Home Buyer Tax Credit Countdown Begins
The first-time home buyers tax credit ends Nov. 30. Is it possible to buy in the next two weeks and still close in time to collect it? Some professionals say yes. “It still can be done in six weeks," says RE/MAX Town & Country associate Lynn Ayers in West Chester, Pa. Economist Kevin Gillen of Econsult predicts a mad rush to close as the deadline nears. Bruce Hahn, president of the American Homeowners Grassroots Alliance in Arlington, Va., is pushing for an extension and an expansion of the credit. Legislation to do that is critical, he says, because the recovery has so far been mostly jobless and people need more time to get their feet on the ground in order to buy.
Source: Philadelphia Inquirer, Alan J. Heavens (08/31/2009)
Saturday, September 5, 2009
Another rental listing at 212 W. Washington!
$1800 a month. 2 bedrooms, 1 bathroom at 212 W. Washington. All utilities except electric. A large indoor parking spot is available for $200 a month. The unit has hardwood floors, fireplace, kitchen island, an IN-UNIT washer and dryer, etc, etc. The building has a 24 hour doorman, exercise room, storage locker, bike room, etc. Great location! Walk everywhere! Super close to all of the "L" lines and easy access to both airports.
New Rental Listing! 1BR at 212 W. Washington!
Great 1 BR soft loft available at 212 W Washington! Huge balcony, hardwood floors, in unit washer and dryer, etc, etc. Only $1350 a month! Rental parking available in the building for around $200 a month!
New Listing! 20 N. State
GREAT VALUE! 1BR UNIT AT 20 N. STATE FOR ONLY $204,900! UNIT FEATURES EXPOSED BRICK, HIGH CEILINGS, IN UNIT WASHER/DRYER, HARDWOOD FLOORING, GRANITE COUNTERTOPS, AND BLACK GE APPLIANCES. BUILDING FEATURES EXERCISE ROOM AND STORAGE. CLOSE TO EVERYTHING! RENTAL PARKING AVAILABLE!
Tuesday, June 30, 2009
$8000 can now be used towards closing costs!
HUD: Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment. There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment. Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment. There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment. Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
FAQ's about the $8000 tax credit
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers. Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: 1) The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000; and 2) The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Courtesy of the National Association of Realtors
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors: 1) The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000; and 2) The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
Courtesy of the National Association of Realtors
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Sunday, June 14, 2009
What a time to be a first time home buyer!
First-time Home Buyers Grabbing Houses and Tax Credit
By Kevin Collison RISMEDIA, June 4, 2009-(MCT)-Generation Y is getting jazzed about a new $8,000 federal tax credit for first-time home buyers-jumping at the opportunity to move up and out of their rentals.
"The last 90 days I've seen it go crazy," Kevin Foster, a real estate agent with Reece & Nichols in Lee's Summit, said Tuesday. "Every conference room has been full with agents working on offers, and many are people in their 20s."
Peter Abbey, 26, and his girlfriend, Abigail Barnett, 27, were among them.
Abbey, bar manager at Avenue Bistro in Kansas City, and Barnett, a hospital administrative assistant, had been saving to buy a house the past couple of years but weren't quite there yet. Until Congress approved the expanded tax credit in February.
Now they're leaving their rented home in the city for their own place in Roeland Park.
"We were saving money and waiting for the right time, and that definitely helped give us a push," Abbey said. "We were able to buy a little bit earlier because of the government tax credit."
The Kansas City Regional Association of Realtors® said April sales of new and existing homes were up 10% from March, with almost 2,500 homes sold. "We're seeing a lot of first-time buyers back in the market again," said Chris Collins of Keller-Williams and president of the association. "The tax credit along with historically low mortgage rates is affecting the market."
The tax credit was part of President Barack Obama's $787 billion American Recovery and Reinvestment Act. It's available to people buying their first home in 2009 as long as the purchase is completed by Dec. 1.
Because of the one- to two-month lag between a contract and a done deal, many home buyers are making offers on homes now.
As opposed to a $7,500 tax credit available in 2008, the latest incentive doesn't have to be repaid if the taxpayer remains in the home for at least three years.
