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Items of interest on Real Estate in the Northwest and Western Suburbs of Chicagoland
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You may have heard the names Fannie Mae and Freddie Mac quite a lot recently with all of the housing stories in the nightly news segments. Here is a link to a page on the Freddie Mac website that talks about Foreclosures and may help you understand the process a little better and perhaps have answers to some questions you may have. http://www.freddiemac.com/corporate/buyown/english/avoiding_foreclosure/index.html As always, if you have a question that wasn't answered, or would just like to make a comment, please post it here!
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My last post was a little bit about short sales, this is related. Right now Century 21 has put out a call to action to all of our brokers and associates to find a least one family and help them to Save the Dream of homeownership and help them reach out to their lender. In my last post I mentioned the best thing to do is to contact your lender to try to work our some arrangement to stay in your home. The Mortgage Bankers Association reports shows than 50% or homeowners who do lose there homes to Foreclosure have never once contacted their lender. To help you avoid foreclosure here are 2 sites to take a look at: Guide to Avoiding Foreclosure (US Dept of Housing and Urban Development) The HOPE NOW Alliance and the Homeowner's HOPE Hotline (1-888-995-HOPE) As a realtor I am here to help you with all your real estate needs, buying, selling, and saving your home.
If you or anyone one you know needs help getting information, don't hesitate to call. Don't wait till it's too late! I worked in the mortgage industry for many years before starting my real estate career. I have a lot of background knowledge other realtors may not have. I am ready to use it to help you, all you have to do is call or e mail me. Questions, you can post them here! Have a great weekend!
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If you know someone who is struggling to make their mortgage payments, the best thing they can do is communicate with their lender. Have them ask for the Loss Mitigation Department or the Work Out
department. Lenders do not want to be owners of real estate, they will try to work with you if it's at all possible. If you know someone struggling to make mortgage payments due to unexpected health issues, divorce, transfer or job loss, or hugh rate increases don't let them go into foreclosure! It is much better to try to do what is called a "Short Sale" where the lender agrees to take less for the property than was originally owed. Tell them to contact me, I can help! Here are some reasons to try a short sale instead of going into Foreclosure: Negotiated setttlement as opposed to a court settlement Seller's credit will just be bruised instead of ruined No attorney fee-with Foreclosure BIG attorney fee! May be able to buy again in 2 years, with Foreclosure will wait 10 years
If you have any questions about the Short Sale process, post them here or email me for a private response. I am here to help!
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Your credit score is something you really want to be aware of before you go out looking for a home. It is extremely important in determining whether you'll be approved for a loan as well as determining what rate you will pay! It's a good idea to take a look at your credit score months in advance of when you are ready to buy.
That way if you need to improve your score, you will have the necessary time to take steps that will bring your score up to the level you will need. You may be doing some things that you aren't even aware of that may be effecting your credit score negatively. I have a great report that I can e mail you that is the most comprehensive explanation of credit scores that I have found and it is in an easy to understand form. It is from one of the Loan Officers that I work with so you'll see his info on the report. (If after reading the report you need help improving your score in preparation for for making a real estate purchase, he'll be happy to help you reach your goal!) Just e mail me at Nina@NinaRocus.com and I'll send this report right out to you! Good Luck on improving your scores!
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CNBC reported yesterday that the home prices in the Chicago area are on par with 15 yr average affordability. What does this mean? It means that most likely Chicago area homes are at a bottom and now is the time to get back into the market. They reported that home prices rising faster than income, along with lenders creating products that allowed borrowers to continue to buy homes that they could not "really" afford, caused the housing crisis we are currently experiencing. Here are a few more reasons why it's a good time to buy: Home prices have corrected downward. Mortgage rates are still low, although higher than recent years. Credit is available contrary to what you may be hearing on the nightly news. You will need a downpayment and a good credit score is always very helpful.
If you would like to view the CNBC segment, Just click this link http://www.cnbc.com/id/15840232?video=912128673&play=1 Have a question or a comment, post it here or e mail me at nina@ninarocus.com
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We all need to do our part for improving our environment. Here are a few quick and easy ways to do just that. 1. Fall is here and winter is coming close behind, plug air leaks around windows and doors to keep your heating bills down and save energy. 2. Turn your thermostat lower to save energy as well. Put on a sweater or keep a throw or blanket close to ward off a chill. 3. Replace your standard light bulbs with compact fluorescent bulbs. 4. Save water and energy by only running the dishwasher with a full load, and turn off the heat to dry option. 5. Wash clothes in cold or warm water. 6. Recycle and buy food with minimal packaging. 7. Replace old appliances with newer energy efficient ones. Look for the energy star rating. 8. Install low flow shower heads to save water. 9. Use public transportation, carpool or bike or walk whenever possible. 10. Make use of reusable totes for groceries, no more plastic bags! 11. And these easiest of all, share these tips with all of your friends, family and coworkers!
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On June 30th 2008 the Housing and Economic Recovery Act of 2008 signed into law included a tax credit of $7500 for 1st time homebuyers who purchase a home between April 9, 2008 and July 1, 2009. The tax credit is for 10% of the cost of the home, not to exceed $7,500. The tax credit must be paid back over a period of 15 years like an interest free loan. (For $7500 this is $500 a year.) It is available for single family residences, including townhomes and condos that will be used as a principal residence. To be eligible your adjusted gross income can be no more than $75,000 for individuals, ($150,000 for a joint return) YOU MUST BE A FIRST TIME HOMEBUYER .....(The buyer and the buyer's spouse (if any) may not have owned a principal residence in the three years previous to the purchase.) These are just he highlights of this program. I am sure this may have raised specific questions in your mind as how this might apply to your situation or how this will help you purchase a home. Call or e mail me and I can send you a list of the most frequently asked questions and answers! My cell is 630-776-5263 and my email is nina@NinaRocus.com I look forward to hearing from you and helping you find your 1st home!
