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.

Schaumburg Homes for Sale - 203K Rehab Loan ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Roselle Illinois Closed Home Market Update by Price Range - March 2009

Always trying to keep both buyers and sellers informed on the local Roselle housing market has been my goal for many years.

There have been 17 total sales with the lowest price of $150,000 for a 3BR home.  I'm sure you'll agree that's a great deal for Roselle!  Why am I not enthusiastic on the overall sales?  Because the Roselle Market is lagging way behind the sales of other surrounding areas.  Homes in Roselle are not selling as they should be and are down 55% from the 2nd half of 2008.

Another market oddity is that there was only 1 sale between the $201,000 to $250,000 price range.  There were more BELOW the $200,000 mark.  No sales at all between $350,000 to $500,000.

Out of the 17 sales for 2009 - 3 were marked as foreclosures and 3 were marked as short sales.  We are able to differentiate those sales in our MLS.   Just wanted to point out the true numbers that you might not be aware of because of all the media hype over the national foreclosure statistics.

 

How can you use this information if you are a buyer?   The price range that you are thinking of purchasing in, is it one of the more active price areas of the market?  It would be ideal if it was.

 

How can this information help a seller?  If you are planning on selling your home soon, you can see which price ranges are the most active.  Clearly the price range above $350,000 has been very slow and very few sales have occurred.  You might have to plan accordingly for extra market time.  As a seller you have to be sure that your home is ‘spot on’ in a market like this.  Some extra updates and staging might be required before you put your home on the market to make you more competitive.

So for the Roselle Home Sales for January to March 31st, 2009 you can clearly see that over 64% of the closed sales have been under the $300,000 price range.

The following graph provides closed sales in Roselle from July to December 31st, 2008

Looking for a great home in a great area?                    Want to see some homes?

There are currently 21 selections under $250,000 available Roselle and I bet a few of them are some really great deals!

                                           

Roselle Village Profile

     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 Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles, Hoffman Estates, Schaumburg, Elk Grove Village and more importantly, want to work with a local area expert, contact me immediately.

Disclaimer:  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.

 

Resources:  MRED MLS of Northern IL

Roselle Market Update by Price Range  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Hoffman Estates Illinois Townhome Market Update by Price Range - March 2009

Always trying to keep both buyers and sellers informed on the local Hoffman Estates housing market has been my goal for many years.

 

This market update gives you graphs of the Multi-family homes (townhomes, quads, condos, duplexes) that have sold by price range so you get a feel for the current sales activity.  Which is up by the way!  There have been 22 total sales with the lowest price of $57,500 for a 2BR 1BA condo.  I'm sure you'll agree that's a great deal for Hoffman Estates!

Out of the 22 sales - 4 were marked as foreclosures and 3 were marked as short sales.  We are able to differentiate those sales in our MLS. 

 

How can you use this information if you are a buyer?   The price range that you are thinking of purchasing in, is it one of the more active price areas of the market?  It would be ideal if it was.

 

How can this information help a seller?  If you are planning on selling your home soon, you can see which price ranges are the most active.  Clearly the price range above $250,000 has been very slow and very few sales have occurred.  You might have to plan accordingly for extra market time.  As a seller you have to be sure that your home is ‘spot on’ in a market like this.  Some extra updates and staging might be required before you put your home on the market to make you competitive.

So for the Hoffman Estates Multi-family Sales for January to March 31st, 2009 you can clearly see that over 77% of the closed sales have been under the $200,000 price range.

The following graph provides closed sales in Hoffman Estates from July to December 31st, 2008

Looking for a great home in a great area?                    Want to see some homes?

There are currently 142 selections under $200,000 available in Hoffman Estates and I bet a few of them are some great deals!

                                           

Hoffman Estates Single Family Home Update

Hoffman Estates Village Profile

     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 Hoffman Estates, Schaumburg, 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.

Disclaimer:  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.

 

Resources:  MRED MLS of Northern IL

Hoffman Estates Townhome Market Update by Price Range  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Elk Grove Market Update for Multi-Family Sales - Townhomes, quads, condos, duplexes.

Well lately we’ve heard some media buzz that improvement is happening in the Elk Grove Village Market and I just wanted to let you know that YES – it seems to be true!

 

So for the 1st quarter of 2009 .............. we’ve had 19 properties close – YIPPEE. 

 
The graphs show us that obviously the first time buyers are spurring along the market in the lower price ranges.  The majority of sales over 84% were under $250,000.  Also for those concerned, none were marked foreclosures and 3 were marked short sales.  Our MLS allows us to differentiate these from regular closings.  The lowest sales price was $70,000 which is such a great deal for a 2BR condo off Biesterfield I'm sure you'll agree!

