The Lowdown on Short  Sales

A short sale is sale of real estate in which the sale proceeds fall short of the balance owed on the property’s mortgage loan.  It is also referred to as a pre-foreclosure.  Commonly thought of as a dreaded process, the short sale has benefits for all parties (Banks, Sellers, Buyers) involved being that it is the most economical solution to a problem.  It often occurs when a Seller/Borrower find themselves in a financial crisis and are unable to pay their mortgage, the Bank/Mortgage Company offers the option of selling the property at a moderate loss rather than pressuring the borrower and to avoid hefty foreclosure fees and poorer credit for the borrower.  The drawbacks are:  the bank dictates the sale, which involves long waiting periods and the borrower may still be obligated to pay the deficiency or the remaining balance of the mortgage.  Buyers looking for a home can get a great deal on a short sale as long as they are not in a hurry to close.
The team at Tammy Mitchell Hines & Company are always available to assist you with all of your real estate needs, including short sales.  Tammy is a CDPE - Certified Distressed Property Expert, qualified to handle Short Sales.  She recently attended the annual Star Power Convention in Murfreesboro, Tennessee.  Tammy was one of five experts selected to share and impart her expertise to a crowd of over 600 Realtors.  Armed with knowledge and compassion, Tammy can help you with a Short Sale.  If you or anyone you know is having trouble making their house payments, give Tammy a call.  There is hope and she is here to help. www.TammyCares.com 

The greatest invention since the wheel is, hands down, the super information highway – the Internet. Without leaving the comfort of your home, you can bring the world to you. And due to astounding technological advancements, you can also take the world with you when you do leave home. Wi-fi, laptops and smartphones, allow you to receive live information wherever you go.

There are about 6 billion people on the planet and 3,000,000 of them use the Internet everyday. About 521,000 people buy a home in the United States every year and 90% of buyers start their search online. Maybe one day you will be able to add your dream house to a shopping cart and click proceed to checkout…takes point & click to a whole new level!

But until that time…Tammy Mitchell Hines & Company stays abreast of technology and makes sure consumers have easy access to properties, correct and concise information and useful links and tools to make informed decisions. Browse from the comfort of your home, then choose which homes you want our knowledgeable staff to schedule a private showing for you at your convenience.

Whether they are in kindergarten or college it's inevitable dollars will be spent. So make sure you are shopping your local retailers this year. It will save you gas, time and even more importantly help a neighbor.

Check out our local registration below...have a happy and safe rest of the Summer!

Columbia Community Unit School District 4

REGISTRATION:

Tuesday, July 27; Wednesday, July 28; Thursday, July 29
11:00 a.m. - 2:00 p.m.  & 4:00 p.m. - 8:00 p.m.

Enrollment Info

Eagleview Elementary
First Day of School, Wednesday, August 18, 2010
8:15 AM – 11:45 AM
First FULL Day of School – Thursday, August 19, 2010
8:15 AM – 3:15 PM

Parkview Elementary
First Day of School, Wednesday, August 18, 2010
8:00 AM – 11:25 AM
First FULL Day of School – Thursday, August 19, 2010
8:00 AM – 2:55 PM

Columbia Middle School
First Day of School, Wednesday, August 18, 2010
7:45 AM – 11:15 AM
First FULL Day of School – Thursday, August 19, 2010
7:45 AM – 2:45 PM

Columbia High School
First Day of School, Wednesday, August 18, 2010
7:45 AM – 11:15 AM
First FULL Day of School – Thursday, August 19, 2010
7:45 AM – 2:45 PM

Located in Columbia, a half mile away from Main Street, this unique 1.5 story home is full of light and charm.  Nestled in a quiet neighborhood & surrounded by mature trees,  the 3 bedroom 1.5 bath home is a true delight. 

The first attention-getting feature that you will note is the expansive wraparound deck with plenty of room for outdoor entertaining or a relaxing time to soak up the rays.  This home sits on a .21 acre fenced lot that has plenty of mature trees for shade and privacy. 

