If your search to purchase a home for the first time had you in a flabbergasted state to hastily make a choice from what's available on the market... guess what? GOOD NEWS!! The deadline date for qualifying for the tax credit awarded to home buyers has been prolonged!
Agents and buyers can both cease from holding their breath... a bit, for Congress has extended AND expanded the tax credit for qualifying buyers. The official last day for filing (income) taxes with the IRS is April 15Th, 2010. The official last day to have a written binding purchase contract for a home is April 30Th, 2010. As long as the house closes by July 1, 2010, the credit can be taken.
If you are a CURRENT homeowner, and will buy a new home between November 7, 2009 and April 30,2010, a tax credit benefit of $3250 or $6500.00 (depending upon your filing status) has been made available for you also! This is EXCEPTIONAL news for homeowners who have used their principal residence for 5 of the prior 8 years consecutively.
BEST NEWS OF ALL?? THE TAX CREDIT DOES NOT HAVE TO BE PAID BACK!!
Confused? Do not fret.The National Association of Realtors, has a more thorough explanation at their website. A helpful chart denoting the distinction between the old tax credit rules and the new extended tax credit has been issued by Governors Affairs Division and can be accessed here.
We encourage you to contact your local REALTOR® to acquire personalized information tailored to your needs. To start your search for available homes in the South Suburban or Chicago-land Area, click the Rice Property Management logo below.
"Where the RIGHT Price is the RICE Price!"
Rice Property Management & Realty, located in South Holland, Illinois, has agents that work with first time home buyers seeking homes in Illinois and Indiana. Give us a call at 708-862-7423
My last showing appointment last night, was with one of our investors who purchases rental property for us to manage.
He was so excited about this single family home because it passed every item on his check list:
It was the "RICE" Price - ONLY $39,900.00!!
It was the "RICE" Size (3 bdrm 1 & 1/2 Ba)
It was the "RICE" Location (quiet)
It was the "RICE" Type (all brick)
With flashlight in hand, my client had arrived 30 minutes EARLY in his eagerness to case out the neighborhood, visibly inspect the roof, and walk around rear of the vacant potential investment.
We have gone on such appointments in the past, and have found some short sales and pre-foreclosures to be undesirable, but THIS ONE WAS DIFFERENT!!! (So he thought!)
Upon opening the door, we were both surprised to see the electricity on! Good! We then noticed the beautiful hardwood floors!
So far so good!!! Now, I KNEW in my mind this deal looked too good to be true... so, obviously there had to be SOMETHING wrong....
My thoughts went to an earlier transaction done with the SAME investor, who has a "gift" for locating some of these diamonds in the rough. Could THIS be one of them?
Here we go... this nose of mine detected that familiar water smell.....!! Sure enough, we looked up and there it was.. the beautifully textured ceiling was dotted with circlets of grey!! Upon quickly surveying the home, we discovered infiltration of moisture that bred spores of ....MOLD!!!!!
Let's get OUT of here, "i said!" I want us BOTH to be around to enjoy many business transactions in the future! Mold like this needs to be DISCLOSED prior to permission for access!! It's a detriment to the health of the Realtor and the client!
I was EXPOSED and INAPPROPRIATELY DRESSED!!!! - If you are an agent of investors seeking a deal....don't let this happen to you... From now on, i will be dressed for the occasion and so should you!
"Where the RIGHT Price is the RICE Price!"
Rice Property Management & Realty, located in South Holland, Illinois, has agents that work with first time and experienced investors desirous of obtaining single family homes as rental property.
"Yes, I would like some cheese with this whine. Thanks." (Brett Furniss, Charlotte Property Manager and author of Charlotte Property Management Weekly)
"President Obama has declared the swine flu outbreak a national emergency..." (Charlotte Observer, 10/25/09)
Swine flu is now officially both a national emergency and a pandemic! I'm not entirely sure what that means, but it sounds pretty bad and pretty official. I imagine the only party happy about this is the pigs, who take an undeserved public relations hit, but see the demand for its flesh fall among the cautious populous (making its mortality rates decline significantly). If only the scheming cows from the Chick Filet commercials had thought of this, they could have saved themselves millions in dollars of advertising (with better results!).
