Monday, October 27, 2008

Looking for a deal? Check out Boulder Hill in Montgomery!

In today's real estate market - everyone is looking for a deal. So yesterday I decided to check out some of the lower priced homes on the market in Boulder Hill, Montgomery. I was pleasantly surprised. Currently, there are 65 homes on the market in Boulder Hill - and at least a dozen or more are bank owned foreclosures or pre-foreclosure short sales. Boulder hill has a wide variety of homes - smaller 2 bedrooms, 3 bedroom ranches, 2 story homes, split levels. There's a good variety - with current list prices ranging from $115k to $250k. If you're looking for a deal - here are a few homes you should check out (links will take you to the property listing page on my website).

34 Longbeach, Montgomery - this is my listing. If you're a guy looking for space for those cars, this is it. Extra large 2 car garage is nearly 500 square feet - and it's heated. Also has a parking pad on the side. HUGE family room addition on the back - great price for the space!

33 S. Bereman, Montgomery - very large bank owned property. 4 bedrooms and 2 bathrooms. Cheapest 4 bedroom home you can buy in the Oswego School district right now! Although it needs some minor work - it's not in bad shape overall.

67 Circle Drive East, Montgomery - at $130k I believe this represents the best value in Boulder Hill right now. It needs work - so don't bother if you want to move in tomorrow. But it's got a large kitchen and a great backyard. We should go see this one ;)

These are just a few of the good values I see out there. If you're looking to buy your first home or invest in rental property - give me a call with questions. We can setup a time to view the homes, I can take pictures and email them to you or just give you my opinion. Call me or text me at 630-846-4663.

Wednesday, October 8, 2008

I heard the builder was going bankrupt - is it true?

It's the ultimate American Dream. Build a house from the ground up and create a home that is uniquely yours. Pick out the model, the trim, the paint colors, the carpet. As if there weren't enough to think about - now there's another wrench in the works. Builders are going bankrupt.

Big or Small - no builder is immune from the crunch of our current economic crisis. But not all builders are created equal. Just like homeowners -some are fine and some have overextended themselves. They have too many homes built, too much money out on materials, too many loans. Last year one of Illinois Biggest Builders "Newuman Homes" went bankrupt. Reading the headlines is like watching a soap opera. What happens to the earnest money? What about the the warranty? The Parks? The Roads? Yes - who will finish building the roads.
So what can you do protect yourself as a prospective home buyer? Now more than ever - it's time to do your homework - or let your REALTOR do it for you ;) - here are a few tips:
  1. Cruise the public notice section in the local paper and see if any foreclosure listings or liens are listed against any local builders.
  2. Ask the builder if he will put your deposit in an escrow. One prospective buyer I spoke to asked for this - and the builder said no. Check out this blog from Phil Hutson in Austin Texas who gives some great tips on what you can expect when you put down that deposit.
  3. Work with a Realtor who knows the area. Sure, sounds like a blatant REALTOR plug - but that's part of what we do. We tour new homes, read the real estate section - and gossip! So we know what's happening - and what might be happening.
  4. Read the blogs. Whether it's fact-or-fiction you can bet someone is writing about it on the web. Search the builders name and see what comes up.
  5. Check and which have been regularly reporting on the financial status of builders.
  6. Read the contract before signing it. THE ENTIRE CONTRACT! That's right - no skipping over the fine print. Read every detail and know what you're getting yourself into.
  7. Get legal advice. Many homeowners never think to use an attorney for a new construction purchase. Now more than ever it makes sense to talk to an attorney and discuss the "what ifs" before you take the leap.
  8. Last, but not least - check out this builder punch list from Trey Langford in Boise, Idaho. After finding this blog on the web - I decided I couldn't say it any better than he did!