Frankfort, IL Real Estate News

By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Joseph Alfe reminds us, One of the most neglected, and yet, most important part of a successful short sale is getting both buyer and seller on the same page. This may stem from the traditional way of thinking on a traditional “retail” sale: It’s “Us against them.” This does not apply to short sales, and if you can over come this mentality, your closing success will skyrocket. Getting the short sale approval is only part of your responsibility; the other part is getting your buyer to the closing table. This is how I do it: Locking the Buyer Down: The StickAs I have gone over in my other articles, locking the buyer down into an airtight commitment is part of my “.” We do not allow a buyer to have any “outs.” To recap, here are the “Rules:”  1. 90 day contract close date-We need enough tim...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
My respected colleague Mike who serves the Baltimore marketplace shares some important facts to remember about short-sales. How Long Will It Take For Short Sale Approval? The concern of how long will it take for short sale approval to be received or handed down is actually something that is very hard to answer categorically.  The main reason is that you would need to look closely at the situation of the lending bank along with a host of other factors that can affect the entire approval process. The timeline for approval of a short sale transaction can run from as little as a few weeks up to almost six months.  This is something that majority of homeowners need to deal with and understand in order to avoid facing foreclosure on their pr...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Loan Officer Mick Rothblott reports it may not feel like it but the US economy is recovering. We know this from the numbers and numbers don’t lie (or do they?). The non-farm payroll numbers for January was another in a series of better (still not great) economic indicators.               Non-Farm payrolls rose 243,000 in January with another 183,000 in revisions from last year adding a total of 2.1 million new jobs created in 2011. Add it all up, and there are now 163 million people in the United States on payrolls, the highest number since February of 2009.   Among other good news, the jobless rate dropped to 8.3% from 8.5% in December, the best showing since February, 2009. The unemployment rate has now declined for five straight months, partly because of unemployed workers giving up ...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Subject: cute signs and true.           And Last, but certainly not least http://www.linkedin.com/news?viewArticle=&articleID=5570184344804261906&gid=3831911&type=member&item=92313659&articleURL=http%3A%2F%2Fwww%2Emortgagemarketguide%2Ecom%2Fchartsyndication%2Ffeaturedcharts%2F013112%2Fmmg_chart_013112%2Ehtml%3Ftime%3D1328035373&urlhash=nBdX&goback=%2Egde_3831911_member_92313659 Thought I'd give a little humor before you click on the above link to see a good reason of why now is the right time to purchase.
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Pending Home Sales Decline in December, Remain Above a Year Ago Washington, January 25, 2012 After reaching a 19-month high, pending home sales eased in December but stayed above year-ago levels, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 3.5 percent to 96.6 in December from 100.1 in November but is 5.6 percent above December 2010 when it was 91.5. The data reflects contracts but not closings. Lawrence Yun, NAR chief economist, said the trend line remains positive. “Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,” he said. “Contract failures remain an issue, reported by one-t...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Homeownership Matters to State of the Union Washington, January 24, 2012 The following is a statement by National Association of Realtors® President Moe Veissi: “The National Association of Realtors® commends President Obama for his remarks in support of homeowners and the struggling housing market during tonight’s State of the Union address. As leading advocates for homeownership, Realtors® know that restoring the health of the housing market is the only way to achieve a broader economic recovery. “Realtors® stand ready to help Congress and the administration implement Obama’s proposal to significantly reduce monthly mortgage payments by streamlining the refinancing process. But beyond that, we must make housing a national public policy priority. Realtors® believe that more must be do...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Jeff Schnepper of MSN Money reminds us A lot of taxpayers don't know they can save thousands of dollars with these tax breaks. Did you forget about any of these deductions and credits?   1 of 11 Charitable noncash contributions Charity, as I hope everyone remembers, begins with a tax deduction. Now, let's say you emptied your closets and gave everything to Goodwill or a similar charity. The value of your donated items -- clothes, furniture, whatever -- is deductible. Get a written receipt. With noncash charitable contributions, the rule is simple: No receipt means no deduction if you get audited. Clothes and household goods must be in good or better condition to get the deduction. If you've already dumped your old clothes in a Salvation Army box and walked away without a receipt, take t...