Team Elite Realtors

528 Declaration Lane, Aurora

2011-10-04T16:12:00.001-07:00

2406 Nuclear Dr, Joliet

2011-10-04T15:45:00.000-07:00

16133 Chablis Ln, Plainfield

2011-08-15T14:52:00.000-07:00

4033 Oak Tree Lane, Plainfield

2011-08-04T15:57:00.000-07:00

3009 Kentshire Circle, Naperville

2011-07-20T16:05:00.001-07:00

24228 Walnut Cir- Plainfield

2011-07-11T19:11:00.000-07:00

Warm Weather Signals Busy Home Improvement Season and ‘Honey Do’ Lists Grows

2011-06-27T18:02:00.000-07:00

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News.

RISMEDIA, June 2, 2011—The spring and summer seasons launch a busy time for home remodeling and improvement projects as homeowners spruce up for entertaining, listing their home for sale, or increasing the property’s value. A slowly warming housing market has made staying a popular trend among homeowners who choose to remodel versus losing money on a sale. For those who must move, cost-effective projects that make a home more visually appealing or structurally sound is a great way to entice potential buyers.
Regardless of the homeowner’s motivation to renovate, Power Home Remodeling Group—a leading home remodeling company—offers tips for prepping a home before embarking on popular summer projects.
“Prepping your home for remodeling or improvements of any type is important whether you’re working with professional installers or readying your space for a ‘do it yourself’ project,” says Ann Sawyer, Power’s vice president of operations & installations. “Preparation is key to a smooth installation and avoidance of time-consuming project pitfalls.”
Power offers the following tips for homeowners to keep in mind before home improvement projects begin:
• Have a plan: Communicate with your contractor well before the scheduled installation date about project requirements. Open communication about expectations and a timeline will limit the chance of unexpected surprises after the project is underway. Also be sure to have a source of electricity readily available, especially when working outdoors.
• Start with a clean slate: Store knick-knacks, art work and family photos to ensure they don’t become damaged during renovation. Dismantle window treatments and move furniture into a different room of the house. Store fixture plates, screws and hardware in individually labeled plastic bags for reinstallation when the project is finished. Also be sure to cover carpet and flooring in high traffic areas with a drop cloth to protect it from paint, dust and debris.
• Mesh new with old: When installing new flooring, counter tops or appliances, pay close attention to measurements. Baseboards that were installed with carpeting may need to be adjusted to accommodate wood flooring. Similarly, a dingy door and trim could be an eyesore in a freshly painted room. Be sure to match finishes when replacing hardware like drawer pulls, doorknobs and towel bars. An old brass doorknob is certain to clash with a sleek new pewter faucet. Keep these details in mind throughout the renovation to ensure a satisfying end result.
• Consider project requirements: Some of the most difficult remodeling projects involve electricity and plumbing. It’s important to consider the voltage of the electrical current and outlets in your home before plugging in a new appliance. Wire and hose length are also vital considerations before remodeling. For example, it is important to remember that an appliance must be pulled away from the wall for maintenance when planning the layout of a room. Homeowners looking to complete a project themselves must also remember to obtain the appropriate licensure from their local municipality for major renovations.

3 Good Reasons to Buy a Home This Weekend!

2011-06-21T19:13:00.000-07:00

3 good reasons to buy a home this weekend

Well, It's really Two Things: #3 is a past event, but you get the idea.

Radon Gas Mitigation: Let’s Breathe Easy

2011-06-14T16:53:00.000-07:00

By: JanSoults Walker

Published:March 25, 2011

Take stepsimmediately to reduce radon gas buildup if your home tests high.

Knowing theavailable radon mitigation methods and costs will help you make the bestchoice. If you’ve tested anddetermined elevated levels of radon gas in your home, don’t worry. Radonmitigation methods can reduce levels by 99%, allowing you to breathe easy.

Reducing radon: Simple strategies

If radon testresults indicate that levels in your home are only slightly elevated—less than4 pCi/L (picocuries per liter of air):

• Caulkcracks or gaps in the slab, foundation, or framing—wherever your home contactssoil—to inhibit radon gas

infiltration.This step also improves the success of other radon reduction strategies.

• Openexterior crawl space vents to increase air flow and dilute radon buildup.

• Install a heatrecovery ventilator (HRV). An HVR introduces fresh, air conditionedair into homes that are otherwise tightly sealed.

Reducing radon from unsafe levels

If radonlevels inside your home test at 4 pCi/L or higher, enlist the services of a professionalcontractor who is trained in radon mitigation strategies. Contact your stateradon office for a list of contractors in your area who are trained andcertified in radon reduction techniques. Obtain several bids.

Professional radon mitigation options

Some of thesystems used for reducing radon are:

• Soil suction. A special vent fandraws radon from soil beneath your home through pipes that dispel gas into the open.Negative pressure created by the suction further inhibits the buildup of gas.Fans run 24/7, and are usually

guaranteedfor up to 10 years of continual operation.

• Sub-membrane suction. Considered the mosteffective strategy for homes with crawl spaces, sub-membrane suction employs ahigh-density plastic sheet atop the soil. A fan draws radon gas out throughvent pipes located beneath the plastic.

• Passive and active ventilation. Ventilatinga crawl space or adding additional vents may also reduce radon gas. Openingvents is passive ventilation; adding a fan is active. When employing either ofthese methods in a colder climate, you may need to add insulation in a crawlspace to prevent pipes from freezing.

Costs for radon mitigation

Prices forradon mitigation vary depending on the extent of the work being done, but rangebetween $800 and $2,500. The average cost nationally is $1,200 to $1,400.

As a rule, ahouse built on a slab or with a basement requires less labor, resulting in thelowest costs for radon reduction. Radon reduction in a house over a crawl spacetends to be most expensive since a vapor barrier maybe required.

Homes withany combination of slab, crawl space, and/or a basement fall in the

middle rangefor costs. Another budget consideration: As you ventilate radon gas from yourhome, energy

costsincrease—either from releasing air that’s been heated or cooled, or from youoperating a fan full-time. Using an HRV to ventilate helps reduce waste.

With four home renovations to her credit, Jan Soults Walker is adevotee of

improvements, products, and trends for the home and garden. For25 years she’s

written for a number of national home shelter publications, andhas authored 18

books on home improvement and decorating.

2155 Rossiter Pkwy

2011-05-31T16:34:00.000-07:00

We keep saying it, but it’s never been more true – now is the time to buy!

2011-05-24T17:38:00.000-07:00

We keep saying it, but it’s never been more true – now is the time to buy

Turnaround: 4 Months and Counting?