Fortunately, I have not been personally infected by swine flu (yet...). I have been affected, though. I've seen this new, safer way to catch your sneeze by depositing this spittle storm into your own shirt! Yes, the one you are wearing. I've seen some guys on the street do it recently and I still can't stomach the idea of my shirt doubling as a tissue. This is healthier? What is the point of tissues then? That is the next superfluous budget item to go, I'm sure. I'm thankful I haven't seen any females do this. Apparently they believe in Fernando Lamas's (Billy Crystal's Saturday Night Live character) mantra, "It's better to look good than to feel good." But, I digress.
However, I have been affected by the "home sales swine flu" that has infected the Charlotte rental market. "What the heck does that mean?" you may ask. "And why do you keep italicizing so much in this article?" Well, let me explain. Being that few people can sell their homes, home sellers are flooding the rental market with their houses. This is creating supply and demand issues that are making it difficult for property managers to fill properties quickly and efficiently (sniff, sniff). Unfortunately, it has become painfully obvious Charlotte is infected. I've heard from other real estate professionals in other cities that they are observing the same thing.
So what about your market? If it has been infected by the HS H1N1, the following five symptoms should have started to appear:
Rentals are on the market for a much longer time (duration)
Monthly rental prices have fallen and continue to drop significantly
There are a lot more rental homes on the market! (number)
Realtors who never worked on rentals before are now listing several
Tenants are consistently trying to negotiate down already depressed monthly rents
As your real estate doctor, I can tell you that if your market is showing these symptoms, it is infected. The only known 100% cure for HS H1N1 is a mixture of "Excess Cash" and "Time." If you wait long enough with this mixture, it will go away on its own. You should check with your local economist to get a general range on how much "Time" it will take to subside. And always double your initial estimate on how much "Excess Cash" will be required.
If you are not lucky enough to have a healthy amount of "Excess Cash" and "Time", the following steps can be taken to slow the effects of HS H1N1 until it subsides:
Lock your existing tenants into 1 to 2-year leases ASAP at current rental rates
Lower the rental rates on your vacant homes by 10%
Increase marketing expenditures on vacancies while advertising the lower rate
Do NOT work with tenants who are more than 30 days behind. You must evict and get someone else in your rental!
Trust your doctor. Follow these simple steps to survive the outbreak in your market!
Brett Furniss is the President & Owner of BDF Realty, "Charlotte's Most Innovative Property Management & Investment Company" (www.BDFRealty.com and www.RentToSell.com). You can follow his Twitter thoughts on the Charlotte real estate market by clicking on http://twitter.com/bdfrealty. He is the author of the FREE E-Manual entitled "How to Rent-To-Sell Your Own Home" (http://www.renttosell.com/RTS-Book.html) which details how to get the most potential buyers to your home in this challenging real estate market.
Google SAUCE you say? Yes, that's what it is! What's that? Well, it simply means that Google finds a VERY IMPORTANT REAL ESTATE BLOG and spreads it to the public.... like SAUCE!!
SAUCE? Yes, SAUCE like in APPLESAUCE!! That's exactly what happened to:
Post By My Rain Buddy, Gabrielle Rhind, whom i simply call "GAB In the 'Mornin" for she gives us all a shot in the arm as soon as we log onto Active Rain!!
Buyers want to know, "How much down and how much a month?"
Sellers want to know, "Can you get me what I want for my home?"
They both want to know, "Why should I hire you?".
Buyers and Sellers knowwhat they want. They have already found the home they want on the internet or they know what to do to help their home generate a better price by the time they call you. With the thousands of Realtors out there, it seems to me that what consumers need or will be looking for, is an agent who they can trust to help get them through the process of getting what they want.
So, how can you set yourself apart from the rest? Simply said - by being credible.
Do what you say - or don't say it at all.
If you don't know something - don't pretend you do. Just say, "I don't know" and follow with, "But I will find out and get back with you."
Be accessible. If someone has to call you more than once to actually "speak" to you - you're losing their confidence.
With Buyers, don't show them what they don't want and what they can't afford; with Sellers, don't tell them what they want to hear - tell them the truth.
At listing presentations or showing homes, don't point out only the good things of a home or just agree with what a client loves about a home. Really look - take note of any flaws or issues and be prepared to guide Seller's on presentation and repairs; and for Buyers, making a well-thought out offer.
