The Importance of Finding the Right Mortgage Lender
Buying a home is probably the most expensive purchase you will ever make. Choosing the right mortgage lender can reduce the stress and cost of your undertaking. There are four steps that will get you there. The four steps that I will discuss involve; finding a reference, calculating the costs, paying attention-doing your research and negotiating. Following these steps will make buying a home less stressful and more successful!
What better way is there to find a lender than getting a reference from someone you know. You always want to make sure that you are dealing with a reputable company. Talk to your friends, family, neighbors and co-workers who have recently bought homes. Ask them about their mortgage experience. With a short list in hand, start calling all of the lenders. The local companies who are familiar with the market, will be able to give you more accurate estimates. Then do a search online for competitive programs to see if you can get a better deal.
You also want to make sure that you calculate the costs correctly. Ask each lender about the interest rates, programs, points and a list of the fees and costs. Make sure that you ask each lender the same questions. This way, when you are done, you can compare the costs.
Alway pay attention to what is going on in the market and do your research. Does the lender seem to know his/her business? Will he or she be able to answer all of your questions? Are there signs that the operation is disorganized? Is the lender available when you call, and are your calls returned in a timely manner? If you are not comfortable with your chosen lender, then move on to someone else.
Once you have found the right mortgage lender, it is always a good Idea to negotiate the interest rates and fees. The lenders offer many include extra costs added to the interest, points or fees. This money then goes into the loan officer’s pocket after closing. Ask if any of the costs can be reduced and taken out completely. Then consider locking in the program so that the mortgage rates don’t rise. Go with your gut and make sure you do your research. For more information about choosing the right lender, please visit our website at www.OwnACondo.com.
If you do not follow these very simple steps, then you could end up wasting a lot of time and money through this already expensive process. Take the time to do it right and the rewards and benefits will follow.
Condos in the Chicago area
Condos in the Chicago area
Being a prospective home buyer looking for condos in the Chicago area can be both fun and intimidating at times, due to the number of options available. Of course, location and price are always the most important considerations, but seeing so many attractive luxury condos in prime locations can be tempting, even if they are a bit out of your price range.
It can be fun perusing the upscale developments in prime locations near downtown, the Magnificent Mile and the lakefront, or even in easily accessible suburbs. Many of the luxury condo high-rises offer attractive amenities such as pools, state-of-the-art fitness centers, and concierge service. Being so close to all the nightlife, shopping and cultural activities that Chicago has to offer is an added value, and the views of the city and Lake Michigan from the balconies and rooftop gardens can be breathtaking.
But when it comes to financing a condo, there is no need for a prospective buyer toget discouraged if the most expensive condos in the Chicago area are a little out of his or her desirable price range. Prices can vary a great deal, even within neighborhoods. So it is possible to find an affordable place in nearly the same location, still close to everything but having perhaps a few less amenities, but a more manageable price tag. Bargains can be found, especially if people are willing to expand their searches beyond the trendiest of neighborhoods. Many attractive condos and lofts in distinctive buildings, both newly built and renovated, are available in such up and coming, or gentrifying neighborhoods like the South Loop, Bronzeville and others.
Furthermore, there is no time like the present for buying condos in the Chicago area. Besides the fact that interest rates remain low, and a wealth of available properties makes it a buyer's market, now would be a good time to take advantage of the $8,000 tax credit for first-time homebuyers has been extended through April, as long as the deals are closed by June. The tax credit program has even been extended to include existing homeowners, who now may obtain a $6,500 tax credit.
Both programs require applicants to meet certain income limitations. The income limitations for first-time home buyers are $75,000 for single taxpayers and $150,000 for married couples filing jointly. To get the full $6,500 credit, current homeowners may earn up to $125,000 annually as single filers, or $225,000 for joint filers. Those who make ore than that can get reduced tax breaks.
Real estate auctions are another great way to get great deals on condos in the Chicago area, because they bring motivated sllers and buyers together.
Real Estate Auctions Can be a Fun Way to Spend an Afternoon
You can feel the buzz of excitement in your bloodstream. The auctioneer starts naming prices, rolling through each bid in a rollicky voice that almost seems musical enough to dance to.
Hands get waved, and bids go up, until that climatic "sold" goes through the auction house and another sale is landed. Real estate auctions are special places, not only for their sheer novelty, but their incredible powers to move real estate quickly, presenting advantages to buyers and sellers alike.
At real estate auctions, everyone present is on the same page and given the same considerations. Buyers are excited about the potential to buy real estate at a discounted price.