2011-05-18T16:43:00.000-07:00

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News.
Article by Steve Cook

RISMEDIA, May 16, 2011—Price declines will end and average U.S. home prices will stabilize by Labor Day. Prices in even the hardest-hit markets will level out by the end of 2012.
That’s the latest prediction from the authoritative Moody’s Analytics and Fiserv, Inc, after an analysis of home price trends in 375 markets tracked by the Fiserv Case-Schiller Indexes.
Fiserv reports that home prices have fallen so far that they are at pre-bubble levels, creating affordable housing relative to income which, coupled with a slowly improving economy, will finally end price declines.
The slide in home prices has greatly improved home affordability. Relative to household income, affordability is at or close to pre-bubble levels in nearly every metro area across the U.S. This dynamic, combined with growing economic strength, leads Fiserv and Moody’s Analytics to project that average U.S. home prices will stabilize in the third quarter of this year. By the end of 2012, home prices in even the hardest-hit housing markets will level out.
However, while Fiserv and Moody’s project the national U.S. home price average will stabilize in the third quarter of 2011, a 3 percent decline is expected in the first half of this year.
“The first step toward restoring confidence in housing markets is an improvement in consumer sentiment, which we expect will increase slowly through 2011 due to stronger job gains and a falling unemployment rate,” says David Stiff, chief economist, Fiserv. “As confidence rises, the decline in home sales that started in 2006 will, finally, come to an end.”
Even as balance returns to the housing market, Fiserv Case-Shiller data forecasts the pace of recovery will be uneven across U.S. metro areas.
“Many metro areas have vast inventories of vacant homes, a consequence of both over-building during the bubble and high rates of foreclosure,” says Stiff. “New data from the 2010 U.S. Census provide estimates of the depth of the overhang of vacant homes in some markets. Between the 2000 and 2010 Censuses, the overall U.S. housing vacancy rate increased by 2.4 percentage points. In metro areas with the largest price bubbles and crashes, housing vacancy rates have jumped by 3 to 7 percentage points.”
The most stressed U.S. housing markets are characterized by unemployment rates that exceed the national average and high housing vacancy rates. Examples include Detroit, Las Vegas and Orlando, where unemployment tops 10 percent and vacancy rates are above 15 percent. Stiff noted the feedback loop that continues to exert downward pressure on home prices in these markets:
“Economic growth in these markets was highly dependent on residential real estate from 2002 to 2006, with many new jobs tied directly or indirectly to booming housing markets. When the bubble popped, these markets suffered the largest job losses. Rapidly falling employment undercut housing demand, causing home price depreciation to accelerate, leading to more job losses in residential real estate.”
The markets that escaped this dynamic are better positioned for more robust recoveries. Examples include Dallas, Milwaukee, Houston, New York, Baltimore and Pittsburgh. Stiff notes that while many of these metro areas did experience double-digit home price declines, their economic growth was more balanced during the boom years, relying less on residential construction. Today, these markets benefit from relatively lower housing vacancy and unemployment rates.

Smart Phones: Why Criminals Love Them

2011-05-09T17:09:00.000-07:00

Smart phones: Why Criminals Love Them

A Guide for the Do-it-Yourself Painter

2011-05-04T16:24:00.000-07:00

How to Paint Yourself RE/MAX, LLC

Gearing Up for Summer Fun

2011-04-25T15:38:00.000-07:00

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News.

RISMEDIA, April 26, 2011—Summer is the perfect time of year for outdoor entertaining. But before you start planning the menus and guest lists, make sure your house and yard are ready to take on the fun.
“Your grill, outdoor power equipment and appliances play a big part in your summer routines,” says Jamie Breneman, contributor to TheSavvyShopperBlog.com. “So you want to make sure everything is in good working order to avoid any unnecessary hassles that may get in the way of your fun-packed summer. A few simple steps can guarantee that your entertaining space is a welcoming place for guests.”
Before You Fire Up the Grill
• If you have a gas grill, check for leaks. Mix a small amount of dishwashing liquid and water in a spray bottle. Spray the hose and all connections then, with the hose connected to the propane tank, open the gas. If bubbles appear, you have a leak and need to replace the hose or fix a loose connection.
• Check the flame on gas grills — it should be blue. A yellow flame means there are either clogged air jets or burners that need adjustment.
• Clean the grill, inside and out. Scrub burners and grates with a wire brush, and then cut the grease build-up with a vinegar and water solution. Rinse clean and let dry thoroughly. A good all-purpose cleaner can take care of the outside of the grill.
Keep Your Cool
• “Food safety is vital,” says Breneman. “Make sure your refrigerator and freezer are in tip-top shape so they can keep prepped ingredients and leftovers at the right temperatures.”
• Make sure the interior cooling vents are not blocked. The air needs to circulate to ensure safe food preservation.
• Keep the refrigerator temperature at 36ºF to 38ºF and the freezer at no colder than 0ºF to 5ºF. You can buy inexpensive refrigerator and freezer thermometers to help you maintain the right temperature.
• Keep gaskets on the refrigerator and freezer doors clean with mild detergent and water, not bleach. This will ensure a good seal and prevent wasted energy.
Tidy Up Outside
• Check the deck and stairways for any loose boards or railings. Now is a good time to get out the power tools and make the yard safer as well as neater.
• If you haven’t done so already, give your lawn mower a check-up. Make sure it’s functioning at its best so that you can mow efficiently and safely.
• After mowing the lawn, break out the trimmer and edger to give your yard a neat-as-a-pin appearance.
To help you keep your appliances and power tools in good working order, Breneman recommends looking into protecting them with extended service plans. “Anything mechanical can break down or have parts that just wear out,” she says. “And manufacturers’ warranties don’t cover as much or for as long as you might think.”
Breneman adds that service plans bring something else to homeowners—peace of mind. “You spend a lot of money on things like refrigerators or riding mowers, and it can be frustrating trying to find someone reputable to fix them. To know that you can get support at any time from prescreened professionals makes it a whole lot easier to relax and enjoy all the fun that comes with summer.”
For more tips on getting ready for summer fun, visit www.thesavvyshopperblog.com.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564

Illinois home sales muster some momentum

2011-04-20T16:44:00.000-07:00

Illinois home sales muster some momentum

2346 Riva Ridge

2011-04-19T16:30:00.000-07:00

5 Steps for Getting Ready to Buy | RE/MAX, LLC

2011-04-14T17:18:00.000-07:00

5 Steps for Getting Ready to Buy | RE/MAX, LLC

912 Elm Street

2011-04-12T15:50:00.001-07:00

9 Facts to Know About Today’s Illinois Real Estate Markets

2011-04-05T15:52:00.000-07:00

9 Facts to Know About Today’s Illinois Real Estate Markets

Four States Consider Legislation Barring Distressed Sales as Comparables

2011-04-04T12:14:00.000-07:00

Below is an interesting read. So often now you buy a short sale or foreclosure thinking instant equity but really you are now bringing down the whole areas values with that sale. In turn more sellers are forced to sell low which causes your " instant equity" to be a normal value for the area..............I think this could help slow and stop foreclosures and short sales from happening.

Illinois and three other states – Maryland, Missouri and Nevada – are considering legislation that would prohibit or restrict the use of distressed sales as comparable sales as a part of a residential real estate appraisal.

Industry professionals are concerned that the prevalence of distressed sales, and their subsequent use as comparables, is resulting in the appraised value of residential properties not matching the contract sales price, or in the case of new construction, the cost to build.

