Frankfort, IL Real Estate News

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...
Comments 0
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...
Comments 0
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...
Comments 2
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...
Comments 4
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
SPACE HEATER SAFETY TIPS My good friend Rich the Home Inspector reminds us...   During the fall and winter months, space heaters are an effective way to provide temporary or supplemental warmth in a home or garage. Space heaters, however, by their very design and portability present shock, fire and burn hazards when used incorrectly and special precautions must be taken whenever they are used. The following tips for the safe use of space heaters issued by the Canadian Standards Association (CSA) are applicable to all homeowners: Selection: When purchasing a new heater, ensure that it has been tested and certified to the applicable standards by an accredited certification organization. Instructions: Always follow the manufacturer's installation and operating instructions and all warning...
Comments 3
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
NATIONAL RADON MONTH – DID YOU SCREEN THIS MONTH? It's not too late! My good friend Rich the Home Inspector reminds us...   January is National Radon Month – a designation intended to raise awareness about the hazards of radon and the need for all homeowners to test their home for radon. Radon is an odorless, colorless radioactive gas, which is formed by the natural breakdown of uranium. Radon can be found in high concentrations in rock and soil that contains granite, shale, phosphate and uranium, or even fill soil containing industrial waste. Radon can be present in ANY area and in any home. The source can be the radon in the soil or building products used in a home. Studies show approximately one in 15 homes in the United States and Canada has high levels of naturally-occurring radon...
Comments 0
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
A NEW YEAR’S RESOLUTION – MAKE YOUR HOME HEALTHY AND SAFE THIS YEAR! My good friend Rich the Home Inspector reminds us...   One of the most common resolutions people make every year is to take better care of their bodies, either by losing weight, quitting smoking or exercising more. Another resolution that may be easier to stick with is to better take care of your home! When you consider the amount of time your family spends at home, it makes total sense to give your home an annual physical to make sure you are doing what is needed to keep your home and your family healthy. HouseMaster has prepared a list of some basic items to check to help assist you in performing a “physical” on your home. Security Alarms/Detectors. Check all safety and security alarms. If tied into a monitoring sys...
Comments 0
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
John Riha reminds us - “It’s the little things that tend to trip up people,” says Frank Lesh, former president of the American Society of Home Inspectors and owner of Home Sweet Home Inspection Co. in Chicago. “Some cracked caulk around the windows, or maybe a furnace filter that hasn’t been changed in awhile. It may not seem like much, but behind that caulk, water could get into your sheathing, causing mold and rot. Before you know it, you’re looking at a  $5,000 repair that could have been prevented by a $4 tube of caulk and a half hour of your time.” Maintenance affects property value  Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, overall property values are affected.“If a house is in worn condition and shows a lack of...
Comments 7
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Attorney Filisko reminds us - Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings. 2. Stow away your clutter  It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of www.StagedHomes.com in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table. 3. Scale back on your fur...
Comments 2
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Carl Vogel lives in a very unique home in Chicago, Illinois.  He appreciates what a good strong comparable can offer and reminds us - Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours. What makes a good comparable sale? Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, an...
Comments 0
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Attorney Filisko reminds us - Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors? 2. Research before you look  List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view. 3. Get your finances in order Generally,...
Comments 0
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Attorney Filisko reminds us - Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children. 2. Develop your home wish list  Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping. 3. Select where you want to live M...
Comments 0
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Attorney Filisko reminds us - As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.  2. Factor in your downpayment How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home's cost, you may not have to get private mortgage insurance, which costs hundreds each mo...
Comments 2
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Attoney Filisko reminds us - You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the loan you need to fund your home purchase. Plus, intentionally lying on a mortgage application is a crime. 2. Hold off on big purchases Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t weakened. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, or depleted your savings, your credit score may have dropped enough to make your lender change its mind on funding your home loan. Although it’s tempting...
Comments 1
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Attorney Filisko reminds us TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house.   Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs. Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends? 2. Price the cost of repairs and remodeling before you make an offer Ge...
Comments 0
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Did you resolve that 2012 is the year you own your own home? Making this type of purchase requires a lot of planning. Realtor® Robin Jones of Norfolk, NEgives some first steps on getting ready to be a homeowner: As promised, my next few posts will be about how to prepare to buy a home. Today we’re starting with what you’ll need to do one year out to start getting ready. No surprises…it’s all about credit. 1. Review your credit report. You can get free copies of your report from Equifax, Experian and TransUnion at AnnualCreditReport.com. It’s important to get all three because some may show different things than others. Look carefully for errors. It’s up to you to make sure they’re removed. They affect your interest rate and your ability to get a home loan. 2. Check your credit score. Y...
Comments 4
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
If you’re contemplating buying your first place, try to stay within your comfort zone and not get swept away.  As local real estate expert in Chicago, Illinois area, I want my valued buyers to have access to the right information to make better decisions.  1) Don’t Guess …. Determine what you can afford: Figure out your financial comfort zone,  before  you really start looking for a place to buy.    Start by jotting down the basics:  your  income,  savings,  any portfolio investments …  account numbers,  income tax returns …  along with a list of contact names and numbers  for any banks/loans/investments .  Make a list of  expenses …  Include groceries, gas, car payments, insurance premiums,  loans you are in the process of paying off (including credit card balances).    Those will hel...
Comments 2
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Planning a trip to Chicago in the near future?  Here are some links to some fun things to do while hear.  You'll discover why it is my kind of town! http://chicago.cubs.mlb.com/chc/community/rink_at_wrigley.jsp http://www.chicagosketchfest.com/ http://www.newlenoxparks.org/component/jcalpro/view/126/1 http://www.villageoffrankfort.com/assets/pdf/events_2012/Winter%20on%20the%20Green%202012_Single%20Sheet.pdf
Comments 0
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  "Winter on the Green" to be Held in Frankfort, IL on Sundays, January 8th to February 12th, 2012              Breidert Green, located at Ash and Kansas Streets, in the historic downtown region  of Frankfort, IL, will once again be the site for the "Winter on the Green" series of festivities starting this weekend on January 8th.       January 8th, 2012  -  Between the hours of 1 pm to 3 pm, professional ice sculptors will be hosting demonstrations of their sculpting expertise.  You can see displays of their work throughout the downtown while riding on a heated trolley ... all FREE of charge.       The Illinois Alaskan Malamute Rescue Association  will also be in attendance.  Visitors to the "Winter on the Green" festivities will be able to interact and meet with the dogs and learn of t...
Comments 6
By Dale Taylor, Realtor = Chicago Illinois Homes Townhomes Condos
(Re/Max 10 New Lenox Illinois)
Hawaii home owners tend to take on the most debt in their home purchases with an average home loan amount of $677,299, according to a recent study by LendingTree.com, which revealed the average loan amounts on residential real estate purchases in 2011. That means the average home owner in Hawaii would have a monthly payment of about $3,234 for a 30-year mortgage, before taxes and insurance, according to LendingTree data.  Meanwhile, in Mississippi, home owners take on the lowest loan amounts at $137,182or $655 monthly mortgage payments, on average.  The national average for a home loan is $222,261 with a $1,061 average monthly payment for a 30-year mortgage at 4 percent, according to LendingTree.  The following are the top states with the highest loan amounts, including the average clo...
Comments 0