At the national level, a report Tuesday said pending home sales in April were up 6.7% from March, the biggest monthly increase since October 2001, according to a seasonally adjusted index of sales contracts kept by the National Association of Realtors®.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
By Kevin Collison RISMEDIA, June 4, 2009-(MCT)-Generation Y is getting jazzed about a new $8,000 federal tax credit for first-time home buyers-jumping at the opportunity to move up and out of their rentals.
"The last 90 days I've seen it go crazy," Kevin Foster, a real estate agent with Reece & Nichols in Lee's Summit, said Tuesday. "Every conference room has been full with agents working on offers, and many are people in their 20s."
Peter Abbey, 26, and his girlfriend, Abigail Barnett, 27, were among them.
Abbey, bar manager at Avenue Bistro in Kansas City, and Barnett, a hospital administrative assistant, had been saving to buy a house the past couple of years but weren't quite there yet. Until Congress approved the expanded tax credit in February.
Now they're leaving their rented home in the city for their own place in Roeland Park.
"We were saving money and waiting for the right time, and that definitely helped give us a push," Abbey said. "We were able to buy a little bit earlier because of the government tax credit."
The Kansas City Regional Association of Realtors® said April sales of new and existing homes were up 10% from March, with almost 2,500 homes sold. "We're seeing a lot of first-time buyers back in the market again," said Chris Collins of Keller-Williams and president of the association. "The tax credit along with historically low mortgage rates is affecting the market."
The tax credit was part of President Barack Obama's $787 billion American Recovery and Reinvestment Act. It's available to people buying their first home in 2009 as long as the purchase is completed by Dec. 1.
Because of the one- to two-month lag between a contract and a done deal, many home buyers are making offers on homes now.
As opposed to a $7,500 tax credit available in 2008, the latest incentive doesn't have to be repaid if the taxpayer remains in the home for at least three years.
At the national level, a report Tuesday said pending home sales in April were up 6.7% from March, the biggest monthly increase since October 2001, according to a seasonally adjusted index of sales contracts kept by the National Association of Realtors®.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Thursday, June 11, 2009
Back on the market! 8 W. Monroe #1403
2 bedrooms, 2 bathrooms in downtown Chicago for only $249,900? YES! This condo is in a great location and is in great condition! Call or email me for more details.
Need advice on buying or selling Chicago real estate? Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Friday, June 5, 2009
The frustrating process of short sales
Seeking Closure on Short Sales(Inman News)
All too often, short sales are really l-o-o-n-g sales — it can take many weeks and months to close a deal. And patience is increasingly wearing thin across the country as real estate agents become more vocal over the agonizing process. They argue that clearing the nation’s huge inventory of distressed properties is paramount to resuscitate an ailing housing market and sputtering U.S. economy. A year after sounding off over the problems, Realtors are ramping up a campaign to prod the mortgage-servicing industries to embrace universal standards and procedures to streamline the short-sale process. Those include a uniform short-sale application and an online listing of people who service short-sale transactions. If that doesn’t work, some are threatening to take their case to the White House and ask the Obama administration to convene a special task force. A call to action “It’s a disaster. It’s takes forever (to close a short sale). It’s unfair to the buyer and it’s unfair to the seller,” said George K. Wonica, a veteran Staten Island, N.Y., Realtor and chairman of the Nation Association of Realtors’ Conventional Finance and Lending Committee. “NAR has to exercise its power and its pressure to get people to the table.” While banks have cut down the number of days they take to respond to short-sale offers, they also report that communications with lenders remain spotty.
