RealEstateConsumerInfo.com: August 2009

Dog Parks for your frisky pooch!

Bring your dogs to get off leash exercise, play and socialize with other dogs. An annual pooch permit allows you and your canine companion to enjoy these different areas just a short drive away.

2009 U.S. and Canada Off-Leash Dog Park Guide


Hanover Park - Bloomingdale Area

Mallard Lake with Off Leash Dog Area

Glendale Heights - Addison - Medinah Areas

East Branch Off Leash Dog Area

Bartlett - Wayne - West Chicago

Pratt's Wayne Woods Off Leash Dog Area


Roselle - Schaumburg

An annual pooch permit allows you and your canine companion to enjoy our Odlum Park Dog Park. (kinda redundant?)  A liability waiver and current vaccinations are required to obtain a pooch permit. Membership is valid from July 1, 2008-June 30, 2009. Registrations fees are non-refundable, non-transferable and are not prorated.

Odlum Park is located close to Central and Rodenberg actually on Travis Parkway- (close to the Schaumburg Flyers Baseball Stadium and the Schaumburg Train Station)

'Woofstock' in Roselle at Odlum Dog Park

WHERE CAN YOU PURCHASE A HOME?

The Program is available in these Cook County communities and all unincorporated Cook County areas only.

WEST
Bedford Park, Bellwood, Bensenville, Berkeley, Berwyn, Bridegview, Broadview, Brookfield, Burbank, Burr Ridge*, Cicero, Elmwood Park, Harwood Heights, Hillside, Hinsdale*, Hodgkins, lndian Head Park, Justice, La Grange, La Grange Park, Lyons, Maywood, McCook, Melrose Park, Norridge, North Riverside, Northlake, River Grove, Riverside, River Forest, Schiller Park, Stickney, Stone Park, Summit, Westchester, Western Springs, Willow Springs.

SOUTHWEST
Alsip, Chicago Ridge, Countryside, Evergreen Park, Hickory Hills, Hometown, Lemont, Merrionette Park, Orland Hills, Orland Park, Palos Heights, Palos Hills, Palos Park, Tinley Park*, Worth.

SOUTH
Blue lsland, Burnham, Calumet City, Calumet Park, Chicago Heights, Country Club Hills, Crestwood, Dixmoor, Dolton, East Hazel Crest, Flossmoor, Ford Heights, Glenwood, Harvey, Hazel Crest, Homewood, Lansing, Lynwood, Markham, Matteson*, Midlothian, Oak Forest, Olympia Fields, Park Forest, Phoenix, Posen, Richton Park, Riverdale, Robbins, Sauk Village, South Chicago
Heights, South Holland, Steger*, Thornton.

NORTH
Deerfield*, Glencoe, Glenview, Golf, Kenilworth*, Lincolnwood, Morton Grove, Niles*, Northbrook, Northfield, Park Ridge, Rosemont, Wilmette, Winnetka.

NORTHWEST
Barrington*, Barrington Hills*, Bartlett*, Buffalo Grove*, Elk Grove Village, Hanover Park*, Hoffman Estates*, lnverness, Prospect Heights, Roselle*, Rolling Meadows, South Barrington, Streamwood, Wheeling*

Program Brochure

WHAT'S IT ALL ABOUT?

To make the “American Dream” of home ownership a reality for first-time home buyers in Cook County, this program provides down payment assistance to income-qualified families, who are first-time home buyers, to purchase single family housing that will serve as the family's principal residence in suburban Cook County.  There are income limits on this program.

Qualified buyers are eligible to help them meet down payment and closing costs, through a five-year forgivable second mortgage (second lien) held by Cook County.

The application period for this program is currently open, and assistance is subject to the availability of funds and other program guidelines.

Lyn currently works with buyers in the Northwest Market Area.  If you would like more information on this program and how to get started, please don't hesitate in contacting Lyn Sims 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.

ADDI Down Payment Assistance  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Historic Home Information and Discussions

Love older homes and ornate woodworking and grand entrances?  Think you would like to own a piece of history but don't know where to start? I've compiled a few things where you can begin your search into 'yesteryear'.  