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI).The IMI now boasts 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry.The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. New entrants to the list in January include the following (listed alphabetically by state):Florence, Ala.Tuscaloosa, Ala.Fayetteville, Ariz.Denver, Colo.Greeley, Colo.Bridgeport, Conn.New Haven, Conn.Cape Coral, Fla.Jacksonville, Fla.Punta Gorda, Fla.Honolul...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Total U.S. foreclosure activity and the U.S. foreclosure rate in 2011 were both at their lowest annual level since 2007, according to RealtyTrac®, an online marketplace for foreclosure properties. The company recently released its Year-End 2011 U.S. Foreclosure Market Report™, which shows a total of 2,698,967 foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was 33 percent below the 2009 total and 19 percent below the 2008 total. The report also shows that 1.45 percent of U.S. housing units (one in 69) had at least one foreclosure filing during the year, down from 2.23 percent in 2010, 2.21 percent in 2009, and 1.84 percen...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
NMick Rothblott, a respected Loan Officer in Illinois, reminds us no discussion of the prospects for our economy in 2012 would be complete without an examination of the housing sector. As daunting as the debt crisis in Europe is, there is no doubt that the real "x" factor is housing. This topic is so complex that it is hard to sort out. For example, we know that the housing sector will not rebound without employment strengthening. But we also know that the housing sector is very important in creating employment. If that sounds like a catch-22, it is. And it is one of the main reasons our recovery has been tepid up to now. We also believe that it is no coincidence that the housing market seems to be improving now that the employment sector is also getting stronger. Of course, we will kno...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
The Stress of Buying a New Home Buying a home can be one of the more stressful experiences in life. It is often a long and sometimes intimidating process, lasting up to six months on average. The Real Estate market is huge and changes often with swings up and down. It's easy to become overwhelmed by how much is ahead of you and how little you know about the process. But with the right attitude, it can also be an enjoyable, even exhilarating experience. Here are some tips to make your home-buying experience positive and less stressful. Preparing to Move Organize Be prepared by becoming knowledgeable. Educate yourself on each step of the process so you know what to expect. Get organized ahead of time. Keep a notebook and calendar dedicated exclusively to the home-buying process. An Excel ...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Don't Get Caught Without Flood Insurance. Tell Congress to Reauthorize the National Flood Insurance Program Congress extended National Flood Insurance Program (NFIP) authority through May 31, 2012. This latest extension was a part of H.R. 2055, a "megabus" appropriations bills to fund the federal government's 2012 fiscal year. NAR is urging Congress to use the additional time to complete work on a 5-year NFIP re-authorization bill (H.R. 1309) to provide certainty and avoid further disruption to real estate markets. Take Action Join the REALTOR Party
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
  I am proud to say as a member and Past President of the Mainstreet Organization of Realtors serving the Chicago, Illinois area, presently serving on the Board of Directors of the Illinois Association of Realtors, and a member of the National Association of Realtors, our daily focus is on protecting the private property rights of all Valued Homeowners in our great nation.  In doing so we work to restore vibrant housing markets and neighborhoods across the country. One of our numerous goals is for Vacant, dilapidated homes renewed, providing safe, comfortable homes for families. Investors, allowed to access credit unavailable because of the current economic crisis. Importantly, people put to work fixing these homes. Finally, neighborhoods stabilized and previously vacant homes contribut...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Good news for homeowners planning a home improvement project this year.  Contractors around the country tell Angie’s List they’re willing to negotiate prices to win jobs from homeowners planning to repair or improve their existing homes. No one wants to spend more than they have to, but when it comes to home improvement, there’s more to consider than dollars. Never hire on price alone. Do your research to make sure you are getting quality work at a good price. 15     Click a city below to find customer reviews, ratings and information on contractors and doctors in your area. AlbanyAsheville AtlantaAustinBaltimoreBirminghamBostonCharlotteChicagoCincinnati ClevelandColumbusDallasDenverDetroitFort LauderdaleGrand RapidsGreensboroHarrisburgHartford HoustonIndianapolisJacksonvilleKansas City...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