“The notion that you are going to excuse foreclosures from the calculation of value means that as much as you would like it to be higher, the value you are assigning the house will be overstated,” says President and Chief Executive of the Nevada Bankers Association Bill Uffelman, according to USBanker. “It will be contributing to a new bubble.”

The Illinois legislation, known as HB 0092 would prohibit appraisers for the next five years from using as a comparable sale “a residential property that was sold at a judicial sale at any time within 12 months.”

The Nevada legislation would prohibit the use of foreclosures and short sales. The prohibitions contained in the Maryland legislation are somewhat broader and include any property that was sold under “duress or unusual circumstances, such as a foreclosure or short sale.”

There is, however, conflicting language in the Maryland legislation that appears to allow for the use of distressed properties as comparables if the appraiser takes into account factors such as the motivation of the seller, the condition of the property and the property’s history or disposition before the sale. Appraisers in Maryland will oppose this legislation during a hearing March 29.

If these bills were enacted into law, appraisers would be put in the difficult position of having to choose which law to violate. Appraisers are required to adhere to comply with the Uniform Standards of Professional Appraisal Practice in federally related transactions. The standard mandates that appraisers “must analyze such comparables sales as are available.” Further, the standard cannot be voided by a state or local government.

Not following USPAP could subject the appraiser to having action taken against their license. Therefore, appraisers would have to make the decision to commit a USPAP violation – which in the case of federally related transactions would be a violation of state law – or to violate the law prohibiting the consideration of distressed sales as comparables.

Source:
http://chicagoagentmagazine.com/four-states-consider-legislation-barring-distressed-sales-as-comparables//?utm_source=bluehornet&utm_medium=email&utm_campaign=agent-update

NAR: Second-home market holds steady in 2010 | Inman News

2011-03-30T16:59:00.000-07:00

NAR: Second-home market holds steady in 2010 | Inman News

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

Organize Your Closet | RE/MAX, LLC

2011-03-28T15:54:00.000-07:00

Organize Your Closet | RE/MAX, LLC

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

Single family housing prices trending higher

2011-03-23T15:29:00.000-07:00

Single family housing prices trending higher

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

Time to get serious about your credit score

2011-03-21T16:58:00.000-07:00

Time to get serious about your credit score#comments

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564

First-Time Home Buyers Prepare for Best Buyer’s Market in Recent History

2011-03-17T17:57:00.000-07:00

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News.

RISMEDIA, March 18, 2011—While affordable housing prices, ample inventories, and historically low interest rates signal ‘buyer’s market’ for investors or move-up buyers in many U.S. markets, inexperienced first-time buyers may not know if the time is right to make a move into real estate.

“It’s not about timing the market. It’s about time in the market,” says Steve Berkowitz, chief executive officer at Move, Inc., a leader in online real estate. “Once you know how long you expect to own a home, look at the historical value performance of properties in the neighborhood. Be confident about your own job security, down payment resources and tolerance for upkeep, as well as the lifestyle you want today and in the near term. While homeownership may not be for everyone, it is the right choice for hundreds of thousands of people. Today’s housing market, especially for first-time buyers, makes it almost impossible not to think about the possibilities.”

To help first-time buyers know if they’re ready to look for the home of their dreams as we head into this year’s home-buying season, the experts at Move have created a ‘reality checklist’ designed to help them decide if the time is right.

Get your financial house in order
Before you decide to buy a home, it’s essential to make sure your credit is in good shape and repair any damage previously done. Know your credit score: thirty-five percent (35%) of successful buyers recently reported they didn’t know their credit score when they went house shopping, according to a national survey fielded for MortgageMatch.com. Having enough money set aside for a down payment is a key component to making sure you are ready to purchase a home. Also, it’s important to not put all of your money in the down payment as other fees or unexpected expenses often arise after closing.

Don’t fall in love with a house you can’t buy
Find out how much you can afford: establishing your purchase power upfront, including how much money will be required for a down payment and closing costs, is a must for first-time buyers. Look for special loans available from FHA and government sponsored loans for first-time home buyers that reduce the amount of money required to get into a home.

Learn the lingo
Since first-time buyers are new to the market and will finance a significant portion of their purchase, it’s important to get familiar with the processes and terminology associated with home-buying. Here are a few key terms from MortgageMatch.com to add to your vocabulary:

Bait rate: Misleading mortgages with low rate promises and no contingencies generally for those with extraordinary credit. Rates are based on: credit, debt-to-income and loan-to-value ratios, the size and type of loan, property location and the day you lock your rate, etc. The loan isn’t locked until the application is accepted. By then, it may be too late to find a better rate from another lender.

Basis point: A term used in the mortgage industry which simply means 1/100th of 1%.

Closing costs: The fees required to process and close your loan. They’re a cash obligation running from 3-5% of the purchase price. Motivated sellers might pay a portion of these costs.

FHA: Federal Housing Administration, the Federal Government Agency that oversees the U.S. Housing market. FHA Loans are loans insured by the Dept. of Housing and Urban Development.

FRM and ARM: A Fixed-Rate Mortgage Loan (FRM) is a loan where your interest rate stays the same for the life of the loan. ARMs are Adjustable-Rate Mortgages with variable interest rates that fluctuate based on an agreed-upon index.

GFE: The Good Faith Estimate (GFE) is a document explaining all costs involved in getting a loan.

TIL: The Federal Truth-in-Lending Form is a document that spells out the costs and fees of the loan.

Lis pendens: An official notice that there is a pending lawsuit over real estate.

Per Diem interest: Interest you pay per day, from the day you close to the last day of the month.

Underwriting/underwriting fees: Underwriting is a process the lender performs to qualify a borrower for a loan and the fee is what you pay the lender at closing to cover evaluating the risk involved with loaning you money.

Warranty deed: A legal document guaranteeing the seller has a right to sell a property, which is very important if you are considering a distressed or discounted property.

Mortgage Knowledge
While national rates on 30-year-fixed-rates mortgages have risen slightly this year, they are still at historic lows not seen since 1980, according to Freddie Mac. “Buyers who prepare themselves financially before they start looking for a home will have a better chance of succeeding,” says Sue Stewart, senior vice president for Move, Inc. “If you want to land the best mortgage that fits your needs, start early, educate yourself on your financial situation, get your documentation together and find a lender you trust.”

Find a REALTOR® and go shopping
For those ready to buy, REALTOR.com® has the tools and tips to help you find a REALTOR® and, ultimately, the right home. Finding a licensed real estate professional in your area will make the process smoother and easier to understand. Once you find an agent, share your realistic budget and what you’re looking for in a home. Stay in constant contact with your agent and look for homes whenever you have a spare moment.

First-time home buyer resources
For more tips designed to help the first-time buyer navigate the home buying process, the experts at Move have provided an abundance of helpful information that’s just one click away:
-Reality checklist – Are you sure you’re ready to buy? Here’s how to know.
-How-to Guide: Buying Your First Home – Everything you need to know about buying a home
-Get Prequalified Now – Get prequalified for a mortgage before you begin shopping
-Realtor.com Blogs– Connect with REALTORS® to help you navigate the market
-MortgageMatch.com News – Answers questions about finances and mortgages
-Move.com Home Finance – Equips first-time buyers with tools, guides, advice, and more

If now isn’t the right time, prepare for your future purchase
If now isn’t the right time to buy a home, make a plan with a target date for when you expect to be ready. Improving your credit, paying down debt, stabilizing your work history and calculating exactly how much you can afford, are the best ways to prepare for your future home purchase. It’s also important to refrain from making any new large purchases or applying for new credit.