For the foreseeable future, foreclosure and short sales will remain a prominent feature in the real estate landscape. Short sales will continue to be an option for homeowners who owe more on their mortgage debt that their houses are worth. Saving money with short sales Indeed, the economic downturn wiped out about $3.3 trillion in home values last year, according to a report by Zillow.com, a company that offers online real estate information. Since the market peak four years ago, home equity has been eroded by more than $6 trillion. In 2008, short sales accounted for about 11 percent of U.S. home sales, while foreclosure made up 20 percent of the market. Most experts agree that short sales have a lesser impact to owners and lenders than bank-owned (REO) deals. That is reinforced in a study by Connecticut-based Clayton Holdings Inc., which follows more than $500 billion in mortgage loans for investors. The study showed lenders from May to October 2008 suffered an average 37 percent loan loss through short sales versus 56 percent on homes sold after foreclosure. We think (a) short sale is superior to foreclosure,” Knight said. “A short sale is not a bad deal all around.” But these deals are more complicated and time-consuming than traditional sales. All parties with liens on the house — from the second mortgage holder to the private mortgage insurer to the tax collector — must sign off on the transaction. That’s where many of the problems arise. Progress, of sorts Savvy real estate agents are setting realistic expectations for their buyers and sellers, stressing patience is a major virtue to survive the process. They suggest homeowners compile financial statements, hardship letters and other information early so a complete short-sale package can be sent to lenders and lessen the chances of a last-minute glitch. Fannie Mae and Freddie Mac are trying to speed up the process, too. Fannie Mae, for example, launched pilot programs this winter in Florida and Phoenix that preapproved short sales for dozen of homes. The government-backed lender completed the research on a troubled property in advance and obtained all of the necessary clearances in advance.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
All too often, short sales are really l-o-o-n-g sales — it can take many weeks and months to close a deal. And patience is increasingly wearing thin across the country as real estate agents become more vocal over the agonizing process. They argue that clearing the nation’s huge inventory of distressed properties is paramount to resuscitate an ailing housing market and sputtering U.S. economy. A year after sounding off over the problems, Realtors are ramping up a campaign to prod the mortgage-servicing industries to embrace universal standards and procedures to streamline the short-sale process. Those include a uniform short-sale application and an online listing of people who service short-sale transactions. If that doesn’t work, some are threatening to take their case to the White House and ask the Obama administration to convene a special task force. A call to action “It’s a disaster. It’s takes forever (to close a short sale). It’s unfair to the buyer and it’s unfair to the seller,” said George K. Wonica, a veteran Staten Island, N.Y., Realtor and chairman of the Nation Association of Realtors’ Conventional Finance and Lending Committee. “NAR has to exercise its power and its pressure to get people to the table.” While banks have cut down the number of days they take to respond to short-sale offers, they also report that communications with lenders remain spotty.
For the foreseeable future, foreclosure and short sales will remain a prominent feature in the real estate landscape. Short sales will continue to be an option for homeowners who owe more on their mortgage debt that their houses are worth. Saving money with short sales Indeed, the economic downturn wiped out about $3.3 trillion in home values last year, according to a report by Zillow.com, a company that offers online real estate information. Since the market peak four years ago, home equity has been eroded by more than $6 trillion. In 2008, short sales accounted for about 11 percent of U.S. home sales, while foreclosure made up 20 percent of the market. Most experts agree that short sales have a lesser impact to owners and lenders than bank-owned (REO) deals. That is reinforced in a study by Connecticut-based Clayton Holdings Inc., which follows more than $500 billion in mortgage loans for investors. The study showed lenders from May to October 2008 suffered an average 37 percent loan loss through short sales versus 56 percent on homes sold after foreclosure. We think (a) short sale is superior to foreclosure,” Knight said. “A short sale is not a bad deal all around.” But these deals are more complicated and time-consuming than traditional sales. All parties with liens on the house — from the second mortgage holder to the private mortgage insurer to the tax collector — must sign off on the transaction. That’s where many of the problems arise. Progress, of sorts Savvy real estate agents are setting realistic expectations for their buyers and sellers, stressing patience is a major virtue to survive the process. They suggest homeowners compile financial statements, hardship letters and other information early so a complete short-sale package can be sent to lenders and lessen the chances of a last-minute glitch. Fannie Mae and Freddie Mac are trying to speed up the process, too. Fannie Mae, for example, launched pilot programs this winter in Florida and Phoenix that preapproved short sales for dozen of homes. The government-backed lender completed the research on a troubled property in advance and obtained all of the necessary clearances in advance.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Relief for Homeowners
Home values have plunged to their lowest levels since 2004, according to First American CoreLogic. And at the end of 2008, one in five mortgage holders owed more than their house was worth. That's why, even with tantalizingly low interest rates, many homeowners haven't been able to find a lender willing to refinance their mortgage. Now lenders may loosen their purse strings. The $75 billion the government is injecting into housing could help some nine million homeowners refinance -- or, if they're in dire straits, modify the terms of their loan.
