buyers: What An ESCROW ACCOUNT Is - 11/28/11 06:54 AM
An escrow account is a neutral depository held by your lender for funds that will be used to pay expenses incurred by the property, such as taxes, assessments, property insurance, or mortgage insurance premiums which fall due in the future. 
You will pay one-twelfth of the annual amount of these bills each month with your regular mortgage payment.  When the bills fall due, the lender pays them from the special account.  At closing, it may be necessary to pay enough into the account to cover these amounts for several months so that funds will be available to pay the bills … (0 comments)

buyers: What Exactly Is a Real Estate Closing? - 11/26/11 05:13 AM
A “closing” is where you and I meet with some or all of the following individuals: the Seller, the Seller’s agent, a representative from the lending institution and a representative from the title company, in order to transfer the property title to you.  The purchase agreement or contract you signed describes the property, states the purchase price and terms, sets forth the method of payment, and usually names the date and place where the closing or actual transfer of the property title and keys will occur. 
If financing the property, your lender will require you to sign a document, usually … (0 comments)

buyers: About Home Warranty Protection - 11/21/11 04:57 AM
NEW HOME WARRANTIES
When you purchase a newly built home, the builder usually offers some sort of full or limited warranty on things such as the quality of design, materials, and workmanship.  These warranties are usually for a period of one-year from the purchase of the home.
At closing, the builder will assign to you the manufacturer’s warranties that were provided to the builder for materials, appliances, fixtures, etc.  For example, if your dishwasher were to become faulty within one year from the purchase of your newly built home, you would call the manufacturer of the dishwasher – not the … (0 comments)

buyers: Home Inspection for Buyers - 11/18/11 11:52 AM
If you are purchasing a resale property, we highly recommend that you have a professional home inspector conduct a thorough inspection.  The inspection will include the following:
AppliancesPlumbingElectricalAir conditioning and heatingVentilationRoof and AtticFoundationGeneral Structure
The inspection is not designed to criticize every minor problem or defect in the home.  It is intended to report on major damage or serious problems that require repair.  Should serious problems be indicated, the inspector will recommend that a structural engineer or other professional inspect it as well.
Your home cannot “pass or fail” an inspection, and your inspector will not tell you whether he/she … (1 comments)

buyers: Buyers: Making An Offer - 11/17/11 08:42 AM
Once you have found the home you wish to purchase, you will need to determine what offer you are willing to make for the home.  It is important to remember that the more competition there is for the home, the higher the offer should be – sometimes even exceeding the asking price.  Remember, be realistic.  Make offers you want the other party to sign!
To communicate your interest in purchasing a home, we will present the listing agent with a written offer.  When the seller accepts an offer it becomes a legal contract.  When you write an offer you should be … (4 comments)

buyers: What is the best property search on the Internet? - 10/04/11 11:01 AM
The most advanced Internet search available is called connectMLS, a system that easily beats Realtor.com or other public searches. After you read this sheet, we think you’ll agree: public search engines may be useful for picking neighborhoods, but they can’t hold a candle to connectMLS when it comes to picking actual property. How do you get a connectMLS search? Just ask us! We’ll be happy to set one up for you.
 
The public search sheet (above) only has general remarks and basic room sizes.
The connectMLS sheet (below), on the other hand, has everything you’ll find on the public … (0 comments)

buyers: Ten Commandments of Real Estate Loan Applications - 09/29/11 05:16 AM
1.     Thou shalt not change jobs, become self-employed or quit your job.
2.     Thou shalt not buy a car, truck or van (or you may be living in it)!
3.     Thou shalt not use charge cards excessively or let your accounts fall behind.
4.     Thou shalt not spend money you have set aside for closing.
5.     Thou shalt not omit debts or liabilities from your loan application.
6.     Thou shalt not buy furniture.
7.     Thou shalt not originate any inquiries into your credit.
8.     Thou shalt not make large deposits without first checking with your loan officer.
9.     Thou shalt not … (1 comments)

buyers: How to Buy a Great House: Neighborhood Factors for Condos and Town Homes - 09/27/11 11:24 AM
There are many factors to consider when selecting a neighborhood that is right for you.  In these posts, we will list just a few of the many factors -- you may think of others that are important to you. 
Look for things like access to major highways, public transportation, and shopping.  Listen for the kind of amenities you desire (restaurants, stores, etc.).  Parking may be an issue – unless you are buying a unit that comes with it.  
And this is just the start of what you’ll find at www.Chicagoland2to4Flats.info!!!
… (1 comments)

buyers: How to Buy a Great House: Neighborhood Factors for Single-Family Homes - 09/26/11 01:06 PM
There are many factors to consider when selecting a neighborhood that is right for you.  In these posts, we will list just a few of the many factors -- you may think of others that are important to you. 
·         Look for things like access to major thoroughfares, highways, and shopping. 
·         Listen for noise created by commerce, roads, railways, public areas, schools, etc. 
·         Smell the air for adjacent commerce or agriculture. 
·         Check with local civic, police, fire, and school officials to find information about the area. 
·         Research things like soil and water.  … (0 comments)

buyers: How to Buy a Great House – Scouting Neighborhoods - 09/20/11 10:56 AM
There are many factors to consider when selecting a neighborhood that is right for you.  In these posts, we will list just a few of the many factors -- you may think of others that are important to you.  Different neighborhoods have characteristic personalities designed to best suit single people, growing families, two-career couples, or retirees.
SCOUT THE NEIGHBORHOOD!
It is important that you scout the neighborhood in person.  You live in more than your house. 
§  Talk to people who live there. 
§  Drive through the entire area at different times of the day, during the week and … (1 comments)

buyers: A Guide to the Home-Buying Process - 09/19/11 05:44 AM
Purchasing a home is a very important decision and a big undertaking in your life.  In fact, most people only choose a few homes in their lifetime.  You should be well equipped and armed with up-to-date information for your big decision.  I am even prepared to guide you through every phase of the home-buying process.  This packet gives you helpful information during and after your transaction.  Use its reference pages, note pages and agency explanations, as an invaluable guide on your home-buying journey.
 
