How Much Can You Afford to Spend on a Home?

Can I buy this home? To more accurately determine how much you can afford to spend on your mortgage, lenders typically use two ratios. Click Here to Find Out

Gov. Pat Quinn Signs Foreclosure Bill.

I just came across this article about Pat Quinn signing the Foreclosure Bill and thought I’d share it with you. The more you know the easier everything becomes.

Troubled Illinois homeowners facing foreclosure will get up to a 90-day grace period under a law signed by Quinn on April 5. Public Act 95-1047 gives homeowners more time to work with lenders and housing counselors to avoid foreclosure.
The new law adds a new section to the Code of Civil Procedure regarding procedures and forbearances for delinquent residential mortgages. The law provides that if a mortgage secured by residential real estate becomes delinquent by more than 30 days the mortgagee must mail a notice advising the homeowner that he/she may wish to seek approved housing counseling (defined in the legislation as a counseling agency approved by HUD).
No foreclosure action can begin before mailing this notice- which is spelled out in the legislation. If, within the 30-day period an approved counseling agency provides written notice to the mortgagee that the homeowner is seeking approved counseling services, then no legal action shall be instituted for 30 days after the date of that notice. During the 30-day period the homeowner or counselor or both may prepare and proffer to the mortgagee a proposed sustainable loan workout plan (defined in the legislation). The mortgagee determines whether to accept the proposed sustainable loan workout plan. If the parties agree to the plan no legal action shall be instituted for as long as the sustainable loan workout plan is complied with by the homeowner.
If IDFPR determines that the demand for counseling services in an area exceeds the number of available approved counseling agencies, the Secretary can certify other persons or entities as approved counseling agencies. These provisions will be repealed in two years and apply only to residential real estate that is the homeowner’s principal residence.
When the bill was approved in the Senate in January, Senator Jacqueline Collins lauded the measure as a model for other states. The legislation also included other provisions, including clarifications to the Home Equity Assurance Act and some changes to the regulatory fees paid by various financial institutions.

6863 Church Morton Grove,IL

Charming Ranch 3 bedroom, 2 bath completely rehabbed ranch. Updated kitchen and bathrooms. Just freshly painted. Vaulted ceiling. Huge walk-in closet. Newer windows, new sump pump, newer roof, newer furnace, hardwood floors in most rooms. Sliding doors lead to a huge deck, fenced back yard. 2 sheds. Attic space for storage above 2.5-car garage. Great schools. A must see.

Real Estate Market Dynamics in Glenview IL

Click on links below to see the changes in Glenview real estate market.

Market Dynamics in Glenview Market May 2009

Tax Credit Can Be Used for Down Payment

Daily Real Estate News
Tax Credit Can Be Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Other Solutions for Today’s Market

During his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.

“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”

The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.

Source: NAR

1520 Glenview Rd, Glenview IL

Location, location, location! Secluded East Glenview 2 bedroom ranch and office. Great move-in condition. This home has a big feel with flowing floor plan, beautiful stone fireplace. Only minutes to train, shopping, parks and restaurants.

2 Briar, Golf in Glenview IL 60029

Sold $378,000.00
Nicely Updated Home Features New Maple Kitchen W/ Separate Breakfast Rm. Large Family Rm W/with Fireplace, Sep Dining Room. Lovely Living Rm With Sliders To Patio. New Master Bath W/whirlpool. Newly Tiled Playroom. Many New Windows, Lg Utility Rm W/new Wash/ Dryer. Good Storage. Not A Short Sale Not A Foreclosure. Just An Amazing Deal

First Impressions Are Important

First Impressions Are Important

The Approach
The first few seconds, when your Realtor drives up to the house with a potential buyer can literally make or break a sale. Make certain that the first things to come into view the lawn, the sidewalk, the landscaping are neat and attractive. In cold weather, the walkways should be clear of snow and ice.

The Entry
The front entry area and front door should be warm and inviting. The area should be swept clean, and the door itself should be in good repair (painted, if necessary). A seasonally decorative touch, such as a wreath during the holiday season can set the proper inviting tone.

The View
Windows should be clean and sparkling in order to maximize the light entering the home and to provide an inviting scene from the exterior. Keep curtains and window coverings open whenever possible to achieve a bright, open effect.

The Surroundings
Faded or worn paint or papers on the walls and ceilings can create a drab effect throughout the interior and will leave an impression in the buyer’s mind that is hard to erase. Spruce up, paint up, and touch up.

The Furnishings
A cluttered look makes every room seem smaller than it really is. Remove extra furnishings wherever possible to give your home a clean, simple appearance. Remember, the buyer is trying to visualize how their furniture will fit in the home. Make it as easy as possible.

Storage
One of the first things a typical buyer looks for is adequate closet and storage space. Maximize the size of your closets by removing excess items and neatly arranging those items that remain.

Bathrooms and Kitchen
These areas should be clean and spotless. No matter how relaxed a housekeeper the buyers may be in their present home, they will invariably downgrade the desirability of a home if the kitchen and baths are less than spotless. Make sure everything shines!

Fix The Little Things
Loose door knobs, doors that don’t close all the way, screens off the track, and cracked window panes are all a part of everyday life except when you’re selling your house. Little things undone can suggest neglect to a fussy buyer. For top dollar, it’s smart to fix these items.

Shed Light On Dark Areas
Whenever possible, make sure the lamps are turned on in areas of the house that appear dark. Also, turn on lights in the basement, attic, and other areas the buyer will want to see. Once the above items have been addressed, leave the selling to the agent. Agents know what your house has to offer and what these particular buyers are looking for. Agents also know how to sell. We recommend that seller’s excuse themselves during showings so that prospective buyers feel comfortable expressing themselves.

2144B Rugen, Glenview IL 60025

Sold  Great 2 bedroom, 1.5 bath townhome in Glenview. Freshly painted, 3 year old roof, newer windows, newer appliances. Updated bathrooms, closet organizers, newer furnace. Sliding doors lead to a patio. Assigned and guest parking. Finished basement. Excellent northwest location of the complex. Glenview schools. Backs up to the Glen. Close to downtown Glenview and trains.

Home sales in Chicago area start to show more signs of life.

Optimism grows as sales increase slightly, median price up from previous month.
By Mary Ellen Podmolik | Tribune reporter

In the past few weeks, agents say an undeniable scent of sales is in the air, and data released Thursday gave credibility to their talk.

March sales of previously owned single-family homes and condominiums in Illinois posted their second consecutive month-over-month gain, and for the first time since June, the statewide median price for a home rose from the prior month.
Suburban counties seeing among the largest month-over-month sales increases were Lake County, 65 percent; Kendall County, 51 percent; and Cook County, 38 percent.

Realty agents are taking pains to not get too giddy. After all, that 38 percent one-month gain in sales in Cook County translated to 2,409 properties sold. In March 2008, 3,432 homes sold in Cook County.

Next Page »