Historic Properties website lists homes by region for homes of historical significance.  The states are not quite placed where you would think in the regions, so it's best to scan by state. Pictures and pricing are given of each home offered.


Historic House Specialists, Tradesman, Contractors and Consultants are also listed in this particular link.  From claw foot tub specialists to kitchen appliance restorations, it's listed here.


Historic Homes in Illinois - This is a great site that give historical information on homes solely in Illinois some with pictorial tours.


Chicago's Oldest Home is the Greek-revival style 'Clarke House'  built in 1836.  Tours are still given of this 'pre-civil war' home.  Yes, it's survived the great Chicago Fire!


Detailed 'Clarke House' Tour with interior photos and floor plans showing the painstaking restoration of the home.


Best Old House Magazine offers up a great article on the 'Best Old House Neighborhoods for 2009'.  I've included the link for the Midwest.  One of the areas listed in the article is our own Elgin, Illinois as a best value selection.  14 great homes and areas showcasing in the Midwest.


Think you'd be interested in owning a vintage home?  Please give me a call to discuss the possibilities.

    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.

Historic Homes and Old Houses For Sale  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Great post from a top agent in our North Shore area of Illinois, Alan May.  Lately while showing property I've been noticing that sellers are just not getting the point about FIRST IMPRESSIONS.  Maybe your first impression from a buyer is not when you think?  Possibly you should be thinking about your first buyer interaction as when they see your listing on the internet?  It's a good point that I bring up because that's where most buyers give you a thumbs up or down! 

Ever think about it?  YOU SHOULD BE!  What 'finger' or 'digit' do you want your home to receive?

DOWNPAYMENT ASSISTANCE FOR FIRST TIME HOME BUYERS

This is a notification that Cook County is accepting qualified applications to the ADDI Program for first-time home buyers. Funding for the program is limited and will be awarded until the funds are depleted. Please note that the program guidelines (below) are subject to change.

WHAT IS THE PROGRAM?

The Cook County American Dream Down Payment Initiative (ADDI) is an interest-free five-year forgivable loan, secured by a second silent lien, given to income-qualified first-time homebuyers to meet down payment and closing costs for the purchase of a house in participating suburban areas of Cook County, Illinois.

DO YOU QUALIFY?

(1) The homebuyer/applicant should be a first-time home buyer or the applicant and his/her spouse must not have owned a home during the three year period prior to purchasing a home with the American Dream Down Payment Initiative (ADDI) assistance.

(2) The applicant must have attended and completed a housing counseling course from a HUD-approved service agency. You can check the HUD website link for HUD-approved agencies who may offer the course. 
 
(3) The applicant's income must be 80% or less of the median income for the area, adjusted for family size:  Income Limits (effective March 2009)

Number of Household Members -- Total Annual Household Income Limit
1 -- $ 42,200               5 -- $ 65,100
2 -- $ 48,250               6 -- $ 69,950
3 -- $ 55,250               7 -- $ 74,750
4 -- $ 60,300               8 -- $ 79,600
 
HOW DOES THE PROGRAM WORK?

The Down Payment Assistance program awards a five-year forgivable second mortgage for down payment and closing costs. This loan is offered to conventional lenders, as well as to Fannie Mae, FHA and non-conforming conventional lenders.
 
WHAT ARE THE LOAN FEATURES?

1. Loan amount of 6% of the purchase price or $10,000 (whichever is greater), not to exceed $14,999.00.
2. Zero percent interest. No monthly payments. No fees.
3. Property must be an owner-occupied, single-family residence (single-family house, condominium or townhouse).
4. The house must be the homeowner's primary residence for five years.  After five years, the ADDI loan is forgiven.
5. Loan is due on sale or if owner moves out before the five year period expires.
6. The maximum appraised value of an ADDI-assisted property cannot exceed $275,200.
7. The home buyer CANNOT receive any cash back.