 

There are currently 109 home selections for sale below $200,000 available in Elk Grove Village.   OR    There are currently 52 home selections below $150,000 if that works better!

Think you might want to start looking?

                                           

     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 Elk Grove Village, Hoffman Estates, Schaumburg, 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.

Sources:  MRED MLS of Northern IL

Disclaimer:  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.  

Elk Grove IL Real Estate Market Update for Multi-Family - April 2009 ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com   

 

Well lately we’ve heard some media buzz that improvement is happening in the Elk Grove Village Market and I just wanted to let you know that YES – it seems to be true!

 

So for the 1st quarter of 2009 .............. we’ve had 16 properties close – YIPPEE. 

 
The graphs show us that obviously the first time buyers are spurring along the market in the lower price ranges.  The majority of sales over 65% were under $300,000.  Also for those concerned, none were marked foreclosures and 3 were marked short sales.  Our MLS allows us to differentiate these from regular closings.  The lowest sales price was $187,000 which is such a great deal for a 3BR home in Elk Grove Village!

 

There are currently 58 homes for sale below $300,000 available in Elk Grove Village.   Think you might want to start looking?

                                           

     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 Elk Grove Village, Hoffman Estates, Schaumburg, 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.

Sources:  MRED MLS of Northern IL

Disclaimer:  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.

Elk Grove IL Real Estate Market Update - April 2009 ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com   

 

Schaumburg Illinois Townhome Market Update by Price Range - March 2009

Always trying to keep both buyers and sellers informed on the local Schaumburg housing market has been my goal for many years.

 

This market update gives you graphs of homes that have sold by price range so you get a feel for the current sales activity.  Which is up by the way!

 

How can you use this information if you are a buyer?   The price range that you are thinking of purchasing in, is it one of the more active price areas of the market?  It would be ideal if it was.

 

How can this information help a seller?  If you are planning on selling your home soon, you can see which price ranges are the most active.  Clearly the price range above $250,000 has been very slow and very few sales have occurred.  You might have to plan accordingly for extra market time.  As a seller you have to be sure that your home is ‘spot on’ in a market like this.  Some extra updates and staging might be required before you put your home on the market to make you competitive.

So for the Schaumburg Multi-family Sales for January to March 31st, 2009 you can clearly see that over 89% of the closed sales have been under the $250,000 price range.

The following graph provides closed sales in Schaumburg from July to December 31st, 2008

Looking for a great home in a great area?                    Want to see some homes?

                                           

     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.

Disclaimer:  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.

 

Resources:  MRED MLS of Northern IL

Schaumburg Townhome Market Update by Price Range  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Schaumburg Illinois Market Update by Price Range - March 2009

Always trying to keep both buyers and sellers informed on the local Schaumburg housing market has been my goal for many years.

 

This market update gives you graphs of homes that have sold by price range so you get a feel for the current sales activity.  Which is up by the way!

 

How can you use this information if you are a buyer?   The price range that you are thinking of purchasing in, is it one of the more active price areas of the market?  It would be ideal if it was.

 

How can this information help a seller?  If you are planning on selling your home soon, you can see which price ranges are the most active.  Clearly the price range above $500,000 has been very slow and very few sales have occurred.  You might have to plan accordingly for extra market time.  As a seller you have to be sure that your home is ‘spot on’ in a market like this.  Some extra updates and staging might be required before you put your home on the market.

So for the Schaumburg Sales for January to March 31st, 2009 you can clearly see that over 75% of the closed sales have been under the $300,000 price range.

The following graph provides closed sales in Schaumburg from July to December 31st, 2008

Looking for a great home in a great area?                    Want to see some homes?

                                           

     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.

Disclaimer:  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.

 

Resources:  MRED MLS of Northern IL

Schaumburg Market Update by Price Range  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

"T.E.A. PARTY"  as in Taxed Enough Already!

I'm not a nut job - stop making me out to be one!

 

I'm not a radical wacko - stop making me out to be one!

 

I am definitely not a right wing extremist trying to make trouble - stop making me out to be one!

 

What I am tired of is politics as usual!  So my little flag and I decided to attend the Tax Day Tea Party in one of the Chicago suburbs of Lisle, IL on April 15^th, 2009.  All those attending were just your regular middle class suburbanites who love their country but are tired of the politics, especially the politicians themselves and the constant burden of taxes, taxes and more taxes.

 

A lot of great people showed up - large, small or tall.  Veterans, young, old, some in colonial garb and ladies with tea bag earrings.  Some in wheelchairs and walked with canes.  Considering where they made us park, I was impressed with their being able to make it to the park without as much as a complaint.  They carried flags and were proud to be there and to take part.