The refinancing program is aimed at homeowners who are current on their payments but whose mortgages have fallen below the 20% equity threshold because of declining home values. Under the new program, you're eligible for refinancing if your loan is owned or was packaged for sale in the secondary market by Fannie Mae or Freddie Mac. To find out whether you qualify, call the lender to which you make your payments, or contact Fannie Mae at 800-732-6643 or visit http://www.fanniemae.com/; or contact Freddie Mac at 800-373-3343, http://www.freddiemac.com/avoidforeclosure. The new loan can't exceed 105% of the current market value of your home, and you can't get any cash out. The program ends in June 2010.
(Kiplingers Personal Finance, May 2009)
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
The refinancing program is aimed at homeowners who are current on their payments but whose mortgages have fallen below the 20% equity threshold because of declining home values. Under the new program, you're eligible for refinancing if your loan is owned or was packaged for sale in the secondary market by Fannie Mae or Freddie Mac. To find out whether you qualify, call the lender to which you make your payments, or contact Fannie Mae at 800-732-6643 or visit http://www.fanniemae.com/; or contact Freddie Mac at 800-373-3343, http://www.freddiemac.com/avoidforeclosure. The new loan can't exceed 105% of the current market value of your home, and you can't get any cash out. The program ends in June 2010.
(Kiplingers Personal Finance, May 2009)
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Sunday, May 31, 2009
125 S. Jefferson #2108 - $247,900 plus $35,000 for parking
This highly upgraded 1-bedroom condo has a great layout and is very spacious. Hardwood floors, stainless steel appliances, large balcony, granite countertops, and crown molding are some of the unit features. The building has a 24-hour doorman, exercise room, park/dog area, bike room, etc. For more information call Brad at 312-519-7979 or email him at bradford@312properties.com.
Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Thursday, May 28, 2009
Homebuyer Tax Credit for down payments
REALTOR® Magazine reports that media stories that the U.S. Department of Housing and Urban Development is backing away from a plan to monetize the first-time homebuyer tax credit are off the mark. The plan is moving forward, HUD is just working out the technical details and will be publishing them soon in a mortgagee letter, according to a HUD spokesperson. (Courtesy of the Illinois Association of Realtors)
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Tuesday, May 26, 2009
Recent Transactions
212 W. Washington #1403 - JUST SOLD
345 N. LaSalle #3501 - UNDER CONTRACT
8 W. Monroe #1403 - UNDER CONTRACT
125 S. Jefferson #2108 - JUST LISTED
Even in this tough market, Bradford Miller knows how to sell homes. If you are interested in selling your home, contact Bradford today!
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
345 N. LaSalle #3501 - UNDER CONTRACT
8 W. Monroe #1403 - UNDER CONTRACT
125 S. Jefferson #2108 - JUST LISTED
Even in this tough market, Bradford Miller knows how to sell homes. If you are interested in selling your home, contact Bradford today!
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Monday, May 25, 2009
Building Profile: 212 West Washington
212 West Washington is located in the financial district or some may say theatre district in downtown Chicago. The building consists of approximately 183 "soft-loft" units. The building offers a 24-hour doorman, exercise room, on-site management, storage units, and a 6th floor outdoor space.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
What is a loft?
Lofts typically refer to residences that have been carved out of existing, older commercial buildings such as warehouses and factories. These living spaces are unique because they usually offer high ceilings, open layouts, exposed ductwork, brick or timber beams and oversized windows.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
What is a co-op?
Common in New York City, but less so in Chicago, co-op residents are "shareholders" in the corporation that owns the building. Although residents do not own their units, they have the right to live there for as long as they hold stock in the corporation. Each shareholder is responsible for a portion of property taxes, building maintenance and any loans. Co-ops do tend to be more selective and exclusive because their bylaws often give the board the right to decide whether a prospective owner can buy into the corporation.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
What is a condo?
When you purchase a condo, you hold title to a specific unit in a high-rise building for example. The buyer also has a percentage of ownership in the land and common elements such as elevators, stairways, hallways and parking. The purchaser will pay taxes on his or her unit, as well monthly assessments to the condominium association to maintain, repair and improve the property.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
What is Title?
Title is basically documentary evidence of the right to or ownership in property. In Real Estate, this is known as the deed. Whenever you purchase property, you should hire an Attorney to look over the title to make sure it is free and clear of any defects.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
What is earnest money?
