From the category archives:

Home Buying Tips

Credit Reports: One May Not Be Enough

Thumbnail image for Credit Reports: One May Not Be Enough August 27, 2010

This summer, Fannie Mae instructed lenders that they should adopt a new policy that would include a second review of an applicant’s credit report just prior to closing. Why? The answer is simple: the credit profile of a borrower may have changed between the time of the initial review of the credit report and the [...]

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Toilet kills $1.2M home sale

Thumbnail image for Toilet kills $1.2M home sale June 23, 2010

Friends of mine called me to share their latest adventure trying to buy a house in the Washington, DC area. At the inspection of a house they had agreed to pay nearly $1.2M for they discovered that the toilet in the basement wasn’t connected to the plumbing in the house! The toilet turned out to [...]

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Why you don’t want to buy a short sale

Thumbnail image for Why you don’t want to buy a short sale May 29, 2010

A year ago I started working with a woman, Carolyn, who wanted to buy a house. She was a first time homebuyer and excited to take advantage of the first time homebuyer tax credit.
Carolyn fell in love with a house for sale that was a short sale. We learned that there were already other offers on [...]

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My blog content used without permission by Altisource Portfolio Solutions

Thumbnail image for My blog content used without permission by Altisource Portfolio Solutions May 10, 2010

Last Wednesday I sent an email to Go Homing telling them to stop publishing my blog content and remove all of it from their Go Illinois REO site. Go Homing is an online bidding site for REO (real estate owned) also known as bank owned or foreclosed homes. Go Homing is part of Altisource Portfolio Solutions.
I made it [...]

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Changes in FHA approvals add challenges for Chicago condo buyers

Thumbnail image for Changes in FHA approvals add challenges for Chicago condo buyers May 1, 2010

The purchase of a Rogers Park condo advertised as FHA Approved (not the condos shown left) by my buyer, Art, hit a bit of a snag last week. His mortgage banker, Michael Poland with Baird & Warner Financial Services, discovered that the condo development where Art was buying hadn’t been recertified for FHA approval. Michael [...]

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Baird & Warner offers 5% down condo mortgages!

Thumbnail image for Baird & Warner offers 5% down condo mortgages! February 21, 2010

We’ve been getting a lot of questions regarding FHA financing and our 5% down conventional program. We are one of a very few lenders that can offer 5% down conventional financing. I thought it would be a good idea to provide you with a short list of pros and cons for both loans.
FHA [...]

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Should you view homes above your price range, if they’re on market 30 days or less?

Thumbnail image for Should you view homes above your price range, if they’re on market 30 days or less? February 19, 2010

This week I received a great question. Michael M. asked, “Is it wise to see a home that only recently came on the market (let’s say less than 30 days) and is $25-50K out of your price range? Or should you wait until there is a price reduction that brings it closer to your comfort [...]

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What can happen when your mortgage broker has poor service

Thumbnail image for What can happen when your mortgage broker has poor service December 17, 2009

This week one of my buyers closed on the purchase on a house in Andersonville. While the closing was a cause for celebration, the process of getting to the closing table was way more stressful than it needed to be for my buyer!
A day before my buyer’s mortgage commitment was due the broker informed me [...]

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Chicago is dog-friendly more than you know!

Chicago is very dog-friendly! November 13, 2009

Last week I had a call from a woman considering a move to Chicago from New York City. One of her questions regarded how dog-friendly Chicago is since she and her husband have 3 dogs.
How dog-friendly is Chicago? Chicago made DogFriendly.com’s 2009 Top 10 U.S. Cities to Visit With Your Dog. What’s even more [...]

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Homebuyer tax credit extended and expanded to include current homeowners!

Thumbnail image for Homebuyer tax credit extended and expanded to include current homeowners! November 7, 2009

Yesterday President Obama signed into law an extension and expansion of the homebuyer tax credit. The new legislation benefits both first time homebuyers and current homeowners who sell their current home and buy another home. Buyers must sign a contract before April 30, 2010 and close by June 30, 2010 to qualify for the tax [...]

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Why you shouldn’t expect banks to make logical decisions on short sales and foreclosures

Thumbnail image for Why you shouldn’t expect banks to make logical decisions on short sales and foreclosures November 4, 2009

Over 4 months ago I helped a buyer write an offer on a short sale. I repeatedly checked-in with the listing agent who informed me that the sellers’ attorney contacted the bank that would have to approve the short sale every week only to get no response. Yesterday, the listing agent informed me that the [...]

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Financing options for some new Chicago condos improving

October 5, 2009

Crain’s Chicago Business is reporting that some new condo developments in areas including River North, Lincoln Park, and the West Loop are offering low interest, low down payment financing to spur sales.
Tightened financing for new condo developments has been holding back sales so the banks that financed the developers are now offering attractive financing to [...]

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Home purchases above $278,000 with 3.5% down payments must close by Dec. 31st!

October 2, 2009

Chicago Metro Area home buyers looking to take advantage of 3.5% FHA (Federal Housing Administration) financing for homes priced between $278,000 and $420,500 must close their home purchases by December 31st.
With the current $410,000 FHA loan limit, buyers can have a down payment as low as 3.5% which would let them purchase a home [...]

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1st time home buyers who procrastinated are making some home sellers very happy!

September 20, 2009

Home sellers in the starter home price range are enjoying a brief sellers market as first time home buyers who waited until the last minute to make offers on homes now find themselves bidding against other first time home buyers who also waited thinking home prices would continue to decline.
First time home buyers must [...]

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FHA 203(K) loans great for marketing homes that need work

September 16, 2009

Yesterday I attended a seminar on FHA 203(K) rehab loans. I wrote about these from the buyers perspective back in August in my blog post “FHA 203(K) loans great for buying homes that need work“.
FHA 203(K) rehab loans should also be considered by sellers with homes that need work. By paying up front for [...]

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FHA first time buyers risk missing $8K tax credit deadline!

September 10, 2009

Time is running out for first time home buyers using FHA (Federal Home Administration) financing and hoping to make the November 30th deadline in order to qualify for the $8K first time home buyer tax credit. One of my listings received multiple offers over the Labor Day Weekend as FHA buyers rushed to make offers [...]

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