 

I was really surprised to arrive home and not find a lot of media coverage over the event and what was mentioned on the boob-tube made it a ‘non-event'.  Tell that to the 1000 people or so that showed up with their flags, posters and general good humor! 

 

The event was attended by speakers Lisle Mayor Joe Broda, Dr. Steven Sauerberg, Rob Fiulio, Joe Kaiker, Michael Tams, and IL State Rep. Michael Connelly.  Sandy Rios from WYLL AM 1160 radio and Jerry Agar from WLS AM 890 radio were also there showing their support of the cause.

 

The media and the politicians are going to get a rude awaking sometime soon when more people join in and decide to take part in their governments' everyday operation.  It's time to pay attention to how YOUR tax dollars are being spent.

 

Join the fight against massive government spending and higher taxes!  To learn more about ‘parties' in your state being planned in the future, go to this national website.

 

 

 

 

 

 

 

 

Monday Morning Outlook Tea Party Economics To view this article, Click Here Brian S. Wesbury - Chief Economist Robert Stein, CFA - Senior Economist Date: 4/20/2009

Well lately we’ve heard some media buzz that improvement is happening in the Hoffman Estates Illinois Real Estate Market and I just wanted to let you know that YES – it’s true!

 

So for the month of March 2009 .............. we’ve had 16 properties close – YIPPEE. 

 

All the closings were below the $398,000 price and only 3 were actually above $300,000.  This is basically showing us that obviously the first time buyers are spurring along the market.  Also for those wondering, only 5 were marked foreclosures and 3 were marked short sales.  Our MLS allows us to differentiate these from regular closings.  The lowest sales price was $101,000 which is a great deal for a 3BR home on a larger lot in Hoffman Estates!

 

Now with the pending sales during March 2009 – 32 homes went under contract and 22 are below the $400,000 list price.  So again we see that nothing is really happening yet in the upper price brackets for March.

 

There are currently 94 homes for sale below $300,000 available in Hoffman Estates. 

 

Looking for a great home in a great area?                    Want to see some homes?

                                           

     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 Hoffman Estates, Schaumburg, 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.

Disclaimer:  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.

Hoffman Estates Illinois Homes for sale ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com   

 

Well lately we’ve heard some media buzz that improvement is happening in the Schaumburg Illinois Real Estate Market and I just wanted to let you know that YES – it’s true!

 

So for the month of March 2009 .............. we’ve had 19 properties close – YIPEE. 

 

Of all the closings 16 were below the $330,000 price and only 3 were above.  This is basically showing us that obviously the first time buyers are spurring along the market.  Also for those wondering, only 5 were marked foreclosures and 2 were marked short sales.  Our MLS allows us to differentiate these from regular closings.  The lowest sales price was $165,000 which is a great deal for a 3BR home in Schaumburg!

 

Now with the pending sales during March 2009 – 27 homes went under contract and all are below the $445,000 list price.  So again we see that nothing is really happening yet in the upper price brackets for March.

 

There are currently 54 homes for sale below $300,000 available in Schaumburg. 

 

Looking for a great home in a great area?                    Want to see some homes?

                                           

     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.

Disclaimer:  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.

Schaumburg Homes for sale ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com   

 

 

 

 

This is a typical story of the little guy that is getting screwed by the giant behemoth called Cook County Illinois! 

The background behind this ‘punch to the pocket book’ is as follows:  Single lady with a very nice 2story townhouse around 1260 square feet with 2BR 2.5BA’s and a 1 car attached garage.  There are many great areas all thruout Schaumburg just like this and unfortuntely lots of people are handing over their hard earned money year after year.

Just make sure it is not happening to you!  Taxes for this townhouse for 2007 were $3891.58 with NO homeowners exemption and taxes for the same house with the same features WITH a homeowners exemption is $2704. 

THAT IS A SAVINGS OF $1186.88 that the unknowing seller overpaid to the behemoth of Cook County.

Oops!  As if things weren’t bad enough for this owner, things are even worse because she hasn’t filed for her rightful exemption for the last 4 years she’s owned the home either!  This is where you run and get a pencil and your handy calculator:

Total overpayment for these last 3 years of home ownership = $2567.77   Yikes!

Could you afford to loose this kind of money?          Could you or would you set fire to this money?

You could be if your not paying attention to your tax status and your home owners exemption! 

This is not an isolated case – I see at least 10 or more scenarios like this every year I sell real estate!  Most are not rectified until the sellers are told about the exemption when they consult me about selling their home. 

