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.

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.

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.

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.

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.

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.