Services of a Realtor
When it's time to put your house or condo on the market, many people wonder if they are better off selling as a "by owner" or using the services of a realtor. The reason for the quandary is typically a financial one. It is a common myth that the seller will net greater proceeds from the sale of their own home or condo if they sell it themselves. In reality, buyers are typically looking for the "by owner" to drop the price of the realtors commissions as much as 6=10% below the price of comparable homes listed by real estate companies. Buyers can find a more selection of homes and a more trusted sale if they use the services of a realtor.
What are some of the benefits of using a Realtor?
- Your Realtor can help you understand the home selling process from putting your home on the market through closing.
- Advises you as to the right price for the home based on their knowledge of what comparable homes sold for in the last 6 months to 1 year.
- Assists you in determining the necessary home improvements required to get you property in the best selling condition possible and at the lowest possible cost to you.
- Develops your personalized marketing plan and places your home in the Multiple Listing Service to reach as many qualified buyers as possible.
- Handles the showing of your property so your schedule is not tied up keeping appointments with prospective purchasers.
- Negotiates the offer to purchase objectively to obtain the highest possible price for your home.
- Leads you through the home inspection phase and negotiates on your behalf
- Tracks the various stages of the sale from contract to closing.
- Coordinates with all parties involved to provide all the information needed to bring the sale to a successful close.
When using the services of a realtor these are only a few of the things they do for you, the seller. Selling your home is a big deal and most people don't sell more than two homes in their lifetime so it is not something in which they develop an expertise. There are ever changing laws, ethical considerations and practical considerations that most home sellers do not want to learn through trial and error. Your home is most likely your most valuable financial asset and the last thing you want to do is jeopardize that, it's just not worth the risk.
OwnACondo.com’s first Real Estate Auction
November 8th was a big turning point for OwnACondo.com. This was the day that our First Real Estate Auction took place. We booked the event at the Chicago Marriott hotel in Oakbrook, with the expectation for between 150-180 people. The room was packed with just about 200 people. The overall event that took much preparation, paid off big in the end. We auctioned off 9 properties that were reserve and three of those nine became absolute during the middle of the bidding process! The sellers and bidders were happy in the end! We also interviewed the spectators that attending the event and they were very impressed as well.
We planned on auctioning off anything from vacant land, to condos, to single family homes. We ended up auctioning off single family homes and condos. It is not the type of the property we are concerned with however, it is the value of the property and how it is auctioned off. We certainly want more absolute properties in this next Real estate auction as we can be more choosy with the properties the second time around. Most of the properties in the first auction were reserve bidding, so there was never any guarantee that the seller would accept the offer. With absolute bidding, it is safe to assume the property will sell.
Many people participated in the real estate auction and were glad they did. Those that did not participate but came to watch were blown away and because the event was put together so well, new investors and banks are looking to put their properties in the next auction. We have already started to plan for our upcoming auction that is set to take place on January 30th with a location that is yet to be determined. Properties however, are pouring in and the buyers who are all on- board, have that date already blocked out.
Although this real estate auction went very well, we are always looking to improve on the experience and look to see how we can do things better. We also felt that it is important to build on the things that we feel went well and make sure that they are just as great for the next auction. The second time around we are looking to perfect the process, get our systems in place, and be one of the best Real Estate companies to partake in real estate auctions. Please visit our website at http://www.ownacondo.com/ for more information on our upcoming auctions and list of available properties.
Miami Green Condos
There are thousands of homeowners discovering the benefits of environmentally conscious construction and Miami green condos. Building experts and local developers predict that, as the cost of energy rises, consumer demand for so-called "green buildings" will grow. Also, as new building technologies come into wider use, the overhead cost of developing green buildings will drop and become the industry standard. Because green building results in energy cost-saving, healthier surroundings and more durable construction, they're the future of condo construction. But there are two stumbling blocks. For green condos to catch on, developers have to gain experience working with the new energy-efficient, cleaner technologies to break the cost barrier. Second, realtors and developers have to educate consumers on what they are getting when they buy green.
Most consumers want what is considered today as a high-performance home. In the context of Miami green condos it means a home that is safe, healthy and durable using resources efficiently. Green condos are actually greener than the greenest single family homes. With their high residential densities, they take up less space and preserve open land. In addition, urban condos are closer to metro stations, bus stops and bike trails which discourage people from relying on cars to go everywhere. Additionally, multi-family buildings are inherently green because fewer resources per unit are used to construct and to operate.