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564

20915 W Barrington

2011-03-17T17:02:00.000-07:00

New Rules Require Rental Property Owners to Issue 1099s

2011-03-02T16:55:00.000-08:00

Published November 11, 2010

The recently enacted Small Business Jobs Act, P.L. 111-240, contained one provision that may have escaped the notice of taxpayers who own rental property, but will affect them starting in January. Under the provision, owners of property who receive rental income will be required to issue Forms 1099 to service providers for payments of $600 or more during the year.
The act subjects recipients of rental income from real estate to the same information-reporting requirements as taxpayers engaged in a trade or business. Thus, rental income recipients making payments of $600 or more to a service provider in the course of earning rental income are required to provide an information return (typically, Form 1099-MISC, Miscellaneous Income) to the IRS and to the service provider. This provision will apply to payments made after December 31, 2010, and will cover, for example, payments made to plumbers, painters or accountants in the course of earning the rental income.
While rental property owners will not actually issue the required 1099s until early 2012, they need to start keeping adequate records of payments starting January 1, 2011, so they will be prepared to issue correct 1099s. They will also need to obtain the name, address and taxpayer identification number of the service provider, using Form W-9 or a similar form.
Exceptions
The law provides an exception for individuals who can show that the requirement will create a hardship for them. The IRS is directed to issue regulations on this, but has not done so yet, so there is currently no guidance on what constitutes sufficient hardship to qualify for the exception or how a taxpayer would demonstrate that hardship.
The law also contains an exception for individuals who receive rental income of “not more than a minimal amount.” Again, the IRS is directed to issue regulations to determine what constitutes “not more than a minimal amount” but has not done so yet.
If such guidance is not forthcoming before January 1, all individuals who receive rental income should start keeping records of payments to service providers so they are prepared to issue 1099s in 2012.
The law also contains an exception for members of the military or employees of the intelligence community if substantially all their rental income comes from renting their principal residence on a temporary basis.
Information Return Penalties
Taxpayers should also be aware that in addition to creating a new reporting requirement, the act increases the penalties for failure to file a correct information return. The first-tier penalty increases from $15 to $30; the second-tier penalty increases from $30 to $60; and the third-tier penalty increases from $50 to $100. For small business filers (with average annual gross receipts under $5 million), the calendar-year maximum increases from $25,000 to $75,000 for the first-tier penalty; from $50,000 to $200,000 for the second-tier penalty; and from $100,000 to $500,000 for the third-tier penalty. The minimum penalty for each failure due to intentional disregard increases from $100 to $250.
The increased penalties apply to information returns required to be filed on or after January 1, 2011.
Expanded 1099 Reporting After 2011
Currently, payments to corporations are excepted from the 1099 information reporting requirements, but starting for payments after December 31, 2011, businesses (including, now, individuals who receive rental income) will be required to file an information return for all payments aggregating $600 or more in a calendar year to a single payee, including corporations (other than a payee that is a tax-exempt corporation). This change was made by the Patient Protection and Affordable Care Act, P.L. 111-148, which was enacted in March. That act also expanded the information reporting requirements to include gross proceeds paid in consideration for property.
Article from: The American Institute of Certified Public Accountants

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564

2011-02-21T18:01:00.001-08:00

Economist Geoff Hewings on the housing market

Working with a Real Estate Professional is More Important Than Ever in Today’s Real Estate Market

2011-02-16T17:14:00.000-08:00

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved

RISMEDIA, February 17, 2011—In a landmark study examining the home buying and selling preferences of consumers in the Mid-Atlantic region, 95% reported that working with a real estate professional is just as important, if not more important, than it was just a few years ago. The survey results were released in a new research paper entitled Keepin’ it Real, by MRIS, the area’s Multiple Listing Service (MLS) and a leading developer of real estate information technology.
According to the report, which can be found on www.MRIS.com, today’s consumers recognize this is not the time to complete a real estate transaction on their own, and are placing a stronger emphasis on the agent’s professional skills. As such, trustworthiness was ranked as the most critical factor in choosing an agent, followed by experience, willingness to look out for a client’s interest, expertise in negotiating contracts, responsiveness, familiarity with contracts and knowledge of the local community. These requirements are evidence that consumers are seeking more than simple guidance, they are looking for an expert they can trust to execute a step-by-step process throughout the entire transaction.
“In today’s housing market especially, this is no time to go it alone,” noted John L. Heithaus, Chief Marketing Officer of MRIS. “With 95% of all buyers and sellers reporting that working with a professional real estate agent or broker is important, it is evident that consumers understand how vital they are to the process. A real estate professional has the industry knowledge, networking ability and expert guidance on home buying and selling to deliver top notch customer service and advice, and provide a successful experience for consumers.”
Additionally, the Keepin’ it Real report reveals that 68% of buyers and sellers rated their agent with a six or seven, on a 7-point satisfaction scale. This high level of consumer confidence reinforces the credibility of the real estate professionals in the Mid-Atlantic area. Nearly half of the consumers surveyed, or 48%, found their agent by way of referral. Moreover, 80% of consumers stated that they would recommend their agent to a friend or family member, especially those that purchased or sold a home in the past twelve months.
Whereas in years past, the agent was the first step in the home buying or selling process, today, Internet-savvy consumers can gather information and educate themselves, long before contacting an agent. The Internet empowers consumers to search for homes and neighborhood information, compare pricing and explore financing options on their own. Yet, despite all of the tools and resources available, when it comes time to actually buy or sell a home, there is nothing more valuable than the industry knowledge, expertise and guidance a real estate professional brings to the table.
The Keepin’ it Real research paper is confirmation that today, more than ever, a real estate professional is an invaluable resource in the home buying and selling process.
For more information, visit www.mris.com.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Have you heard about RISMedia’s Real Estate Information Network® (RREIN)? RREIN is an elite network of leading real estate companies dedicated to providing consumers and their agents with leading real estate information, and committed to the belief that Information Share Equals Market Share. Having only launched this past June 2010, the RREIN network is already comprised of 40 leading brokerages, which make up 575 offices, 30,000 agents, 167,000 closings and represents over $41 billion in transactions. How can RREIN help your recruiting efforts and differentiate your company today? For more information, email rrein@rismedia.com.

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Homebuyer tax credit expires April 30 for U.S. service members

2011-02-16T17:06:00.000-08:00

Homebuyer tax credit expires April 30 for U.S. service members

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First-time buyers a driving force in 2010

2011-02-07T17:16:00.001-08:00

First-time buyers a driving force in 2010

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12613 Canterbury

2011-01-31T16:24:00.000-08:00

Recovery on Move: December 2010 Existing-Home Sales Jump 12.3 Percent

2011-01-20T17:29:00.000-08:00

Copyright© 2011 RISMedia, The Leader in Real Estate Information Systems and Real Estate News.

