Home Field Realtors Blog

First Time Home Buyer Fraud

Sun, 13 Sep 2009 21:17:06 -0700

First Time Home Buyer Fraud

The IRS just announced their first successful prosecution for fraud involving the First Time Home Buyer Credit program. There is a growing number of people who think they can claim the $8,000 credit on their tax return even though they are not eligable. What these people probably don't know is that the IRS has several sophisticated software programs to help detect fraud such as this on personal income tax returns.

It's always best to consult a tax professional when it comes time to prepare your tax return. Home Field Realtors can refer you to several capable tax professionals, just ask!

As always, be sure to visit www.HomeFieldRealtors.com for up to minute Multiple Listing Service Home Search for Naperville Homes for Sale and Chicago Western Suburbs Real Estate... http://www.homefieldrealtors.com/realestate/mlssearch/

Home Field Realtors

Learn How to Sell Your Home in Naperville Real Estate and Chicago Western Suburb Real Estate

Mon, 31 Aug 2009 17:27:42 -0700

Home Field Realtors is a full service Discount Real Estate Brokerage that offers 1 . 5 % Full Service Discount Real Estate Commission Rates with Superior Customer Service and Cutting Edge Marketing.

Get the "Home Field" Advantage!

Our marketing strategies run so deep that our clients have often told us that "our marketing platform far outweighs our closest competitor and with far better rates". Home Field Realtors Naperville Discount Real Estate and Home Field Realtors Chicago Western Suburb Discount Real Estate will attract home buyers and save you thousands of dollars.

Please explore the site and get in touch with any questions or to schedule an appointment to begin viewing property in Chicago Western Suburb Real Estate or Naperville Real Estate!

Enjoy the ease of searching our customized access to the MLS and the detailed descriptions of the Western Suburbs' most popular neighborhoods.

We can be reached at (630) 303-6593 or at info@homefieldrealtors.com.

10 Ways to Get the Home Field Advantage!

Home Field Realtors provides Competitive Real Estate Commission Rates, Top Service and Cutting Edge Marketing Strategies
Home Field Realtors provides our Seller clients a FREE Home Warranty and Buyer clients a FREE Home Inspection
Home Field Realtors features THE most powerful website in Chicago Suburban Real Estate...featuring complete MLS home listings, Google Mapping Technology, One-Click Home Searches, Foreclosure listings, Home Selling Tips, Free Offers and more! Visit www.HomeFieldRealtors.com
Home Field Realtors features the most proactive and extensive Real Estate Marketing Platform available...please contact us for a complete review of the types of services we provide
Home Field Realtors provides Professional Home Staging to sell your home for top dollar and in short market time
Home Field Realtors will ensure that you receive the highest net proceeds in the shortest time frame possible
Home Field Realtors provides our clients (buyers or sellers) free use of our moving truck
Home Field Realtors provides consistent feedback so you are always kept up to date on the status of your sale or purchase
Home Field Realtors constantly monitors the market to make sure your home remains competitive
Home Field Realtors employs unique and aggressive advertising strategies that sets us apart from the competition...our cutting edge marketing strategies are included in our Home Selling System to get your home sold for top dollar

Whether you are in the Naperville Luxury Real Estate market, Naperville Discount Real Estate, Chicago Western Suburb Real Estate market, Chicago Western Suburb Discount Real Estate, Relocating to Naperville, an avid Real Estate Investor or are a First Time Home Buyer - Home Field Realtors will listen to your unique needs and create an action plan to achieve your Real Estate goals...

Illinois Home Sales Results July 2009

Sat, 29 Aug 2009 08:01:20 -0700

The Illinois housing market posted numbers in July 2009 with home sales about even with the same period 2008. Further, there has been six straight months of of month-to-month increases in the state of Illinois.

Statewide total home sales in July 2009 was 11, 407 compared to 11, 417 in July 2008.

Of particular importance, though home units have increased month-to-month, home prices are relatively flat. The Illinois median price in July 2009 was $169,000, up 1.2% from June 2009 and down 13.8% from July 2008.

Distressed sales, Foreclosures, Short Sales and REO (bank owned homes) accounted for 31-33% of home sales.