Ready to move into and a 2-car built in garage. This home has a spacious kitchen with oak cabinets and built-in desk with bookshelves.

Formal dining room has mirrored wall for a more spacious feel. Fabulous living room with large windows for great natural light. There is 1 bedroom on the main level along with a full bath with skylights. Upstairs you will find 2 spacious bedrooms and a bath. The walkout basement offers a family room and laundry area with counter space and lots of cabinet storage. This home is 1708 square feet of comfort and convenience.

See a LIVE TOUR to view all the beautiful details in this lovely home.



The average person buys 3-5 homes in their lifetime. A good Buyers Agent will assist in 3-5 home purchases every month. What might seem complicated and intimidating to you is fairly common and familiar to your Realtor. Your Buyers Agent will know what to expect and will know when to alert you if anything out of the ordinary occurs. It takes a lot of people to close a real estate transaction: Buyers Agent, Listing Agent, Loan Officer, Inspector, Appraiser, Insurance Agent, General Contractors, and sometimes more! A good agent will come with a strong closing team that has performed in the past and will continue to perform. With your strong Buyers Agent and their closing team, you
can rest assured that you will have plenty of support.

At Tammy Mitchell Hines & Co, you are covered. Our friendly, knowledgeable staff will take care of all of your real estate needs from beginning to end.

We'd like introduce our two newest Buyer's Agents to Tammy Mitchell Hines & Co

Carla Mercer is the newest member of the team, we look forward to a long prosperous connection! Carla, is a wife & a mother of 2 girls and is very active in their lives.

Chris Lavalle has been an agent for over 5 years and is a wonderful addition to our team! She's married with 4 children and is active in the community and in the lives of her family.

331 E. 4th St., Waterloo, IL

           $259,900

A fabulous opportunity awaits you in Waterloo.  Imagine living in a historic home in the heart of downtown Waterloo.  An amazing 4 BR, 2 Bath historic home that sits on 3.88 acres is offered at an incredible price.  This German Colonial was built in 1840 and the barn and silo that was erected are still majestically standing.  This home has wood floors throughout almost all of the rooms. The Library as you enter is so enchanting with the over-sized built in bookshelves & fireplace mantel. The Family Room is spacious with a wood burning fireplace & is open to the formal dining room. The kitchen has been beautifully remodeled with extra tall, glass front cherry cabinets. The kitchen is also equipped with a fabulous coffee bar and wet bar. There is also a laundry room and full bath with whirlpool tub on the main level. Upstairs you will find 4 spacious bedrooms and a full bath with a new claw foot tub & shower. The seller has put a lot of money into hooking the home up to public utilities. The home is heated with forced air gas heat or the radiators may be utilized. The 2 story barn is absolutely wonderful. This home also has a basement that has an 11 foot ceiling in part of it – there are endless possibilities for this room:  home theatre, man-cave, game room, luxury suite, etc.

Waterloo became the Monroe County seat in 1825.  Through almost 200 hundred years of growth, the town has maintained its antiquated charm and beauty.  On December 1, 1978, its historic district was recognized and placed on the National Register of Historic Places. While preserving its historical heritage, Waterloo is a place that embraces new ideas while providing a safe and welcoming atmosphere where people can live, work, and raise a family.  Many roads provide historic and contemporary views of farming and rural living as well, a healthy downtown and plenty of green space in between with picturesque landscapes remaining throughout the community.  The population has recently surpassed 10,000 with new businesses and homes popping up everywhere. The city boasts a one of a kind historic restaurant, The Courthouse Café & Collectibles, a must see.  Located only 20 minutes from downtown St. Louis, Waterloo is a wonderful community!

What I first noticed when I came upon this spectacular home at 1502 Gedern was how elegant it looked. I tried to capture that elegance in the front view picture I took but trust me…my pics don’t quite do it justice you really have to see it for yourself. That said, once you step inside and walk on the beautiful wood flooring in the hallways you’ll want to also take note of not one but two fireplaces! The home is 2 stories high and features 3.5 bathrooms.