ADDI - American Dream Downpayment Iniative  -  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

LAKEWOOD SUBDIVISION NEAR ROSELLE & WEATHERSFIELD WAY.  2ND FLOOR 2BR 2BA, CALL ME OR EMAIL ME:  LynSims@remax.net     FOR MORE INFO.

Pool, clubhouse, tennis courts.  Heat & water included in association fee.  Master BR has a great sized walk-in closet.

Elementary:  District #: 54 Middle:   District #: 54 High:   District #: 211

Attached Single    Status: NEW MLS #:  07303963 Address: Schaumburg, 60193 Bedrooms:  2 List Price: $62,500 Baths:  2 Rent Price:   Total Rms:  5 Area: 193 Master Bedroom Bath: Yes HO Assessments: $296 # Fireplaces:  Frequency:   PIN:  07271020201537 Taxes: $1,396.39 Spec Asmt/Serv Area: No Tax Year: 2007 Type Ownership: Condo Tax Exemptions: None Agent Owned/Interest: Yes Year Built: 1975 Basement:  No Built Before 1978: Yes Parking Type: Space/s # Cars: 1 Subdivision:    Type:  Condo Contract Date:   Style:    Sold Price:   Approx SF: 0 Rented Price:   Exterior: Brick Age: 26-50 Years

Copyright 2009 MRED LLC - INFORMATION NOT GUARANTEED, CHECK FLOOD INSURANCE, ROOM SIZES ROUNDED TO THE NEAREST FOOT

Annual Elgin Historic House Tour

The Gifford Park Association in Elgin, Illinois will be hosting its 28th Annual Historic Elgin House Tour on Saturday September 12, 2009. The Gifford Park Association (GPA) is a non-profit neighborhood organization committed to Historic Preservation and Neighborhood Revitalization.

THERE IS ONLY ONE SCHEDULED DAY THIS YEAR!

Each year, the House Tour features a different historic neighborhood of Elgin. This year is unique in that the Tour includes homes from three (3) adjacent historic neighborhoods. Eight (8) homes will be open for the Tour, four (4) of which are in Elgin's oldest residential neighborhood. Designated as a local Historic District in 1981 and registered on The National Register of Historic Landmarks in 1983, this is the home of the Gifford Park Association. Three (3) homes are within the Lords Park neighborhood and one home is within the Summit-Park & Settlement Neighborhood.

The Annual Historic Elgin House Tour is an educational event that offers something for everyone. There's architecture, history, home remodeling, interior decorating, gardening and more. The interior tours of the homes are guided and interpreted. The houses may be toured in any order. Wear comfortable shoes & allow yourself the full day to see all of the homes.

Tickets are available at advance locations, by mail and online at a reduced rate. Tickets are also available at registration the day of the Tour. Advance tickets are $15, day of Tour are $20. Under 12 years and over 65 are $10 the day of the Tour. For additional information contact Fran Cella at 847-695-4022 or via email.

COME SHOW YOUR SUPPORT!

Elgin Illinois - Love old homes and architecture?  This is the place for you!

Incorporated in 1854, Elgin Illinois is a city with a fascinating past, an engaging present and an exciting future. Home to nearly 106,000 residents, Elgin is a warm and friendly community that embraces newcomers and long-time residents alike.

Boundary Map

Elgin History

Historic Preservation in Elgin has been making advances for over twenty-five years. Efforts were begun in the early 1980s as a grassroots movement by residents of an east side neighborhood known as the Gifford Park Neighborhood. It was generally recognized that the effects of urban renewal of the 1960s had caused the erosion of downtown Elgin which was slowly making its way into the neighborhoods that surrounded it.

One of the methods that was determined to be effective in controlling this wearing away of downtown and its surrounding neighborhoods was to enable the City to identify and protect architecturally significant properties and neighborhoods through the creation of a local landmark ordinance which enabled individual structures to be designated as landmarks, and groups of structures to be designated as historic districts.