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Have you heard of the 203 K program that will allow you to borrow up to $35,000 for property improvements? Cash that you can use to improve your home after your purchase closes.
Some of the types of improvements that can be done using these funds are: Repair or replacement of Roofs/Gutters/Downspouts
Repair/Replacement/Upgrade of heating, ventilation and AC
Repair/Replacement/Upgrade of Plumbing and Electrical
Repair/Replacement of Flooring
Exterior and interior Painting
Purchase and Installation of Applicances
Basement finishing and remodeling These are just some examples!
The maximum loan amount (including a possible $35,000 for improvements) is $362,790 for single family homes, or FHA approved condos and townhomes.
3% downpayment
31/43 ratios apply
Can be used with down payment assistance programs
Less than perfect credit okay! Sorry no investors allowed at this time!! For more information, give me a call or send me an email and I can get you the full information on this program!
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We have more National Housing stats out today..... For a quick look use this link to see the video from CNBC and additional year over year stats.... http://www.cnbc.com/id/25391625 If you have any real estate questions, e mail me nina@ninarocus.com or give me a call anytime, 630-776-5263!
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This info is provided by the National Association of Realtors.... You might be wondering if buying a home right now is a smart financial decision. The fact is, homeownership is key to building long-term wealth, no matter when someone buys. Studies show that, over time, most homeowners will steadily build equity. For example, during the past three decades, home values have increased an average of more than 6.0% per year*. Of course, owning a home is much more than a way to gain a financial edge, it’s also where you raise a family and create life-long memories. Work with a REALTOR®, a member of the National Association of REALTORS®, they can show you options inyour area that best fit your situation. To learn more, visit HousingMarketFacts.com. EVERY MARKET’S DIFFERENT, CALL A REALTOR® TODAY. 60% OF THE AVERAGE HOMEOWNER’S WEALTH COMES FROM THEIR HOME’S EQUITY. IT’S LIKE A SAVINGS PLAN YOU DIDN’T KNOW YOU HAD. ©2008 National Association of REALTORS®.Figure obtained from the U.S. Department of Housing and Urban Development. *NAR existing home sales historic series.
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Go Green! Save a little green and do the planet a favor, here are a few GREEN IDEAS Use Energy Saving Light Bulbs Bag the Bag...Stop using plastic and paper Use non-toxic paint (low or no voc) The new color of Clean is Green...buy earth friendly cleaning products Save Electricity...unplug all your charges when not in use Grow something green...plant a flower, a plant or a tree today! Recycle, Reuse, Reduce Take a walk instead of driving
Let's all be more aware of how we make our homes more energy efficient and earth friendly. Home stores have many GREEN options, for flooring, paint, cabinets, carpenting and just about anything you need to put in your home, or use to build your home. Earth Friendly Real Estate is my Specialty, Call me today for more tips! Nina Rocus
Century 21 1st Class 630-776-5263
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Buying your first home can be an overwhelming experience. If you are just starting to think about making your first home purchase, or if you have been thinking about it for awhile, but just aren't ready to talk to a loan officer about how much you can afford, visit my website calculator. This will provide you with a wealth of information. Experiment with purchase amounts, interest rates, real estate tax amounts and condo fees to name just a few items. This calculator will provide you with 4 categories of information - Mortgage, Qualification, Affordability and Rent vs Buy results. When you have the info you need, just click on the Receive Detailed Analysis Link and the info will be e mailed to you. Not sure what should go in all the fields? Need help understanding some of the information shown? Just send me an e mail or give me a call and I'll be happy to answer any question you may have. Of course, this calculator just gives you some basic information to start your journey to a new home. For a totally personalized evaluation, you will need to consult with a loan advisor. But that's easy too! Just click on the Need to Be Approved menu link and see a list of the loan officers I work with and trust to give you great service. Hope this helps! I'd love to hear from you....leave a comment! or call (630-776-5263) or email me nina@ForSaleByNina.com
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If you are a 1st time homebuyer or a buyer that is ready to buy right now, builders have "tons of deals" on their "spec" homes. These are homes that are complete and ready to move into right now. Some builders may call them Express Homes or by some other similar name, but it's all the same. And there are huge discounts to be had if you can buy right now! Builders want to get these homes sold and are willing to offer incentives on financing, extras, discounts, etc. There are a number of ways they are enticing buyers to come in and buy these homes and reduce the inventory they have on hand. I know there is a different story every day in the news of the sub prime meltdown. You know how the weatherman "make a story" about every "snowstorm" that comes are way? Well the subprime story is being handled in much the same way. Yes, there is a sub prime issue but a lot of what you hear is media buzz. If you have good credit and can document your income, loans at good rates are available. You are never going to be able to call an exact bottom to this real estate market, just as you can't do it in the stock market. If you are buying a home as a long term investment it is a great time to buy! Post any questions you might have here, or if you prefer email or call me nina@ninarocus.com or my cell is 630-776-5263. Let me know where you would like to live and I'll tell you what "deals" are available in that area!!
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