Earnest money is a deposit given when making an offer on a home to demonstrate good faith. Usually, the listing office or attorney will hold the earnest money in an escrow account. When the sale goes through, this deposit will become part of the buyer’s down payment.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Closing costs for Buyers
In addition to their down payment, there are other costs Buyers can expect to pay at closing. Here are some examples:
-Professional services: If you are a Buyer and work with me to find your home, you will not have to pay anything. It is the Seller that pays the Realtor's compensation. However, there are other professionals that you need to hire to complete the transaction. Expect to pay $575 - $650 for an attorney in Chicago, and around $250 for a property inspection.
-Loan costs: To get the loan process started, most lenders charge for an application fee, appraisal and credit report. You will also pay for the lender to underwrite your loan, to process the loan, to draw up the many documents you will sign, and then to record them with the county. You will also pay for a title insurance policy for the lender and pay the title company to act as the lenders agent at the closing. Buyers who take out adjustable rate mortgages incur some additional charges because there is more documentation. The grand total is somewhere around $1500-$2000.
-Loan Points: Buyers can choose to buy down the rates charged for their mortgages by purchasing discount points at the time of closing. This usually happens when mortgage rates are high. Each point is equal to 1 percent of the loan value.
-Private Mortgage Insurance (PMI): If you put less than 20% down, you must purchase private mortgage insurance coverage, which will pick up the slack if you default. PMI costs around one-half to a full percent of the total loan amount annually. At your closing you will pay in advance anywhere from a few months to a full year in advance.
-Transfer Stamps: Of course, the government needs its money too! The State of Illinois, all Illinois counties and many municipalities levy taxes when property is transfered. Most of the time it is the Seller's responsibilty, but not always. The City of Chicago charges home buyers a fee of $7.50 per $1000 of the purchase price!
-Homeowner's Insurance: Alot of times, Buyers will be asked to bring a one-year paid up home owner's policy to your closing. The cost will vary widely, depending on the type of home and its contents. Most of the time, it would be wise to go through the same insurance company that you have your car insurance with, because you might get a discount.
-Homeowners association fees: In my opinion, these are ridiculous but some associations are charging "newcomers." I personally think this sends the wrong message and puts a stigma on the association. I understand if there is a "move in fee" to pay for the use of the freight elevator but sometimes associations charge "administrative" fees for no real reason.
I know these may seem like a lot of charges but they have always been a part of the transaction. Just remember tht Real Estate continues to be one of the BEST investments around!!!!
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
-Professional services: If you are a Buyer and work with me to find your home, you will not have to pay anything. It is the Seller that pays the Realtor's compensation. However, there are other professionals that you need to hire to complete the transaction. Expect to pay $575 - $650 for an attorney in Chicago, and around $250 for a property inspection.
-Loan costs: To get the loan process started, most lenders charge for an application fee, appraisal and credit report. You will also pay for the lender to underwrite your loan, to process the loan, to draw up the many documents you will sign, and then to record them with the county. You will also pay for a title insurance policy for the lender and pay the title company to act as the lenders agent at the closing. Buyers who take out adjustable rate mortgages incur some additional charges because there is more documentation. The grand total is somewhere around $1500-$2000.
-Loan Points: Buyers can choose to buy down the rates charged for their mortgages by purchasing discount points at the time of closing. This usually happens when mortgage rates are high. Each point is equal to 1 percent of the loan value.
-Private Mortgage Insurance (PMI): If you put less than 20% down, you must purchase private mortgage insurance coverage, which will pick up the slack if you default. PMI costs around one-half to a full percent of the total loan amount annually. At your closing you will pay in advance anywhere from a few months to a full year in advance.
-Transfer Stamps: Of course, the government needs its money too! The State of Illinois, all Illinois counties and many municipalities levy taxes when property is transfered. Most of the time it is the Seller's responsibilty, but not always. The City of Chicago charges home buyers a fee of $7.50 per $1000 of the purchase price!
-Homeowner's Insurance: Alot of times, Buyers will be asked to bring a one-year paid up home owner's policy to your closing. The cost will vary widely, depending on the type of home and its contents. Most of the time, it would be wise to go through the same insurance company that you have your car insurance with, because you might get a discount.