Visit www.HomeFieldRealtors.com

Submit Low Offers with Caution in Naperville Real Estate and Chicago Real Estate

Fri, 21 Aug 2009 07:42:39 -0700

Submit Low Offers with Caution in Naperville Real Estate and Chicago Western Suburb Real Estate

With homes sales lagging its a heck of a lot easier in todays market to submit a low ball offer to see if it sticks...it's the old "throw a string of spaghetti on the wall and see if it stick" philosophy...well, you will risk alienating and insulting the sellers with a poorly constructed offer so it's still important to be smart about your offer - especially when purchasing Naperville Homes for Sale or Chicago Western Suburbs Homes for Sale...here are a couple of tips to prepare youself for negotiation:

A. Be careful with Foreclosure comps: Some of these homes were badly run down

B. Short Sale due diligence: If there were no other liens on the property except for the primary lien, then the lender had more wiggle room with the price...

And if you are a seller, keep in mind that appraisers are including foreclosures and short sales in their appraisal reports due to the fact that there are so many distressed properties...they have no other choice but to account for that fact in their findings...

For more information on Naperville Foreclosures click here http://www.homefieldrealtors.com/foreclosure-naperville/ or Naperville Short Sales click here http://www.homefieldrealtors.com/short-sale-naperville/, go to www.HomeFieldRealtors.com

Hinsdale, IL Real Estate Lot is a Diamond in the Rough for Builders

Sun, 09 Aug 2009 13:25:26 -0700

Hinsdale Large "In Town" Lot is a Diamond in the Rough for Builders

112 Vine Hinsdale MLS Number: 07254283 Offered At: $649,000 4 Bedrooms 2 Baths

Property Description

Lot for sale. Exciting opportunity to build on an oversized 89 x 175 "In Town" Hinsdale lot! So close to downtown Hinsdale you can smell the bistro's & coffee shops. Multi-million luxury properties surround this lot location. Prestigeous Hinsdale schools! Build when ready, sellers will consider renting back, providing instant cash flow. Offered "as is". Call listing agent to discuss your price & start the dialogue.

Virtual Tour

Kitchen

Kitchen Level: Main Level Kitchen Size: 14X15

Family Room

Family Room Size: 14X15 Family Room Level: Main Level

Living Room

Living Room Size: 12X14

Bedrooms

Master Bedroom Size: 8X12 Master Bedroom Level: Main Level Master Bedroom Bath: No Bedroom #2 Size: 8X8 Bedroom #2 Level: Main Level Bedroom #3 Size: 8X13 Bedroom #3 Level: 2nd Level Bedroom #4 Size: 8X9 Bedroom #4 Level: 2nd Level

<!-

Additional Room #1

Name: Laundry
Size: 7X12
Level: 2nd Level

Additional Room #2

Name: Pantry
Size: 7X11
Level: Main Level

Additional Room #3

Name: Sunroom
Size: 7X13
Level: Main Level

Additional Room #4

Name: 2nd Kitchen
Size:
Level: 2nd Level

Schools

Elementary School: Madison Elementary School Junior High: HINSDALE MIDDLE SCHOOL High School: HINSDALE CENTRAL HIGH SCHOOL Junior High District: 181 High School District: 86

Property

Lot Size: .25-.49 Acre Parking: Space/s # Car Garage: 4 Parking Description: On-Site Improvements To Property Site (Water): Lake Michigan Waterfront Property: No

Building

Type Of Detached Single Family Building: 2 Stories Property Type: Detached Single Heating And Fuel Description: Radiators Year Built: U Township: DOWNERS GROVE Basement: No Total Number Of Rooms: 13 Taxes: $7,156

Listing Info

Listing courtesy of Home Field Realtors Llc

Are Appraisals Killing Deals in the Naperville and Chicago Western Suburb Real Estate Market?

Wed, 05 Aug 2009 22:18:37 -0700

Are Appraisals Killing Deals in the Naperville and Chicago Western Suburb Real Estate Market?

Sellers Beware!

Price your home right and you will have a fair chance to sell your home in this sluggish housing market we are currently in...there are buyers out there willing to pay fair market value. There may even be buyers out there that will (unknowingly) agree to pay OVER market value for a home in todays market. While this does happen from time to time, most of these buyers are working without the expert advice and negotiation savvy of a professional Buyers Agent who works on their behalf (and is compensated by the seller, NOT the buyer).

