OwnACondo.com welcomes Denise Arnold, an experienced Realtor® and appraiser, to our team of dedicated professionals.
She brings a wealth of real estate experience to our staff, including 10 years as a certified appraiser and six years as a Realtor® with nationally known companies. Her specialties include:
• Appraisals
• Investors
• Foreclosures
• First-Time Home Buyers
• Condos
• Rental properties
In addition to her real estate qualifications, Denise Arnold also has a Bachelor of Arts degree in communications from Eastern Illinois University. She is a member of the Illinois Coalition of Appraisal Professionals, and said she uses her appraisal knowledge to benefit her clients.
“I am not going to let my clients overpay. If they want to, it won’t be because they were not informed,” she said. A resident of Chicago’s south suburbs, she is married and has one daughter and a stepdaughter.
“The best part of being a Realtor® is working with people, helping them find the right condo or house. I like meeting new people and I have an outgoing personality, which helps in this industry,” said Denise Arnold, who focuses on the real estate market in the Chicago Loop as well as the North Side, South Side, and suburban Cook County.
Denise can be reached at darnold@ownacondo.com if you have any questions or would her to help you find a condo or other property.
First-time home buyers have much to consider when deciding whether to give up renting and purchase a condo, townhouse, or other property rather than continuing to rent.
While interest rates for mortgages are historically low, and property values have dipped considerably as a result of the high number of vacant properties currently on the market, many prospective buyers are understandably hesitant about wanting to take that final step and become homeowners. This is understandable for many reasons, not least of which is the national focus on job losses and foreclosures, which could cause people to worry about the possibility of becoming another sad statistic.
For instance, although mortgage rates have dropped as low as 4.75 percent—something unseen since the 1960s, people with a few dings on their credit scores likely would not qualify for the best rates. Also, mortgage lenders are becoming more circumspect about giving loans. However, everything is relative, and a mortgage rate under 6 percent is still quite good.
The pressure to buy has abated since the first-time homebuyers tax credit was not renewed when its deadline ran out last spring. Now people can take their time looking without being under deadling pressure, although it would have been nice to get the extra tax rebate too.
Of course, no matter what the incentives are, depending on your individual situation, renting a condo is sometimes the best move for the time being. You have to consider whether you plan to settle down for at least a few years, or move in a short time, because a quick turnover might result in a loss of money. Rental condos are commonly found in upscale buildings in vibrant neighborhoods, and are usually much larger and amenity-rich than an ordinary apartment.
If you are looking forward to being a first-time homebuyer, but are just not in a good financial position right now, you have the option of looking for rent-to-own properties, which can be found all over these days because sellers want to have their properties occupied. Many people aiming for home ownership just have trouble saving enough for a down payment, and a rent-to-own agreement can help with that because part of your rent will go toward the down payment. During the rent-to-own contract, usually between 12 and 18 months, you can also work on repairing your credit score in order to qualify for a mortgage loan. In the meantime, you will be living in the home you are working toward buying, and the seller benefits too, because their property is earning them money rather than sitting empty.
An exclusive buyer agency representation is much different than being represented by a traditional brokerage that works with buyers and sellers. An exclusive buyer agency only represents buyers. The sole focus of the agency is buyers' and making sure that they get the home of their dreams at the price of their dreams. An agency of this representation will typically provide the buyer with a presentation so that the buyer understands exactly what services the buyer agency will provide.
The first step is discussing the buyer agency representation. You will be presented with all of the state-required agency forms to help you understand the legal relationship between the agent and the buyer. The agent will also discuss the advantages of an exclusive buyer representation. The next step would be to cover all of the resources the company has to offer to make the home buyer experience as easy and convenient as possible.
It is always important to make sure that the agent covers fair housing laws and equal opportunity to ensure the client that the agency takes this very seriously. The agent will cover some of the agency laws to make sure the client understands that there are some things an agent cannot do for them because it is against fair housing laws. The agent will then explain the process of mortgage pre-approval and the importance of getting pre-approved before the search process begins.