Know the market and the inventory first hand. Don't just rely on reading comps. Spend time looking at neighborhoods and previewing homes. When a client says, "Have you seen this home?" or "I was wondering about this home ..." - you are going to know and be able to give them first-hand knowledge.
When you're with your clients - on the phone or in person - be there 100%. Don't get distracted, don't multi-task, don't complain about how much money you're losing on the deal, etc., it's not in your or their best interest.
Develop your people skills. When it comes down to it - real estate is a people business. No matter how much you know - unless you can sincerely interact, listen, understand and empathize with people - you won't be able to meet their needs.
Now, my mother made everything from scratch while we were growing up, but i honestly had NO interest in cooking..... just eating! My older sister paid attention while i flunked cooking and sewing! I have no shame, for later on, my skills in the kitchen improved greatly, but some foods were never prepared.
Mary Yonkers of Erie, Pennsylvania inspired me to make applesauce for the FIRST time! In her post, October 27Th, named, "Home style Cooking With Mary: Applesauce," Mary outlined her recipe, complete with pictures!
I was completely enchanted, and asked questions as if a 3 year older would have, which Mary patiently and graciously answered. She had to be thinking, "Now, c'mon... this is the simplest thing!! Is she serious??"
Friday, the apples were bought, and today a small batch of applesauce was made!! I used Stevia instead of Splenda for the sweetener, and sprinkled cinnamon on the top. Husbo was the first to taste it!
Have you ever done something that was STOOPID? Not stupid.... STOOPID!! Stoopid is a dumb thing you did but didn't know it was dumb until you looked back. When you did, all you wanted to do was to hide, and stoop as to not bring attention to onlookers that YOU were the one who did it! Did you wish, "if ONLY i could do it all over again... i'd do it differently!!" Bummer! Instead you keep kicking self in butt... stewing over it time and time again!
GOOD NEWS!! Your redemption time is here! How so? Pile up ALL of your mistakes, regrets, and stoopid stuff, and bring them over to the 2:00 AM Sunday Morning time, November 1st. Why? Because this is the only chance this year you get to FREELY redeem the time! You get another hour to redo your mess ups... whatever they were!
Simply place every last one of these mishaps at the last strikee of the 2:00 AM time period... never to be seen again! After you've done that, change the hand on the clock to read 1:00 AM! That simple? Yep! You get a whole NEW hour! Now, when the second 2:00 AM comes.... don't repeat that same act that made you stoop, OK??
This is EXACTLY what you have been waiting for.... TURN THE CLOCK BACK!! And start anew!
I count not myself to have apprehended: but this one thing I do, forgetting those things which are behind, and reaching forth unto those things which are before.....
See then that ye walk circumspectly, not as fools, but as wise, redeeming the time, because the days are evil.
Blog post written by Diane Rice, owner of Rice Property Management & Realty, located in South Holland, IL. Information about rentals, property management, & houses for sale can be found at www.862RICE.com
This is a sentimental mushy post, so for those who have had enough of me raving about "My Husbo"... don't read another word....
Exactly 16 years ago today, a very shy, tall skinny man came into the book store where i worked, and just stood there looking awkward.
What's HIS problem, i thought? Of course, i did not know him from Adam, for at the time, the suffering i endured caused me to look really really bad.... had lost my car, job, my house.... Everyone... had forsook me.... it was awful!!
In the spirit realm though, i was FULL of the JOY of the Lord, for HE and i were having a continual feast, and nothing else mattered at the time.
Oblivious to that, my only concern was to make sure the customers were buying the right Bibles, books, and tapes! (It was a Christian Book Store)
Back to the story... The reason this day is so significant is because God sent Tony to rescue me.... he was my Moses. His obedience is priceless, for had he looked on me from the outward, he would have run away! He CHOSE instead to see what the Lord's will was.
After we were introduced by his nephew, we got on the topic of marriage. He asked, "Do you believe the Lord will bless ME with a wife?"
Thinking to myself, "what's HIS problem", my answer was... "if you would delight yourself in the Lord, HE will grant you the desires of your heart!" I had NO inclination that this man would be MY husband, because, NO MAN wanted me... i was NOT pretty, and was called a "space cadet"! Abhorred and talked about, i placed myself in a secret hiding spot, a refuge, where i'd get acceptance... hidden in the LORD. Daily HE was my delight! I could run to HIM, for HE alone understood, and gave me comfort from the humiliation i faced.