Here is the problem...In either case, whether you think you got a great deal on the sell price of your home or not, once you as a Seller agree to a sales price the buyers loan approval and underwriting process begins...with a bank appraisal of the property you are selling. The lender orders the appraisal from a list of appraisers they contract with in the local markets they operate. The appraiser will measure the property, account for upgrades, compare recent sales and plenty more calculations all in an effort to arrive at a Fair Market Value as of the date of the apppraisal.

Guess what? If the appraised value of your home is LOWER then the sell price you agreed with your buyer, the buyers lender most likely will not fund the deal and your home will not be sold to them. The buyer will likely ask you to reduce your sales price to the appraised price or they will walk from the deal. Further, most other appraisers will arrive at a similar price so even if you feel that you can sell to someone else at a higher price, their appraiser will likely squash that deal too.

The solution? Get real on your asking price. Ask yourself why you are selling your home? Do you really want out or are just testing the market? Friends, this market is not about testing, if you want to sell your home then price your home accordingly and hire a full service broker who will market the home well. It will save you lots of time and aggrevation.

Visit www.HomeFieldRealtors.com to learn all about our Home Selling System and Full Service Marketing Platform...

Good Selling!

Naperville First Time Home Buyers Will Love This Listing!

Mon, 08 Jun 2009 08:45:11 -0700

This property could be a good candidate for many buyers who are looking for value, close to town/train ammenities and move in condition. New to the market, this home boasts many features that apppeal to Naperville First Time Home Buyers http://www.homefieldrealtors.com/first-time-home-buyer/ and Chicago Western Suburb First Time Home Buyers.

Check out the FHA loans that are out there...if you have 3-1/2% for a downpayment then you could own this home and then also utilize the First Time Home Buyer Tax Incentive and receive up to $8,000 back at tax time or use those funds to pay for your closing costs!!!

Call Home Field Realtors to help you find your dream home or to answer questions for First Time Home Buyers and the First Time Home Buyer Tax Incentive at 630-303-6593 or Info@HomeFieldRealtors.com

519 Eagle St Naperville

MLS Number: 07229607

Offered At: $289,000 2 Bedrooms (3rd Bedroom in basement) 1.1 Baths

Property Description

ADORABLE HOME PRICED TO SELL! BACKS TO NNHS OPEN SPACE! THIS BRICK HOME IS IN MOVE IN CONDITION AND WELL MAINTAINED. FEATURES HARDWOOD FLOORS, VALUTED CEILING, SKYLIGHTS & PATIO WITH SECLUDED YARD. CLOSE TO MAJOR HWYS, TRAIN, SCHLS & DNTOWN NAPERVILLE! BRING YOUR FIRST TIME HOME BUYERS (http://www.homefieldrealtors.com/first-time-home-buyer/) OR BUILDER CLIENTS LOOKING FOR VALUE/CASH FLOW FROM DAY ONE ( CURRENTLY RENTED). HOME WARRANTY PROVIDED! HURRY AND MAKE AN OFFER...

Virtual Tour

Kitchen

Kitchen Size: 9X13 Kitchen Flooring: HARDWOOD

Family Room

Family Room Size: 21X15 Living Room Size: 13X17

Bedrooms

Master Bedroom Size: 13X10 Bedroom #2 Size: 10X11 Bedroom #3 Size: 9X11 Schools Junior High District: 203 High School District: 203

Property

Lot Size: Less than .25 Acres Parking: G # Car Garage: 2 Improvements To Property Site (Water): Lake Michigan Waterfront Property: N

Building

Style of House: Ranch Type Of Detached Single Family Building: 1 Story Property Type: Detached Single Residence Heating And Fuel Description: Gas, Forced Air Township: NAPERVILLE Basement: Y Taxes: $4,889

Naperville Real Estate is Affordable Close to Town!

Tue, 26 May 2009 13:00:04 -0700

For those of you who are considering making a purchase in Naperville Real Estate and are looking for the following:

Affordable, Move in Ready!
Naperville Schools
Close to Downtown Naperville!!!
Garden Space and Full Workshop
Top Naperville Area Employment
Easy Access to Major Interstates
Naperville Dining and Entertainment
Endless Opportunities with the World Class Naperville Park District

Then consider this home currently listed for sale with Home Field Realtors! http://www.homefieldrealtors.com/realestate/detailview/23//07194780