I personally love the balcony view from the second floor overlooking the downstairs hearth room…warm and cozy! Don’t let this 4 bedroom home get away. Feel free to browse the pictures I’ve taken and call me if you or anyone you know may be interested. Happy House Hunting!

Do you remember Eric Jones, the Optometrist in Waterloo?  He has now moved and opened his own company!  He is also inviting you to his Grand Opening! 

Dr. W. Eric Jones, Optometrist 

Fountains Eyecare Center 

Grand Opening & Trunk Show

Wednesday, May 26, 2010  Ribbon Cutting 4 PM, Open House 5-7 PM

Hor d'oeuvres provided by Shogun Japanese Restaurant

Coach, Gucci, Fendi, Nike, Calvin Klein, & Nautica stylists will be on hand with their entire frame lines to help you find the perfect frame to fit your style.

Special Grand Opening Discounts:

40% off all eyeglass frames

40% off all designer sunglasses

50% off all lenses

$50 off eye exam

(must be scheduled at Grand Opening)

One day only!

Do you ever set personal financial goals for yourself and then fall short?

There's a simple reason you may not be achieving what you've set out to do:

You don't pay yourself first.

Paying yourself first isn't a new concept but it's an often a forgotten one, especially when times get tough. But I assert that now is the perfect time to start!

Try the following steps below to help you achieve your goals and gain a sense of accomplishment while doing so:

• The most obvious thing...Just Do It!...Pay yourself first.
  • Figure out how much you'd like to squirrel away.
    • Be it 5% or 10% of your income or $10 
  • Whatever you decide, do it consistently.

• Decide what you are saving for.
  • a really expensive pair of shoes :-)
  • A new home
  • Furniture
  • A new bathroom
  • Vacation
  • Retirement
  • College

• All of the above, some of the above or whatever you decide make sure you are clear as to what you are saving and what it's going towards.
• Now, don't touch it!
  
  • Leave it there until you've accomplished your goal.

I know conventional wisdom says to save large chunks of funds for retirement but some of us have a 401k to do that. Others may see that is too far reaching and not even try. So what about that vacation or that couch? Who says we have to whip out a credit card? Why not defer your gratification a few months? Check out your local furniture store they may offer layaway. I know Sears and Kmart have started layaway again and not a moment too soon!

These are just a few ideas off the beaten path to get you in the habit of saving.

Remember...Pay yourself first and you'll get premium results!

With temperatures starting in the 60’s, the brisk air didn’t stop the good people of Columbia, IL that knew a good deal.  Tammy Mitchell Hines & Co. arranged for Confidential Security to bring their state-of-the-art monster machine that demolishes paper until it is no longer recognizable. 

The Community Shredding Event held on Saturday, April 24th was a great success.  We had vehicles lined up full of papers that needed to be disposed of. And for a donation of a canned good or two, this service was free.  Cars & trucks of all sizes and colors made their way to the parking lot where my moving truck was parked.  You can’t miss it with its bold lettering “Buy or Sell with me and use my moving truck…for free!”

From the parking lot boxes and boxes of papers were brought to be disposed of.  Many folks didn't know what to do because they had confidential information that they did not want to get into the wrong hands. Nor was it feasible to store it at home, so the solution was simple – bring some canned goods to Tammy’s Shredding Event and your worries are over. With the high incidences of identity theft today, you never can be too careful when disposing of your confidential, personal information. 

It was fascinating to watch the documents on a video screen as they went through the various processes to become pulp and totally unrecognizable as the document you first put into the powerful machine. The operator was friendly and fun, a good time was had by all.  We collected a truckload of canned goods that will be taken to the local food pantry. Thanks to all that participated in this past weekends event. We really appreciate every one's help and it was great seeing our friends again from our neighborhood and community.

