Illinois House Hunter

Goodbye Illinois - Hello Arizona

2011-03-18T21:58:00.003-05:00

It's official - I've left the state of Illinois! After nearly 10 years in real estate - I've decided to leave Illinois and move to the sunny state of Arizona! I am still very connected to the Illinois Real Estate market and would be happy to connect you with some of my friends still working in the western suburbs of Chicago.

Sandwich 4 Flat for sale!

2010-02-11T15:30:00.005-06:00

New four flat for sale in Sandwich. This four unit apartment building is unique in sandwich - it sits on over half an acre and has a four car detached garage!

These four units all have 2 bedrooms, front and rear entrances and private storage with laundry hookups! Plus - there is a four car detached garage!

For more information including photos, pricing, floor plan, etc. click on the following link:

http://illinoishousehunter.com/07438631.ad

FHA helps speed up foreclosure sales!

2010-01-20T15:38:00.001-06:00

In an effort to speed up the sale of foreclosure properties, the FHA has lifted the 90 day seasoning rule for 1 year.

Huh? Seasoning? You mean paprika? Garlic? No....parsley, that's a seasoning. Right? Well, no. Whean it comes to real estate, the term "seasoning" refers to how long a buyer keeps a property before they sell it. The longer a buyer holds onto a property - the more seasoned it is. If you buy a "fixer upper" or "foreclosure" property you want to flip - you might run into problems when they buyer tries to get financing. FHA will not allow the new buyer to get mortage insurance if the current owner bought it less than 90 days ago. This makes it difficult for investors with cash to buy foreclosed properties -then turn around and sell them to someone who needs financing.

In an effort to move these properties from owner to owner, FHA has repealed this 90 day rule for 1 year - making it easier to move forelcosed properties. For a full explanation of the rule change, visit the US Department of Housing press release about the 1 year repeal of the 90 day seasoning rule.

VOTE - IT'S YOUR RIGHT!

2008-11-04T10:21:00.002-06:00

It's amazing how a little thing like checking a box can feel so good. Today is the day that we can choose those politcians that will screw up our lives even more. Wait, did I say that out loud? I mean...it's the day we can choose who will represent us. And if we don't like them - we can vote them out in the next election! Maybe it's the weather, maybe it's the media hype - but I can't help but feel excited about voting today. I was so excited, as a matter of fact - that I decided to walk to my polling place. Okay, i'ts less than a mile away - but it's the symbolism of taking charge of my rights as an american. Whether your a Democrat, Republican, Libertarian or Greenie (is that what they're called?).... MAKE SURE YOU VOTE!!!

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

2008-10-27T12:14:00.000-05:00

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.

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

2008-10-08T00:31:00.007-05:00

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:

Cruise the public notice section in the local paper and see if any foreclosure listings or liens are listed against any local builders.
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.
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.
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.
Check Builder-implode.com and BuilderOnline.com which have been regularly reporting on the financial status of builders.
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.
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.
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!

Short Sale Haiku - Play-By-Play Illinois Short Sale

2008-09-09T02:09:00.000-05:00

Real Estate Short Sale
Up And Down And All Around
End Becomes The Means.

REAL ESTATE SHORT SALE

Real estate agents - we either hate them, love them - or don't understand them. Short Sales are a necessary evil in todays market - another way to generate leads and close sales. But unlike a traditional sale - we often find ourselves deeply involved in someone elses financial matters. It means gathering very detailed info about how much homeowners make, what they owe and to whom. It means working with people at one of the toughest points in their lives. No matter what you think - there is no "One Size Fits All".

Homeowners - the short sale is seen as as a life raft.....a last ditch effort to stop the bleeding. Again - it's a necessary evil. It is usually just one domino in the financial picture - with other problems lurking beneath the surface. It seems the more of these I do - the more questions I get asked. The answer is always the same "It Depends". Depends on the lender, the homeowner, the loan, whether Pluto is rising...the list goes on.
If you've got the stomach for a roller coaster - perhaps you can survive a short sale. Whether you're a homeowner or a real estate agent - it won't be easy. Perhaps one of the most common questions I get asked is "How long will it take". Well.....it depends. Here's a timeline of a short sale I closed last week.

UP AND DOWN AND ALL AROUND

Feb 20th, 2008 - received a short sale lead, started contacting homeowner.
March 3, 2008 - Foreclosure Proceedings started at county.
March 17, 2008 - Preliminary Title Search done.
March 27, 2008 - Listed the home for sale at $149,900, Completed Short Sale Documents
March 28, 2008 - Short Sale package sent to negotiator.
March 31, 2008 - Additional Short Sale Docs. Sent to negotiator.
April 9, 2008 - Authorization to release info sent to lender
April 10, 2008 - Price reduced to $139,900
May 07, 2008 - Price reduced to $129,900
May 31, 2008 - Price reduced to $119,900
June 6, 2008 - Court date - lender receives foreclosure judgement for $168k .
June 09, 2008 - Price reduced to $99,900
June 13, 2008 - Multiple Offers Received
June 17, 2008 - Cash Offer Contract Accepted, contingent upon 3rd party approval (lender)
June 18, 2008 - Signed contract sent to negotiator.
June 19, 2008 - Negotiator prepares HUD with all closing cost figures
June 25, 2008 - Short sale Package sent to lender, waiting game begins.
July 7, 2008 - Loan Rep. Assigned by lender
July 7, 2008 - Approval postponed due to previous Loan Modification started.
July 15, 2008 - Appraisal Ordered by Lender.
July 19, 2008 - Appraiser visits property.
Aug 18, 2008 - Property Appraises at $99,900
Aug 18, 2008 - Conditional Approval of Short Sale Received from Lender
Sept 5, 2008 - Property closes & funds same day.

MEANS BECOMES THE END

For both homeowner and Realtor - closing is the goal. For the lender - it's all about numbers. As a general rule - it seems like lenders are looking for 80-85% of current market value. Again, it depends on the lender. In this scenario - after closing costs, commissions, etc. the lender ended up receiving a little over $83k - that's about 83% of market value (according to the appraisal). But compared to the judgement - the lender received only about 50% of the judgement they received/amount owed. From the very beginning - I thought that $99k might be a good motivating price. But there were no comps for this house. It was a 1 bedroom home, backing to the railroad tracks in a small town. If I had put the property on the market at $99k and sold it in a week - I'm not sure the lender would have accepted the deal. In this scenario I was at least able to show that we tried to sell it at a higher price.

Because I was using a third party negotiator in this transaction -these are the dates as best as I can reconstruct them from faxes, emails, contracts, etc. So many speedbumps appear in the process that you can't pin the blame on one person. It took over a month for the homeowner to agree to list the home for sale. It took nearly 3 months just to get an offer on the table - and that took multiple price reductions. It took just under 2 months to get an acceptance of a CASH DEAL from the lender.

Bottom Line - we got it done. Bring on the next one ;)

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com OswegoHouseHunter.com MontgomeryHouseHunter.com YorkvilleHouseHunter.com

Model Closeout at "The Townes"

2008-09-07T22:11:00.006-05:00

This weekend I had the opportunity to tour "The Townes at Creekside" in Romeoville. This is a new construction community just off Weber Rd. that is in the final stages of completion. The Townnes is a Pasquinelli community of nearly 200 townhomes arranged around a central circular drive.

As with most builders, Pasquinelli is offering some great incentives if you use their preferred lender Washington Mutual. In some cases - the discount is over $30,000!!!

One of the great deals they have their is a 3 bedroom, 2 bathroom townhome with a basement.

There aren't a lot of upgrades in this unit but it's one of the few in the community with a basement. The regular price is $239,514 - but if you use their lender you can purchase it for $207,000. That's a savings of over $32,000 dollars!

If you'd like more information including floor plans and pricelists give me a call at 630-846-4663 or just drop me an email.

WebHomeOfTheWeek.com - Oswego Beauty!

2008-08-29T14:13:00.000-05:00

If you're looking for a family friendlly neighborhood within walking distance to an awesome downtown area with great bike trails and amazing amenties - you've found it! Located in Hometown Oswego just blocks from downtown Oswego - this home has everything you're looking for!

Hometown is different than the neighborhoods you're used to seeing - it's a throwback to yesterday with white picket fences, large front porches and tree lined boulevards!

From the minute you step onto this open, inviting porch - you'll feel welcomed not into a house - but a home. With three bedrooms, 2 1/2 bathrooms and a full finished basement - there's room for everyone to find a space of their own. The kitchen has an island, separate breakfast room - and a separate dining room.

For more pictures of this beautiful home, the neighborhood and downtown Oswego - read some of the other posts and visit http://www.217Presidential.com

104 Cedar, Sandwich- WebHomeOfTheWeek.com

2008-07-30T01:18:00.006-05:00

The web home of the week this week is......104 Cedar St, Sandwich IL. Listed for just $70,000 - an unheard of price in Sandwich! Here's the catch - it's a wreck! That's right - this house is not for the timid....not for those purchasing with FHA. The roof is leaking, the property is overgrown, the garage is full of garbage - and it all needs work!

This property is only for the experienced rehabber or flipper. It is a bank owned property and the bank is looking for a quick sale. So - take a look, wear a mask (there is water and mold) - and bring us an offer! MLS#06978000 - email me for more photos!

5643 Schmidt, Yorkville- Web Home of the Week!

2008-07-21T23:37:00.007-05:00

It's here, after a short hiatus - we have a new web home of the week! 5643 Schmidt is one of my new listings in the community of Farm Colony in Yorkville.

I'm not just blowing smoke when I say this house is AMAZING! The owners built this home themselves....and I'm not just talking about hiring a builder. They had the plans drawn up, did the general contracting themselves, put in the floors, picked out all the fixtures and much more. The owner is a contractor himself so you can rest assured the work is quality!

I could rant and rave about the quality, the detail and the sheer luxury - but I'll just give you the web address http://www.5643schmidt.com/. You can see tons of photos, a floor plan (coming soon) and a virtual tour. Listed at $829,900 - this house will blow you away!!!

Short Sales Make The Chicago Tribune Front Page

2008-06-01T01:38:00.002-05:00

I've been blogging a lot about short sales lately. It seems everywhere I turn I am meeting people who have lost a job, fell ill or just can't afford their home anymore. Everyone has an opinion about why we are in this situation. It's the lenders fault. It's the homeowners fault. It's the Feds fault. Regardless of how we got here - there is work to be done to fix it.

I processed my first short sale over 2 years ago. Like many agents, I stumbled through the process. Anyone who knows me will tell you I don't give up easily. Once I set my mind to doing something - it gets done. While it was probably one of the harder sales I ever completed - it didn't scare me that much. Truth is - I liked the challenge. And I was good at it. So over the years, I have continued to look for homeowners in a short sale situation.

So why do banks do short sales? Banks are looking to minimize their losses. Foreclosure costs the bank a lot of time and money. Court costs, attorney fees, etc. Then - once they have the property they have utility costs, liens to pay off, repairs, sales commissions, etc. And with a downard trending market - the property may be worth less by the time they foreclose.

If you are in a situation where you owe more than your home is worth - there is hope. Banks will let you sell your house for less than you owe. And in many situations - they will forgive the difference or "deficiency" between what you sell it for and what you owe on your mortgage. But you need to make sure you partner with someone familar with the process. Banks want everything in a tidy package -according to their needs, not yours. Think of it as an obstacle course. Lenders are overwhelmed with the huge number of potential short sales hitting their desks. It can often take weeks, even months to get a short sale approved by a lender.

My goal is to make things easy for the bank. That's right. I'm going to make everything easy for the bank that is trying to foreclose on your home! I'm going to make sure all those forms they want are completed. I'm going to make sure I send them everything before we even have a deal on the table. And I'm going to bring them a deal that will close. Why? Because It's the best way to make sure we sell your home and you avoid foreclosure.

For buyers, short sales offer a tremendous opportunity to purchase real estate at a discounted rate. But it can mean waiting long periods of time not knowing if the deal will go through. These homes are also usually in better shape than bank owned foreclosures. Homeowners are still living there and taking care of their house. Working with someone who knows how the process works will help you find a good home at a great deal.