120 West St Naperville, IL 60563

MLS Number: 07194780

Offered At an Affordable Price of: $430,000

3 Bedrooms 2.0 Baths

Property Description

BEAUTIFUL 3 BED/2 BA TRAD TWO STORY IN THE HEART OF NPVL AMONG MANY HIGH BRACKET HOMES. LOC JUST BLOCKS FROM TRAIN, CENTENNIAL BEACH, DOWNTOWN NAPERVILLE, RIVER WALK, SCHLS & SHOPPING. THIS CHARMING HOME BOASTS LOADS OF SUNLIGHT. MOVE IN AND ENJOY, COMES WITH NEWER ELECTRIC, PLUMBING, WINDOWS, ROOF, FURNACE AND A/C WITHIN LAST 5-7 YEARS! ABOVE THE TWO-CAR GARAGE IS A FINISHED STUDIO/WORKSHOP/APT! Home Warranty Included! Make An Offer!

Virtual Tour

Kitchen

Kitchen Level: 1 Kitchen Size: 11X14 Kitchen Description: Eating Area-Breakfast Bar,Eating Area-Table Space Kitchen Flooring: CERAMIC TILE

Dining Room

Dining Room Size: 11X14 Dining Room Description: Separate Dining Room Level: 1

Family Room

Family Room Size: 11X14 Family Room Level: 1

Living Room

Living Room Size: 11X24

Other Rooms

Other Rooms Description: Family Room, Workshop

Bedrooms

Master Bedroom Size: 12X15 Master Bedroom Level: 2 Master Bedroom Bath: Y Bedroom #2 Size: 12X16 Bedroom #2 Level: 2 Bedroom #3 Size: 9X20 Bedroom #3 Level: 2

Schools

Junior High District: 203 High School District: 203

Property

Lot Size: Less than .25 Acres Acreage: 0.00 Lot Description: Fenced Yard Parking: G # Car Garage: 2 Parking Description: Off Street Improvements To Property Site (Water): Lake Michigan Building Style of House: Traditional Type Of Detached Single Family Building: 2 Stories Property Type: Detached Single Family Residential, Traditional Heating And Fuel Description: Gas, Forced Air AGE: 51-100 Years Year Built: Approx 1946 Township: NAPERVILLE Features: Vaulted/Cathedral Ceiling Basement: Y Total Number Of Rooms: 7 Bath(s) Description: MBR-Full, Whirlpool, Separate Shower, Double Sink Taxes: $6,021

Visit www.HomeFieldRealtors.com to learn more!

5 Good Reasons Why Its a Great Time to Buy!

Thu, 09 Apr 2009 21:13:49 -0700

Home Field Realtors, Naperville IL

5 Good Reasons Why Its a Great Time to Buy!

If you are on the fence as to whether you should or should not buy this Spring or Summer then read on my friends!

1. Historic LOW Mortgage Rates!!! Not only are rates incredibly low, your rent is bound to go up at some point. Buy now and lock in your home mortgage rate for years to come...

2. When Prices Come Back (and they will), You Will Have Instant Equity!

3. Leverage Your Investment...the cash you have tied up in non-performing assets can do a lot better in real estate. Say for instance, a 10% return on $25,000 in an investment fund equates to $2,500 profit...a 10% return on a $300,000 house is a $30,000 profit!

4. Historically, more and more housing is created and needed each year in the US...this means that the inventory will tighten.

5. Plenty of Government help! The Obama Administration created an $8,000 First Time Home Buyer Tax Credit so if you have not owned a home in the last 3 years you will most likely qualify...take advantage now, the incentive runs out at the close of 2009.

Visit www.HomeFieldRealtors.com to learn more...

Is Naperville on the Top 5 Highest Home Appreciation List?

Wed, 18 Mar 2009 22:03:37 -0700

The 2008 Top 5 Highest Home Appreciation Markets Are:

1. Cedar Rapids, IA 8.8%

2. Amsterdam, NY 7.8%

3. Binghamton, NY 7.7%

4. Malone, NY 7.6%

5. Bay City, MI 6.8%

Are you surprised by the results? Let us know what you think!

Visit www.HomeFieldRealtors.com

Is a Lease Option Right for Naperville Buyers and Sellers?

Sun, 15 Mar 2009 21:32:51 -0700

Is a Lease Option Agreement Right for You? Visit our website to read more about Lease Option agreements, just click this link...http://www.homefieldrealtors.com/article/view/22095/1/3945/

A Lease Option Agreement provides a renter the opportunity to exercise a "right" to purchase the property at any time during the lease term at a pre-agreed price. In order for the renter to obtain the "Option" to buy in a Lease they must pay an upfront option fee of roughly 1% of the agreed purchase price when they sign the Lease Option Agreement.