The technology today has exploded to cover almost every aspect of construction, materials, landscaping and energy renewal. Home and condo builders today boast many green features, including healthier paint and carpeting, recycling of construction waste, lots of natural light, high efficiency appliances and systems, water conserving fixtures, use of renewable materials, minimal water use landscaping and "green roofs" that help moderate temperature while reducing and filtering water runoff. Architects, developers and builders are all looking at ways to reduce carbon emissions and waste with the long term goal of creating buildings and technologies that produce more energy than they consume. Builders are aiming to offer condo buyers green buildings in the same price range as what they would expect to pay for an old fashioned, non-green condo in the area. It is a bold step for the building trades but they are up to the task to produce a high quality product that is cost effective and the market will ultimately embrace Miami green condos
Today some buyers are questioning investing in green condos. Green condos are not only fuel-efficient and environmentally friendly but save a lot of money. Who knew that being green could be so economically rewarding? So what's the question!
Owning your own Home
No one knows what the future holds for you, your family, your job or your finances. But owning your own home is a part of the American dream. This concept of the American dream is so deeply ingrained in our psyche that we sometimes may not make the right decision at the right time in our lives. When making this all important decision to buy that first house or condo it is important that you know all you need to know to make an informed decision.
One of the first things you need to know before you start thinking of owning your own home is if it is the best choice for you. There was a time that very few Americans owned their own homes. It has only been relatively recent that home ownership was available to the masses and that availability is increasing every day. Financing has become must easier to obtain and potential home owners are becoming much more financially savvy than any other time in our history. With all of this it is still wise to look at owning your own home as a financial transaction. There are definitely economic differences in renting and owning. At one time you could get a better return in the stock market but nowadays with the uncertainty in the financial markets that may not a valid argument. On the other hand, Uncle Sam offers some tax deductions the stock market cannot duplicate. Each year as a homeowner you can deduct part of your mortgage interest and real estate taxes if you exceed the standard deduction which most homeowners do in the first few years of their mortgage. This can be a windfall for most first time home buyers because most will receive a tax refund for those first few years.
When you have decided that owning your own home may be a good decision look at some of the pluses in which a dollar value cannot be assigned. First of all there is the pride of ownership. It is by far the number one reason people ultimately buy their first home which gives you that sense of stability and security that you have made an investment in the future. By owning your own home you have the freedom to paint the walls whatever color you desire and crank up the stereo without fear of your neighbor pounding on the ceiling to be quiet. You can choose the decorating that best suits your tastes and change them whenever you like. Owning your own home is a part of the American dream and who doesn't like for dreams to come true.
Condo Auctions Make Quicken the Buying Process
Buying a condo can sometimes feel like you are stuck in traffic. There always seems to be yet another lengthy piece of paperwork to process.
You can spend months batting it back and forth in negotiations with a seller, only to see the ball get dropped at the last minute. Tracking down each condo from one day to the next can also eat up a lot of time, further stretching out the process.
If you are tired of the courting process that buying real estate can often involve, you might want to consider condo auctions. It's a much easier process that gets the ball rolling. Auctions simplify the transaction down to a few simple steps, getting it over and done with a completed sale by the end of the day.
Condo auctions bring buyers and sellers under the same roof through an accelerated process that can be of interest to both parties. Buyers have already been qualified, and properties have already been inspected to insure that they are immediately ready for use.
Homebuyer Tax Credit
Congress has extended and expanded the homebuyer tax credit. Certainly good news for buyers, sellers, lenders and real estate agents since the credit is designed to give the real estate and mortgage industry a much needed shot in the arm. As with most of what our government does there are always some questions about who is eligible and exactly what one can expect.
The homebuyer tax credit now runs until April 30, 2010, a six month extension from the original program which is hoped to add another approximately 350,000 purchasers to take advantage of the program. The program has been extended to include current homeowners which should expand the number of people taking advantage of the program to over 500,000. There are some key areas and questions that need to be clarified for those thinking now may be the time to make a move as a first time buyer or current homeowner looking to find another home.
Existing homeowners must have used the home sold or being sold as a principal residence consecutively for five of the previous eight years. It does not matter if your new house costs more or less as long as you meet the above requirement. Your credit as a current homeowner will be $6500 or $3250 if married and filing separately. Income limits have also been increased to include more people eligible from $75,000 for single and $150,000 married to $125,000 single and $225,000 for married. In the original plan there was no limitation on cost of the purchased home but that has now changed to a $800,000 purchase price which is well above the median price of homes. The original plan called for the home to close no later than December 1, 2009 but the new plan has been expanded to include any home that has a binding contract to purchase in effect on April 30, 2010. The purchaser has until July 1, 2010 to close to be eligible to receive the tax credit.
The homebuyer tax credit is an effort to jump start the housing market and hopefully more than the half million expected homebuyers will take advantage of the program. With the volatile stock market and unemployment rising any advantage is a welcome addition to helping us get back on our feet. As many economists have said, the strength of the housing market is an indicator of economic activity and the economic strength of this country.