Earlier this week, a reporter from the Chicago Tribune found my blog on the Internet and interviewed me for a story on short sales. Read the Chicago Tribune story - Break For Sellers: Banks Settle for Less

MLS Now Tracks Short Sales

2008-05-28T14:45:00.019-05:00

As of March 27th of this year, the MRED LLC, formerly the MLS of Northern Illinois, added a tag to allow REALTORS to identify closed transactions as short sales. The small (S) you see next to the sale price denotes it was a short sale. This is important information for REALTORS, Buyers and Sellers.
Recent sales will determine the future listing price of other homes in the area - as well as offers made on currently listed property. Short Sale properties are often sold at deep discounts - so having this data can help balance the value picture when comparing it to other homes.

According to MRED LLC data - 1184 Short Sales of single family attached & detached homes have occured since implementing this new tag on March 27th. While this number is not exact - it can offer a quick snapshot of one aspect of the market. REALTORS must add this tag when closing out a property in the MLS. Properties included would be those that are "Short Sale/Foreclosure/Court-Lender Approval Required,etc.". If the REALTOR doesn't add the short sale tag - the sale is not included in the data.

Here's a look at the numbers by county:

Short Sales/Foreclosures Since 3/27/08* includes Single family attached &detached sales as marked (S) voluntarily in the MLS by REALTORS*
County	# of Homes Sold	# of Sales Marked Short Sale/Foreclosure	% of Sales
Boone County	66	5	7.57 %
Bureau County	3	0	0%
Cook County	7653	519	6.78%
DeKalb County	133	9	6.76%
DuPage County	1428	106	7.42%
Grundy County	80	4	5%
JoDavies County	0	0	0%
Kane County	735	116	15.78%
Kankakee County	150	17	11.33%
Kendall County	230	23	10%
Lake County	1076	93	8.64%
Lasalle County	137	6	4.37%
Lee County	11	0	0%
Livingston County	8	1	12.5%
Marshall County	0	0	0%
McHenry County	500	69	13.8%
Putnam County	0	0	0%
Stephenson County	6	1	16.66%
Will County	1098	122	11.11%
Winnebago County	202	8	3.96%
Other Counties	168	4	2.38%

Video Tour of Churchill Club, Oswego

2008-05-23T15:17:00.001-05:00

Join me for my first neighborhood video tour of the Churchill Club subdivision in Oswego, Illinois. Churchill Club is located just South of Route 34 and East of Douglas Road in Oswego, Illinois. Churchill Club is a 438 acre community built by Town & Country Homes. Three different communities make up Churchill Club - the townhomes of Churchill Club, the single family homes of churchill club, and "Steeplechase" the 55+ community. The community will consist of 775 houses, 224 townhomes and 212 active adult homes (126 single family ranches and 86 duplexes).

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com

Behind in your Mortgage Payments? FHASecure Might Help!

2008-05-21T00:40:00.001-05:00

Did the rate on your mortgage adjust recently? Did you fall behind on your payments after the rate went up? Then you might be eligible for the FHA Secure program. FHA Secure is a program signed into law by President Bush in 2007. If you are on an adjustable rate mortage and your rate has adjusted - FHA Secure could help you get back on track!

To qualify for FHASecure, eligible homeowners must meet the following five criteria:

A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset;

Interest rates must have or will reset between June 2005 and December 2009;

Three percent cash or equity in the home;

A sustained history of employment; and

Sufficient income to make the mortgage payment.

Essentially, FHASecure gives you a way to refinance out of your current adjustable rate mortgage into a long term fixed rate mortgage. Often times this is hard to do if you have fallen behind in your mortgage paymets. This is treated just like any other time you would refinance your home mortgage. There will be closing costs and fees - and other guidelines and rules need to be followed. Any lender who does FHA loans will be able to tell you more about FHA Secure - or call me and I will connect you with someone I work with.

Remember - the worst thing you can do is nothing!

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com

Staging Your House From The Curb

2008-05-20T01:26:00.000-05:00

I was out mowing the lawn today and couldn't help but pause to look at my house. I realized that I don't usually stand on the sidewalk and just look at my house. Do you? So I walked up and down the sidewalk looking at my house from different angles - like a buyer driving by would.

It's important to remember - the first tme a buyer sees your house, they will probably be driving by. In two or three minutes they will form a lasting first impression. Will they turn around and drive by again? Will they call an agent to schedule a showing? Will they write down that phone number and call for more information? As a seller - you want the answer to all those questions to be YES. Here are a few tips on how you can stage your home from the curb:

Edge the lawn along your driveway, sidewalks and curbs.

Make sure those lightbulbs work in your outside lights.

Is your address easily seen from the street?

Do have downspouts on all the gutters?

Are the windows clean?

Put fresh mulch down in plant beds, around trees, etc.

Pull those weeds!

Trim tree branches that block a clean view of your home from the street.

Powerwash the siding, the driveway, the sidewalk and anything else you can think of!

Buy a new doormat.

Secure anything that is loose - siding, gutters, trim.

Tracking the Real Estate Market in Oswego, Montgomery, Yorville & Aurora.

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com

Loan Modification - Your Lender might help you create a better Loan!

2008-05-19T03:42:00.001-05:00

>What is a Loan Modification?

In Loan Modification - your lender might forgive late fees, give you a better interest rate, switch you from an adjustable rate to a fixed rate, recapitalize missed payments & more! It's hard to believe any lender would be so cooperative - I know. But in light of the current mortgage & foreclosure crisis - lenders are looking for ways to work with borrowers. Essentially, Loan Modification is a way to wipe the slate clean of all missed payments, late fees, etc. and start fresh with the same lender.

>How does Loan Modification work?

As a Home Retention Consultant, I regularly approach homeowners who are behind in their mortgage to see if there is a way to get them back on track. Many times - I actually have a proposed loan modification from the lender. Before doing a loan modification, lenders might ask you to fill out a financial information form. It asks for all kinds of information you probably don't want to provide - current income & expenses, outstanding debts, etc. They want to get a full view of your current financial situation. Here's an example of a recent Loan Modification I delivered:

Loan would be brought current with lender

Credit reporting would start reflecting current loan payments

Interest rate was reduced by 1.25%

Loan term was changed from an adjustable rate to a 30 year fixed

Loan balance was increased to reflect missed payments.

Monthly payment was reduced by 5% - even though the loan amount went up significantly (this property was in the higher end custom market)

An upfront payment of the new mortgage amount was required as an initial contribution.

Next payment wasn't due for 1 1/2 months.

The lender will often require one mortgage payment at the time you sign the loan modification agreement. This is a sign of good faith that you can make the payments and will cover some of the late fees, back interest, etc. For most people - this is a good solution. But if you are unemployed, this really doesn't help.

>Will my lender work with me?

A loan modification isn't as common as a forebearance plan, but it's worth asking your lender about. Loan Modifications are regulated by HUD (Housing & Urban Development) - check out the Loan Modification FAQ at HUD. Look on the back of your most recent mortage statement. Yeah, all that tiny print. Each lender usually lists several different phone numbers or departments. Look for something that says loss mitigation or loan workout or home retention. Lenders always have a dedicated department that works with borrowers behind in payments. If all else fails, call the 800# and ask for the loss mitigation department.

>Ask Questions & Do Your Homework

There are many companies out there that will approach you offering to help negotiate with the lender on your behalf. Be careful - some are legitimate and others could be a scam. Most will charge you a months mortgage payment to create a workout - this will be in addition to any upfront money your lender might require. Truth is - you can call the lender yourself and see if they will offer a modification.

>Be Persistent!

You are dealing with large banks with many different departments sometimes spread across different states. People answering the phones have more work than they can handle. It isn't personal. No one is going to have as much incentive to get you a good deal as you are.

If you want more information - keep checking my blog for other Foreclosure Prevention Strategies. If you're uncomfortable doing a loan modification on your own, call me and I'll be happy to help in any way I can. For Free. Why would I do this? If I can help you prevent foreclosure now, I hope you will recommend my services to other people who might need help preventing foreclosure, selling a home or buying a home. It's a win-win situation.

Remember - the worst thing you can do is nothing. Persistence Pays.

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com

Loan Forebearance - Lender Phone Operators Are Clueless!

2008-05-18T00:43:00.000-05:00

Yesterday I sat down with a pre-foreclosure client interested in keeping her home. The lender/Loan servicer was Ocwen Bank. As I sat and talked with her about options - we discussed a forebearance program. She thought this sounded like a good option so she pulled out her most recent mortage statement and called the lender. Of course - the back of their statement says something like - if you're behind in your payments call our collections department and talk to one of our payment counselors. Yeah, right. Nevermind the 20 minutes it took to get to the right person. 3 or for transfers later - we think she got the right department. Problem was - the person on the other end of the phone said there was no forebearance program. That's right. When asked three times "Do you have a forebearance program"...the anser kept coming back "NO".

After a quick search on the web - I found several references on Ocwens website to their success in customer forebearance. Ocwen even boasts a 70% success rate for people put on forebearance over the last 2 years. When dealing with these large banks - you have to remember that the person answering the phone probably doesn't know much more about the company than you do. They sit in an office, charged witha particular task. If you don't fit the mold - they often don't know what to do with you. YOU MUST BE PERSISTENT. And it's going to take time. If you aren't getting anywhere - ask to talk to a supervisor.

Lenders always have a dedicated department that works with borrowers behind in payments. Don't bother with collections - they will just try to get a payment out of you. And forget that generic 800#. Even if, by some miracle - you actually get through to a live person, they will have no idea what you are talking about. They will just transfer you somewhere else - anywhere else!

Document who you talk to. Ask for a name each time you call. note the time you talked to them. Ask what department they are in. Ask where the call center is. In one call - you could be transferred to different departments in different states.

If you're having a problem communicating with your lender, put it in writing. Most people aren't aware of a RESPA rule that requires a lender to respond to your written inquiry. RESPA stands for Real Estate Settlement & Procedures Act. RESPA spells out particular rules for how real estate deals and loans must be handled. For exmaple, RESPA states that if you write to your lender regarding an innacuracy on your account or to dispute charges - they must acknowledge receipt of your letter in 20 days and respond with an answer within 60days. The best way to ensure this kind of communication is to send a certified letter to your lender. That way you have proof.

"Nothing in the world can take the place of persistence. Talent will not; Nothing is more common than unsuccessful men with talent. Genius will not; Unrewarded genius is almost a proverb. Education will not; The world is full of educated derilicts. Persistence and determination alone are omnipotent.......Calvin Coolidge, US President 1923-1929

Forebearance - A Payment Plan To Catch Up On Missed Mortgage Payments

2008-05-17T22:37:00.001-05:00

>What is Forebearance?

If you're behind in your mortgage payments - you may be looking for an alternative to selling your home. I sit down with a lot of homeowners looking for any option other than selling. If you had a temporary hiccup in your income but now you're back on track - forebearance may be an option. Essentially, Forebearance is a payment plan that allows you to catch up on money you owe your lender. You must be able to make your normal mortgage payment in addition to the extra amount that you and your lender agree upon.

>How Does Forebearance Work?

In a typical forebearance plan - your lender will ask you to fill out an application. This application will ask for income and expense information to determine if you can actually afford a program. Not everyone gets approved. If you are approved -your lender creates a payment plan that allows you to make additional payments every month in order to catch up on what you owe. If you are behind 2 or 3 payments, you've also racked up some late fees and interest owed to the lender. If you're mortage payment is $1,200 dollars - that means 3 months of back payments would amount to nearly $4,000 with late fees and interest. That's a hefty chunk of change.

>Will My Lender Work With Me?

If you're wondering if your lender offers a forebearance program - they probably do. Look on the back of your most recent mortage statement. Yeah, all that tiny print. Each lender usually lists several different phone numbers or departments. Look for something that says loss mitigation or loan workout or home retention. Lenders always have a dedicated department that works with borrowers behind in payments.

>Think twice & do your homework!

If you really want to pursue this program - be careful and make sure you can afford the extra payments. IF YOU ARE JUST TRYING TO PUSH OFF THOSE PAYMENTS AND HOPE THINGS WILL GET BETTER, IT DOESN'T MAKE SENSE. All you will accomplish is owing more money and ending up in the same situation a few weeks or months down the road. If you miss one of these forebearance payments - your lender will just continue down the foreclosure path. Starting a forebearance program will temporarily halt any progress towards a foreclosure - but they don't have to start over when you miss a payment.

>Be Persistent!

Remember - the worst thing you can do is nothing. Persistence Pays.