And this is just the start of what you’ll find at www.Chicagoland2to4Flats.info!!!
… (1 comments)

buyers: Buying Older Property—Inspection Issues With Multi-Unit Homes - 09/16/11 11:34 AM
For multi-units the work needed over 5-7 years is typically even more than with single family homes: 50K or less could be called LITTLE/NO work, 100K SOME work, and 150K GUT REHAB. For condo’s and town homes, many times the repair list is much smaller, but now even that is changing. In some sections of the city the earliest condos or town homes were first sold 15 years ago or more—and now or over the next few years will need major renovation (new kitchens, baths, flooring, heat, etc.).
Especially with older homes or multi-units, you should expect that a good … (0 comments)

buyers: Buying Older Property—Inspection Issues With Single-Family Homes - 09/15/11 12:53 PM
For older single-family homes in the city, we typically find the range of work needed over the next 5-7 years runs on a range of: 50K on the light end, 75K in the middle, 100K PLUS at the high end:


 
And this is just the start of what you’ll find at www.Chicagoland2to4Flats.info!!!
… (0 comments)

buyers: Deciphering the Listing Sheet: All That Glitters Is Not Gold – Single Family Homes - 09/12/11 11:13 AM
What to watch for with single-family homes::
In general, be aware that it is very easy to make a home sound good on paper—we always recommend drive-by’s before setting up any showings!!!
Our agents will be able to help you see how each neighborhood breaks on the price points—cheaper property may typically need more than 50K of work!!!.
And this is just the start of what you’ll find at www.Chicagoland2to4Flats.info!!!
… (0 comments)

buyers: Deciphering the Listing Sheet: All That Glitters Is Not Gold – 2- to 4- Flats - 09/09/11 05:51 AM
What to Watch For, with 2- to 4-flats:
In general, be aware that it is very easy to make a multi-unit building sound good on paper—we always recommend drive-by’s before setting up showings!!! 
Secondly, watch for estimates of rent; (if there is no lease date or security deposit listed, any rent listed is probably just an estimate).
Finally, be sure to watch out for illegal units (e.g., 3 units described on a 2-flat listing sheet); you may still want to buy it but should have your eyes wide open.
 
And this is just the start of what you’ll … (0 comments)

buyers: Deciphering the Listing Sheet: All That Glitters Is Not Gold – Condos - 09/06/11 11:35 AM
What to Watch For, with condos:
A gut-rehab should mean that everything is new, including the kitchen and bath. Walls and room sizes may have been adjusted to allow for a second bath, in-unit laundry, new heat/AC, etc. The price may be higher, but—theoretically—everything from the mechanicals to the finishes is brand new and wonderful.
A mid-level conversion describes a project where some amount of updating did occur but less than a full gut rehab. Mid-level conversions are lower in price and often have a VINTAGE look— perhaps ideal if on a tight budget and in the property inspection we can … (0 comments)

buyers: Deciphering the Listing Sheet: All That Glitters Is Not Gold – All Properties - 09/02/11 07:45 AM
We’ll set you up with all listings that fit your price, size and neighborhood goals—and ask you to pick which properties to go visit. But therein lies a dilemma… how will you know which ones to prioritize on? It’s important to understand both what the listing sheets DO say and DON’T say in order to take, say, 50 listings down to perhaps 20 to drive by and then the 10-12 best to see.
What to Watch For, with all properties:
1.  You’ll see the terms: ‘new’, ‘newer’, and ‘updated’? What’s the difference? ‘Newer’ and ‘updated’ are NOT new! A newer … (0 comments)

buyers: Why ‘Hire’ A Buyer’s Agent? - 08/31/11 07:45 AM
When a client agrees to work exclusively through me in their next purchase of real estate, they are, in essence, ‘hiring’ me. But that doesn’t mean it costs them anything. If the property they buy is in the MLS or is a “FSBO” (For Sale By Owner) that pays a Buyer’s Agent commission, I only get paid if the client buys—and then 100% of what I get paid comes from the seller. And what I offer in exchange is, I think, important. Here is the first reason:
1. Total support
A National Association of Realtors® “Profile of Home Buyers and Sellers” … (2 comments)

buyers: Five Principles In Picking Listings To See - 08/30/11 08:15 AM
1.  The FIRST law in real estate: Big and cheap NEVER equals wonderful. Many people, when they first start picking property to see, focus on properties that are big and cheap… They are hoping, of course, for big, cheap AND wonderful, but that is like winning the lottery—and never applies to properties that have been on the market for any length of time.
·         BIG, wonderful, and very expensive can be found anywhere.
·         SMALL, cheap and wonderful is another option to consider…
2.  The Barrel Rule: Rarely, if ever, does it make sense to scrape the bottom of the barrel … (0 comments)

buyers: Condos – Renting vs. Owning - 08/29/11 08:14 AM
Although some renters believe that renting is “maintenance free,” they are actually paying for maintenance in their rent – whether they need it or not.  Renting offers you no equity, no tax benefit, and no protection against regular rent increases.  If you’re paying rent, you’re really just paying someone else’s mortgage.  Let’s compare:
 

 
In this example, it might still cost $300.00 more per month to live in a condo than to rent. But when you consider that property you OWN appreciates, but property you RENT doesn’t, and when you consider how rents are likely to grow over time, … (2 comments)