Home Buying Tips

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 Click to continue...

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 Click to continue...

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 Click to continue...

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 Click to continue...

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

August 14, 2009

Thinking of buying a home that needs work such as a foreclosure or short sale, but not sure how to finance the purchase and renovation costs? Consider an FHA (Federal Housing Administration) 203(K) loan. Today’s ChicagoTribune.com has a good article on the loans, “Old loan program finding new life“, by Mary Ellen Podmolik. One of Click to continue...

Foreclosures and short sales are no longer an option for first time buyers

August 7, 2009

If you’re a first time buyer wanting to take advantage of the $8K tax credit and get a deal on a foreclosure or short sale, but you haven’t already made an offer, you’ve run out of time. To qualify for the $8K tax credit, you must close on your home purchase by November 30th at Click to continue...

The definitive source on whether home buyers need flood insurance!

June 24, 2009

If you’re thinking about buying a home and want to know if you’ll need to purchase flood insurance, the definitive source is: a. The Federal Emergency Management Agency (FEMA) b. The county the home is located in c. The seller d. Your mortgage company FEMA – FEMA has lots of great information on flooding, flood Click to continue...

In search of FHA approved condos in Andersonville and Rogers Park

June 21, 2009

Yesterday I talked with a buyer at Caribou Coffee in Boystown. He’s interested in buying a condo in Andersonville or Rogers Park using Federal Housing Administration (FHA) financing. FHA mortgages allow down payments as low as 3.5%. Unlike houses, not all condos are FHA approved. In Andersonville and Rogers Park most condos aren’t FHA approved. Click to continue...

Relocating tougher now for dual income couples

June 19, 2009

Relocating recently got tougher for dual income couples. Chicago’s Daily Herald reported today that Fannie Mae “no longer will permit mortgage applicants to count the income of so-called “trailing spouses” toward the household income needed to qualify for a loan. A trailing spouse is the one who joins his or her spouse or partner in Click to continue...

Numerous Chicago homes built with split-face concrete block have problems

June 18, 2009

I just listened to a story on WBEZ 91.5 (Chicago Public Radio) about numerous Chicago homeowners facing huge repair bills for their homes constructed with decorative split-face concrete block that wasn’t installed correctly. Even through City of Chicago inspectors had approved the construction, the homeowners are on the hook for repairs since they now own Click to continue...

$16M foreclosure lawsuit in Barrington Hills

June 17, 2009

Even Chicago’s wealthiest aren’t immune to foreclosures! Today ChicagoRealEstateDaily.com reported that Amcore Bank has filed a foreclosure lawsuit for almost $16M on a 400 acre estate and horse farm in Barrington Hills. The couple who own the estate bought it for $19.3 million in December 2006 making it the most expensive Chicago Metro Area home Click to continue...

Great time to buy a condo in downtown Chicago, if you’re careful

June 15, 2009

Last week at Baird & Warner’s “Out of the Office” networking event in Chicago for gay pride month, I talked with my friend, Scott, who’s been thinking of buying a condo in or near the Loop for a few years now. He asked me if I thought now was a good time to buy. There Click to continue...

Realtor Asleep on the Job

June 12, 2009

First, let me say that there are a lot of professional, hard-working Realtors. Unfortunately, there are also a few Realtors who are asleep on the job. Such was the case in a recent sale where I represented the seller. A young man attended an open house I hosted. A couple of days later without bothering Click to continue...

← Previous Entries

Next Entries →