RISMEDIA, January 21, 2011—Existing-home sales rose sharply in December 2010, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3% to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9% below the 5.44 million pace in December 2009.
Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price for all housing types was $168,800 in December, which is 1.0% below December 2009. Distressed homes rose to a 36% market share in December from 33% in November, and 32% in December 2009.

“The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

Total housing inventory at the end of December fell 4.2% to 3.56 million existing homes available for sale, which represents an 8.1-month supply at the current sales pace, down from a 9.5-month supply in November.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit. “Historically low mortgage interest rates, stable home prices, and pent-up demand are drawing home buyers into the market,” Phipps said. “Recent home buyers have been successful with very low default rates, given the outstanding performance for loans originated in 2009 and 2010.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.71% in December from 4.30% in November; the rate was 4.93% in December 2009.

A parallel NAR practitioner survey shows first-time buyers purchased 33% of homes in December, up from 32% in November, but are below a 43% share in December 2009.

Investors accounted for 20% of transactions in December, up from 19% in November and 15% in December 2009; the balance of sales were to repeat buyers. All-cash sales were at 29% in December, compared with 31% in November, but up from 22% a year ago. “All-cash sales have been consistently high at about 30 percent of the market over the past six months,” Yun said.

Single-family home sales jumped 11.8% to a seasonally adjusted annual rate of 4.64 million in December from 4.15 million in November, but are 2.5% below the 4.76 million level in December 2009. The median existing single-family home price was $169,300 in December, down 0.2% from a year ago.

Existing condominium and co-op sales surged 16.4% to a seasonally adjusted annual rate of 640,000 in December from 550,000 in November, but remain 5.2% below the 675,000-unit pace one year ago. The median existing condo price was $165,000 in December, which is 7.4% below December 2009.

Regionally, existing-home sales in the Northeast jumped 13.0% to an annual pace of 870,000 in December, but are 5.4% below December 2009. The median price in the Northeast was $237,300, which is 1.4% below a year ago.

Existing-home sales in the Midwest rose 11.0% in December to a level of 1.11 million, but are 4.3% below a year ago. The median price in the Midwest was $139,700, up 3.3% from December 2009.

In the South, existing-home sales increased 10.1% to an annual pace of 1.97 million in December, but are 2.5% below December 2009. The median price in the South was $148,400, unchanged from a year ago.

Existing-home sales in the West surged 16.7% to an annual level of 1.33 million in December, but remain 1.5% below December 2009. The median price in the West was $204,000, down 5.6% from a year ago.

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4903 Lobelia Ln

2011-01-17T16:35:00.000-08:00

Time for sellers to get off the fence, housing expert warns!

2010-12-28T14:52:00.000-08:00

Time for sellers to get off the fence, housing expert warns

Mary Umberger On Real Estate

12:06 p.m. CST, December 23, 2010

Sell now, avoid (some) regret later.

That was Steve Harney's advice recently to a roomful of real estate agents. Harney is a housing industry consultant he told agents that they should tell clients who have been sitting on the fence about selling that the time is now — if they want to sidestep more marketplace competition in a few months.

Or, as he put it, the cork in the dam is about to pop.

That "cork" is banks' indecisiveness. The "water" behind the dam is their stockpile of foreclosed homes, which has been growing with a vengeance for a couple of reasons, Harney said.

Banks have been in a state of limbo this year about what to do with repossessed houses, and so they've mostly held on to them in order not to add to the nation's already-serious oversupply of homes for sale, Harney told the agents.

"The banks have been saying, 'There has to be a number (the market) can hit where we can keep the river going without flooding the valley,'" he explained.

Apparently, he said, the nation hit that number recently, as prices reached a relative level of stabilization. A Dec. 17 report from Re/Max, for example, said sales prices dropped "only" 1.7 percent over last year in its 54-city survey, which would indicate general price equilibrium.

But before you break into applause, consider that while the banks were waiting for that sign of stability to decide when to put their holdings on the market, they also were foreclosing at a rapid pace.

"In August, the number of houses banks took back was up 49 percent over the year before, and September was the greatest month in history for repossessions," Harney said.

That's bad for individuals, of course, but necessary, in Harney's view, for the housing economy to heal itself.

Then, the robo-signing mortgage-document fiasco unfolded, causing major lenders to put new foreclosures on hold for a while. But as that situation begins to inch toward resolution, banks are resuming foreclosures, which will only put more pressure on the dam, Harney said.

With the general agreement that the market has hit some long-awaited neutral spot, the banks have their hand on the cork, Harney said. He, among others, expects that cork to come out by the second quarter of 2011, as lenders push anywhere from 3 million to 4 million (as seen by foreclosure-data firm RealtyTrac) to 8 million (as forecast in a Morgan Stanley report) foreclosed houses onto the market.

As a result, the burgeoning inventory should push prices down by 5 to 8 percent, Harney said, though he conceded that gloomier views foresee a 20 percent drop.

Harney counts himself in the camp that believes that the worst is generally over for the market; that the inventory mess and lending issues will work themselves out in 18 months or so as pent-up buyer demand begins to reassert itself.

"I think we're out of it," he said. "Is that going to happen tomorrow? No."

Meanwhile, he said, selling earlier in 2011 is likely to net a better return than later.

"If you have a $500,000 house in Chicago, and the price drops 5 percent, you've just lost $25,000," he said. "That's why I'm telling agents, 'Don't let sellers wait till spring; they're going to lose money.'"

But what does that mean for buyers next year, I asked him in an interview after his presentation. Why should they buy from those early year sellers if the prices are going to drop further?

Harney good-naturedly espouses a kind of logic that seems endemic to the real estate industry (and drives some economists crazy): That it's always a good time to buy — and to sell.

"There's no good news or bad news, just news," Harney said. "Every time a house rises in value, there's a person who makes money and a person who says, 'Darn!'

"And every times a house loses value, there's a person who says, 'Darn!' and a person who says, 'I got a steal!'"

Buyers, he said, should take a look at those recent charts that show mortgage-interest rates creeping up and consider how much it might cost them to wait.

"That cost is going to go up, even as prices go down," said the former owner of a New York real estate brokerage. "Now is the time to buy."

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55+ Community! Loads of Amenities!

2010-11-28T18:44:00.000-08:00

Why is now a great time to buy? Here are 10 reasons:

2010-09-16T17:28:00.000-07:00

Why is now a great time to buy? Here are 10 reasons:

1. You can get a good deal. Prices are down 30 percent on average. They're at a level that makes sense for people's income.

2. Mortgages are cheap. At 4.3 percent on average for a 30-year fixed-rate mortgage, your costs to own are down by a fifth from two years ago.

3. You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.

4. It'll be yours. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?

5. You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.

6. It offers some inflation protection. Historically, appreciation over time outpaces inflation.

7. It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.

8. It's forced savings. A part of your payment each month goes to equity.

9. There is a lot to choose from. There are some 4 million homes available today, about a year's supply. Now's the time to find something you like and get it.