Monthly rental payments they make during the lease term will be applied to the mortgage principal. Most lease options last for 2-5 years. If the renter decides not to exercise the option to buy then they forfeit the option fee they already paid.

The question is, whether a Buyer or Seller, is a Lease Option right for you?

As a seller, you could be locked into an agreement for 2-5 years with a tenant that isn't "all that"...meaning, they aren't keeping up with maintaining your property as you expected. Further, you could also be locked into a selling price that might leave you with the short end of the stick when the market turns around. In the interim, you still need to make sure your cash flow is sustainable throughout the life of the lease option agreement. If you have had your home on the market for a long long time without much success, then perhaps you will want to consider a lease option agreement to help get you though a rough patch until the market rebounds. You may find that your renter exercises their option to purchase and you get to sell your house.

As a buyer, a lease option is a fantastic vehicle for you to wait out the market and provide comfort in knowing you could also have a house to buy if you decide to, and not have to move again. The downside, is that if you decide not to exercise the option you lose the option fee - which already cost you thousands of dollars.

Further, if you are a first time buyer, I would suggest you take advantage of the new First Time Home Buyer Tax Credit opportunity in lieu of a lease option...it can be worth up to $8,000! There is plenty of inventory on the market for First Time Home Buyers to choose from so finding that perfect home will not be a problem...

Visit www.HomeFieldRealtors.com to learn more...

Buying in Naperville? Use the First-Time Buyer $8,000 Tax Credit!

Fri, 06 Mar 2009 08:13:18 -0800

The American Recovery and Reinvestment Act of 2009 features an $8,000 tax credit for first-time home buyers who purchase a residence on or after January 1, 2009 and before December 1, 2009. The details include...

*Only available 1/1/09 through 12/1/09 and equal to 10 percent of the cost of the home, up to a max credit of $8,000!

*Buyers claim the credit on their federal tax return

*Only first-time home buyers can take advantage of this credit...you are a first-time home buyer if you have not owned a home in the last three years

*Eligible properties include anything that will be used as a principle residence...homes, condo's and townhomes

*Some guidelines on credit include...gross income up to $75,000 for the full credit, $150,000 if filing jointly. The credit amount is phased down for earning more and not available for those who earn more than $95,000, $170,000 if filing jointly.

*The tax credit does not have to be repaid if the buyer stays in the home for a minimum of three years!

It's a Buyers Market out there folks, with mortgage rates remaining low and purchase prices incredibly low, now is a great time to take advantage of the new government tax credit!

If you wish to receive a flyer on this incentive, email info@homefieldrealtors

Gov't Incentives a Home Run for Buyers in Chicago and Naperville

Thu, 05 Feb 2009 21:51:17 -0800

Home Buyers May Hit a Home Run This Spring!

On Wednesday February 5th, 2009 the Senate included an amendment to the Economic Stilulus Bill that could signal a recovery for the Real Estate market sooner then we all think. The amendment would provide a Tax Credit to all home buyers of 10% of the purchase price up to $15,000! This would be available for a one year period to all purchasers of primary residences.

In addition, Amendment 353, would provide 30 year fixed financing at a rate of about 4% for anyone purchasing a primary residence!!!

If these two provisions pass, this could spark a dramatic turn around to the Real Estate market in many areas of the country, and right here in the greater Chicago and Naperville area. Please stay tuned for further updates as President Obama and the Senate work to expedite passage of the Economic Stimulus Bill.

Visit www.HomeFieldRealtors.com to search homes via the Multiple Listing Service with Google Map technology, buyer negotiation strategies, purchasing tips and more...

First Time Home Buyer Incentive Naperville, IL

Fri, 30 Jan 2009 17:16:45 -0800

If you are a First Time Home Buyer then you have the ability to take a HUGE income tax credit on your home purchase!

To qualify you must:

Not have owned a home the previous three years
Your new home must be your principal residence
You need to purchase between April 9th 2008 and July 1 2009

Your tax credit will be worth 10% of your homes purchase price or up to $7,500...there are just a couple of catches...you must begin to repay the credit in two years at $500 per year and there are also income related limitations depending on your yearly take home pay...

Recently, there are rumblings in Washington from some that would like to see the credit be permanant, as opposed to a time limitation which runs out July 1 2009...as always, please consult your professional tax advisor before you take advantage of the $7,500 tax credit.