The next step is really to discuss the search plan. The agent will map out the process of locating the home to finding the right home to negotiating the best offer to purchase the home. This can often times be a lengthy process which can get side tracked very easily. It will be the agents’ responsibility to make sure the clients stay on track with the home buying process.
Once the contract gets accepted, it will be the real estate agents responsibility to ensure a smooth closing. The agent will explain the closing process and what documents are needed. The agent will also advise the buyer to contact a lawyer to represent the buyer legally throughout the closing process.
The agent will not only explain the process of securing a new home, but they will also cover the differences between an exclusive buyer agency and what one can do for you vs. a traditional brokerage that works with buyers and sellers. The agent will cover the advantages of working with an exclusive buyer agency. At the end of the presentation the buyer will have a clear understanding of the agency relationship.
Closing costs are something that must be considered when buying a condo or house, especially because they have been rising across the country in 2010.
However, many buyers, especially those going through the process for the first time, are not even sure what closing costs encompass. Essentially, closing costs are the fees that must be paid for items required by the lender as conditions of the loan. They include the cost of title searches, loan applications, recording the deed, appraisals, credit checks, homeowner’s insurance and mortgage insurance.
The total amount of closing costs vary because they are a percentage of the cost of the property being bought, usually between 3 and 6 percent. Prior to the closing, it is advisable to ask your lender for at least an approximate cost, so you will have an idea what to expect and will come prepared. In some cases, a motivated seller agrees to cover the fees for a cash-strapped buyer, but that doesn’t always happen.
Furthermore, the average mortgage closing costs have been increasing across the country in 2010, according to an online survey by personal finance company Bankrate Inc., which released its findings in August. For instance, the closing costs jumped 40 percent in Illinois in 2010. For instance, the origination and third-party fees on a $200,000 mortgage added up to $3,505 in the 2010 survey, up from $2,486 a year ago.
The story was similar across the United States, which saw, on average, a 36 percent increase in closing costs over 2009 numbers. Bankrate attributed one of the reasons for the increase to the new regulations implemented in January. Lenders now must provide an estimate of title and closing fees within 10 percent of what the final cost will be, or they will risk penalties. The regulations require more labor in getting a loan together, but they are meant to benefit people financing a condo by providing them with as much information as possible before the closing.
In the Bankrate survey, which assessed average closing costs in the 50 states plus Washington, D.C., Illinois ranked as the 43rd most expensive, and moved up to 31st with the increases this year. But still trails behind New York, which was found to be the most expensive, with an average fee of $5,623. The survey excludes property taxes, recording fees, homeowners insurance and prepaid items such as a partial month’s mortgage interest. It also does not include any discount points.
You want a Realtor with excellent negotiating skills to help you get the best deal possible. Because after all, if you have your heart set on buying a condo that you really like, you don’t want closing costs to be a deal-breaker.
Moving into a home can be an exciting yet emotional time; however, moving all of the belongings into a new home can be very stressful if not done in an organized and efficient manner. There are some important things to remember and steps to follow when moving to a new home.
It is always a good idea to purchase some form of notebook to keep all of your notes from the move. You will want to include any reminders and/or “to-dos” on this list. You will also want to make sure you save some paper so that you can take inventory of all of your personal belongings, before moving into your new home. This will come in handy whether you hire movers or you move all of your belongings yourself. Also, make sure to keep all moving papers and receipts. On another tab of the notebook, make a list of the people and companies that you will need to notify that your address has changed. Also, fill out the necessary paperwork at the post office to forward all of your mail to your new address.
There are some important phone calls you will need to make before moving into a new home. You will need to decide if you will be moving on your own or hiring movers. If you decide to hire movers, you will need to call them and explain to them approximately how many items you have, how large a vehicle you need, how many movers your move will require and what the distance is between locations. You may need to purchase additional insurance. Find out how much your movers will cover and then contact your insurance agent and ask if your homeowners policy can apply to moving your household goods.
Now it is time to pack. Figure out what can be tossed or given away and what is coming with you. You should start collecting boxes and adding your belongings to the box. Pack one room at a time and make sure to label each box with the room it belongs in and the items or category of the items in the box, so that it is easy to unpack it all.
