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.
Thursday, May 28, 2009
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.
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