"MY Husbo" was sent by whom my heart trusted in, and caused me to forget the reason i was crying." He saw me through the eyes of GOD and loved me from the inside out! We were married 6 months later.
(picture courtesy of Bing)
Today, Tony and i took a little time this morning over shared coffee to reminisce with heartfelt gratitude about the immeasurable kindness and goodness shown toward us by a GOD who in His infinite wisdom placed us with one another. My soul does magnify you today my Lord! Receive Glory, Praises & Honor!
In Illinois and parts of Indiana, there are currently 425 ACTIVE listed homes on the Multiple Listing Service for $30,000.00 and under! (There are 1196 in the $30K to $70K range) These all have 3+ bedrooms and are ideal for first-time or seasoned investors seeking to develop their single-family-home rental portfolio, because they are so affordable!
Of the 425 listings, 199 of them have 1 & 1/2 + baths. (Of the available 1196 homes in the 30 to 70K price range, 611 of these 3 bedroom homes have 1 & 1/2 baths.) Certainly some of them need entire rehabs, however, there are many that just need light-weight cosmetic work! The locations of these houses are in varying neighborhoods from the North Side of Chicago to the South Suburban communities as well as Northwest Indiana. These would make excellent rental homes, for the demand NOW is huge! It's an investors flea market!!
Financing for these types of homes (including rehab loans) are available from different lending institutions, which we highly recommend doing research about prior to agreeing to a specific loan. If you have cash, which is more favorable, your negotiation power is higher, for many of these houses were foreclosed and are owned by banks which are prepared to settle to get them transferred to new owners.
A licensed Property Management company and a reputable building and construction company can become your best partners with this investment venture. A Property Management company that specializes in managing rental homes can oversee every aspect of your property, like screening, rent collections, maintenance, annual inspections, and all other tenant matters, freeing up your time to tend to new prospective enterprises! A construction company can get your house in habitable condition.
For help with your transaction from beginning to end, it is recommended to choose a company that can walk you through every aspect from selecting a profitable rental property, successfully bargaining the purchase of it, overseeing the managing of it, and assisting with it's re-sale if your interest level changes in the future!
It's an INVESTORS FLEA MARKET in Illinois & Indiana - Get Ready to Rack Up!
"Where the RIGHT Price is the RICE Price!"
Rice Property Management & Realty, located in South Holland, Illinois, has agents that work with first time and experienced investors desirous of obtaining single family homes as rental property.
Dr. Stacey-Ann Baugh from Upper Marlboro, Maryland, who enjoys educating her clients, has written this post to prepare first-time home buyers on what to expect.
Thank you Dr. Baugh, I believe this will be most helpful to first-timers from all over the globe!
If you or someone you know is seeking to purchase a home in the South Suburban Illinois or Northwest Indiana area, we at Rice Property Management & Realty would be pleased to service you, and can be reached at 708-862-RICE (7423).
I work with mostly first-time homebuyers who are not familiar with the process of buying a home and who may be confused about how much money they may need to be able to buy.
DOWN PAYMENT - The minimum down-payment is usually 3.5% of the purchase price. However, this can range from as little as 0% to as much as 20% of the price depending on the type of loan. There are some programs available that assist with down-payment. The Down Payment on your DREAM program in PG County is an example of a down-payment assistance program for first-time home buyers purchasing a vacant foreclosure in the County.
CLOSING COSTS - Closing costs are the costs associated with purchasing the home, acquiring the mortgage, purchasing title insurance, as well as any state or city taxes involved. These costs vary by location and depending on your mortgage arrangements but usually run between 3% and 6% of the purchase price. Sometimes arrangements can be made to have the seller assist the buyer with some or all of the closing costs.
EARNEST MONEY DEPOSIT - This deposit is submitted with the offer. The deposit is held in escrow and credited towards the buyer's down payment and/or closing costs. However, this check is cashed following acceptance of the offer. The seller may be entitled to the deposit if the buyer defaults on the contract. This deposit is usually a minimum of 1% of the purchase price and the amount may need to be increased in competitive situations.