For those that are on the fence whether they should make the leap into homeownership, now may be a good time to go for it with the combination "knock-out-punch" of super low FHA mortgage rates and the First Time Buyer income tax credit up to $7,500!

Visit www.HomeFieldRealtors.com to learn more...Get The Home Field Advantage!

Home Maintenance is Crucial to Sell in Naperville IL Subdivisions

Fri, 09 Jan 2009 08:16:18 -0800

Given the amount of existing inventory on the market, it is more competitive then ever to sell your home. For example, two well known subdivisions in Naperville, IL have a significant amount of homes on the market. Tall Grass Subdivision of Naperville currently has 32 homes for sale, yes 32. Directly to the north, White Eagle Subdivision of Naperville currently has 27 homes for sale. Price ranges are from $449,900 to $1,299,900. Search homes for sale http://www.homefieldrealtors.com/realestate/mlssearch/ ...

To help ensure a relatively smooth sale, it is very important that your home be maintained so as to reduce the amount of objections that can arise at the home inspection. If expensive repairs arise from the inspection, a buyer can opt out of the contract and purchase another home in the same subdivision that is maintained better. Follow these simple steps on a regular basis to keep your home in tip top shape...

Change Furnace Filters Monthly

Drain Your Water Heater Once A Year

Clean The Coils in Heating Units

Check Circuits in the Electrical Box

Watch and Repair Drips Immediately

Replace Aged Roofs, Water Heaters, Furnaces and Windows Before They Fail

Check For Signs of Water Damage on the Exterior of the Home

Check the Foundation for Cracks and Leaks

Inspect the Chimney for Wear and Tear, Brick Condition

Life Expectancy for Common Items:

Exterior Painting 5-10 Years

Furnace 15-50 Years

Roof 15-30

Water Heater 7-15 Years

Check out www.HomeFieldRealtors.com for more tips!

Naperville Real Estate Goes "Green"

Sun, 04 Jan 2009 13:20:08 -0800

Do you know the Carbon Footprint of your house? Well, approximately 21% of green house gases are originated from household energy consumption so that may give you an idea of how your house contributes to the environment. A home that consumes less energy reduces green house gases and is better for the environment.

Search "Green" homes for sale http://www.homefieldrealtors.com/realestate/mlssearch/ or search Foreclosures and turn your investment GREEN http://www.homefieldrealtors.com/foreclosures-chicago-area/ ...

Here are some great ways to increase your homes efficiency and help conserve energy. Follow these simple steps to improve your homes Carbon Footprint and help make the earth a "greener" place to live...

1. Replace incandescent light bulbs with smaller fluorescent bulbs.

2. Increase energy efficiency by fixing leaky doors, windows, air ducts and cracks.

3. Unplug appliances, cell phone and laptop power charges when they are not in use.

4. Lower your water heating temperature to avoid super hot water.

Pass it on! Forward these tips to your friends and neighbors so we can all make a positive impact on the environment...go Green!

www.HomeFieldRealtors.com

Foreclosure Tips for Buying Naperville Real Estate

Thu, 18 Dec 2008 18:00:26 -0800

Here is some practical advice for buying Foreclosure Property at auction:

To learn all about buying Foreclosures and Short Sales,

visit http://www.homefieldrealtors.com/article/view/22090/1/3945/ to learn more!

Pay Cash: I have been to several auctions on the county courthouse "steps" and witnessed novice investors get caught up in the hype that they fail to due their due diligence and number crunching before coming to the auction. One of the most important components to the process of investing with foreclosures is financing. In todays market, obtaining funding from a banking institution for foreclosure acquisition is practically obsolete. One option to this is funding with Hard Money Lenders. The problem with hard money is that usually in order to make a profit with your investment, buying with hard money could make or break your profit potential if you cannot refinance out of the loan inside of 30 days or else you get stuck with a very high interest rate, currently around 15%, which you will pay every month you hold the property. In addition, you will pay points out of your pocket just to get the funding - eating into your profits further. In some markets buying with hard money is definately the way to go, however, in todays market finding a way to refinance out of the loan into a more conventional loan will prove to be very difficult.