Victoria Meadows, Oswego - Market Report 1st Quarter of 2008

2008-05-13T16:08:00.017-05:00

Victoria Meadows in Oswego is located just north of Rt. 34 and West of Orchard Rd. So far this year, only 1 home has sold in the first quarter. That isn't much data to go on when comparing quarters- but if the trend continues, we are in for much longer market times.

Average market time for the first quarter of 2007 was 72 days (only two homes sold) - while average market time this year (only 1 listing sold) is approching 200 days. It's hard to make comparisons when so few homes have sold - but if you compare the price of 4 bedroom homes - you can see that the sales price is down almost 8% this year. This value seems inline with the 8.8% drop in Oswego home values being reported by Zillow.

Click here to view a copy of the market report

WebHomeOfTheWeek.com - Downtown Westmont Condo

2008-05-13T03:15:00.006-05:00

This weeks web home of the week is an amazing condo located in downtown Westmont. These condos are really setup more like townhomes. The first floor of the building contains shops - while the second floor (above the parking garage) has entrances to the units. This unit was previously a builders model and has hardwood floors, corian countertops, stainless steel appliances and a long list of upgrades. The price was recently reduced from $369,900 to $359,900.

There is an excellent opportunity to get a great property for a great value here. You can walk to the train station and all the shops in downtown westmont. Although the property is listed at $359,900 - based on my own research into comparable sales, I see the value between $300,000 to $325,000. The property is a potential short sale - so you may be able to offer even less. But that all depends on what the bank will approve!

If you'd like more information on this property feel free to call me at 630-846-4663.

New Oswego Village Hall - Take a Tour!

2008-05-12T22:02:00.000-05:00

As of last week, the new Oswego Village Hall is open! It's a beautiful brick structure at the corner of Rt. 31 & Washington in Downtown Oswego. This Saturday from 8:00am - 11:00am you ca have breakfast with the Village President and Village Board. Coffee, Pastries and a tour will be a great way to start out your Saturday morning. The street address of the new village hall is 100 Parkers Mill, Oswego IL. 60543.

Mowing your lawn for mothers day - it could bring you buyers!

2008-05-11T02:42:00.004-05:00

Mothers Day means a lot of people will be driving to see their mother.

Maybe along the way they plan on driving by a couple houses for sale or checking out a new neighborhood. If you mowed your lawn on Tuesday - it may be getting pretty long by Sunday. High profile holidays offer a great opportunity to showcase your home.

I often hear sellers say "No one will be out looking at houses on Mothers Day or Christmas or Thanksgiving". Truth is - the buyers are out. Anyone seriously looking for a home will drive neighborhoods any chance they get. Having a well-manicured lawn could help your home stand out and get some curious buyers walking through next week. So even if you mowed the lawn a few days ago - another quick cut could help.

But don't stop there. During the fall - raking up those leaves could help you rake in buyers. Without even knowing it - buyers associate a well-manicured lawn with a well-kept house. Attention to detail on the outside - usually spells attention to detail on the inside. During the winter, having clean sidewalks and a plowed driveway is a great way to attract buyers. It says - these people care about their house. It also means they don't have to trudge through the snow.

Here's a list of upcoming high profile celebrations in 2008 that give you a chance to help attract buyers. But remember - there are always big events happening locally that make a difference too. Does your town hold any annual festivals? Also - don't forget things like Superbowl Sunday, Oktoberfest, or Black Friday - the biggest shopping day of the year.

Memorial Day - Monday, May 26th
Fathers Day - Sunday, June 15th
Fourth of July - Friday, July 4th
Labor Day - Monday, September 1st
Columbus Day - Monday, October 13th
Halloween - Friday, October 31st
Election Day - Tuesday, November 4th
Veterans Day - Tuesday, November 11th
Thanksgiving Day - Thursday, November 27th
Black Friday - Friday, November 28th
Hanukkah - Sunday, December 21st
Christmas Day - Thursday, December 25th

By the way - Happy Mothers Day Mom!

Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com OswegoHouseHunter.com MontgomeryHouseHunter.com YorkvilleHouseHunter.com

Photo provided courtesty of FreeFoto.com

Price Reduced - Amazing Elburn Opportunity

2008-05-11T00:30:00.005-05:00

I listed a cute little house in elburn a couple weeks ago and we reduced the price this week from $139,900 to $129,900.

From the street you might think it's a little small but once you walk in- you'll be amazed at what you get for the money. The front door leads into the kitchen which has plenty of room for a table & chairs

I'm not just promoting my own listing when I say this is the best value in elburn! Everything inside is in immaculate condition - new carpet in the great room - cathedral ceiling, custom built in bookcases, pergo style flooring in the bedroom and bathroom!

If you're a first time homeowner - this is a great opportunity to get a very nice house at a great price!

Sandwich, Illinois - Market Report Jan-April 2008

2008-05-07T03:26:00.003-05:00

Sandwich, Illinois is located off Rt. 34 about 15 minutes west of Yorkville, 25 minutes south and west of Aurora. Sandiwch is a great town - small enough to feel like the hometown's of yesteryear but big enough to have all the modern conveniences you need. Someone recently asked me about foreclosures in Sandwich - after looking through the MLS I saw four bank owned properties and 5 or 6 pre-foreclosures.

SANDWICH SOLD JANUARY - APRIL 2008

Detached Single

Bedrooms	# Sold	% Sold	Avg LP (Sold)	Avg SP	SP:LP Ratio	Avg MT (Sold)	Avg LP (Unsold)	% Expd
All	17	100%	$226,788	$219,047	97%	223	$0	0%

3	13	100%	$216,200	$204,831	95%	209		0%

4	4	100%	$261,200	$265,250	102%	270		0%

Attached Single

Bedrooms	# Sold	% Sold	Avg LP (Sold)	Avg SP	SP:LP Ratio	Avg MT (Sold)	Avg LP (Unsold)	% Expd
3	2	100%	$177,900	$176,450	99%	244

Bo Buchanan, Kettley Realtors

58 Chicago Rd, Oswego IL. 60543 (630) 846-4663

IllinoisHouseHunter.com OswegoHouseHunter.com

MontgomeryHouseHunter.com YorkvilleHouseHunter.com

Downtown Oswego War Memorial

2008-05-05T00:28:00.002-05:00

This weekend I had some time to walk around in Dowtown, Oswego and I stopped by the war memorial just outside the Oswego Public Library. Although I had passed by the memorial many times, I had never stoped to read the plaques and discover this unique Oswego Landmark.

The War meorial has a granite pillar memorializing each branch of the service and and an eternal flame burning above them. To the side there is a brick pathway "Veterans Memorial Walkway" that leads across the railroad tracks and down to the river.

As you walk down the pathway, there is a plaque commemorating each war the United States has fought and how many soldiers died in each war. From the Spanish-American War to the war in Iraq - every conflict is included. I found it a very educational experience. When you start adding up how many soldiers have died to protect the freedoms we take for granted in this country - it is a humbling experience.
Wondering how close you are to the conveniences of downtown Oswego? Check out your WalkScore

Bo Buchanan, Kettley Realtors

58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com OswegoHouseHunter.com MontgomeryHouseHunter.com YorkvilleHouseHunter.com

Boulder Hill, Montgomery IL. April 2008 Market Report

2008-05-03T11:03:00.000-05:00

April was not a very active month for Boulder Hill. Only 5 homes closed with an average market time of 110 days. That means if you're thinking about selling your home - don't plan on a sale completing until sometime in August. That's if you list now. With an average market time over 100 days - you'll need to list your home soon to make sure it closes before the holidays!

Detached Single

Bedrooms	# Sold	% Sold	Avg LP (Sold)	Avg SP	SP:LP Ratio	Avg MT (Sold)	Avg LP (Unsold)	% Expd
All	5	100%	$175,680	$169,340	96%	110	$0	0%

3	3	100%	$176,200	$172,133	98%	100		0%

4	2	100%	$174,900	$165,150	94%	124		0%

Although 5 homes sold in Boulder Hill, there are currently 65 homes for sale - 8 of those currently under contract. The average List price is just over $181,000 with the average sold price just over $177,00. Compared to the same time last year - 13 homes sold with an average sales price just over $200,000. That's an average price drop of $23,000!

Hometown, Oswego -April, 2008 Market Report

2008-05-03T05:57:00.005-05:00

Hometown, Oswego is located just west of the river in Downtown Oswego and next to the new Oswego Village Hall. For the second month in a row there were no sales recorded in Hometown. Since the beginning of 2008 - 4 homes have sold. This same time last year - 6 homes were sold between Jan & Feb, 2007 with 2 of those sales closing in April, 2007.

Currently, there are 8 homes for sale in Hometown, Oswego.

HOMETOWN, OSWEGO - CURRENT LISTINGS

Detached Single

Bedrooms	# Active	Avg. LP	Avg. MT
All	8	$221,650	101

2 or Less	2	$173,750	56

3	6	$237,617	116

Market Time is significantly longer this year than it was last year with prices significantly lower.

Oswego Market Report, April 2008

2008-04-30T19:46:00.002-05:00

Oswego, Illinois SOLD April 2008

Real Estate Market statistics for Oswego, Illinois April, 2008. 2 separate categories are included - Single Family homes (Detached Single), Condos & Townhomes (Attached Single).

VIEW MARKET STATISTICS HERE

If you would like a more detailed report of your specific neighborhood please don't hesitate to contact me.

Montgomery Market Statistics, April 2008

2008-04-30T19:17:00.004-05:00

Montgomery, Illinois SOLD April 2008

Real Estate Market statistics for Montgomery, Illinois April, 2008. 2 separate categories are included - Single Family homes (Detached Single), Condos & Townhomes (Attached Single).

VIEW MARKET STATISTICS HERE

If you would like a more detailed report of your specific neighborhood please don't hesitate to contact me.

Oswego Comm. Garage Sale May 16th & 17th

2008-04-30T17:56:00.002-05:00

ANNUAL OSWEGO COMMUNITY GARAGE SALE
Friday, May 16th
Saturday, May 17th

Oswego will be having it's annual community garage sale in a few weeks - Friday May 16th and Saturday May 17th. The garage sale is sponsored by the the Environmentally Conscious Oswego Commission. You can sign up for the garage sale at the Oswego Village Hall. In order to be included in the advertising in the Oswego Ledger Sentinel and the Prairie Times, you must sign up by May 9th and pay the $10.00 advertising fee. Once you sign up - you will receive a garage sale sign that needs to be returned when the sale is over. For more information, call Lisa Dicke at 630-554-3622

For Sale By Owner Top 10

2008-04-28T21:03:00.003-05:00

For Sale By Owner. Everyone wants to try to save a commission. Here's an answer you wouldn't expect from a Realtor. Give it a shot. Yes, you heard me. Put a sign in the yard and see what happens. If you're lucky, you'll sell your home for more than you hoped and have no problems. Congratulations. You're among only 16% of for sale by owner sellers who successfully sell their home without a REALTOR. The other 84% of For Sale By Owner Sellers end up using a REALTOR. I like to compare selling with a REALTOR to building your own home. Can you use a hammer and a saw? Sure, most people can. Maybe you even have some skill. I'm not bad when it comes to electric -but I can't seem to do a single plumbing job with screwing it up. If I spent the time and took the training - I am confident I could be a plumber too. But plumbing, electric, carpentry, concrete work, roof work, etc. I don't have the time or desire to learn all those things. I'd rather pay someone I KNOW would do a good job. The same thing goes for real estate. Yes, you CAN do all the things a REALTOR does. With enough time and training - you might even be good at a few of them. But all of them?
If you're determined to sell your home by owner - nothing I or any REALTOR says will change your mind. Hey, I don't blame anyone for trying to save a few dollars. But the problem often occurs when By Owner sellers keep walking down the same path-when nothing is working. Perhaps the biggest decision you'll need to make isn't whether you should sell by owner or not - the decision will be when do I give up on selling by owner and start using the services of a REALTOR. Even my own sister tried selling by owner. They put out the word to all their friends and family, put the sign in the yard and waited for an offer. They had lookers -but no offers. 3 weeks later - I listed their home for sale. For her, it was an easy decision because she knows what I do for my clients. But you may think - what is a REALTOR going to offer me that I can't do for myself? In honor of David Lettermans top 10 list - here are the top ten things to consider when selling by owner:

BRANDING YOURSELF AS A SERIOUS SELLER- When buyers look at homes for sale by owner, they often get the sense the seller isn't serious. Maybe the house hasn't been prepared for the market or maybe the sellers don't respond quick enough to buyers questions. Also, By Owner sellers will often tell buyers "I Don't need to sell". While this is often an attempt by the seller to position themselves for negotiation, buyers take it as a sign the seller isn't serious about selling. When a REALTOR lists a home for sale-buyers know that the home is ready to go.
MARKET PREPARATION- I'm not just talking about preparing the home for sale. I'm talking about preparing you, the seller, for the sale. Yes, preparing the home is very important. Those who have sold by owner often list "Preparing the Home for the Sale" as one of the hardest aspects of selling by owner. You want to improve your home enough that is attractive and ready for buyers - but not over improve for the neighborhood and risk having an overpriced home. You want to consider little things like leaving the lights on for showings or bringing buyers into the neighborhood from a particular route. A REALTOR looks at your home like a buyer would and helps you do the same. Walk in the front door - what do you see? No, it's not your beautiful collection that took you 10 years to assemble. It's clutter to the buyer. Preparing the seller for the sale includes what to expect for showings, offers and "give backs" a buyer might request to close the transaction.
TRANSACTIONAL EXPERIENCE - The average years of experience for a REALTOR are 13. During this time - we have been involved in the purchase and or sale of over hundreds or thousands of homes, townhomes, condos or apartment buildings. Each transaction has it's own unique set of circumstances. As a professional, we can draw on those experiences and share them with our clients as we walk through the home sale or purchase process. Yes, sometimes a home sale goes through without a hitch. If you are doing it on your own - you have a lot of learning to do in a very short time period. If you're lucky - you will have no problems. But what if you do have problems? Who pays for the inspection? Should you hold a mortgage? How much extra value does that remodeled bathroom add? Are these buyers serious enough that you should take your home off the market and sign a contract? Waiting until these questions come up in a negotiation may be too late.
PROFESSIONAL CONTACTS - Each time I help homeowners buy and sell a home I always refer them to people I know and trust - loan officers, appraisers, attorney's. Maybe you've had an experience when a Realtor just pushed you too hard to use one of their "friends" and you didn't like it. As Realtors, we see many home sales fall apart for a variety of different reasons - someone missed a deadline, there was mis-communication to the buyer, seller or lender. Sometimes a buyer or seller gets upset after the closing because of an un-noticed defect in the home or cost at the closing table. The Reason so many Realtors try to get home buyers & sellers to use people we recommend is because these are people we trust. We have closed many transactions with them in the past, we probably even use them ourselves when we buy or sell real estate. In short - we know the professionals that will protect our clients in an honest and professional manner. If you know someone like this, wouldn't you recommend them?
PRICING EXPERIENCE- pricing a home is a very important part of the home sales process. Yes, I'm going to quote statistics from the National Association of Realtors (NAR). I've often heard these numbers discounted because they are "self-serving". But let me ask you this - who tracks the sales of homes on a nationwide basis more than any other group in the united states? Who does the government quote when they are preparing statistics on the state of the economy? The NAR - That's who. When I list a house -I spend a lot of time going over recent sales in the area - comparing neighborhoods and features, taking things like time of year or market cycles into consideration to make sure I can price a home properly so it will sell quickly. Homes that are overpriced stay on the market too long and the inevitable question from buyers is "Why has that house been on the market so long, what's wrong with it?".
GET MORE $$$$ - plain and simple. In 2006, homes sold with a REALTOR sold on average for 32% more than those sold by owner. Buyers know the game too. They know that you aren't paying a commission - so they are likely to bring you discounted offers because they think you are saving money. When a REALTOR is showing your home - they will pull up comparable sales in the neighborhood to show the buyer realistic values. Your listing agent will already have done this when you listed your home - so these comparable sales will often overlap. This works to your benefit.
EXPOSURE, EXPOSURE, EXPOSURE - Realtors are in the business of selling properties. That's what we do. That means we have established marketing procedures to get the word out about your house. We have certain websites we know produce traffic. We talk about the houses to our colleagues and potential buyers. We hold open houses and do agent tours. We are out there every day trying to think of creative ways to get those listings sold.
THE REALTOR TOOLBOX- just like a carpenter or a plumber, REALTORS have tools to get the job done. I create single property websites for my listings, I have fliers designed to give enough information to make my phone ring, I have strategies to renew interest in a property when things are slow. I even blog about the homes I have listed. Hey, it's a full time job ;)
KNOWING THE COMPETITION - this is related to pricing. REALTOR's are touring neighborhoods and houses on a daily basis. We know when a house 2 streets over goes on the market - we know how it compares to your house. We are even prepared to answer those questions when someone makes an offer compared to that "Other House". Is it in the same school district? Same neighborhood? Same Homeowners Association? All these things affect value -knowing how to answer these kinds of objections or questions helps you get the most money for your home.
PROFESSIONAL REPRESENTATION- All of the above are good examples of how a REALTOR will professionally represent a seller. But another thing to consider is that extra layer of "distance" you get from the transaction. Selling by owner means you are walking around the home with potential buyers. They are constantly reminded that this is "your" house, not theirs. When a REALTOR takes a buyer through the property, it immediately helps the buyers start seeing it as "their next home". There are also buyers out there who count on finding an uneducated seller. Maybe they are slipping something into the contract that benefits them in an unfair capacity. Maybe they are being less than honest when painting their own financial picture in order to negotiate a better deal. As REALTOR's, we have seen all the tricks and know how to prepare for them. We also help keep everyone level headed in the transaction. It's often hard not to get offended or angry when someone low balls your home or talks about the defects. REALTOR's can help lay out these problems in a matter of fact way and respond rationally so as to keep the transaction on track to a close.

I hope all these tips help you when it comes time to list your home. It's a buyers market today and now, more than every - it pays to have someone in your corner who knows how to make things happen!

Want a website for your house?

2008-04-21T23:14:00.006-05:00

A new feature I'm offering home sellers is a website just for your home! Everyone I list a house for always asks me "When are the photos going to be online, can you send me a link?". Well, wouldn't it be easier if I could just tell you to look up your address on the web? Now you can. I'm creating a website just for every house I list. Each home I list will have the following features available on the web:

Custom web addresss
Aerial View
School Info
Community Info
Photo Gallery
Home Description
Demographic Info

Here are some of the websites I've created for my current listings:

Call me today and get a website for your home!

New Fannie Mae/Freddie Mac Foreclosures

2008-04-19T02:45:00.003-05:00

Two new properties coming up for sale. These are foreclosures being offered by Fannie Mae/Freddie Mac. They are not yet listed but I get notified before they come on the market. Contact me for more details:

Harbor Drive, Oswego Illinos. 4 Bedroom, 4 bathroom. Not yet priced.
Cascade Ridge Drive, Plainfield Illinois 3 Bedroom, 2.5 bathroom. Not yet priced

For a property that is not yet priced, I would help you pull comparable property sales and determine what the value is.

WebHomeOfTheWeek.com - Lisle Ranch

2008-04-17T00:17:00.007-05:00

Okay, I have to shamelessly plug this house as both a new listing and the WebHomeOfTheWeek - it's my sisters house! 502 61st street, Lisle IL. is now on the market. This property is located in an unincorporated area of Lisle and sits on over 3/4 of an acre. What makes it the web home of the week is the fact that it is an excellent value! Most of the homes in this area are selling in the $400-$500k range or are much smaller. Similar properties on much smaller lots in the area are going for $320-$360k. With over 2000sf and a full basement - priced at $389,900 it represents an excellent value for the neighborhood.

This property needs updating - including the kitchens and bathrooms. But it's certainly not a handyman special. The outside has been painted, new shutters were added and the owner is constantly spending time improving the landscaping.

This property has a lot of space and is one of those foolers from the road. For an older home, it has amazingly wide open spaces between all the rooms.

So what is a real lease option?

2008-04-15T23:09:00.002-05:00

I was out showing rental houses today to a client who is moving to the area from Pennsylvania. Last week he had the whole family out and I showed them around different areas and tried to give them a feel of neighborhoods. They are truly a great group of people and I really want to do whatever I can to help them.
As we were viewing rental properties tonight - it seemed like almost every one was listed For Sale, For Rent, Lease Option or Rent with Option to Buy/Rent to Own. Because of the market slowdown - many sellers are willing to do whatever they can to work out a deal with someone who is interested in their house. That's good news for buyers - it is now a Buyers Market. But just because the owner says they are giving you an opportunity to own- doesn't mean it is a good opportunity.
People often tell me they are interested in a Rent to Own situation but the term has been thrown around so much that the original context has been lost. Many landlords will say "Rent to Own" or "Rent with an Option to buy". When all they mean is - you can rent the house - and if you decide to buy it, you are more than welcome to. This is not a true Lease Option/Rent to Own situation.

RENT TO OWN - in a typical rent to own situation, the landlord is going to give you a credit each month for part of your rent payment. Say $200.00. Over the course of a year, you will accrue a credit of $2,400. This credit can then be used as a down payment or to pay for closing costs. This will depend a great deal on what the lender will allow. The lender usually wants to see that you are paying above market rent - thus making it a legitamate pre-payment of funds towards the purchase of the home. You may be able to just have the seller pay your closing costs - but then, in todays market - you will probably need some sort of downpayment.

LEASE OPTION - in a lease option you are purchasing an "Option" to buy a property at a future date. Typically, a buyer will give the seller a down payment, say $5,000. This payment is made to purchase the option to buy the home. Usually, you would determine and fix the purchase price at the time you purchase the option. Sometimes you will agree to pay market price at the time of the sale. In todays market, this makes no sense. Values are not going up - they are going down. And "Market Value" is a highly debatable issue. Who determines what the market value is? The seller? That doesn't work. In todays market It makes more sense to wait and see where the value is in a year or two.

A Dog Park in Boulder Hill?

2008-04-15T21:55:00.000-05:00

Spring is here....and it's time to take the dogs out! I have two yellow labs, Baily (female) and Cody(Male). Wouldn't it be nice if there were a dog park in Boulder Hill? Maybe it's a dream - but I keep trying to think of a good location for one. What about in that area by the utility poles? I'm sure that wouldn't be a very popular with people who back up to the area.

Tomorrow I am taking my dogs to renew their Rabies shots - and then we're heading to the dog park! The question is coming up more often when I work with buyers - where is the closest dog park? Last year I spent a lot of time visiting dog parks in Aurora & Naperville. Lincoln Park in Aurora is the park I visited most last year. It's off Prairie avenue just west of Rt. 31. Take Prairie over the tracks and hang a right on Haywood. You'll see the dog park there.

Last year I met a great group of people who went to the park at the same time everyday. You need to get a license from the Park District but it's not expensive. There are also a couple very good dog parks in Naperville off 75th street - one near book and the other near Rt. 53. For more information on Dog Parks in Illinois - visit the Illinois Dog Park list at DogGeek.com

New Listing - Wooded lots in Dixon.

2008-04-14T20:29:00.009-05:00

If you're looking for an opportunity to get far away from the hustle and bustle of the suburbs - how does Dixon sound? Unincorporated Southern Dixon. These 2 lots are side by side in The New Landing section of Lost Lake near the border of Ogle & Lee Counties.

I wont kid you - if you're driving from the Naperville/Aurora Area - it's a haul. Probably 45 minutes to get there. If you like a quiet country drive - you'll really enjoy the long stretch down Flagg Road from Rt. 251 in Rochelle. On my first trip out there - I thought I was lost! The picture above will tell you that you've arrived. But remember - it's the western entrance. If you're coming from Rochelle off Rt. 251 - it's the second Lost Lake Entrance.

The lots are a little over a quarter acre with the lot line on the road frontage being wider than it is in the back (St. Francis Drive Curves).

Both lots are priced at $7,500 dollars each - $15,000 total. There are some guidelines for building - typical covenants, rules & regs for a community that lay out minimum square footage, set back, etc. For information on the community visit NewLanding.org To see a full listing sheet on 506 St. Francis Drive or 508 St. Francis Drive, visit IllinoisHouseHunter.com

Here are the new Boulder Hill Condos!

2008-04-14T10:00:00.000-05:00

I finally got a chance to tour the new Boulder Hill Condos off Boulder Hill Pass - down behind the shopping Center at the Rt. 25 Entrance. These apartment buildings are being converted to condos as they are sold. Prices start at $75,900 for a one bedroom unit and go up to $120,900 for a 3 bedroom townhome.