A few months ago I had a long term Valued Client decide to stop paying their mortgage to force a short-sale on the home.  This was the result of their home being listed on the market for over a year.  At the time I initially met with them and presented the market evaluation, I showed them how much they were upside down.  Meaning, they owed more on the mortgage than the market potential selling value of their home.  Well, we added all of their selling expenses to their mortgage payoff and listed the home at a price covering all of their potential selling expenses.  Over a year later and no offers, they gave me the permission to reduce the home down to a fair market value.  This home was custom built in 2005 and shows like a model home.  I have an agreement with them to reduce the price $...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
I just read a blog post from a respected Stager asking if I would disclose my knowledge of a Ghost in a home?  When Realtors get together at conferences, we share our fun and interesting experiences in touring homes for-sale.  We tell about the naked people we've surprised, sexual encounters we've interrupted, unusual decors, amazing clutter, treasured weird furniture, and ghost encounters. In over 25 years I have marketed, sold, and toured homes in the Chicago, Illinois area where I knew the Seller had died or was murdered in the home.  In my lifetime I have had two encounters with ghosts.  One was in my personal life, the other (the one I am sharing here) was in my professional life.  First, it was not a frightening experience.  It was a strange experience because only I was tuned int...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Deciding whether or not to hire a professional home inspector or engineer or conduct a careful examination yourself is an essential step before purchasing a house.  It is typically highly recommended that a homebuyer employ the services of a home inspector or engineer before purchasing a home. The option to have a home inspection conducted is usually written into the offer to buy the house, and the sale of the house is contingent on a suitable inspection. This means that the buyer can get out of the contract at no cost if a home inspection reveals anything disagreeable. In deciding whether or not to employ a home inspector or engineer, several factors should be considered. First, consider the house you have contracted to purchase. If the house is new, the need for inspection by a profes...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Government Offers to Review Foreclosure Handling in More than 4 Million Individual Cases Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures. The reviews which were ordered by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve in April of 2011 cover foreclosures handled by most major loan servicers. They are intended to determine whether borrowers suffered financial injury due to improper handling of the foreclosure action and, if so, how much compensation should be paid. OCC has mailed 4 million letters to likely eligible borrowers notifying them of this opportunity. Other borrowers who believe they are eligible for this review of their foreclosure can request application forms by calling (888) 952...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Scammers have targeted delinquent borrowers during the past few years, hoping to take advantage of their desperation and financial inexperience. Their approach typically involves posing as a representative of a nonprofit or government agency who can help with a loan modification or some other form of assistance.  Brian Summerfield shares about Sheri Stuart, education manager at Springboard Nonprofit Consumer Counseling, who says she frequently encounters consumers at courses offered by her organization who have been victimized by these scams. Stuart says she recently met a couple from Southern California at one of these events who’d paid $3,000 to a fraudulent company in an attempt to keep their home out of foreclosure. “It’s disconcerting,” she says. “It has a ripple effect. It not onl...
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By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Mortgage rates continued to push historic lows in November, dropping another .08 points, to 3.99% for a 30-year fixed mortgage. "Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today's homebuyers are paying over $1,200 less per year on a $200,000 loan," said Frank Nothaft, Vice President of Freddie Mac. Although the traditional home-buying season starts in the spring, here are some reasons why listing your home now, rather than waiting, could prove to be a smart decision.On average, the number of home sales in January drops almost by half from the previous year's peak. A house that is priced right and staged well will stand out even more...
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