In our continuing effort to provide the best service to our clients, we have just added

Since its inception in 1994, Centralized Showing Service, Inc. has been the the first company to address the issue of home showing inefficiencies in the residential real estate community.

Centralized Showing Service has become the largest and most successful company of its kind. It currently schedules over 15 million showings per year and has over 100,000 REALTOR® members in over 40 markets across the U.S. Their members includes everything from, independent agents to large companies to entire REALTOR® Associations and MLS board-wide service. 

This service provides us a courteous and professional way to schedule showing appointments.  We started using this service about 2 weeks ago and it has been great!

Potential homebuyers expect that there will be many expeneses when purchasing a home. However, if you are planning to sell your home, you should be informed that there will also be costs involved with the 

Loan Payoff:  It is important to look at is how much you owe on your current home loan before you sell. The total owed will be greater than the last statement balance, because the interest on the loan is paid in arrears. In addition, many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they're not due yet. in addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Realtor Commission: Typically there's a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, so be sure to account for this cost when pricing your home and figuring up your expenses that come with selling your home.

Home Inspections: Although the buyer pays for the home and pest inspections, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Legal expenses: Even if you are using a real estate professional and not selling your home yourself, you still may want an attorney to examine the sales contract and assist with closing, which can be complicated.

Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

Before you finalize the closing of your home, you will be given an opportunity to walk thru the home to inspect and look for any last minute issues. It is important to know what to look for during the final walk through and many times your agent will accompany you to help you inspect the house to to verify that everything has been addressed that was agreed upon. 

Before you begin your inspection, it is a good idea to make a list of things to look for so you can be prepared.  It is also recommended that you have your Sales Contract with you so that you can review any items that should be included with the house.

Here is a list of items to check on a final walk-through:

• Did the movers bang up the walls, rip the rugs or scratch the wooden floors?
• Did the moldings around the doors get damaged when they moved an appliance from a room?
• Does the heating and air conditioning system still work?
• Are all of the appliances still working?
• Have all the items that the seller agreed to remove from the home out of the home?
• Turn on and off every light fixture
• Run water & look under sinks for leaks
• Open and close all doors and doors
• Flush toilets
• Inspect ceilings, wall and floors
• Make sure any repairs that were agreed upon have been made

Unfortunately, things don't always go as planned and you may find that there are some issues that have not been taken care of as agreed. You do have options in case this happens. It is a good idea to work with an attorney to come to a satisfactory arrangement.

If you currently own a home but want to purchase a new property, you may want to consider a bridge loan. This is a short term loan that a borrower takes out against their current property to finance the

Generally, a home equity loan is less expensive, but bridge loans contain more benefits for some borrowers. In addition, many lenders will not lend on a home equity loan if the home is on the market. It is a good idea to compare the benefits between the two loans to determine which is a better fit for their particular situation and plan ahead before making an offer to purchase another home.

How Do Bridge Loans Work?

To apply for a bridge loan, you must show that you are financially able to pay both mortgage payments in case the primary property does not sell right away. To ease the transition, most bridge loans will allow you to have a few months before your actual first payment is due. However, interest will accrue during that time.

Bridge loans are meant to be short term loans, normally coming due in a year or upon the sale of the primary property. Because it is a short term loan, the interest rates are usually quite a bit higher than regular mortgages and there are fees associated with it.

Pros of a Bridge Loan

• A bridge loan is a great solution if you want to purchase another home without having to sell your current property.
• The buyer can immediately put a home on the market without restrictions.
  Bridge loans may not require monthly payments for a few months.
• If the buyer has made a contingent offer to buy and the seller issues a Notice to Perform, the buyer can remove the contingency to sell and still move forward with the purchase.

Cons of a Bridge Loans

• Bridge loans cost more than home equity loans.
• Strict lending requirements. Buyers must be qualified by the lender to own two homes and many will not meet this requirement.
• If the buyer is unable to sell their primary property, they will have to pay 2 mortgages and risk foreclosure on the 1st.