There are two units you can view as models - both have been furnished by IKEA and look really nice!

These units are similar in size (but more updated) as the Deer Run Condos off Rt. 31 in Oswego. All units will have association dues but heat will be billed separately. Some of the standard home features will include:

New Windows
Wall to Wall Carpeting (laminate wood upgrades offered)
Custom Window Treatments
6 Panel Colonist Doors & Trim
Designer Lighting pacakge
Appliances
Central Air
and more!!

For more information, floor plans or to tour the models call me at 630-846-4663.....Bo

Rainy Day Real Estate

2008-04-12T18:36:00.005-05:00

It's a rainy day today in chicagoland and I often hear sellers say to me "It's lousy weather outside today, no one is going to look at the house". Well, the exact opposite is usually true. When the weather is bad people often have nothing else to do. They will be sitting at home looking at houses online or driving around neighborhoods. Good weather means buyers have lots of choices - do something outside, work on the house, visit any number of outdoor attractions. But you can bet if someone is looking at your house in lousy weather -they are a serious buyer. Some sellers are worried about people tracking mud and water through their house. Most agents will have the common sense to remove their shoes and ask clients to do the same. If yo'ure really concerned, put a sign up in the foyer or the door buyers will enter in and ask them to remove their shoes. Or, ask your agent to provide booties. Personally, I find that booties don't work. Water soaks through them and mud can still fall off the exposed parts of shoes. Asking someone to remove their shoes isn't a big deal. For buyers - here's a tip. Where slip on shoes the day you view homes.

Vacant Houses-what to do about them.

2008-04-11T20:04:00.004-05:00

I just finished viewing a vacant home that I will be listing for the bank in Sandwich. While I was there the neighbor approached me to learn more about the house. I showed her around the property and we talked about the neighborhood and the real estate market. As a listing Realtor for a vacant property - it's always nice to get to know the neighbors. They can keep an eye on things and let me know if anything weird happens. For the neighbors, I think it gives them peace of mind knowing they can call someone local if there is a problem.
Neighbors often face a lot of challenges when the house next door is vacant. Sometimes the property can become a magnet for vandalism, vagrants or just kids looking for trouble. If the property is owned by a bank - it is always managed by a property management company or Realtor. Most banks or property manangement companies will post a sign in the window stating who is manging the property and leave phone number to call. Some communities even require that a sign be posted if the property is a rental property (Chicago for example).
Most propert management companies will take care of things like major repairs & lawn maintenance. They probably aren't going to shovel the driveway in the winter. But in the summer months - someone should be cutting the grass on a weekly basis. Most villages have an ordinance in place that regulates how long the grass can grow. If it gets too long - the village will send a notice and/or fine the homeowner.
If you're interested in buying a vacant house - the property management company or bank can also help. I can tell you from experience that this is hard to do. It's out of the norm. No one wants to deal with you. Banks are not setup to sell properties. They sell through Realtors. That doesn't mean you can't get it done - but be prepared for an uphill battle. A vacant bank owned property is in between the time that foreclosure took place and the property officially being offered for sale through a Realtor. Banks will sell properties like this - but my experience has been that the people on the other phone just don't want to deal with you.
Finally, if you expect that the vacant property is being used by kids to party or by homeless people to sleep in - call the police. Immediately. This kind of situation can quickly get out of hand (especially in bigger cities)...and the house can become a real nuisance. The important thing to do is create a paper trail. Keep track of how you talked to and when. What you reported. Get copies of police reports whenever possible. Then, when you call next time - you can refer to these notes. It's much harder for someone else to dismiss you when you are well prepared!

Who's house is it?

2008-04-10T23:42:00.005-05:00

As I was showing houses this week, we arrived at one of our appointments to find the homeowners still home. This made my clients uncomfortable so we skipped that particular home. Some buyers wouldn't care and would actually welcome the chance to ask questions directly to the homeowner. This can then, in turn - make the homeowner uncomfortable. I have had sellers tell me "This is my house, i'll do what I want". And that's true. It's your house. But aren't you trying to get someone else to buy it? Buyers will sometimes remark "that guy was rude".
The reason Realtors tell their clients to leave the house and take down things like pictures and collections is an important one. From the moment those buyers pull up in front - they are thinking of this as their next potential home. As soon as they see the homeowner - it becomes someone elses home. Sometimes the response I get from sellers is "They aren't going to not buy my house just because I was home". True. But most times the decision to buy a house is an emotional one. We fall in love with our house, we can see ourselves living here, I can see the kids riding the bike up and down the block. Many suddle things can influence a buyers decision - so it's important to given them every advantage. Put away the pictures, go next door to the neighbors during a showing or take a drive. Yes, it is your house. But do you want to keep it that way ;)

Stop Foreclosure with Program 3648

2008-04-09T23:33:00.004-05:00

If you bought your home a year or two ago - you might be in the situation many homeowners are. You owe more than your house is worth. Because of the market slowdown, homeowners are seeing houses in their neighborhood sell for less than they did a couple years ago. This can become a scary prospect when you are forced to sell your home due to relocation, a lost job or death in the family. That's why the president and congress passed House Bill 3648 - the Mortgage Forgiveness Debt Relief Act of 2007. More commonly known as Program 3648.
Prior to program 3648, here is what happened. Lets say you fell behind in your mortgage payments, lost your job or just couldn't keep up with the bills. You decided to sell your house and get out from under the mortgage. You bought the house for $200,000 but could only sell it for $150,000. The bank would then issue a 1099 to you at the end of the year for $50,000. That meant that you would have to report $50,000 on your tax return and pay taxes on it. Can you imagine? What a tax bill.
Thankfully, congress and the president reacted to the market and created program 3648. The Mortgage Debt Forgiveness act means you are no longer liable for taxes on that difference you didn't pay the mortgage company. Now, there are some rules that apply to this program. It has to be your primary residence for instance. And you also need to make sure the mortgage company isn't going to come after you for the difference. If you have questions - you should always ask your accountant or the person who prepares your taxes.
As I talked about earlier this year, when you sell your house for less than you owe the bank it's called a short sale. Nationwide, only about 10-15% of short sales are actually approved. In order to make this kind of sale work it's important to know what you're doing. Recently, I partnered with a processing company that works with most of the banks in getting these kinds of sales approved. There are other options you can persue and I would be happy to discuss those with you anytime.

You know...the house with the purple bathroom

2008-04-08T23:39:00.004-05:00

It was a beautiful weekend for showing houses this past saturday and sunday and I had the pleasure of working with a family from Pennsylvania that is moving to the area. Because they are from out of state - just remembering what town we were in was a challenge. They are moving here for a job in naperville, so we were looking at houses in the surrounding area - Oswego, Montgomery, Naperville, Plainfield, Aurora & Bolingbrook. On Saturday we viewed 10 or 12 houses in a matter of a few hours. It can be hard enough for someone locally raised to remember what house was in what town and which subdivision. An even more daunting task for someone not familiar with the area.
One of the tricks I use to help buyers remember each house is what I call the TripleR . That stands for Rating, Room & Remember. First off- after viewing the house I like to ask the buyers to rate the house on a scale of 1 to 10. This rating might change after viewing another house - but it really helps both buyers and the realtor to remember just how interested they were in that house. The second R stands for Room. In every house one room usually stands out. Was it a small master bedroom? A luxurious master bath? Or an amazing finished basement. By keying in on one room it will help remind you of something that really stood out in that house. Finally, the third R is Remember. Pick one thing overall that stood out about the house. Maybe it was the purple bathroom. Maybe the house with 2 rabbits in the basement (seriously, that's one of the houses we looked at), or maybe just the house that said "WOW". Later when you are talking about the house you can say "you know...the house with the purple bathroom" and everyone will know what you are talking about!

Spring is here-again! Time to make a decision.

2008-04-07T23:38:00.003-05:00

Yes, spring is here again! It seems like we got a teaser back in february with a few warm days and we all though spring was here! Well, with the warm weather the last few days I have seen a definite increase in phone calls and home viewings. Warm weather signals a time of change - and that brings home ownership to the forefront. People thinking of buying or selling usually get off the fence in the spring and start getting serious. For buyers, the decision is a little easier. They decide it's time to buy - and they start looking. But for sellers - there is a process involved. That's why it's important to get off the fence now and get your home listed. Lets say you are thinking of listing your house next week - mid April. You list the house and wait for an offer. At the very least - you can expect your home to be on the market a month. If you are priced aggresively, it will sell quicker. After a month on the market - if you get an offer, then you are typically another 30 days from closing. That is if nothing goes wrong. If the buyer doesn't ask for an extension for financing. If there is nothing to repair. If all goes well and you can close 60 days from next week - great. But as someone once said "I believe in hoping for the best but preparing for the worst".
What if you don't get an offer in the first 30 days? And then you reduce the price and sell for 60 days? And then you get a buyer in June - but they want to wait until the end of July because they are taking a family vacation. Or, heaven forbid - they have to sell their house first. You can see how quickly time can spiral out of control. Yes, you get to decide whether you take that offer. But sometimes these things don't come up until after the deal is signed. We have 4 months of summer and then fall will be here. In many areas - 90 days is the typicl market time. Add another 30 days to close - and you are 4 months out. Think of it this way - every month you wait to put your home on the market brings you a month close to Christmas. And you don't want your home to still be on the market this christmas do you ;)

Foreclosures & Short Sales - Part 3

2008-04-04T23:55:00.004-05:00

Okay - I was a little late getting part 3 finished! But the nice weather is definitely helping the market so things are getting busier! In the final installment of Foreclosures and Short Sales - lets look at what happens when the bank finally forecloses. When the bank takes your house - it's called foreclosure. In Illinois - it requires a "Judicial Foreclosure". That means the bank must take you to court and basically SUE to take the house back. They cannot just file paperwork and take your house because you didn't make your payment. Once the bank has filed all the necessary paperwork for the foreclosure, the bank goes to court and the judge awards a "foreclosure" which means the sale of your property is ordered in order to settle the debt with the lender/mortgagor. The judge in the case schedules a date for teh sale of your home at auction. In Illinois - the county sheriff's department actually handles the auction/sale. Sheriff's department auctions are typically handled on the same day every month, and often weekly. On the day of the auction anyone can bid on the property.
After the auction - sometimes you have what is called a "redemption period" where you can buy the property back by paying the bank what you owe. To see if you have a redemption period you must check your mortgage paperwork. If you are still living in the house after the auction sale - don't worry. They aren't going to knock on your door that day and tell you to get out. But your days are numbered. It's usually a good idea to be out by this time if you can. Within a day or two of the auction, someone will probably come by the house to verify if the property is occupied or vacant. If the property is occupied - they may ask you to leave or try to intimidate you. If that doesn't work - they will have to go back to court for an eviction. within 2 weeks to a month they will most likely get an order for possession. At that court date - the judge will set a date for possession and you will have to be out that day. If you aren't - the sheriff will forcibly remove you from the property. The party is over.
So...after all that back and forth in court - the house is gone. Now the bank owns the home. Because of the court costs involved in a foreclosure - it often makes financial sense for the bank to do a short sale before going through all this legal mess. Because the work has just begun. Now that they have the property back - they have to sell it. First they hire a property management company to check the property for repairs, make sure utilities are on, winterize the property if it is winter and perform any other necessary maintenance. Then the bank orders an appraisal to see what the property is worth. Then they put the utilities in their name- more monthly costs. Finally, they hire a realtor to list and sell the house. Now they have commissions, utilities, property management costs, closing costs, repair, maintenance and upkeep costs. You can see how all this quickly adds up for the bank. Very rarely is the bank actually going to make money off taking your home. Banks are in the lending business - not the property business. They dont' want your house.
Now that the bank has all these added expenses - they are also going to try and get as much as possible for the property. When a bank owns a home it is called "REO" or "Real Estate Owned". Banks will negotiate on the sale of a property just like any other homeowner. But they also want to get as much as possible. Typically they are looking for 75-85% of market value. What is market value? That's a pretty hot topic these days. If everyone could agree on what market value is - I think we would all be better off!
If you are someone interested in buying a foreclosure -you actually have a better chance of getting a good deal in a short sale situation. I hope this discussion has helped shed a little light on the foreclosure, pre-foreclosure and short sale process. I am by no means an expert - but I've been doing it long enough that I think I've learned a thing or two!