Kick the Tires: I have seen too many people fail to visit the foreclosure property they are bidding on...crazy as it sounds, but true. Some folks "drank the coolaide" and followed many people to the auction in search of riches. Some of these unsuspecting folks were the victims of churn and burn seminar providers. Do yourself a favor and perform your due diligence - drive by the property and check it out. If you can, walk the grounds and look closely but be careful, there could be current people living in the property that are upset their home is going to be sold at auction. Take it a step further, call your Real Estate Agent and see if they can get you inside the home for a walk through and inspection.

Consider Buying a Short Sale: If you have questions as to the Foreclosure Timeline, vist http://www.homefieldrealtors.com/article/view/22091/1/3945/. Buying a short sale prior to auction can be another way to obtain a home at a great price without having to go through all of the foreclosure headaches. Consult with your Real Estate agent (who will be paid by the seller/bank and not yourself) to determine the best course of action. Be prepared to wait several days or weeks to hear if your offer has been accepted. Asset managers have many properties to handle and often times their list of priorities may not gel with yours. Have patience, the process can be rewarding.

Brought to you by Home Field Realtors http://www.homefieldrealtors.com/

First Time Buyers Have Good Timing in Naperville Real Estate

Mon, 15 Dec 2008 16:35:37 -0800

If you are a first time buyer, now is the time for you to seriously consider purchasing your first condo, townhome or single family residence in the Naperville Real Estate http://www.homefieldrealtors.com/naperville-il-real-estate/ or Chicago West Suburban Real Estate market.

Here are some reasons why the timing may be right for you to make your first home purchase:

Rates are Low: Rates remain low, making home buying easier for first time buyers. Read up on financing in our Mortgage Resource Center at http://www.homefieldrealtors.com/article/view/22074/1/3940/ and become familiar with the different types of loans you can apply for.

Lower Down Payment: Effective January 1st, 2009 the FHA minimum downpayment will be 3.5%

$7,500 Federal Tax Credit: First time buyers who qualify, can receive an interest free loan.

A Buyers Market: Act while there is still a buyers market. Don't kick yourself down the road when you read how others have greatly improved their net worth because they bought their first home at the right time. Read our Buyers Program http://www.homefieldrealtors.com/article/view/22069/1/3940/to help you get familar with Home Field Realtors and the services we offer First Time Buyers.

Brought to you by Home Field Realtors in Naperville Illinois...visit http://www.homefieldrealtors.com/ or contact us http://www.homefieldrealtors.com/contact/ for a free buyer consultation!

Home Buying Tips for Today's Naperville Real Estate and Chicago West Suburban Real Estate Market

Sun, 07 Dec 2008 10:00:59 -0800

Brought to you by Home Field Realtors in Naperville, IL...For those of you who are credit worthy and have steady income, buying a home or investment property today can yield incredible savings. Mortgage rates are low and housing prices have dropped in most areas to what Home Field Realtors coins, the "safety zone".

The "safety zone" represents a band of housing prices that, if you reside in your property for at least a few years, should put you in a comfortable position to snap up a home at a considerable discount and be somewhat insulated from further drastic price decline. True, pricing "may" drop a little more - and it may not, however, if you plan on staying for a few years you should be in the "safety zone"...if you buy now, you have the opportunity to beat others to the punch and land your dream home. So, if you have been on the fence, it's time to start looking! If you are thinking of buying your dream home, start the process now and know you are going to find the house of your dreams and at a great price.

Here are some Home Buying Tips for Today's Market to get you started:

1. Find Out How Much You Can Afford: Contact your mortgage lender and have them calculate how much you can comfortably afford. If you would like a referral, Home Field Realtors can get you in contact with our network of professional mortgage lenders.

2. Do Your Homework: Research what is important to you...schools, shopping, neighborhoods, etc. http://www.homefieldrealtors.com/naperville-il-real-estate/has several online tools to get you going...

3. Have Your Realtor Negotiate a Great Deal: All Real Estate markets are local. Some markets will yield better deals than others. However, no matter where you buy, your acquisition price ought to be well below prices 3-4 years ago. Have your agent or broker provide you with recent closed home stats so you can compare apples to apples. Be sure to choose an agent or broker who is an effective negotiator and will work on your behalf. See http://www.homefieldrealtors.com/negotiating-offers/ to learn about our negotiation principles...

