For our Clients here in Chicago and Nearby, our Team routinely verifies our Client’s Closing Documents prior to the closing of their transaction to make sure the Closing Cost Items are calculated properly – and not too high!  With the changes to Real Estate Settlement Procedures last year under new TRID (TILA-RESPA Integrated Disclosure) Rules, some Lenders, Title Companies, and Settlement Agents will not forward final Closing Disclosures to Brokers here.
Indeed, such a change could potentially delay closings – any calculation errors in Fees, Broker’s Commission, Tax Proration, and Seller Concessions must be corrected … (2 comments)

chicago real estate market: Condo Owners - How to Avoid Special Assessments! - 10/11/15 11:55 AM
It's Human Nature - for Condo Owners!   Everyone wants to keep their Monthly Homeowner's Assessments as Low as Possible.
However, keeping the Owners' Assessments TOO LOW might result in an Under-Funding Situation, especially in the event of an unanticipated building expense - like a failed hot water heater, or surprise roof leak!
The Challenge for Homeowner Associations - here in Chicago, and elsewhere - how to keep monthly assessments reasonable, but still have enough Emergency Money in the Operating Account, just in case!
Pamela Dittmer McKuen, in a recent article in the Chicago Tribune, offers these important suggestions for Condo Board Members -

chicago real estate market: CONGRESS YET TO EXTEND IMPORTANT HOMEOWNER TAX BENEFITS! - 08/18/15 03:45 PM
In recent years, U.S. Homeowners and Homebuyers have been grateful recipients of Popular Tax Benefits that have prevented them from possibly-considerable tax payments to the IRS.  They took advantage of other tax programs that created incentives for things like making Energy-Efficient Improvements to your home.
Several of these key measures, however, have expired.  They wait for action by Congress to extend them, retroactively.
As detailed by Syndicated Real Estate Writer Kenneth Harney, as found in the Chicago Tribune, one tax benefit applied extensively as the Real Estate Market Tumbled beginning in 2008 was the Mortgage Debt Relief Act.  This Law allowed distressed sellers … (0 comments)

chicago real estate market: STRATEGIC DEFAULT? MOST UNAWARE OF FINANCIAL CONSEQUENCES! - 10/12/13 02:42 AM
By now, you've heard the stories - from several years ago, in the hardest-hit Real Estate Markets in California, Arizona, Florida, Nevada, and other places.   Highly-leveraged homeowners, severely underwater on their mortgages, just pick up and move away, leaving their homes to face eventual foreclosure from their lenders.
Although many holding underwater mortgages are indeed in considerable financial distress, hundreds of others do have the means to pay, but simply want to move on, unaware that such behavior might have considerable financial consequences.   Indeed, legally, in most states, including Illinois, lenders can go after delinquent borrowers whose home is eventually foreclosed for the … (0 comments)

chicago real estate market: WATER IN THE BASEMENT - Always a Deal Killer? - 05/07/13 05:22 AM
Greetings, from (finally) Springlike Chicago IL!
In mid-April, an unusually-heavy, widespread rain dumped six or more inches of rain on Chicago and many suburbs. Many homeowners endured devastating flooding - 12 inches or more water rising in their basements.   Hardwood Flooring, Carpets, and, worst of all, most Cherished Keepsakes submerged for hours, then left at the curb, all trash.
Foul odors followed by intensive, often expensive clean-up and restoration.  Mildew, and mold, if not mitigated promptly. 
But even if all the damage is cleaned up, mold remediated professionally, and walls and flooring professionally restored, will your home's eventual buyers find … (3 comments)

chicago real estate market: ELIMINATE PMI? POSSIBLE, YES - BUT, IN 2013 . . . NOT AS EASY! - 01/08/13 12:38 PM
Private Mortgage Insurance!  Many curse the very name!
Without it, however, most low-down-payment home buyers might never get a chance to own.
If you're like thousands of homeowners across the US who put less than 20% down payment on your home, there is a good chance part of your monthly payment includes Private Mortgage Insurance, commonly referred to by its initials - PMI. Insurance is exactly what it is - for the LENDER, that is. It covers the lender in case of Borrower Default, on high Loan To Value Loans.
The Insurance Premium? Although the Insurance protects the lender, the premium … (0 comments)

chicago real estate market: CHICAGO REAL ESTATE MARKET RECOVERY? INDEED . . . IT'S A MIXED BAG! - 10/01/12 02:13 PM
Scan your favorite Real Estate Blog or National News Sites on the Internet these days, and you'll often see story after story about how the Real Estate Market is recovering across the USA. Average Homes Prices are up! Units Sold are up! Mortgage Financing - incredibly cheap, at some of the lowest Mortgage Rates in US History.
Bring those figures down to Chicago, however, and the news becomes somewhat less optimistic. Some Chicago Neighborhoods and Suburbs are enjoying double-digit year-over-year price gains, while others show prices still falling - some areas, still at a considerable pace.
In an interview with Glenn … (1 comments)

chicago real estate market: "Generation NOW?" Well, Maybe . . . NOT YET! - 05/08/12 01:30 PM

Retail Industry Specialists, including Maxine Lauer of Sphere Trending in MI, refer to the 15-34-year-old-set as "Generation Now." Perhaps you are intimately acquainted with the prevailing attitude of many younger consumers: "They want what they want . . . and they want it NOW!"
Lauer's thoughts, as reported by Chicago Tribune Real Estate Reporter Mary Umberger, in the May 4, 2012 edition of The Trib, confirms what Dean's Team Chicago, and many of our Real Estate Colleagues and Students, have seen first-hand - many young people are delaying some of life's most important decisions.
Up until recently, it was those … (2 comments)

chicago real estate market: AFRAID? VERY AFRAID? FEAR STILL PARALYZING MANY HOME BUYERS! - 10/16/11 03:37 PM
Hope you enjoyed the weekend, folks!  Nice, but a bit cool and breezy, here in Chicago.
Here in the Chicago Real Estate Market Dean's Team works most frequently, prospective home buyers calling from all sources - referrals, property ads, and the Internet - generally ask one question FIRST as it pertains to their home search -
Our own perception, often times, is that most new buyers we encounter aren't just looking for a "Good Deal." They are looking for the "Steal of the Century!"
Most of these prospective buyers have little money down. Some have … (1 comments)

chicago real estate market: The "MAGIC BULLET"! Will ONE BIG THING Turn The Housing Market Around? - 08/24/11 04:30 AM
Morning, Folks!
Here in IL, the rate of Home Foreclosures continues to drop. According to Ivrine CA-based Realty Trac, as discussed in the August 11th edition of the Chicago Tribune, all foreclosure activity fell 3.5% in July versus June, 2011, and stands nearly 46% lower than July, 2010. According to the Realty Trac Report, one in every 498 homes has some sort of foreclosure action filed against it in court.
Still, in the North and Northwest Sides of Chicago Neighborhoods Dean's Team Chicago works extensively, we're often met with one out of every two properties for sale in some sort of … (5 comments)

Dean Moss, Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Realty Partners Chicago IL)

Dean Moss

Dean's Team Chicago IL Real Estate Team

Chicago, IL

More about me…

Dean's Team - Keller Williams Realty Partners Chicago IL

Address: 6053 N. Mason Avenue, Chicago, IL, 60646

Office: (888) 770-8326

Mobile: (773) 290-8393

Email Me

Here's the Buzz on Chicago IL Real Estate News, Neigborhood Events, Things to Do Around Chicago, and more!




RSS 2.0 Feed for this blog