Foreclosures & Short Sales - Part 2

2008-04-03T20:35:00.004-05:00

Continuing the dicsussion on short sales & pre-foreclosures - why would the bank let you sell your home for less than you owe them? In the long run - they save money. Banks are in the business of lending money. Not managing real estate. As any agent who ever listed a bank owned property can tell you - the bureaucracy at a bank is nearly impossible to deal with. They make managing and selling a property harder. Despite what many people think - the bank does not want to keep your house. They want their money. And if they don't get it - they want to make sure the "asset" is protected and doesn't lose value.
As a Realtor, it isn't uncommon to look at a vacant house that is in the process of foreclosure - and it's trashed. Holes in walls, appliances all missing, garbage everywhere. The banks see this too - and it costs them money. So, again- why a short sale? Foreclosing on a house costs time and money. Months to complete the foreclosure process, attorney fees, lost interest on their money. Then, after they foreclose - property management fees, repair fees, utility fees, sales costs, etc. The list goes on. So if the bank can get a reasonable amount for the property - it just makes financial sense. That doesn't mean they will take "Any" offer. A lot of investors walk in with offers that are 50 cents on the dollar. My experience has been they don't take those offers. But every now and then they do - and tha'ts what investors are hoping for! But if the bank can get 75 cents on the dollar? 85 cents on the dollar? That's good for them.
So what does that mean for buyers? It means they have a chance of getting a home under market value. In a market where real estate prices are declining - they have a little cushion. It also brings a "perceived value" to the table. When buyers hear foreclosure- they automatically think they are getting a good deal. I always caution buyers that we still have to look at recent sales to determine if the property is a good price. Many times buyers will list pre-foreclosures for the amount they owe the bank. Many times - it is overpriced. So it's important to look at recent sales - I'm talking the last 3 to 6 months. Not a year ago - last year was a different market.
Tomorrow I will conclude this series as I talk about Foreclosed homes - or properties the bank has already taken back and is ready to sell.

Foreclosures & Short Sales - Part 1

2008-04-02T22:53:00.004-05:00

Everyone is talking about foreclosures these days, even me. In March alone - I wrote about foreclosures 3 times. You've probably heard a lot of terms thrown around - foreclosure, pre-foreclosure, short sale, loss mitigation, REO. What do they all mean? In part 1 today, I am going to talk a little about pre-foreclosure and short-sales. In part 2 tomorrow - I will talk about Foreclosures.
A "Foreclosure" is when the bank takes your home back because you haven't been paying the mortgage. The "Foreclosure Process" is highly regulated by the state - and lenders must follow a certain process to foreclose on a home. "Pre-Foreclosure" is typically what you are going through before the bank actually takes the home. For the purposes of this blog, I will use the term "Pre-Foreclosure" to discuss what happens before the bank takes the home. In the "Foreclosure" section I will talk about how the property is auctioned off and what the bank does with a property once they have foreclosed - or taken the home back.
The foreclosure or Pre-foreclosure process takes about 6 to 8 months. This is from the time you miss your first payment. There are several different types of foreclsoure you may have heard of; Judicial Foreclosure - where the judge awards foreclosure to the bank, Deed in Lieu of Foreclosure - where you give the property back to the bank to avoid foreclosure, and Consent Foreclosure- where the court enters a judgment of foreclosure and gives the title to the lender. More details about these processes can be seen here.
During the pre-foreclosure process you can also sell your home. You can do this even if you sell your home for less than what you owe the bank. This is what we call a short-sale. In a short-sale, someone like myself works with you to put together a package of information the bank wants to see and then negotiates the sale with the bank. In order for a short-sale to work - the bank and anyone else with a lien on your property must approve the sale. This usually means they want to get paid! If you have a first and second loan - both lenders must agree to the terms of the sale. The second lien holder or mortgage holder usually gets very little - but if they don't take something and the bank forecloses - they get nothing.
If you are in pre-foreclosure it's important to start doing something very quickly. Too many times I see people ignore the problem or wait till the last minute to try and do something. The last month before the bank forecloses can be a very difficult time to get a deal done. Typically it will take 30-60 days just to negotiate with the bank and get a deal accepted. So if you are 30 days from foreclosure - it may be hard to get it done.
In part 2 of foreclosures tomorrow I will talk about why the bank would accept a short-sale and why buyers will be interested in purchasing your home.

WebHomeOfTheWeek.com - Geneva

2008-03-31T22:37:00.003-05:00

This weeks web home of the week is in Geneva. It's a great house backing to a cornfield - located at 2810 Miller Rd, Geneva. This is not my listing - it is listed by Baird & Warner. The house is listed at $322,000 but will likely go for much less. I'm not sure if it is bank owned or in pre-foreclosuure. This is a four bedroom, 2 full bath and 2 half bath home. The lot backs up to a corn field and it is just a stones throw from all the shopping on Randall Rd. I would suggest making an offer somewhere in the $250k-$300k range. I have heard that there was some water damage in the finished basement and all the carpet will need to be replaced. But it has a full kitchen in the basement and a bathroom as well as a large media niche. If you would like to know more about this home or if you would like to see it - please call me at 630-846-4663.

Boulder Hill Condos

2008-03-27T21:00:00.005-05:00

Boulder Hill now has condos available for sale! Drove by and saw the sign today by the apartments near the gas station off Rt. 25. Prices are starting in the $75k range. Thes are probably pretty comparable to the Deer Run Condos in Oswego off light rd. Models are open 10am - 5pm. I plan on touring the models tomorrow - give me a call if you'd like to go.

Foreclosures & Pre-Foreclosures in Boulder Hill

2008-03-26T21:44:00.007-05:00

Taking a look at the MLS today I see a fair number of foreclosures and pre-foreclosures in the Boulder Hill area.

$154,900 4 br, 1 bath, 1 car garage. Vacant bank owned property
$155,000 3 br, 1 bath, 1 car garage, fenced yard, new garage door, freshly painted. Pre-foreclosure/short sale opportunity. On the market for over a year.

$165,000 3 br, 2 bath, 2 car garage. Pre-foreclosure/short sale opportunity.

$168,000 3 br, 1 bath, 2 car detached garage, newly remodeled. Pre-foreclosure/short sale opportunity.

$169,900 3 br, 1.1 bath, needs TLC. Pre-foreclosure/short sale opportunity.

$172,000 3 br, 2 bath, 2 car garage, above ground pool. Pre-foreclosure/short sale opportunity.

BoulderHill.info-new blog section

2008-03-25T23:01:00.004-05:00

About a year ago I bought the domain BoulderHill.info because I wanted to start providing more detailed information about the Boulder Hill subdivision located in Montgomery/Oswego. I have lived in Boulder Hill for a little over a year now and I love the subdivision. It's actually more than a subdivision. On some maps it's listed as a town. At the time it was built - it was a trendsetter in new communities. Complete with a shopping center, church, school, new roads and new homes.
One of my biggest pet peeves about new subdivisions is the lack of trees. Sure, they usually plant trees on the parkway when the build. But there are no mature trees. And most of the new subdivisions out here are built in the middle of a corn field. Yeah, you'll have great trees in 20 or 30 years. But what about now? Boulder Hill has tons of trees. I have 2 mature trees and 3 smaller ones on my lot alone.
Location is another great feature. You can get in and out of Boulder Hill to at least 4 major roads - Rt. 25, Rt. 30, Douglas & Rt. 34. All without hitting any real traffic. Everything you need is within a 5 minute drive; Jewel, Dominicks, Target, Home Depot, bank, convenient store, car wash, pizza, chinese food - you name it!
Prices are also very reasonable in Boulder Hill. You can still get a three bedroom home for under $200k. And because it's un-incorporated taxes are lower! You can't beat that!
So, in the coming months as the spring Real Estate market kicks off I'll try to keep posting Boulder Hill Blogs as often as possible. But I'll also try to include photos of the community and other news worthy items. If you have something to contribute please feel free to email me or add a comment to one of the posts.

Illinois Realtors report - March 24th, 2008

2008-03-24T20:51:00.003-05:00

The Illinois Association of Realtors (of which I am a member) released it's monthly report today (See full report here). The report is usually an analysis of the market activity from the previous month - in this case, Feb. 2008. In summary - home sales are up compared to January 2008. But still down compared to the same time last year, 2007. Home median sale prices are also down compared to the same time last year, 2007. The trend seems to be that home sellers are starting to take this to heart and prices are dropping. As a Realtor, I am often put in the situation of telling people their home is not worth what they paid for it a year ago. Although this is not easy to do - it's important to me to be upfront and honest to people, if if I don't get the listing. And I can do this honestly because I am in the same situation. I bought my current home a little over a year ago and if I had to sell - I would have to price it at or below what I paid for it a year ago. If you're in that situation and don't have to sell - my suggestion is that you hang on and wait for the market to improve. But if you have to sell - pricing is the most important consideration. Market times have increased and you are competing with foreclosures and other motivated sellers. So if you truly want to sell - now is not the time "to try it out and see what you can get".

Township Tax Rates, Links & Resources

2008-03-22T22:00:00.003-05:00

Since I started my Real Estate, I've been surprised to discover that the number one section on my site has been the Tax Center (click here to visit Tax Center at IllinoisHouseHunter.com). I receive more visitors to those pages than any others. Good to know - because I spent a lot of time compiling website links & phone numbers for all the townships, counties, cities, etc. In Kane, Kendall, Dupage & Will counties. If you've ever forgotten what your own property taxes are - you can usually look them up online. Or, at the very least - call the township office or County Tax Assessor. This is also useful if you are looking at purchasing a new home. Taxes are usually a portion of your house payment and are put in escrow every month. So if you tax that tax bill and divide it by 12 - that's how much will be added onto your monthly house payment to pay taxes at tax time. I also took some time to explain in a little more detail how taxes are calculated. There isn't just one group that creates your home taxes. Several different taxing bodies in a township have the authority to increase your taxes - schools, libraries, park district, etc.

Home Warranty - should I bother?

2008-03-21T19:10:00.004-05:00

Today it's more and more common to provide a Home Warranty when you sell your home. On the west coast, Home warranties are commonplace and almost required. Here in Illinois they are fairly common - especially on older homes. And you always get a warranty when you purchase new construction.
A typical home warranty will cost between $300-$400 dollars. I typically offer my clients three different Home Warranties: HWA, HMS or Kettley Realtors Warranty.

There are many different home warranty companies available and I'll give you a list of some of the ones I've found at the end of this blog. But first, we'll talk about why you should use one. With an older home, a home warranty just gives a buyer peace of mind. Typical buyer questions about your home will be "How old is the roof", "how old is the furnace", "have the windows been replaced", etc. They want to know about all the "Major" upgrade items they may have to shell out for after buying the home. Nothing is worse that finding out you have a major repair on a home you just bought.
Because all home warranties are different - I'll use HMS as an example. This is one of the warranties I often recommend and they have excellent phone support when you have a problem. HMS offers a home warranty on a single family home, townhome or condominium for $399.00. This covers the following: Electrical, Plumbing, Water Heater, Sump Pump, Oven, Range, Stove, Built in Microwave, Refrigerator, Built in Dishwasher, Washer, Dryer, Garbage Disposal, Built-in Trash Compactor, Central Vacumn system, Garage Door Opener, Ceiling Fans, Door Bell Chimes. Heating & AC systems are included for the buyer - but cost an extra $70.00 for the seller. You can also purchase optional coverage for a jetted tub, well pump, swimming pool or spa.
As you can see - you get a lot of coverage for $400 dollars. When this is provided as part of the marketing package - a realtor can market the coverage and piece of mind when marketing the home. I can even put a sign rider in front of your house that says "Covered by a Home Warranty". Think about the first time you bought a new home. How nervous were you? I know I was nervous. Having a home warranty takes a lot of worry out of the process. The second advantage is - you are covered. From the moment your house is listed or when you purchase that home warranty - you as a seller are also covered for the systems I mentioned above. If you have purchased a second home already - this can really help alleviate the worry of taking care of two homes. Something goes wrong - your covered.
Most home warranty companies work in a fashion similar to HMS. Each has a list of the sytems/items covered, available upgrades, cost and deductible. Most have a $100.00 or $200.00 deductible per "visit" by a contractor. So it's best to wait until you have several items that need to be taken care of.

Here is a list of some of the Home Warranty Companies out there:

Lock Boxes - what are they & why do I need one?

