May 2009

1st Time Home Buyers Can Now Borrow the $8K Tax Credit Upfront!

May 29, 2009

Today the U.S. Department of Housing and Urban Development gave the go ahead to mortgage companies to develop bridge-loan products that enable first time buyers to use the benefits of the $8,000 federal tax credit upfront. Such loans let the buyers borrow against the tax credit giving them up to an additional $8,000 for a Click to continue...

A Good Example of Why Bringing a Home Purchase to Closing is a Team Effort

May 28, 2009

Yesterday I had a closing for a Lakeview condo that wouldn’t have happened for a few more days, if it weren’t for the extraordinary efforts of the buyer’s mortgage consultant, Michael Polera, and real estate attorney, Rachell Horbenko. Condo financing is challenging in this market and even more so when a jumbo loan is involved. Click to continue...

In-Law Houses Post Brings a Buyer and Good Questions

May 19, 2009

My post last week, “3 Varieties of In-Law Houses in Glen Ellyn” caught the attention of a couple of gentlemen interested in in-law homes. As a result, on Saturday I started looking for a home in Chicago or adjacent suburbs for a gentleman named Atif, his wife and both sets of parents. They’re looking for Click to continue...

Special Mortgages for Firefighters, Police, Teachers & Health Care Workers

May 16, 2009

This afternoon during an open house I was hosting in St. Charles, a young woman, Brandi, mentioned that her boyfriend was a firefighter in Bensenville and that he had attended a program about special mortgages for firefighters. She asked if I could get her some information on them. I checked with my mortgage expert, Michael Click to continue...

3 Varieties of In-Law Houses in Glen Ellyn

May 14, 2009

Last night 3 of the 5 houses I showed in Glen Ellyn claimed to have some kind of in-law potential. The first had cabinets and a sink in the lower level (shown left) and along with a full bath. While this would be a handy work area, I think it leaves a lot to be Click to continue...

How do You Test an Invisible Fence Without a Dog?

May 9, 2009

How do you test an invisible fence, if you don’t have a dog with you? That’s the question some buyers and I pondered at a recent home inspection. One of the buyers, Deeya Pavelle, was willing to model the electronic dog collar (shown left), but I couldn’t persuade Deeya to take a walk in the Click to continue...

Zillow Zestimate Stresses New Home Buyer

May 7, 2009

A recent home buyer contacted me this week asking about the value of his new townhouse in the near northwest suburbs. He bought it last fall for $435,000. He contacted me after seeing its zestimate (estimated value) on Zillow for only $120,000! This is one of the more extreme examples I’ve seen of Zillow zestimates Click to continue...

IRS First Time Homebuyer Tax Credit Information Center

May 3, 2009

The IRS has developed a page on their site with links to answers on a variety of questions related to the first time homebuyer tax credit. Visit “First-Time Homebuyer Credit: Answers“. Take advantage of the $8,000 first time homebuyer tax credit good for home purchases through November! Click to continue...

Consider Testing for Radon When Buying a Home

May 2, 2009

This week one of my buyers had the house she is buying in Lake Zurich tested for radon levels. As I previously wrote in, “Radon Testing Guidelines & Disclosure for Illinois Home Buyers“, last year the State of Illinois started encouraging home buyers to have homes they were considering for purchase tested for radon levels. Click to continue...