounts on real estate related products and services such as moving, storage and security systems.
- Concierge Service - will provide you with a choice of qualified screened vendors in your market through the convenience of a single phone call.
- Home Warranty - An AON Home Warranty offers you the satisfaction of a quick repair, and, if necessary replacement, of malfunctioning appliances and mechanical systems, from dishwashers to furnaces.
Your Rights as a Buyer
Inspections
An inspector will make a careful check of all construction and mechanical items and render opinions as to their condition and any needed repair.
You, not the inspector, will make the ultimate decision on what is considered to be of primary importance.
SellerDisclosure;
Illinois State Law requires sellers to provide buyers with a Residential Property Disclosure Report.
By indicating knowledge of any defects in a property through this report, a seller is not obligated to make repairs.
Information in this report can be an effective negotiating tool.
Attorney Review
Standard purchase contracts allow for a 5-day attorney review period after an offer is accepted by the seller. The contract can be canceled for any reason during this review period.
What Affects the Market Value of a Property?
A Property has a distinct value to a prospective buyer depending on
your needs, desires and financial resources.
- Location - can be the single greatest factor affecting value. Urban or rural settings, quality of schools and local amenities are just some of the factors.
- Competition - compare your property of choice against other properties offered in the market place. Interpret value based on available properties.
- Timing - the current real estate market may reflect either a buyers' or sellers' market.
- Condition - property condition affects price and speed of sale.
Documents Typically Needed to Apply for a Mortgage
- Two most recent pay stubs
- W-2's for the last two years
- Federal tax returns for the last two years
- Last three months bank statements
- Long term debt information (credit cards, child support, auto loans, installment debt, etc.)
The Financing Process
- Complete the loan application. An application fee may be required.
- The lender requests an appraisal of the home, pulls your credit report and verifies the employment and assets you listed on your application.
- The lender will provide a booklet containing specific loan information and a good faith estimate of closing and related costs.
- The lender's underwriter evaluates your application and all supporting documentation and approves the loan.
- Sign closing documents and the loan is funded.
- The lender disburses the funds. Seller is paid and title to the home is yours.
- Appropriate documents are recorded at the county recorder.
Negotiating an Offer
Steve Cohen is skilled in the art of professional negotiation and is well-trained
at representing your interests.
He knows how to bring a buyer and seller together, working on your behalf.
What Happens During Negotiation?
The seller may either choose to accept your presented offer or make a counter-proposal to you. Similarly, when you are presented with the seller's counter-offer, you can accept the seller's updated terms or make another proposal. Negotiations are finalized when both you and the seller agree on the terms of the sale and fully execute a signed written contract.
Steve's Role
Throughout these negotiations Steve's critical role is to advise and strategize with you in order to achieve the best price and terms for you.
- NUMBER1EXPERTS™ 