2008-03-20T22:11:00.004-05:00

If you've ever listed your home for sale or looked at a home for sale, you've seen a lock box on the front door. A lock box contains a key to your home that will allow Realtors to show your home to prospective buyers. Every now and then I run into someone who just doesn't want a lock box on the front door and I have to explain exactly how important it is. During prospective showings, it is always best if the seller isn't home. Buyers have a hard time being honest with each other and the Realtor when they know the homeowner might be able to hear the conversation. Even if the homeowner leaves when you get there - it immediatley reinforces the idea that "we are looking at someone elses house" rather than "We are looking at our potential house". This is the same reason we as Realtors often tell people to put away collections and perosnal items that aren't necessary to stage the home for selling.
Lock boxes come in many different shapes and sizes, but usually only 2 different types. Combo boxes and Realtor boxes. Combo boxes usually have a combination or key punch pad with a pre-determined code. The Realtor sets the code to xyz and then gives that code to other Realtors when they request a showing. Many smaller towns like Sandwich use these boxes exclusively. The nice thing about this box is that they are easy to use. In addition, if you have a vacant property or property that needs work - this type of loxbox can be used to let painters, plumbers or repair people get access to the property when work needs to be done. Sometimes I use a combo lockbox in addition to a Realtor lockbox.
A Realtor lockbox is electronic and is only accesible to Realtors and other members of a local Real Estate Board (such as appraisers). An electronic Realtor lockbox has many advantages. Firstly, Realtors must have an electronic "key" that looks like a little mini calculator. Showing Realtors still call to make an appointment -but can gain access with their personal key. The advantage here is that each Realtor is logged upon entry. The listing Realtor can get a list of every Realtor that has used their key to enter the property. This is a great tool to use for follow up with buyers. As a professional courtesty -Realtors are supposed to leave a card when they show the property. Often times - home owners will ask "Did that 3:00pm showing actually show the house?". As a Realtor, I might call the Realtor and get no answer. Then I can check the showing log connected to that particular lockbox (yes, each one has it's own separate identity) and verify if the agent actually showed the property.
Another advantage of the Realtor lockbox is the "timed entry" feature. Most lockboxes are set to only allow showings between 7am and 10pm. That means even someone with an electronic key cannot get in before 7am or after 10pm. A nice security feature. I believe that feature can be changed - but I've never done it.
So if yo'ure selling your house- make sure you have a lockbox! You always want to make showing your home as easy as possible. Remember - you aren't selling "Your House" you are selling someone else their new house!!

Fed Cut Rates again - what does that mean for home buyers?

2008-03-19T22:10:00.004-05:00

On Tuesday, the Federal Reserve Board cut rates again by 3/4 of a point (See CNN Rate Cut Story). So what does that mean for people buying a home or refinancing? Typically, this means rates for equity loans will Drop. Mortgage rates are not directly tied to the Fed Rate Cut - and sometimes mortgage rates even go up after the Fed lowers rates. I'm not an expert in this subject - but here are two good articles to explore. The Chicago Tribune arcile on the Rate Cut explores the larger economic impact of the rate cut on the economy. While The Minneapolis Star Tribune - reports that Mortgage rates actually went up to a 5.75% average after Tuesday's rate cut. If you really want to know how Mortgage rates are connected to the overall economy, read this article by Jim Buchta at the Minneapolis Star Tribune.

New Listing - Sandwich 2 flat $159,900

2008-03-14T02:12:00.002-05:00

I just listed a new 2 flat in Sandwich. The address is 205 E. 2nd Street, Sandwich IL. Here are the details on the listing. This is an old Victorian with one downstairs and one upstairs unit. It has a large driveway and a detached 2 car garage. The downstairs unit is a 2 bedroom, 1 bath unit renting for $825/month. Here are some pictures:

The upstairs unit is also 2 bedrooms with one bedroom but much smaller. Photos:

The upstairs unit is currently vacant but renting for $725/month. After purchasing this 2 unit, the current owner updated all the electric with new conduit - a nice piece of mind for the second seller. The kitchn up stairs also has new cabinets. Driveway is newer concrete with two separate doors - one for each tenant.

Pre-aproval -vs- Pre-Qualification & 3 lenders I recommend

2008-03-12T23:40:00.000-05:00

If you're out looking for a house and you haven't been pre-approved you're putting the cart before the horse. Especially in this market. There is a lot of inventory - and that means it's a buyers market. But sellers are hesitant to take their home of the market for you if you haven't been pre-approved yet. Bringing in an offer with a pre-approval also gives you a better chance of getting the price you want. Lets say there are two offers on the table - yours and one other. The other people aren't pre-approved and are offering $10,000 less than your offer. You are pre-approved but offering $10,000 less. Chances are, the seller will counter your offer first - trying to get you to the other price. If you stick to your guns - you have a better chance they'll take your offer. Who wants to take the chance that someones financing will fall through? Especially since lenders are more restrictive now in the loans they are willing to fund. So what's the difference between pre-qualification and pre-approval? When you get pre-qualified you probably just talked to the lender on the phone, told him how much you make and what you think your credit score is. Takes 5 or 10 minutes. That's a nice first step, but keep going. When you get pre-approved, the lender checks your credit score, reviews your income information such as tax returns and w-2's and you actually fill out an application. The lender then matches you with a program to see what kind of loan you qualify for and the rate you can get. Do this - and you're offer really stands out from the crowd! Add a large earnest money check - and you are golden!
To get you started - here are 3 lenders I work with. Why would you want to work with one of these lenders? As a Realtor, I am out in the market every day. These lenders are people I have done deals with in the past. I have the utmost confidence in them to actually fund your loan and give you an honest picture of what this will cost you upfront.

Amy Buchanan - Professional Mortgage Partners. 630-598-2336. Yes, we're related. She's my cousin. She works for Professional Mortgage Parnters and she will get you the best deal possible!

David Worley - Vision Loan. 630-553-1033. Maybe the hardest working man in the mortgage business! He will work tirelessly to keep you updated and get the deal done.

Dawn Marquis - Draper & Kramer Mortgage. 815-436-6040. Dawn's a straight shooter. She'll tell it like it is. Whether you like it or not ;) And she'll make sure your loan funds!

Montgomery - Foreclosures & Pre-Foreclosures For Sale Now!

2008-03-11T21:53:00.002-05:00

I took a client out looking at foreclosures & pre-foreclosures this weekend in Montgomery and there are a lot of great deals out there. Foreclosures and pre-foreclosures are just like anything else on the market. You make and offer and see what happens. Even the banks will negotiate. When the property is a pre-foreclosure that means the homeowner is selling the home because they are facing foreclosure. Often times this means it will be a "short sale". That means the home will be sold for less than the homeowner owes the bank- so it will be "short" of what is owed. Typically , the bank will allow this and forgive the seller the difference because it will be more costly for them to actually foreclose and then sell it themselves.
This list represents all the foreclosures and pre-foreclosures on the market up to $250,000. All these homes are listed in the mls with other Realtors. As your buyers representative/Realtor I can help you put together an offer on any of these properties. I have years of experience working with foreclosures and pre-foreclosures and it pays to have an experienced Realtor negotiating the deal for you.

$169,900 - 4 br/2.1 bath, no basement, 2 car garage in Montgomery. Needs work.
This is a bank owned foreclosure.

$199,900 - 3 br/2.1 bath, w/basement, 2 car garage, 2600 sf in Montgomery.
This is a pre-foreclousre opportunity and a short sale.

$202,000 - 3 br/2.1 bath w/basement, 2 car garage, 1900 sf in Montgomery.
HUD property/Government owned for auction.

$228,500 - 4 br/2.1 bath w/basement, 2 car garage, 2391 sf in Montgomery.
This is a pre-foreclosure opportunity and a short sale.

$229,900 - 3 br/2.1 bath w/basement, 2 car garage, 2381 sf in Montgomery.
HUD property/Government owned for auction.

$229,900 - 4 br/2.1 bath w/basement, 2 car garage, 2456 sf in Montgomery.
This is a bank owned foreclosure property.

$234,850 - 4 br/2.1 bath w/basement, 2 car garage, 2391 sf in Montgomery.
This is a bank owned foreclosure property.

$239,900 - 3 br/2.1 bath w/basement, 2 car garage, 2024 sf in Montgomery.
This is a pre-foreclosure opportunity and a short sale.

$245,000 - 4 br/2.1 bath w/basement, fp & 2 car garage, 2400 sf in Montgomery.
This is a pre-foreclosure opportunity and a short sale.

$249,900 - 4 br/2.1 bath w/basement, fp & 3 car garage, 2552 sf in Montgomery.
This is a pre-foreclosure opportunity and a short sale.

$249,900 - 4 br/2.1 bath w/basement, 2 car garage, unknown sf in Montgomery.
This is a pre-foreclosure opportunity and a short sale.

$249,900 - 4 br/2.1 bath w/basement, fp & 2 car garage, 2456 sf in Montgomery.
This is a pre-foreclosure opportunity and a short sale.

$249,900 - 4 br/2.1 bath, no basement, 2 car garage, 2545 sf in Montgomery.
This is a pre-foreclosure opportunity and a short sale.

$289,900 - 4 br/2.1 bath w/basement , FP & 2 car garage, 2737 sf in Oswego.
This is a bank pre-foreclosure opportunity and a short sale.

$299,900 - 4 br/2.1 bath, w/basement, fireplace, 2 car garage in Oswego.
This is a pre-foreclosure opportunity and a short sale.

If you would like a list of foreclosure & pre-foreclosure opportunities in another area visit the contact me section at IllinoisHouseHunter.com

Elburn Pre-Foreclosure Opportunity

2008-03-10T18:02:00.001-05:00

I had the chance to look at a pre-foreclosure in Elburn this weekend. It's a small house - probably something for a first time buyer. 1 bedroom plus a loft. The home is in very nice shape with no garage but a gravel parking pad or 2 cars off the street. This is probably a perfect home for a first time buyer. Originally purchased as a rental it has been used as a rental property. I am estimating the value at between $120,000 - $150,000. This home is not yet on the market but I can submit an offer to the bank. So if you are interested in purchasing the property - call me at 630-846-4663. This property will be a short sale - so it means we will be negotiating with the bank on the sale. I have several years experience doing this and I work with a very experienced Attorney & title company that help get the purchase approved.

WebHomeOfTheWeek.com - Montgomery Fixer Upper

2008-03-06T18:02:00.002-06:00

Wow.......this is really is a deal too good to be true. A 4 bedroom, 2 1/2 bath home - only 6 years old for $169,900. This is not my listing but I can still give you the details. Built by Lakewood Homes in 2002 the home has no basement, an attached 2 car garage and a good sized fenced yard. Here's the catch. It's trashed. It looks like someone started a rehab project and then gave up! The drywall has all been torn down in the kitchen and family room (even the ceilings). There are no appliances. Carpeting has been torn out in the living room, dining room and all the bedrooms. There are a lot of holes in the drywall, sections cut out, etc. But overall - it's the kind of rehab most first timers are looking for. Strictly cosmetic stuff. It needs drywall, carpeting, paint and appliances. Oh yeah - the toilets are missing too. Go figure. In my estimate, it needs about $15-$20k in work. It's a bank owned foreclosure and it looks priced to move. I've run the comps (comparables, recent sales) back to 2005. In the last 3 years only 2 homes have sold at or below this price - and both were 2 bedroom ranches. Nothing this big.

Open House Extravaganza!