Historic Preservation is handled through the Planning and Neighborhood Services Department: 

150 Dexter Ct. Elgin, IL  60120  Ph: (847) 931-5910  Historic Preservation Hours 8:00 a.m. - 5:00 p.m. Monday - Friday

If you are interested in local historic architecture then you may want to visit the 'There Used To Be' website. This website gives information about the book titled, "There Used To Be, A Look Back at Elgin’s Architectural Heritage" by author Steven Stroud.

Local Historic Architecture

Elgin residences in 1902 (Pictorial)

1920 Street of Elgin Pictorial  3 sections - Shows homes by streets in alphabetical order

Elgin Historical District (4)

Gifford Park Historical

Yearly Elgin House Tour

2009 Elgin House Tour

Looking for a charming older home?   Call Lyn Sims today to begin your search into the past!

    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.

Elgin Illinois - Love old homes and architecture?  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Curb Appeal - Wow Factor - Home Staging - What's with all these new fangled ideas in real estate!  Buyers are tired of looking at worn out carpet, out dated kitchens and 'Plain Jane' homes that aren't worth half of what they are asking for! 

Your home is your largest investment - why not treat it as such?  You wax your car and clean it just before you sell it on Craigs List - why not your home?

This stager and design expert, Cynthia Bartch from Georgia has the right idea here.  Enjoy her insight on your home's presentation to the buying public!

Last week Patricia Kennedy wrote a great post about the lost art of the contract presentation.  You know, the days when both parties sat down at the kitchen table and hashed out the details of a contract IN PERSON. I bring this up because if we still did the presentation this way in my area there would be 'bloodied' circumstances. I've been negotiating a contract on one of my listings this week, well let me be honest, the last 2-3 months and obviously it's not going well.

Ever have a buyer that just won't go away?  They don't want to pay for the house but they just won't go away?  

The buyers agent, who shall remain nameless, is the kind of agent that just reeks of aggression and a newbie whirlwind - you know her as 'Gloria Go-Getter'.  She's the only one that can sell a home BTW with her superb negotiating skills.  She has tried to hit the seller over the head for the last few months with unbelievable tactics.  The 'your home is never going to appraise' tactic did not go over with the seller and that contract soon died.  Then she changed hats and went for the ever popular 'Broker Call'.  You know the agent that calls your managing broker and says 'Waaaaaa, Lyn won't cooperate and have the seller go $30,000 under list and pay 3 points'.  Like a school girl, stomping her way threw the whole contract.  Calling my broker will not get you further cooperation and it's just plain childish.

Now on Friday evening, we agreed AGAIN, never to contact each other again if this contract did not get together.   I was told I was terribly unprofessional (30K of my sellers money unprofessional) and she would never contact us again.

PROMISE?  Can you put that in writing, which she did in an email message for me.  

Well today's Monday and guess what - they're back!  Didn't you promise never to contact us again?

Didn't you tell us to 'place the house in our nether regions?' 

Then Carla Muss-Jacobs did a great post about communicating with a listing agent and I thought - could it be me?  What part of 'hit the road' didn't Gloria Go-Getter understand?  I've used all my communication skills and she just won't go away.  

Ever have a buyers agent and buyer that is so fixated on a particular house they just won't go find another?

  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.

Hit the Road Please -  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

New Radon Disclosure rules for Sellers in Illinois

The Illinois Radon Awareness Act was amended in August, 2009.  In short, before a buyer will become bound on a contract to purchase real estate the seller will be required to provide a pamphlet entitled "Radon Testing Guidelines for Real Estate Transactions" and the Illinois Disclosure of Information on Radon Hazards. The language of the latter is set forth by statute.

The pamphlet is provided by the Illinois Emergency Management Agency Division of Nuclear Safety (IEMA). Below is the "Radon Testing Guidelines for Real Estate Transactions" pamphlet and fact sheet.

The Act will not require a seller to test for radon or to engage in "mitigation activities."

The Act excludes certain types of transactions, which are summarized as follows: Transfers made pursuant to court order, transfers resulting from foreclosure, transfers by fiduciaries of estates, transfers among co-owners, transfers pursuant to testate or intestate succession, transfers made to a spouse or other "lineal" blood relative, transfers made by relocation companies (if the relocation company has the required documents from the original seller) transfers to or from a governmental entity, and transfers involving a dwelling unit that is on the third story or higher above ground level.