As with any loan option it is a good idea to weight the pros and cons and consider all your options. If you think a bridge loan might be the solution for you, check out this Bridge Loan Calculator to see an estimated idea of payments.

The real estate purchase agreement also indicates specifics of the sale such as the time frame for the sale and any conditions or contingencies relating to the sale, and other things you should be aware of.

 As with any other legal contract, a real estate contract may be formed by one party making an offer and another party accepting the offer. Typically, the party making the offer prepares a written real estate contract, signs it, and transmits it to the other party who would accept the offer by signing the contract. At this point, the other party may accept the offer, reject it or make a counteroffer. To be enforceable, a real estate contract must possess original signatures by the parties and any alterations to the contract must be initialed by all the parties involved. It is always a good idea to work with a real estate professional when dealing with legal forms before signing if you have any questions or are confused with any of the terms.

When you begin your search for a new home, it can be easy to get caught up when looking at homes and fall in love with one and not catch potential problems. While you should always have a professional home inspection before signing any contracts you can still be on the look out for some potential issues before you start the process of purchasing the home. Below are some red flags to look for when searching for your home.

• Strange odors.  Pet smells, musty odors and even cigarette smells are red flags as they can be hard to get rid of and may signal a deeper problem. Keep in mind if the home smells like heavy cleaning products the seller might be trying to hide a problem.
• Wiring Issues. While an electrician is the only one to accurately diagnose wiring problems there are some things you can be on the look out for. Make sure all the switches and outlets in the house function properly. Any lights that flicker or don't work as well as hot outlets are all symptoms of wiring problems.
• Problems With Windows. You can tell a foggy window problem right away just by looking at them but also be sure to check out all the windows to make sure they are fully functional. Some older windows maybe warped or painted shut and if you do see foggy windows that is a sign that the seal is broken.
• Ceiling stains. Some buyers don' think about looking up at the ceiling but if you see stains then its obvious..something’s leaking. It might be a simple repair or it might be quite costly. Most roof leaks result from neglected flashing that seals “valleys” in the roof or around a chimney or vents, roof leaks mean mean it’s time to replace shingles. If the leak is under a bathroom it might be shower or even the toilet that is causing problems.
• Insects and Rodents. Keep a close eye out for signs of rodents and bugs. Be on the lookout for hidden mouse traps, rodent droppings, roach motels or other signs that there may be a problem. If you do locate a home that you are ready to purchase, absolutely get a termite inspection as they can only be detected by a professional inspection.

Of course these are just some things to look for and while they may not present a serious problem and may be a mior fix it is important to be aware of potential issues and headaches downt the road.

For many real estate professionals, short sales and foreclosures are the new “traditional” real estate transaction. This certification will allow me to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

Short Sales and Foreclosures are part of today's real estate market and I have the tools and knowledge to answer any questions and to be with you in case you need assistance. Contact me today for more information!

We strongly believes in reinvesting in community and all of us at

This scholarship will be awarded to a graduating senior of Columbia, Waterloo, Valmeyer or Gibault High Schools, enrolling in a college or university of his/her choice for use towards tuition and/or books for the 2009/2010 School Year. 

A committee of local business people will review the applications and select 5 finalists.  Each finalist will give an oral presentation in which 1 recipient will be chosen.

You can contact either the Columbia, Waterloo, Valmeyer or Gibault  High School to pick up the application or you can contact us at 939-HOME or 281-HOME (4663)

Deadline:  April 1, 2010

The holidays are over and the decorations are put away but we what stays with us all year is the generosity of our community. In the photo you will see Sherrie and I loading our truck with canned goods from our holiday food drives.

Thanks to the wonderful donations we received, we delivered over 7 large containers of food and supplies that were delivered to the Hope Christian Church food pantry. We would like to thank our customers and friends for their generous donations, which were collected when we gave out pies on Thanksgiving, during the Columbia Christmas parade as well as donations received from our neighbors during our neighborhood Christmas party.

We hope everyone had a wonderful holiday and we wish everyone a happy and prosperous New Year!