2008-02-27T02:06:00.001-06:00

If you've got some time this Sunday - Kettley Realtors is holding a super Open House Extravaganza! Sunday, March 2nd Kettley Realtors has nearly 100 Homes available to view! If you're in Oswgeo, stop by and see me at 217 Presidential, Oswego in Hometown between 1pm and 3pm. Located just west of Downtown across the river - this community is withing walking distance to downtown located near the new Oswego Village Hall. Here is a complete list of our Open Houses:

AURORA
1. 1-3 1645 Sheffield Aurora $214,800 06776360
2. 12-3 1920 Liberty Aurora $289,900 06791912
3. 12-2 420 S KENDALL Aurora $164,900 06725725
4. 1-3 1032 SECOND AVE Aurora $144,725 06799640
5. 12-2 415 Morton Aurora $159,900 06803777
6. 1-3 511 Westlawn Aurora $167,777 06803390
7. 1-3 2900 Worcester Aurora $212,000 06788613
8. 12-3 125 E Gregory St. Aurora $112,000 06670286
9. 12-3 722 Palace Aurora $199,900 06688489

BATAVIA
10. 1-4 1046 Cardinal Batavia $249,900 06503750
11. 1-3 1094 FIRST ST Batavia $245,000 06688100
12. 1-4 1532 DARBY Batavia $274,900 06657815
13. 2-4 695 Carriage Dr. Batavia $299,900 06803228
14. 1-4 763 NW STANDISH Batavia $224,900 06694841

CARPENTERSVILLE
15. 1-3 3538 Blue Ridge Ct. Carpentersville $223,900 06796747

EARLVILLE
16. 1-3 304 Hedge Earlville $399,000 06787413

EAST DUNDEE
17. 1-3 605 BARRINGTON AVE East Dundee $130,000 06747950

ELBURN
18. 12-3 2N987 Beith Elburn $749,900 06790282
19. 1-3 01S919 Green Rd Elburn $460,000 06802736

ELWOOD
20. 1-3 112 W Mississippi Elwood $196,000 06802837

GENEVA
21. 12-2 200 N River St. Geneva $309,000 MLS waiver

HANOVER PARK
22. 1-4 5830 EASTON Hanover Park $334,900 06698072

HINCKLEY
23. 12-3 428 E MCKINLEY Hinckley $349,900 06651914
24. 12-3 330 W MILLER Hinckley $239,900 06723532
25. 12-3 531 PRAIRIE VIEW Hinckley $319,900 06658860
26. 1-3 341 N View Hinckley $259,900 06602501
27. 1-3 351 N May Hinckley $249,900 06753568
28. 1-3 8065 E Sandwich Hinckley $229,900 06703480
29. 1-3 11540 WINDSOR Huntley $255,000 06569259

LAKE HOLIDAY
30. 1-3 610 Rustic Rook Lake Holiday $229,900 06466264
31. 1-3 1461 NOVA Lake Holiday $248,900 06791885
32. 1-4 1781 SUZY Lake Holiday $250,000 06651649
33. 1-3 1475 Nova Lake Holiday $150,000 06752535
34. 1-3 1680 Hilda Lake Holiday $239,900 06723303

LELAND
35. 1-3 215 N Elm Leland $137,000 06343510

MINOOKA
36. 1-3 12550 McKanna Minooka $519,900 06768751

MONTGOMERY
37. 1-3 3020 Silver Charm Montgomery $359,000 06739046
38. 1-3 3019 SILVER CHARM Montgomery $325,000 06747206

NEWARK
39. 1-3 108 S Van Buren Newark $224,900 06728763

NORTH AURORA
40. 12-2 335 SHARON North Aurora $329,900 06789525
41. 12-4 400 SHARON North Aurora $284,900 06788034
42. 1-4 500 Juniper North Aurora $249,900 06735105

OSWEGO
43. 1-3 67 Oakwood Oswego $284,900 06699040
44. 1-3 435 Rance Oswego $799,000 06716381
45. 1-3 2102 State Route 31 Oswego $269,000 06769158
46. 11-2 5 Boat Oswego $265,000 06636320
47. 1-3 217 Presidential Blvd Oswego $239,900 06639884
48. 1-3 403 Derby Oswego $249,900 06680622
49. 1-3 320 E BENTON Oswego $199,000 06767488

PAW PAW
50. 1-3 215 WABANSI Paw Paw $261,000 06746762

PLAINFIELD
51. 12-3 1709 Cascade Ridge Plainfield $249,900 06743941

PLANO
52. 1-3 906 S Kay Plano $189,900 06761637
53. 1-3 4121 KLATT ST Plano $173,900 06796616

SANDWICH
54. 1-3 17925 Frazier Sandwich $349,000 06747224
55. 1-3 17925 Frazier Sandwich $349,000 06747224
56. 1-3 4 Junior Sandwich $264,900 06802200
57. 1-3 1238 ARNOLD ST., Unit 3 Sandwich $150,000 06703001
58. 2-4 4659 E 2750 Sandwich $269,000 06646467
59. 2-4 55 Countryside Estates Sandwich $27,000 06661853
60. 1-3 32 Peggy Sandwich $119,999 06681922
61. 1-3 59 Country Side Dr. Sandwich $37,500 06702645
62. 1-3 212 Meadowlark Sandwich $89,900 06771181
63. 1-3 562 Mallard Cir Sandwich $99,900 06771519

SHABBONA
64. 12-3 206 W CHEROKEE Shabbona $169,900 06634105
65. 12-3 205 W NAVAHO Shabbona $139,900 06802997
66. 1-3 204 W CHEROKEE Shabbona $215,900 06573887
67. 1-3 1453 HOUGHTBY Shabbona $219,000 06785631

SHERIDAN
68. 1-3 2465 N 42nd Sheridan $224,000 06724206
69. 1-3 400 W Si Johnson Sheridan $180,000 06381843

SOMONAUK
70. 1-3 855 Tallgrass Somonauk $279,900 06564999
71. 2-4 4287 E 2351 Somonauk $539,900 06696504

SOUTH ELGIN
72. 1-4 660 KENILWORTH South Elgin $234,900 06770367

ST. CHARLES
73. 1-4 39W220 JOHNSWAY St. Charles $530,000 06782070
74. 1-4 43W453 EMPIRE St. Charles $319,900 06750831
75. 12-3 1107 Horne St. Charles $286,900 06747655

STREAMWOOD
76. 1-4 123 Wildflower Streamwood $425,000 06687110

SUGAR GROVE
77. 1-3 1276 McDOLE Sugar Grove $450,000 06770987
78. 12-3 43W420 W SCOTT Sugar Grove $322,900 06655154
79. 1-3 2641 CARROLWOOD RD Sugar Grove $209,900 06674714
80. 1-3 610 Hickory Sugar Grove $349,500 06793191
81. 12-2 1077 Chestnut Hill Sugar Grove $629,000 06801471
82. 12-2 1211 HALL Sugar Grove $284,900 06788798
83. 12-2 259 MEADOWS DR Sugar Grove $205,900 06716784
84. 1-3 99 Meadows Dr Sugar Grove $189,900 06776133
85. 12-2 120 Oxford Sugar Grove $343,500 06722649

SYCAMORE
86. 1-4 736 SANDBERG Sycamore $399,900 06742198

WESTCHESTER
87. 12-3 1260 PORTSMOUTH Westchester $299,900 06789457

YORKVILLE
88. 1-3 212 Burnett Yorkville $255,000 06756824
89. 1-3 1106 SUNSET Yorkville $229,900 06684371
90. 1-3 207 Walsh Yorkville $270,000 06759564
91. 1-3 782 Greenfield Turn Yorkville $359,900 06776257
92. 1-3 11273 BRIGHTON OAKS Yorkville $589,000 06775808
93. 1-3 332 Country Yorkville $500,000 06769138
94. 12-2 76 E TIMBERCREEK Yorkville $329,999 06774038

WebHomeOfTheWeek.com - Plainfield Again!

2008-02-20T01:48:00.001-06:00

Yep, the web home of the week is in plainfield again! Okay, this one is a shameless plug. It's my listing and we need to get it sold, plain and simple. You can view the details of this house at my website - http://illinoishousehunter.com/06743941.ad or call me directly at 630-846-4663 (Bo Buchanan). This home is a pre-foreclosure and a short sale. That means the homeowner owes more on the house than it will sell for. The purchase process will not go quickly - the bank will examine every step of the offer and it will take some time to get the deal closed. But, you can get a good house at a great price. I've done quite a few of these and I work with attorney's who are familiar with the process. Currently priced at $249,900 - the price will be lowered within the next couple days (I'll post it here when we lower the price).

The House has an amazing waterfront view. Check it out - this is a view from the kicthen back door - you see the fenced backyard and the pond!

The house has 4 bedrooms plus a loft - a full basement and lots of space! Overall, it's in really good shape. But you will need to do a few things - remove the debris left in the garage and basement, probably replace the living room carpet, fix part of the fence and part of the vinyl siding on the back of the house.

I think this is a lot of house - with a little work to be done. But get it at the right price and you'll be happy with the results! Call me if you'd like to see the house, I'll give you the inside scoop ;)

New Construction - Oswego & Montgomery

2008-02-06T21:50:00.001-06:00

Well..in the middle of the blinding snow today I drove around looking at new construction! Several of the offices were closed....but at least 2 were open. I visited Hunt Club in Oswego, Illinois. and Saratoga Springs in Montgomery, Illinois.
Hunt Club is a new Oswego community by Town and Country Homes. Althought they are still marketing and building under the name Town & Country Homes, they were recently acquired by K. Hovnanian Homes (see press release here). I think Town & Country has some of the best floor plans around - always open, spacious and unique. If you're familiar with Churchill Club in Oswego, also by Town & Country, you'll be happy to know that the lots at Hunt Club are much bigger. Lots in Churchill Club are small and close together - while lots in Hunt Club range from just under a quarter acre all the way up to a full acre (acres won't be available for some time). Right now - base prices range from the $280's up to the $350's. There's also a $50,000 incentive for the next few days.
Saratoga Springs is a community in Northern Montgomery built by Saratoga Homes. From what I remember, they first popped up here in Montgomery just a few years ago. They operate out of El Paso, Texas and the Montgomery/Yorkville area is their first move into Illinois. They have 2 communities in Montgomery (Balmorea & Saratoga Springs) and one in Yorkville (Caledonia). Saratoga Springs is about 60% built out but they still have plenty of homes for sale. I spoke to the sales manager today and she said they specialize in spec homes - and she gave me a list of 41 homes they have under construction - all with varying delivery dates. The nice thing about what we call "Spec Homes" are that the construction is already under way so you get a quicker delivery date. The downside - many of the upgrade choices have been made for you. In Saratoga Springs they are offering a discount on many of the spec homes - ranging from $20,000 to $50,000. Not bad. I've been through most of the models and I have a list of standard features built into their homes.
If you'd like to know more about any of the communities I mentioned above please give me a call. I'm very familiar with how the new construction process works and it helps to have someone on your side when you go through the process. It doesn't cost you anything more - the builder pays my commission. But I must register you at the builder in order to work with you.
Well - good luck in your home search and I hope to hear from you!

Bo Buchanan
Kettley Realtors
630-846-HOME(4663)
http://www.illinoishousehunter.com/

Plainfield WebHomeOfTheWeek.com

2008-02-05T23:01:00.002-06:00

This weeks Web Home of the Week is a 4 bedroom home in Plainfield. I am the listing agent - and you can get more info about this house at http://illinoishousehunter.com/06742862.ad or call me at 630-846-4663. This home is amazing! It's a bank owned foreclosure listed below market value so this is your chance to get some instant equity! The price has been reduced over $100,000 by the bank so we're looking for an offer!!!! At $410,000 - I think it's an amazing price. Here's a quick look at the outside:

The exterior is a fiber board of some sort - not sure what exactly, and a grey fieldstone that really sets this home off! It's got a concrete driveway, 3 car garage and sits on a good size lot that's 90x100. Tax records list the sqaure footage at 3,794 square feet. It's got a wide airy open feel throughout the home and a HUGE basement!

The home is Located in the Farmstone Ridge subdivision off 127th - and the cheapest home that has sold in the last 3 years was $420,000 back in 2005! So at a $410,000 list price -this home is already a deal!!!!! It has 4 bedrooms, 3 and a half bathrooms, a fireplace and a full basement! The family room has an amazing 2 story ceiling with tons of windows so you'll never miss the sunlight!

The best part of this house has to be the kitchen - hardwod floors, center island, custom cabinets, stainless steel appliances, built in desk and a see thru butlers pantry!!!

Overall, this is a lot of house for a good price! Give me a call and check it out - or ask your Realtor to take you through. It's easy to see!!!

The Spring market is here!

2008-01-26T23:55:00.002-06:00

Well...signs of life are being breathed into the real estate industry! I'm seeing more showings on my listings every week.....the fed held a special meeting and lowered the interest rate (Fed Reserve lowers Rate Jan. 22 2008)...and there's talk they will lower it again at their next regularly scheduled meeting. What does that mean to the Real Estate Industry? More than anything .....it's good press. There is a perception in the market that when the rate is lowered - it's good for real estate. Even though...it takes time for that rate to filter into the mortgage industry - it helps stimulate interest in the Real Estate Market. Realtors always talk about the spring market starting after the superbowl.