-Homeowners association fees: In my opinion, these are ridiculous but some associations are charging "newcomers." I personally think this sends the wrong message and puts a stigma on the association. I understand if there is a "move in fee" to pay for the use of the freight elevator but sometimes associations charge "administrative" fees for no real reason.
I know these may seem like a lot of charges but they have always been a part of the transaction. Just remember tht Real Estate continues to be one of the BEST investments around!!!!
Need advice on buying or selling Chicago real estate? Look to www.312properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Friday, May 8, 2009
Under Contract
Under Contract - 212 W. Washington #1403 and 345 N. LaSalle #3501! If you are looking to buy or sell real estate, call or email me today!
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Monday, May 4, 2009
A bottom?
Housing Analysts Predict the Bottom Is Near
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week.Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree that the federal government’s efforts to shore up the market would take effect by the end of 2009 or early in 2010.Analysts also predicted that consumers will spend less on remodeling. Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, predicted that spending on remodeling would fall 12.3 percent by the end of this year compared to last.Analysts project that the credit crisis will loosen, although people with blemished credit records may continue to have trouble getting mortgage loans.
Source: The Wall Street Journal, June Fletcher (04/24/2009)
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
The bottom of the housing decline is near, predicted analysts and home builders attending the National Association of Home Builders’ semiannual Construction Forecast Conference last week.Mark Zandi, chief economist of Moody’s Economy.com, facetiously picked a date when home prices would stop falling: Dec. 15, 2009. Other observers weren’t so precise, but they did generally agree that the federal government’s efforts to shore up the market would take effect by the end of 2009 or early in 2010.Analysts also predicted that consumers will spend less on remodeling. Eric Belsky, executive director at Harvard University’s Joint Center for Housing Studies, predicted that spending on remodeling would fall 12.3 percent by the end of this year compared to last.Analysts project that the credit crisis will loosen, although people with blemished credit records may continue to have trouble getting mortgage loans.
Source: The Wall Street Journal, June Fletcher (04/24/2009)
Need advice on buying or selling Chicago real estate? Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Sunday, April 26, 2009
Improving home sales?
The Tribune had a recent story that caught my attention. Chicago Home Sales are showing signs of life again. See http://www.chicagotribune.com/business/chi-sun-housing-optimism-0426-apr26,0,3752998.story
Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Sunday, April 19, 2009
New listing! 125 S. Jefferson!
SPACIOUS, UPGRADED ONE BEDROOM, ONE BATH ON HIGH FLOOR IN A GREAT LOCATION! GRANITE COUNTERTOPS, STAINLESS STEEL APPLIANCES, LARGE BEDROOM, LOTS OF CLOSET SPACE, HDWD FLOORS IN LR AND KITCHEN, W/D IN UNIT. SPACIOUS BALCONY W/GREAT EXPOSURE FACING SOUTH, 24 HR DOORMAN, FITNESS CTR, SUN DECK, STORAGE. 35K FOR PARKING SPACE.
See pictures and more information at http://312properties.vflyer.com/home/flyer/home/2430969
Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
See pictures and more information at http://312properties.vflyer.com/home/flyer/home/2430969
Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Price reduced! 8 W. Monroe, #1403, Chicago, IL
8 W. Monroe #1403 - 2 bedrooms, 2 bathrooms. The price was just reduced to $249,900! Current tenants are paying $1800 a month and want to stay. Do the math, this can be a great investment! This is a short sale and is subject to lender approval. More info and pictures can be found at http://312properties.vflyer.com/home/flyer/home/2372598
Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Look to http://www.312properties.com/ for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Price Drop for a townhome in Justice!
2 BR/2 BA townhome in Justice - only $210,000! For more information visit http://312properties.vflyer.com/home/flyer/home/2374732
Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
BEST VALUE in the building, 2 bedroom, 2 bathroom at 212 W. Washington
Price drop at 212 W. Washington! This 2 bedroom, 2 bathroom condo has a great layout with lots of windows and a big balcony. More information can be found at http://312properties.vflyer.com/home/flyer/home/2223166
Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Look to www.312Properties.com for the best in Chicago real estate, including Chicago short sales, and Chicago foreclosures. Whether you are a seasoned investor or a first time home buyer, we can help you with your real estate needs. Call Bradford at 312-519-7979 or email him at bradford@312properties.com.
Subscribe to:
Posts (Atom)