Real Estate Consumer Info.com

What a difference a ‘K’ makes?  This is about the ‘Renovation Loan’ called the FHA 203K and how it can be used to purchase a home in need of 'a little help’.

The 203K Loan is:

• Perfect for REO’s and foreclosures.

• Used to purchase and close on a home in ‘as is’ condition.  Usually getting a better sales price.

• No repairs required prior to closing; no appraisal issues.  The house must be sound and is used for minor repairs and cosmetic changes that you would like to do to the property and don’t have the ready cash to do it.

• There can be NO mandatory repairs and is the buyers choice to update the home. This program is a much better financial move than using your credit cards to renovate your home projects.  So again the house must be structurally sound according to FHA guidelines but can be best described as:  ‘butt-ugly, grandma's 1950's house or cosmetically challenged’ on the inside as far as decorating details.

Rules for this 203K Loan:

Sound like you might be interesting in doing something like this?  Have a property in mind?  Please give me a call and we can talk about the 'possibilities' and I can put you in contact with a great lender that has your best interests in mind!

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Elk Grove Village, Hoffman Estates, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Buyers Agent - 203K Rehab Loan ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Northwestern Cook County Market Summary

I have been following along with interest over the last few months the Chicago Tribune and the ‘Price Pulse’ real estate sales snapshot.  This article in particular is for comparisons of August thru October 2008 and August thru October 2007.   This is for my areas and communities that I cover in Northwestern Cook County only.

It mentions changes in median housing prices either an increase, no change (or no sales), or a decrease.  Now let’s go over what a median house price is – ½ the homes sold for more and ½ the homes sold for less.

Arlington Heights    ▲    $328,250

Elgin    ▼    $172,000*

Elk Grove Village    ▼   $252,500

Hoffman Estates    ▼    $287,500*

Inverness    ▼    $595,000

Palatine    ▲    $245,000*

Rolling Meadows    ▼    $210,000

Roselle    ▼    $215,000*

Schaumburg    ▼    $222,000

South Barrington    ▼    $782,750

Streamwood    ▼    $196,000

 

*Palatine showed zero sales in Lake County;  Bartlett was not added for Cook;   Hoffman Estates was not added for Kane;  Hanover Park was the same number in both Cook and DuPage which is suspicious.

This just gives you a casual idea of what is going on in the real estate market of your particular community.  I think it offers much better information on market trends than a website like Zillow where they try and give your home a ‘free Zestimate’.  Notice that the words ‘guess and estimate’ are blended together for nothing more than a computer generated guess.  You might also ask your Ouija Board or Magic 8 Ball for the same answers.

 
If you are thinking of selling your home soon (or purchasing a home) in these areas, please give me a call for an up-to-date market evaluation of your home.   I have all the current MLS data at my finger tips.

 

 

  Lyn Sims at (847)230-7324 RE/MAX Suburban

 

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately

* Also in another county.

Sources:  Data supplied by Record Information Services which is responsible for data accuracy.   Chicago Tribune/House & Homes/Sunday March 1, 2009

Northwestern Cook County Market Summary ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

This information is presented to keep my clients up on the current real estate trends only.   It is not meant to suggest that their is an inordinate amount of foreclousures in the Chicago Metro area. 

Chicago Area Market and Illinois Markets are highlighted in yellow.

 

 

 

 

 

  Lyn Sims (847)230-7324 at RE/MAX Suburban

 

 

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

 

All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it's display or use.

Chicago and Illinois Foreclosure Data ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

What does it cost me to have you as my buyers agent?

Choosing an agent can be confusing, especially when there are so many to choose from. Among questions about an agent's experience, local market knowledge credentials.  Here are nine questions to ask an agent before deciding he or she is the right one for you.

Do you work full-time or part-time as a real estate agent?   Full-time work typically means more attention for you.

How well do you know the area(s) I am interested in?   An agent who specializes in the area in which you are interested is preferable. He or she will be able to advise you as to home prices and how quickly you'll need to act based on the demand in that area.

How many other buyers are you representing now?     The busiest agents often are the most efficient.

Will you handle all aspects of my transaction or will you delegate some tasks to a sales associate or administrative assistant?     A knowledgeable assistant can be invaluable, but make sure that you can connect with your agent when you need to.

Can you give me a comparative market analysis (CMA) of recent sales in the area and homes currently on the market?  This should contain listing and sales prices for recently sold homes as well as listing prices and the listing date of homes currently for sale. It also should include detailed property descriptions (such as square footage and numbers of bedrooms and baths).

Can you provide me with local information on the area?     Your agent should have access to information on local schools, community services, transportation, shopping, etc.

Is your license in good standing?   You should check an agent's certification yourself with your state's department of real estate. Many states provide this information online.  

How many years of education and experience do you have?    Experience and continuing education typically make for better agents.

Are you also a broker and/or a Realtor?    Brokers have more stringent licensing requirements and responsibilities. Realtors are voluntary members of the National Association of Realtors, a trade group.

When I represent you as a buyers agent I work for you and your best interests.  What I expect in our 'handshake agreement' would be loyalty and consideration as to my time and efforts in finding you a new home.  My services are usually paid by the seller when you purchase a home.  

My only job as a Buyers Agent is to represent you!  Let's get started today!

  Lyn Sims (847)230-7324 at RE/MAX Suburban

 

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Buyers Agency - How to pick an agent ©2009 Lyn Sims - RealEstateConsumerInfo.com  and  RealEstateBuyMe.com