HOME INSPECTION - This is paid for by the buyer at the time of inspection. The costs involved vary depending on the size and purchase price of the home but cost approximately $250-$500.
TERMITE INSPECTION - Many mortgages require a termite inspection. This can either be billed to the closing company and paid at the settlement table or paid for up front. The costs range from $35-$55.
OTHER INSPECTIONS - Any additional inspections that the buyer is interested in having done are paid for by the buyer. These may include radon inspections which can cost between $125 and $200, mold inspections, well water tests, septic system evaluations, chimney inspections, and anything else the buyer is interested in investigating prior to committing to purchase the home.
APPRAISAL - A few lenders will have the appraisal paid for at closing. However, many lenders will have the buyers pay for this up-front. That way if something goes wrong with the contract the lender is not stuck with the cost of the appraisal. This can vary in cost from approximately $350-$550.
If you are interested in learning more about purchasing a home or for more information about the down-payment assistance programs available in Prince George's County, MD don't hesitate to contact me.
I work with mostly first-time homebuyers who are not familiar with the process of buying a home and who may be confused about how much money they may need to be able to buy.
DOWN PAYMENT - The minimum down-payment is usually 3.5% of the purchase price. However, this can range from as little as 0% to as much as 20% of the price depending on the type of loan. There are some programs available that assist with down-payment. The Down Payment on your DREAM program in PG County is an example of a down-payment assistance program for first-time home buyers purchasing a vacant foreclosure in the County.
CLOSING COSTS - Closing costs are the costs associated with purchasing the home, acquiring the mortgage, purchasing title insurance, as well as any state or city taxes involved. These costs vary by location and depending on your mortgage arrangements but usually run between 3% and 6% of the purchase price. Sometimes arrangements can be made to have the seller assist the buyer with some or all of the closing costs.
EARNEST MONEY DEPOSIT - This deposit is submitted with the offer. The deposit is held in escrow and credited towards the buyer's down payment and/or closing costs. However, this check is cashed following acceptance of the offer. The seller may be entitled to the deposit if the buyer defaults on the contract. This deposit is usually a minimum of 1% of the purchase price and the amount may need to be increased in competitive situations.
HOME INSPECTION - This is paid for by the buyer at the time of inspection. The costs involved vary depending on the size and purchase price of the home but cost approximately $250-$500.
TERMITE INSPECTION - Many mortgages require a termite inspection. This can either be billed to the closing company and paid at the settlement table or paid for up front. The costs range from $35-$55.
OTHER INSPECTIONS - Any additional inspections that the buyer is interested in having done are paid for by the buyer. These may include radon inspections which can cost between $125 and $200, mold inspections, well water tests, septic system evaluations, chimney inspections, and anything else the buyer is interested in investigating prior to committing to purchase the home.
APPRAISAL - A few lenders will have the appraisal paid for at closing. However, many lenders will have the buyers pay for this up-front. That way if something goes wrong with the contract the lender is not stuck with the cost of the appraisal. This can vary in cost from approximately $350-$550.
If you are interested in learning more about purchasing a home or for more information about the down-payment assistance programs available in Prince George's County, MD don't hesitate to contact me.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
to hastily make a choice from what's available on the market... guess what? GOOD NEWS!! The deadline date for qualifying for the tax credit awarded to home buyers has been prolonged!
e go... this nose of mine detected that familiar water smell.....!! Sure enough, we looked up and there it was.. the beautifully textured ceiling was dotted with circlets of grey!! Upon quickly surveying the home, we discovered infiltration of moisture that bred spores of ....
o:
Do what you say - or don't say it at all.
Mary Yonkers of Erie, Pennsylvania inspired me to make applesauce for the FIRST time! In her post, October 27Th, named, 
did but didn't know it was dumb until you looked back. When you did, all you wanted to do was to hide, and 
e of the 2:00 AM time period... never to be seen again! After you've done that, change the hand on the clock to read 1:00 AM! That simple? Yep! You get a whole NEW hour! Now, when the second 2:00 AM comes.... don't repeat that same act that made you stoop, OK?? 
Dr. Stacey-Ann Baugh from Upper Marlboro, Maryland, who enjoys educating her clients, has written this post to prepare first-time home buyers on what to expect.
;)
;)