10. Sooner or later the market will clear. The U.S. is expected to grow by another 100 million people in 40 years. They have to live somewhere. Demand will eventually outpace supply.

Source: Wall Street Journal, Brett Arends (9/16/10)

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Mortgage Rates and Market Data

2010-08-25T12:13:00.000-07:00

Mortgage Rates and Market Data

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Harvard Researcher Shares Insights on Housing Comeback

2010-08-19T10:50:00.000-07:00

Harvard Researcher Shares Insights on Housing Comeback

By Kathleen Lynn

RISMEDIA, August 19, 2010—(MCT)—As director of the Joint Center for Housing Studies at Harvard, Nicolas Retsinas has had a front-row seat for the real estate market’s dramatic boom and bust. After 12 years at the center, Retsinas left the director’s job to teach housing finance at Harvard Business School. He spoke recently with New Jersey’s The Record about why buyers got mortgages they couldn’t afford, and why real estate matters so much.

Were you surprised by the magnitude of the housing bust and how long it has lasted?
Nicolas Retsinas: Yes, by the severity of the housing bust but even more so, how credit just seized up.

When do you see any kind of loosening-up of the credit markets?

NR: I would suspect we’re likely to see the same dominance of the government at least through the balance of this year. One of the big issues facing public policymakers is what to do with Fannie Mae and Freddie Mac. If we want to attract private capital, not only from this country but also global capital, some part of that credit risk has to be borne by the government.

One of the biggest factors in the bust was that credit standards got too easy. Buyers who weren’t qualified got mortgages. Do you have any ideas about why this happened?

NR: In part, people were granted mortgages not on their ability to repay the mortgage, because it was clear that wasn’t going to happen. But there was an expectation that even if they couldn’t pay, the future increase in the value of the property would end up being the collateral for that loan. For a long time, that was a formula that worked. But we reached a point where even with these exotic—what turned out to be toxic—mortgage terms, they just weren’t affordable.

What has been the biggest human cost of the housing bust?

NR: The biggest human cost is the millions of people who have lost their homes. One can look back coldly and say, “Well, maybe a lot of them shouldn’t have bought a home in the first place.” But a lot of people lost their homes the old-fashioned way: they lost their jobs.

Who has benefited from the bust?

NR: Beside the investors who played with different sorts of financial products, I think the key winners probably have been first-time home buyers, who have maybe longed to buy a house but could not afford to. Now we’ve essentially transferred wealth from existing homeowners to new homeowners.

Some observers have been disappointed by the number of homeowners helped by the federal loan modification program.

NR: In defense of the government, when they designed this program 18 months ago, they based it on a premise that the principal problem in the housing market was egregious mortgage terms. And if those mortgage terms could be reset and recalibrated to more typical mortgage terms and could be afforded, through subsidy or whatever means, by the borrower, that would stem the hemorrhage of the defaulted loans and foreclosures.

As we moved into 2009, the problem was less about the subprime loans and more the traditional reason why people have problems making ends meet—which is that they lost their jobs. If you modify the loan so that your monthly payments are only 31% of your income, and your income is zero, that’s probably not going to work. The problem outran the solution.

Will home-price appreciation return anytime soon?

NR: The next couple of months will be an interesting test because we’ve had the withdrawal of the home buyer tax credit. I think we’re likely to have a sort of trawl-along-the-bottom type of recovery, a little bit lumpy for a year or so.

Congress is looking at new financial regulations. What effect are these likely to have on mortgages?

NR: I think it’ll make it more difficult to go back to the Wild, Wild West. There will be a new consumer financial agency, and I think that will be more likely to look at some of these (mortgage) products. I think that’s going to be critical. RE

(c) 2010, North Jersey Media Group Inc.

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Double-Digit Home Sales Gains Continue in Illinois

2010-06-28T11:53:00.000-07:00

SPRINGFIELD, Ill. — Illinois home sales activity in May increased for the ninth consecutive month and it was the third month of positive year-over-year price movement in 2010. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in May 2010 were up 27.1 percent, totaling 11,638 homes sold compared to May 2009 sales of 9,159 homes. The median price in May 2010 was $157,000, up 0.6 percent from $156,000 in May 2009. The median is a typical market price where half the homes sold for more, half sold for less. Click here to read the whole press release

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Senate Backs Extending Deadline for Housing Tax Credit

2010-06-17T13:05:00.000-07:00

The Senate voted Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.

The Senate, with a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract.

The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time homebuyers.

Existing homeowners buying a new primary residence are eligible for a $6,500 credit.

Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.

The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.

The popularity of the tax credit has caused some anxiety because settlement offices are inundated with buyers trying to close on transactions by the end of this month to get the tax break.

Copyright 2010 Reuters. www.reuters.com

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5 Tips to Save Money for First Time Home Buyers

2010-06-01T14:11:00.000-07:00

RISMEDIA, May 25, 2010—Those who missed taking advantage of the first-time buyer tax credit but who are still planning the purchase of their first home, continue to have a wealth of opportunities in today’s marketplace. A few smart steps can save first-time buyers thousands of dollars. Here is a look at some of the ways how:

1. Don’t buy if you don’t plan to stay
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner – even in a rising market. When prices are falling, it’s an even worse proposition.

2. Start by shoring up your credit
Since you probably will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Choose carefully between points and rate
When picking a mortgage, you usually have the option of paying additional points- a portion of the interest that you pay at closing- in exchange for a lower interest rate. If you stay in the house for a long time- say three to five years or more- it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

4. Hire a home inspector
A home inspector can let you know if you’re about to buy a lemon of a house or warn you about potential problems. At best, you can move into the house confident that it’s in good shape; at worst, the inspector’s report can let you back out of the deal if the house has major, unexpected problems. Most typically, the home inspection can allow you to negotiate the home price to account for necessary repairs.

5. Get professional help
Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

6. Bonus Tip: Be patient
Buying a home is one of the largest purchases most people will make in their lifetime. The key to avoiding buyer’s remorse is to be completely comfortable before signing on the dotted line.

Dan Steward is president, Pillar To Post. For more information, visit www.pillartopost.com.

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Mortgage rates drop yet again

2010-06-01T14:03:00.000-07:00

Mortgage rates drop yet again. Freddie Mac reports that 30-year mortgage rates dropped to near record lows for the week ending May 27, averaging 4.78 percent nationally and 4.77 percent in the North Central region. “These low rates will help to elevate home-buyer affordability and soften the effects of the sunset of the home-buyer tax credit,” says Frank Nothaft, Freddie Mac vice president and chief economist.

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1035 Montego Bay Ct

2010-05-03T16:45:00.001-07:00

Short Sale and Foreclosure Resource Realtors

2010-04-24T11:39:00.000-07:00

Vickie and I have recently received a new designation, the SFR (Short Sales and Foreclosure Resource) Designation. Though we have been working with Short Sales and Foreclosures for years, we wanted to take that extra step! We have completed live classes and online training to bring our clients the highest level of service with short sales and foreclosures. The National Association of REALTORS offers the SFR certification to REALTORS who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. REALTORS who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

In this market, we felt it was very important to be as knowledgeable as possible to help not only sellers in troubled times, but buyers as well. There are many aspects of a transaction that change depending upon the situation of the seller.