4. What About Buying a Foreclosure? : If you travel down this path, be sure to read up on the various kinds of homes you can buy in this category...Pre-Foreclosure, Foreclosure at Auction, Foreclosed, Bank REO (Real Estate Owned), etc. Have your agent or broker inform you on the risks's associated with buying a home in any of these categories. If you have the stomach for this, you have the ability to purchase at even better prices. Our Foreclosure segment of our website at http://www.homefieldrealtors.com/article/view/22090/1/3945/ is dedicated to investment and foreclosures to help you out...

5. Find a Good Home Inspector: A good inspector can find things that may cost you money down the road...such as inadequate paint, a failing roof, leaky skylights, a cracked foundation and plumbing or electrical issues just to name a few. Spotting these things before you close escrow will save you money down the road and if the seller is motivated, you should be able to negotiate these repairs off of the purchase price you already agreed to. Home Field Realtors has a complete network of professional home inspectors...call us if you would like some names.

6. Buy For The Long Haul: Please don't expect the kind of appreciation that happened in the early 2000's. Future appreciation may occur, however, buying a home with the expectation for double digit appreciation and then sell in 2-3 years for a quick profit is not the way to buy in today's market.

Visit www.HomeFieldRealtors.com to see how we can help you realize your Real Estate dreams!

Sell Fast in a Slow Market: Naperville Real Estate and Chicago Western Suburb Real Estate

Mon, 24 Nov 2008 21:29:42 -0800

Sell Fast in a Slow Market!

Whether your home is in the Naperville Real Estate or Chicago Western Suburb Real Estate market, www.HomeFieldRealtors.com suggests the following ways to improve your chances of selling in a slow market...

1. Home Staging: The art of staging a house will depersonalize and declutter the home, creating mass market appeal...often times, a staged home will sell for a higher dollar amount in shorter market time...

2. Offer Creative Financing

3. Market to the Neighbors: Friends, family, move up/down buyers...often times homes sell to folks who already live in the area

4. Professional Color Flyers: Should be available at the sign in the front of the yard...

5. Have Information Readily Available: Detailed information on all facets of the house should be available so you can quickly answer questions and negotiate a deal...

6. Price Accordingly: Market competitive pricing is key...that's needed just to be in the game. But did you know that pricing a home in the middle of a price range will increase the chances of a buyer noticing your home...

7. Seriously Consider the First Offer: I've seen it happen, in this market the first buyer could be the last one you see for many months...consider the pro's and con's of selling now versus selling later (much later) when the next offer comes along...by the way, the next offer isn't always a higher offer, it's usually even lower then the original offer you receive!

Visit www.HomeFieldRealtors.com to learn more!

Does Your Chicago West Suburban Market Signal a Rebound?

Thu, 20 Nov 2008 20:56:13 -0800

Does your local Real Estate Market signal a rebound? If you think it is poised for a rebound then consider the following five factors:

1. New Jobs vs New Housing: Job growth and builders scaling back production should bring demand back in line.

2. Fewer Builder Concessions: This signals that the builders inventory turns are in better shape.

3. Months Supply / Absorption Rate: As the absorption rate (supply of available homes for sale) shrinks, demand will pick up.

4. Visitors Per Listing: Higher foot traffic with active listings means more buyers.

5. Rising Rental Rates: As the rental rates increase, those renters will soon look to buy instead of rent.

If you believe your neighborhood is on the way to achieving success in these five areas then perhaps a rebound is just around the corner!

Visit www.HomeFieldRealtors.com to learn more!

Chicago Western Suburb Real Estate Statistics...Up or Down?

Wed, 19 Nov 2008 21:56:07 -0800

I took a cross section of the Chicago West Suburban Real Estate Market, Naperville IL, and looked at the Absorption Rate / supply of available listings for years 2005-2008 YTD...here is what I found:

Available Homes For Sale in Naperville Priced $400K-$450K:

2005: 4.1 months supply

2006: 5.1 months supply

2007: 6.8 months supply

2008 YTD: 9 months supply

As you can see, the YTD 2008 Absorption Rate figures are over DOUBLE the 2005 figure. This suggests what we already know, that 2005 was a very active year for Real Estate in Naperville, IL! When will we know when the real estate recovery is well under way in Chicago West Suburban Real Estate? Home Field Realtors and The Home Field Team will keep an eye on the absorption rates to see how we are coming along with the recovery into the year 2009..stay tuned!

Home Field Realtors provides competitive real estate commission rates, top service and cutting edge marketing...visit www.HomeFieldRealtors.com to learn more and to read our Blog and Video Blog!