Radon Disclosure

Radon Pamphlet and Facts


What happens if the seller does not give the disclosure form and pamphlet PRIOR to the buyer's offer to purchase the residential real property?

Must the seller agree to testing and/or remediation for radon under the Act?

Does the Act apply to new construction?

Are the disclosure form and pamphlet required in the sale of a condominium unit that is located in a 5-unit townhouse arrangement; or what about where the condominium is located on the 50th floor of a multi-unit high-rise building?

Must a seller disclose that he did a "home" or "self" test for radon and not one performed by a professional radon inspector?

Must a seller disclose if he has had radon remediation done on the dwelling?

  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.

Resources:  Illinois Assoc of Realtors IAR

Radon Disclosure in Illinois  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

What is the 'Sellers Disclosure'?

In Illinois, we have recently updated (August 11th, 2009) the Residential Real Property Disclosure Act to include homes that might be contaminated with methamphetamine.  

• Illinois is one of at least 45 states requiring mandatory disclosure of property condition.
• The form gives as much information as possible about the current condition of the property.
• The form consists of 23 questions about the condition of the property including (but not limited to): the structure, including the roof, foundation, walls and floors; flooding; furnace; electrical, plumbing and air conditioning systems; well and drinking water; and high levels of lead paint, radon and asbestos. 
• Delivery of the disclosure form is required in most sales transactions before signing a written contract.

Sellers Rights - Most sellers are responsible for completing the disclosure form and honestly disclosing only those matters they know about. Of course, if a seller has no actual knowledge about something, he could likely answer "no" (or not aware) about any of the items on the form, but if he has a question, he should be referred to his attorney for specific advice.

 
Sellers must supplement the disclosure in written form if the seller gains actual knowledge of a material defect after the original disclosure form was delivered to a prospective buyer. No particular form for supplemental disclosure is required so long as it is in writing.


Buyers Rights - If a buyer is not presented with a seller disclosure form by the time the contact is binding, the buyer may have certain rights to rescind the contract if there are material physical defects.
 

• The form does not substitute for any inspections and buyers should consider having inspections done or negotiating warranties with the seller. 

• If the form is presented to the buyer after the purchase contract is signed and prior to closing and it reveals material defects, the buyer has three business days to terminate the contract. Once again, specific legal advice is recommended.

• Gives the buyer the right to terminate the contract if the seller refuses or fails to provide the disclosure document prior to the conveyance of the residential real property.

  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.

Resources:  Illinois Assoc of Realtors IAR

What is a Sellers Disclosure?  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

New loan to help First-time Illinois Homebuyers - Home Start advances $8,000 federal tax credit to help with down payment!

CHICAGO - July 22, 2009 PRESS RELEASE

First-time homebuyers in Illinois now have an opportunity to take advantage of current low-interest rates and decreasing home prices under an innovative new program offered by the Illinois Housing Development Authority (IHDA). The Illinois Home Start Loan Program allows hundreds of residents to achieve the dream of homeownership through a new 30-year fixed rate loan, and an advance loan on the federal tax credit created by the American Recovery and Reinvestment Act of 2009.

Home Start offers a 30-year fixed rate loan insured by the FHA for first-time homebuyers, and gives them the option to use a second loan for down payment assistance. The second loan provides families and individuals buying their first homes an advance loan on the $8,000 federal tax credit, which they can repay once they receive the credit.

Before IHDA's Home Start Advance Loan, families could only access this credit next year after filing their tax returns with the IRS. Only those homebuyers who qualify for an Illinois Home Start Loan can receive the Home Start Advance Loan. Illinois residents who qualify will receive a zero-interest loan for up to 3.5 percent (or up to $6,000) of the home purchase price to put toward the down payment. Thanks to this limit, Illinois families will still reap the benefits of the $8,000 federal tax credit next year since there will be money remaining after the loan is repaid.