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CHICAGO-AREA SALES THOUGHT MARCH

2010-04-22T09:57:00.000-07:00

Chicago-area home sales jumped last month compared with last year, but median prices fell again.

CHICAGO-AREA SALES
Local sales of single-family homes and condo rose in February for the eighth month.

Month 2010/ 2009/ Change
January 3,922/ 3,035/ 29.2%
February 4,134/ 3,133/ 32%
March 6,310/ 4,339/ 45.4%

Month 2009/ 2008/ Change
January 3,035/ 3,927/ -22.7%
February 3,133/ 4,326/ -27.6%
March 4,339/ 5,759/ -24.7%
April 4,747/ 6,094/ -22.1%
May 5,634/ 6,927/ -18.7%
June 7,140/ 7,806/ -8.5%
July 7,427/ 7,408/ 0.3%
August 7,009/ 6,917/ 1.3%
September 6,862/ 6,477/ 5.9%
October 7,286/ 5,467/ 33.3%
November 6,826/ 3,978/ 71.6%
December 5,752/ 4,320/ 33.1%
Full year 69,290/ 69,406/ -0.2%
Source: Illinois Assn. of Realtors

In the nine-county Chicago region, sales of single-family homes and condos rose 45.4% to 6,310, compared with 4,339 in March 2009, according to a release Thursday from the Illinois Assn. of Realtors.

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2010 Closings and Listings in Ashbury- April

2010-04-15T09:24:00.000-07:00

Home Currently Under Contract:

1131 Thackery Ln $312,900

1507 Newman Ct $399,900

1408 Orwell Rd $399,900

1427 Keats Ave $479,900

1215 Conan Doyle Rd $499,800

3019 Bennett Dr $499,900

3104 Gateshead Dr $515,000

3727 Mandeville $ 519,900

3215 Landore Dr $575,000

3207 Austin Ct $589,900

Homes Sold in the Last 3 Months:

3515 BECKET LN $439,900 Closed at $415,000 on 03/18/2010

1580 BRANFORD LN $488,000 Closed at $440,000 01/22/2010

3511 Othello Dr $428,000 Closed at $417,000 04/19/2010

1220 HOLLINGSWOOD AVE $419,000 Closed at $390,000 04/15/2010

For Homes Currently on Th Market - Click here to Search the MLS

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2010 Closing and Listings in Brighton Ridge- March

2010-04-15T09:23:00.000-07:00

Sold:
717 Burgess Hill Rd $550,000 Closed on March 5th, 2010

Homes Currently for Sale:
720 Burgess Hill $699,000
1400 Severn Ct $549,900
1023 Sheringham Dr $512,600
849 Cardiff Rd $499,000
952 W Bailey Rd $480,000

Homes Under Contract:
960 Eddystone Cir $469,500
722 Torrington Dr $469,000
750 Cardigan Ct $424,900
837 Cardiff Rd $424,900

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Obama's Hamp Program

2010-04-12T12:00:00.001-07:00

HOUSING PROGRAM ENHANCEMENTS OFFER ADDITIONAL
OPTIONS FOR STRUGGLING HOMEOWNERS

Refinements to Existing Administration Programs Designed to Help Unemployed, Underwater Borrowers While Helping Administration Meet its Goals

Read the Whole Press Release Click Here

Team Elite
Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564

Whether to do a Short Sale or let the home Foreclosure?

2010-04-06T13:59:00.000-07:00

Should you do a short sale or let the home go to foreclosure depends on several factors. While for some homeowners, it is easier to throw up your hands and let the bank take your home, that might not be the wisest thing to do.

Short Sale Benefits

Here are a few benefits for doing a short sale that may not have occurred to you:

•You are in control of the sale, not the bank.

•You may sleep better at night knowing who is buying your home.

•You will spare yourself the social stigma of the "F" word, foreclosure.

•Contrary to popular belief, you can be current on your payments and still effect a short sale.

•Your home sale will be handled like any other home sale.

Buying Again After a Short Sale

If your payments have never fallen behind 30 days late and the lender does not require that you pay back the loan, Fannie Mae guidelines may allow you to buy another home immediately. The wait for an FHA loan is 3 years.

If your payments are in arrears yet a short sale is granted by your lender, you may qualify to buy another home with a Fannie-Mae backed mortgage within two years, regardless of whether the home is your primary residence.

Buying Again After a Foreclosure

With certain restrictions, you may be eligible to buy another home in 5 years if the home was your primary residence. Without restrictions, the wait is 7 years.

If you are an investor and do not occupy the home, the wait to buy with a Fannie Mae insured loan is 7 years.

Affects on Credit After a Short Sale

A short sale is not a derogatory mark on your credit because credit bureaus do not show the word "short sale" on your credit report. It may say "pay as agreed" or "paid as less than agreed," among other categories. Some clients have reported negative FICO score drops from 50 points to 130 points.

The point drop is typically due to being in default, that is behind on your payments.

Affects on Credit After a Foreclosure

A number of sources have reported FICO score drops from 200 to 400 points after a foreclosure. Generally this credit score will remain on your credit report as a public record for 10 years.

Credit Reports After a Short Sale

All lenders report short sales differently and some do not report them to the credit bureaus at all.

Credit Reports After a Foreclosure

If a prospective employer runs a credit check on you, your job application may be denied if you have a foreclosure on your record.

Deficiency Judgments After a Short Sale

Judgments are often negotiated between the seller and the short sale bank. In some cases, such as California, if the home is your personal residence and was financed through purchase money, there is no deficiency judgment.

Deficiency Judgments After a Foreclosure

Banks are unwilling to negotiate deficiency judgments with the homeowner after a foreclosure. In California, for example, according to the California Association of REALTORS, a deficiency judgment may be filed regarding a hard-money loan if the lender forecloses under a judicial foreclosure versus a trustee sale or if the second loan is a hard money loan and the sale takes place as a trustee's sale.

Loan Application Questions After a Short Sale

Loan applications do not ask questions about a short sale. You may report that you sold your home.

Loan Application Questions After a Foreclosure

You are required to answer the question: "Have you ever had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years." If the bank sees you have had a foreclosure, your loan most likely will be denied. If you lie, you may be subject to investigation by the FBI for mortgage fraud.

Length of Time to Move After a Short Sale

If you've had a foreclosure notice filed, you may be able to postpone that action while the bank considers your short sale. The wait for short sale approval can be from 2 to 3 months, or longer.

Length of Time to Move After a Foreclosure

Unless prior arrangements have been made, the bank may want you to immediately vacate the property and can commence eviction proceedings.

Taxation After a Short Sale

A personal residence is exempt from mortgage debt relief until the end of 2012 on a federal level. Some states will still tax you unless you qualify for an exemption. An investor is not exempt from mortgage debt relief, subject to certain conditions.

Taxation After a Foreclosure

Same as with a short sale. Except some lenders immediately send out 1099s, even if the owner is exempt.

