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short sale: 4 Reasons to Sell NOW!! - 02/17/10 10:15 AM
4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.1. Sell low and buy low. Because all property values are down, the sellers' loss on a property is really only a paper loss because the next property they buy also will be a bargain. If they buy smartly, when prices come back up in a few years, they'll be in better shape.2. Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment … (0 comments)
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short sale: Tax Credit News for your Buyers! - 01/27/10 05:09 PM
Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again.
Bad news: You can't e-file your taxes if you want the cash. And there are long delays.
Last Thursday, CNN revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.
First-time buyers used to able to immediately file for the tax credit after Congress approved it last February as part of the stimulus program. … (0 comments)
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short sale: Navigating Short Sales! - 12/15/09 05:24 PM
Greg Olson, REMAX Suburban
You Have Options!!
Navigating Short Sales: What to Do When the Sale Price Leaves You ShortIf you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your … (2 comments)
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short sale: Navigating Short Sales! - 12/01/09 11:34 AM
Greg Olson, REMAX Suburban
Navigating Short Sales: What to Do When the Sale Price Leaves You ShortIf you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title … (2 comments)
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short sale: Tips for Hiring a Contractor! - 11/20/09 03:04 PM
The Better Business Bureau (BBB) consistently ranks contractor fraud as its number one complaint. Don't be a victim. If you (or someone you know) is thinking about hiring a contractor, please read or share these tips straight from the BBB before signing anything.Obtain bids (from at least three licensed contractors) based on building specifications, quality of materials, labor and time to complete the project.
Ask for customer references, and be sure to contact them. If possible, check out previous work.
Contact the Better Business Bureau (BBB) for a report on the contractor and review site thoroughly for further advice.
Ask to … (0 comments)
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short sale: Lose Your Job...Keep Your Home! - 11/18/09 05:31 PM
Lose Your Job, Keep Your Home
If you're faced with a layoff, there are ways to escape foreclosure and stay in your home.
Few words sting like the ones that inform you that you're being laid off - especially today, with jobs so hard to come by. If you're a homeowner, the blow of a job loss can be even worse.
In households with more than one wage earner, halving the monthly income can severely stretch a budget. And in households where there's one breadwinner, having zero income can be devastating. A rainy-day fund helps, but it's important to craft a … (1 comments)
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short sale: Basic Definition of a Short Sale! - 10/20/09 09:15 AM
Here is your basic definition of a short sale. I have realized in recent months that most of my clients have no idea what a short sale is! I have a great (but rather extensive document) that explains in detail exactly what a short sale is. Knowledge is the king and I am finding that in my businees most of my buyers once informed are staying away from these...the timing (or complete lack of any timeframe) just doesn't seem to work for my buyers!!
"A short sale is a situation in which the real estate seller owes more money on the … (0 comments)
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short sale: Record Streak Continues for Pending Home Sales! - 10/17/09 09:28 AM
Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to latest survey. The Pending Home Sales Index rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5. Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. "The rise in pending home sales shows buyers are returning to the market and signing contracts, … (0 comments)
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short sale: Overlooked FHA Loan Ideal for Foreclosure Buyers - 203K Loans - 10/06/09 05:56 PM
Hidden away in the deep recesses of the federal government is a one-shot financing plan which will allow you to not only buy foreclosures but also to pay for repairs and upgrades.
The FHA's 203(k) program has been on the books for decades but over time it's been rarely used. That's changed recently, in part because the program is ideal for many foreclosure buyers.
How It Works With the 203(k) program you get financing to purchase or refinance an existing home (it has to be at least a year old) plus additional dollars to fix it. Since the government … (0 comments)
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short sale: July Newsletter - 08/03/09 01:23 PM
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short sale: Mortgage Loan Programs & Help - 06/17/09 09:05 AM
State and Federal Loan Programs
The following specialized mortgage loan programs can help prospective buyers get better financing. Your Illinois REALTOR?/font> can provide you with mortgage information, discuss financing options and recommend loan sources ?and may be able to help you find financing that suits your needs and helps get you into your new home!
FHA Loans. Since 1934, mortgages insured through the Federal Housing Administration (FHA) have helped millions of people buy a home. Because FHA loans are insured by the federal government, they offer competitive interest rates and are an option for buyers with less than perfect credit. … (0 comments)
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short sale: Short Sale Q & A - 06/17/09 09:03 AM
What Happens in a Short Sale
A 뱒hort sale?refers to a situation where the owner of the home does not have enough equity in the property and not enough cash or liquid assets to be able to sell the property, pay off liens and selling expenses (e.g., closing costs, property taxes, transfer taxes, real estate commissions) and provide a clear title to the purchaser. In short, there is more owed on the home than what it will likely sell for on the market. Lenders use the term to describe this as a loan that is 뱔pside down.?While many short sellers … (0 comments)
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Gregory Olson
Streamwood,
IL
More about me…
REMAX Suburban
Office Phone: (847) 577-9797
Cell Phone: (847) 977-7024
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