"With the economic challenges facing first-time homebuyers, the State of Illinois is proud to announce the Illinois Home Start Loan Program to offer families a new way to borrow affordably and securely. By combining the federally-insured loan with the anticipated federal tax credit toward their home purchase, homebuyers can qualify for a lower interest rate. Home Start also will help stabilize neighborhoods by stimulating home sales across the state," IHDA Executive Director DeShana L. Forney said.

In addition to the tax credit down payment assistance, the homebuyer must contribute at least one percent toward the purchase price. To qualify for the Home Start loan, homebuyer education must be completed through a HUD-certified counselor.

Other terms of the Illinois Home Start Tax Credit Advance Loan:

· Veterans and active duty service personnel don't need to be first-time homebuyers to qualify.

· Home purchase and mortgage loan must close on or before Nov. 30, 2009.

· A $300 application fee must be paid at closing. Tax advance loan may be used. (If loan is repaid in full by June 30, 2010, $100 will be refunded.)

· Tax advance loan must be repaid in full by June 30, 2010, or it becomes a 10-year amortizing loan at .5 percent above the interest rate on the Illinois Home Start 30 year loan.

Homebuyers interested in applying for the Home Start Loan Program should contact an IHDA partner lender which Lyn can put you in contact with.  Totally painless process!

About the Illinois Housing Development Authority - IHDA (www.ihda.org) is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation in 1967, IHDA has allocated more than $9.67 billion and financed more than 204,000 affordable units across the state. IHDA accomplishes its mission through a number of federal and state funding sources including the Illinois Affordable Housing Trust Fund, the Illinois Affordable Housing Tax Credits Fund, the allocation of federal Low Income Housing Tax Credits, and HOME Investment Partnership funds. IHDA is also a bonding authority, and independently sells bonds, based on its own good credit, to finance affordable housing in Illinois.

Illinois Home Start Loan Program  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

The Illinois HOME START Loan Program for First Time Homebuyers

The Illinois HOME START Loan Program is designed to help first time homebuyers achieve the dream of homeownership affordably. The HOME START program offers homebuyers two loans: the HOME START 30 Year Fixed Rate Loan and an optional HOME START Tax Credit Advance Loan.

HOME START 30 Year Fixed Rate Loan

As the name suggests, the first loan under the HOME START program is a 30 year fixed rate amortizing loan insured by the Federal Housing Administration (FHA) and serviced by U.S. Bank Home Mortgage. As of July 17, 2009, the interest rate is 6 percent and is subject to change in market conditions.

Homebuyers have the option to utilize the HOME START 30 Year Fixed Rate Loan in conjunction with the HOME START Tax Credit Advance Loan, or use the first mortgage on its own.

HOME START Tax Credit Advance Loan

The second loan under the HOME START program is the HOME START Tax Credit Advance Loan which allows Illinois first time homebuyers in need of down payment assistance to access funds on a short-term basis in anticipation of the federal income tax credit for first time homebuyers.

The American Recovery and Reinvestment Act (ARRA) of 2009 provides eligible first time homebuyers with a one-time tax credit of up to $8,000 that will enable them to save on their federal tax bill. Only homebuyers who are purchasing a home before November 30, 2009 are eligible for the tax credit. (See this PDF file for more details about the federal homebuyer tax credit).

The HOME START Tax Credit Advance Loan helps first time homebuyers take advantage of the $8,000 federal tax credit refund in advance to use as a down payment on their first home. However, the maximum loan amount under the HOME START Tax Credit Advance Loan program is 3.5 percent of the purchase price up to a maximum of $6,000.

Within the initial period, the homebuyer will file their tax return requesting the federal tax credit. This tax credit can be used to repay the tax advance loan. If the loan is not repaid by June 30, 2010, then the remaining loan amount becomes a ten year amortizing loan at 0.5% above the rate on the Home Start 30 Year Fixed Rate Loan.

Please also see this PDF file for Program Requirements.