In closing, always obtain legal and tax advice before making a decision between a short sale or a foreclosure.

Source: Homebuying/About.com

Julia Corkey & Vickie Schoenfeld
630-418-1800/630-842-3401
FAX: 866-761-0283
Website: http://www.homesbyteamelite.com/
Search the MLS CLICK HERE

RE/MAX Professionals Select
2272 95th St. Ste 200
Naperville, IL 60564

Home Buyers Statistics

2010-04-05T11:53:00.000-07:00

Home Buyer Statistics:

Active home search (median):

Number of weeks searched: 10
Number of homes seen: 10

First-Time vs. Repeat Buyers:

First-time buyers: 41%
Repeat buyers: 59%
Median age of first-time buyers: 30
Median age of repeat buyers: 47
Buyers who definitely would use same agent again: 70%

Actions taken as result of Internet home search:

Drove by/viewed a home: 77%
Walked through a home viewed online: 63%
Found agent used to search/buy home: 27%

Information sources used in home search:

Internet: 87%
Real estate agent: 85%
Yard sign: 62%
Open house: 48%
Newspaper ad: 47%
Home book or magazine: 30%

Source: 2008 National Association of REALTORS® Profile of Home Buyers and Sellers

Julia Corkey & Vickie Schoenfeld
Team Elite: RE/MAX Professionals Select
Naperville, IL 60564
630.418.1800/ 630.842.3401 Tel
866.761.0283 Fax
800.717.4107 Toll Free
Email: Info@HomesByTeamElite.com
Website: www.HomesByTeamElite.com

Federal changes aimed at helping unemployed and underwater homeowners.

2010-04-05T10:29:00.000-07:00

Federal changes aimed at helping unemployed and underwater homeowners. The Obama administration recently announced changes to the HAMP and FHA programs that would temporarily reduce mortgage payments for the unemployed and encourage lenders to cut mortgage principals for “underwater” homeowners. Get more information and FAQs on the HAMP and FHA changes.

Julia Corkey & Vickie Schoenfeld
Team Elite - RE/MAX Professionals Select, Naperville, IL
630-418-1800/630-842-3401
Website: HomesByTeamElite.com
Email: Info@HomesByTeamElite.com

Shopping for a Bargain?

2010-03-30T20:37:00.000-07:00

Shopping for a Bargain?

According to the National Association of Realtors (NAR) Distressed properties account for a large part of today’s housing market; however, after some consideration, most buyers choose to keep looking rather than purchase a home in foreclosure. According to the NAR 2009 Profile of Home Buyers and Sellers, almost half of all buyers and 56 percent of first-time buyers considered purchasing a foreclosed home but ultimately did not.

The survey revealed several factors that went into buyers’ decisions not to move forward with a foreclosed property. Twenty-five percent of buyers couldn’t find the right home, 17 percent thought the home was in poor condition and 16 percent felt the process was too difficult. Ten percent of buyers ended up purchasing a foreclosed home, up four percentage points from last year.

Julia Corkey & Vickie Schoenfeld
RE/MAX Professionals Select, Naperville Illinois
Email: Info@Homesbyteamelite.com

Website: www.HomesByTeamElite.com

Naperville Area Golf Courses

2010-03-25T10:35:00.000-07:00

With Spring in the air, Golf season is upon us! (If you haven't got out there all ready) Here is a list of the local Naperville Area Golf Courses.

Springbrook Golf Course, Springbrook Course
18 holes over 6,900 yards with a par of 72 (Municipal)
2220 W 83rd Street
Naperville, IL 60564
(630) 848-5060

White Eagle Golf Club, Red Course
9 holes over 3,628 yards with a par of 36 (Private Equity)
3400 Club Dr
Naperville, IL 60564-5920
(630) 983-6836

White Eagle Golf Club, White Course
9 holes over 3,557 yards with a par of 36 (Private Equity)
3400 Club Dr
Naperville, IL 60564-5920
(630) 983-6836

White Eagle Golf Club, Blue Course
9 holes over 3,468 yards with a par of 36 (Private Equity)
3400 Club Dr
Naperville, IL 60564-5920
(630) 983-6836

Tamarack Golf Club, Tamarack Course
18 holes over 6,901 yards with a par of 70 (Public)
24032 Royal Worlington Dr
Naperville, IL 60564-8123
(630) 904-4653

Naperville Country Club, Naperville Course
18 holes over 6,789 yards with a par of 72 (Private Equity)
25W570 Chicago Ave
Naperville, IL 60540-5835
(630) 355-0747

Cress Creek Country Club, Cress Creek Course
18 holes over 6,600 yards with a par of 72 (Private Equity)
1215 Royal Saint George Dr
Naperville, IL 60563-2314
(630) 355-7300

Naperbrook Golf Course, Naperbrook Course
18 holes over 6,755 yards with a par of 72 (Municipal)
22204 W Hassert Blvd
Plainfield, IL 60585
(630) 378-4215

Bolingbrook Golf Club, Bolingbrook Course
18 holes over 7,140 yards with a par of 72 (Public)
2001 Rodeo Dr
Bolingbrook, IL 60490-3184
(630) 771-9400

Phillips Park Golf Course, Phillips Park Course
18 holes over 6,186 yards with a par of 71 (Municipal)
1001 Hill Ave
Aurora, IL 60505-3880
(630) 499-0670

Stonebridge Country Club, Stonebridge Course
18 holes over 6,905 yards with a par of 72 (Private Non-Equity)
2705 Stonebridge Blvd
Aurora, IL 60502-9420
(630) 820-1007

Are you pre-qualified or pre-approved for a loan?

2010-03-19T13:18:00.000-07:00

Are you pre-qualified or pre-approved for a loan?
Before you begin to shop for a new home, you should set up a time to meet with a Loan Orginator so they can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.

To get pre-qualified for a loan, they will collect information about your debt, income, and assets. They would look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. They will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.

To get pre-approved, you will complete a mortgage application and provide a Loan Officer with various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. They review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.

A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.

Click here to Apply for a Loan

RE/MAX Hot Air Balloon

2010-03-19T12:52:00.000-07:00

Just the other morning sitting in the kitchen of our Naperville Home eating breakfast my daughter yells and points out the window "Mommys work"! I know work comes home with me, I am in Real Estate, but what would be in the yard! The RE/MAX Hot Air Balloon was behind our home, flew very close to the ground, over our fence through our yard and landed in front of our house. It was very neat to watch.. Oh and I took pictures of Course..

2010 Closing and Listings in Tamarack West- March

2010-03-19T12:20:00.000-07:00

Tamarack West thus far in 2010 have had no closings. The last closings where of the following homes:

-4703 Perth Closed at $749,000 July 25, 2008
-4711 Perth Closed at $900,000 August 14, 2008
-3912 Royal Portrush Closed at $790,000 June 12, 2009

Currently on the market:
-4608 Sunningdale $829,000
-4712 Perth Dr $819,800
-3908 Callander Ct $800,000
-3915 Callander Ct $800,000
-3919 Callander Ct $598,000
-3919 Royal Portrush $530,000 (Short Sale)