Please be sure to go to the Cook County Treasure’s Office with your homes 'permanent index number' (called a PIN) to see that you are receiving your rightful tax break on your home!  The link will take you there to find out and I hope that you do!

Click on 'Exemption History' to get a small report that looks like the example above.

If you find out that you do not have an exemption, please call the Tax Assessor in Schaumburg Township and begin to fill out the paperwork to get yours today.  You will need documentation (drivers license, utility bills, etc.) that you have owned and lived in the property for those years. 

You must live in the property yourself for a full year before you can claim this exemption for reduced taxes on your home.

Be diligent and don’t let this be you! 

     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.

Disclaimer:  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.

Homeowners Exemption - Wouldn't you like this money back in your pocket? ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com  

5 Richest Zip Codes in Illinois

This was from a strange post in Google for the top 5 richest zip codes in each state.  I’ve just chosen my own state of Illinois as an example for this article.  These prices and taxes are just jaw dropping!

60614     City of Chicago, Lincoln Park (MLS Area 8007)   Highest listing at this writing is $10 Million for new construction. Next is $7,999,999 but it’s not $8 Million thank goodness because it would be completely unaffordable! Taxes for this place are $25,300 per year.
              
60010   Barrington    Highest listing at this writing is $17 Million with taxes of $94,300 – hey it’s in Cook County too where the taxes are always lower!
            
60045    Lake Forest    Highest listing at this writing is $18 Million with $112,400 per year in taxes.
             
60610    City of Chicago, Gold Coast (MLS Area 8008)     Highest listing at this writing is $12 Million and taxes on this place are $61,300 per year. These are not typo’s guys!
          
60093    Winnetka      Highest listing is $7,450,000 with taxes of $95,100 per year – no wonder they're moving.





Each States Richest Zip Codes – Scroll down to begin seeing information on each state.
Sept. 2006

   

  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.

Disclaimer:  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.

Resources:  MRED MLS 3/17/09

5 Richest Zip Codes in Illinois ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com   

Landlords – time to wise up and get nasty, what are those tenants doing!

Janet Jackson said it best in her 80's tune:  Nasty, nasty boys, don't ever change.     Oh you nasty boys, hey!

Well this post will hopefully change all that.  I offer help for the little guy that has not only gotten ripped off by the tenant but the system too!  The subject of Deadbeat Tenants has been a terrible sore spot for me over the last couple of years.  There have been a few situations where small landlords are definitely getting screwed and financially beaten up by the current system.  The system being the credit reporting companies and real estate companies alike.  That’s right – I’m saying that brokers are also to blame for not stepping up to the plate!

 

When we sign a listing agreement with a landlord for a tenant search, part of the rental agreement states that we will run a credit report and do some due diligence on behalf of that landlord.  We get a credit report run and check out all the references that we can.  The system is not perfect and that’s what the problem is!

 

I think that when we assist the owner running a credit report we should also be able to report pay habits of the tenant – both good and bad.  The problem obviously comes in when the tenant is a no-pay, slow pay or just plain lunatic.  We (at least my company and I) could not go in and report these tenants to the credit bureaus because we were NOT A MEMBER.   I am sure that you are also working under this misconception.  

 

What do you mean we can’t report someone?

Well, what if you can't afford to be a member of a credit bureau?  What happens if your company, such as mine, doesn’t want the liability of being a member?

Here’s another solution that you might be interested in!  You can join Tenants Screen Online and do just that – report both good and bad pay habits of your past and future tenants.  

 

Tenants Screen Online lets you report good AND BAD pay habits yourself.  Yes I said YOURSELF.  Membership is free but you must be checked out which is a reasonable request.  You must submit your identification which will be verified.  I sent in my listing contracts for 2 of my rentals where:  one tenant was a looser, trashed the place to the tune of $2,000 or so.  Also didn’t pay the last month’s rent.  Other owner/landlord ran away with the tenants security deposit!  Yes the owner stole the tenants money.  So they helped me report that nonsense too!

Another solution you might try is the Deadbeat Database!  

Ahhh the Deadbeat Database!  I like the sound of it as my fingers are flying across the keyboard with the tenants social security number!  A blessing for landlords across the U.S.  Please use it and stop tenant abuse and nonpayment.  As a part of the Landlord Protection Agency you can join with a membership or just use their suggested forms, leases, etc.  It’s worth the time to check them out.

They offer many types of services and are all interconnected to help solve as many landlord problems as possible.  You can run your credit reports online fast and easy and I thought the costs were reasonable.  

Good luck and hope you solve your deadbeat problems successfully.  I know I have.



We’re gonna git you nasty boys -- and girls, yeah!

 

    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.

 

Disclaimer:  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.

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