Illinois Home Start Loan Program  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

First time buyers - Do you know the clock is ticking?  A great opportunity that could help you financially on your taxes awaits you.  What do I have to do you ask?  Close on a home by November 30th, 2009. 

Thinking of purchasing a home in the Schaumburg Illinois area?  Schaumburg Real Estate is what I do, so if you are looking for a buyers agent, please give me a call.  Start looking for homes in Schaumburg now!

This original post is from Eric Hitzelberger from RE/MAX in Louisville, KY.  Enjoy the count down clock!

Time is a wastin' as they say!  Get started now!

This is a great post written by a loan officer, Dan Pena in Oregon about his experience with helping folks get their Reverse Mortgage.  There's a lof of bad press out there and misinformation.  I think this is the biggest and best reason that the loan product is out there.  Keeping people in their homes and just helping out a little with the daily increases that need to be absorbed.  Nothing extraordinary or a splurge like a big screen TV.  It could be just a smaller breather ...... to get food.

Enjoy.

Lorena Yeo wrote a great post last week about 'No Joy in taking Listings'.  When I saw the headline of the post I said to myself 'amen to that'.  It's been a rough couple of market months and this last listing appointment was like no other that I've recently had.

Distressed Mr. Seller has to sell his home because he has no job, no money, is now physically ill and new employment looks grim.  On top of that, he sucked all the equity out of the house because he started a business that has since failed.  Credit cards are maxed out totally.  Three months behind on the mortgage payments.

He decided that the carpeting was in bad shape and before he let me in to see the home he ripped it totally out and just left the padding with all the wonderful taping.  Great decision there guy!  How can I sell a home with no carpeting?

Well according to him, I shouldn't have a problem doing that if I just explain the situation to all my buyers.  The situation being what Mr. Seller?  You're crazy desperate and made a rash decision and went nuts with a box cutter?  Hmmmmm.

Let me explain Mr. Seller that the new buyers of your home won't care how much money you have to have when you sell it.  They won't care what your situation is, just be out at the suggested closing date please and leave all the appliances.

Just because you need 'xxx' to cover your credit card debt, the buyer isn't going to care.  That's right!  The buyer doesn't care what's going on behind the scenes (thank God!) because their new home better just appraise out.

The buyer doesn't care how much you 'need' out of the property.
The buyer doesn't care how much you paid for the property.
The buyer doesn't care how much you've 'lost on paper'.

In Reality ......  The buyer does need new carpet now don't they?  The buyer would also like to see a fresh coat of paint too - even if your Master Card had to pay for it!

You need to spend money to make money as they say in any business.  With 50 other competing homes in your price range, your home better be in the top percentile with condition.  It has to be priced right.

When I left that listing presentation I was shaking my head.  Here we have a gentlemen that's absolutely desperate financially and will be loosing his home soon.  But he has chosen to overprice his house to cover his credit card debt.  

I'm glad that I don't have the listing.  It was listed by a competitor this weekend for much more than even we had discussed at our meeting.  I wish the seller luck.

DUNBAR LAKES COMPLETES MAJOR IMPROVEMENTS                                              August 1, 2009

Dunbar Lakes in Schaumburg Illinois has completed construction of its new pool and the residents of the townhome and quad homes have expressed their approval by enjoying the pool in record numbers.

Some residents have taken to enjoying a game of tennis on Dunbar's new tennis court before showering and relaxing poolside. Moms in Dunbar enjoy bringing their children to the new playground. Not only is it enjoyable for the children but it also provides residents a chance to network and make new friends.

The board of Dunbar Lakes, working alongside Alma Property Management has also undertaken a roofing project and is committed to accomplishing all these improvements without an assessment increase.

Dunbar Lakes currently has 15 homes on the market ranging from $160,000 to $224,900.  Predominantly 2BR's and some townhome models do have basements!  If you feel that Dunbar Lakes might interest you as a buyer, please feel free to contact me for more updated information.

If you are a seller looking to sell your home in Dunbar Lakes, I would welcome the opportunity to meet with you and show you what a 'Social Media' agent can do for you in getting your home sold in this challenging market.