The last thing you will need to do is call the movers to confirm the time and day and off you go to your new home. By keeping and staying organized with the moving process, you will not only save time and money on your move but you will be more efficient and save time as well.
While it is understandable that the present economic climate seems to be causing many people to put off plans to buy a condo, or any other piece of real estate, the benefits of condo ownership can trump any concerns.
Despite the frequent “doom and gloom” media reports about the economy in general, this is actually a pretty good time to buy condos, for a number of reasons. This is especially true for first-time homebuyers who do not have to wait until their current home sells. This is because condo prices are generally lower than they have been in recent years, and just as good is the fact that interest rates are staying low too, about 5 percent in many cases. Prices are bound to go up, as the housing stock on the market is depleted, so it would a shame to miss out on a good deal now.
There are tax advantages to owning a condo, rather than renting, in part because mortgages and some other costs can often be counted as deductions when income tax time rolls around, while rent cannot. You will need to consult an accountant or other professional to get the details. But aside from the financial perks, there are other benefits of condo ownership too.
If you own the condo or town home you live in, you can decorate the interior practically any way you want, without having to get permission from a landlord. So go ahead and paint the walls purple if that is what you want to do. Of course, condo associations do have rules that must be followed, so you might not be able to replace windows or hang laundry on the balcony, depending on what the rules are. Mainly, the condo association provides direction regarding condo repairs or any changes or activities that affect common areas, neighboring units, or the building exterior. But the good thing is, as a condo owner, you have a vote in the decision-making for the whole building. So you can work to change any rules you do not like.
Having equity in your home is also one of the many benefits of condo ownership. In other words, you are investing in your own property, and with any luck, you will get a nice return on your investment when you decide to sell your home. While renting a condo or apartment can be the right thing to do depending on your circumstances, you won’t get anything back when you leave, no matter how long you are there.
Moving into a new home is a very excited moment in life. The keys are yours and all you have to do is unpack right? The answer is no, before you decide to sit back and relax, you will want to make sure some very important tasks are taken care of after you move into your new home. This way you can enjoy your home and you will not be left with surprises. It is a good idea to come up with a checklist of things that need to be done after the move.
First of all, it is important that you contact the utility companies right away. This can include gas, electric, cable, telephone, garbage service and any other providers for your home. You need to ensure that the service is in your name. You should also call and check what day your garbage will be picked up and when all your bills are due. You will want to make sure to contact insurance companies, including household, health and auto. It is a good idea to find out if you are currently covered or if you need to create a new policy with another company. This step is especially important if you are moving out of state.
Now that the utility companies have been called, it is always a smart idea to do a run through your home. This includes finding your main circuit breaker. You should know where this is and also label the circuit breaker as well. Another thing that is important after you move in to your new home, is making sure that all your furniture has protective covers under furniture legs. You want your floors to stay new and be protected. Make sure there is a fire extinguisher and let everyone know where it is located. If the home does not come with one, then you should go to the store and purchase one.
Once you have done your run through your home, it is time to make sure that you contact your DMV and get a new drivers license, tags and plates for your vehicles. You will also want to contact the post office and make sure that your mail is being forwarded and that you have registered your new address. By making a mental checklist of all these duties that you need to do after you move in to your new home, and making sure to complete these tasks you can be rest assured there will be no surprises down the road. Now you can sit back and relax and enjoy your new home.
Great news for first-time home buyers and repeat buyers! The federal government’s popular First Time Homebuyer Tax Credit has been extended into 2010. The government has also established a new Move-Up and Repeat Buyers Tax Credit.
Home shoppers, lenders, even staff at title companies, were racing—and bracing—for the previous deadline for first-time buyers, which was due to expire November 30, 2009. The new deadline is April 30, 2010, and applies to both tax credits.
The First Time Home Buyer Tax Credit is equal to 10 percent of the home’s purchase price, up to a maximum of $8,000. The Move-Up and Repeat Buyers Tax Credit is equal to 10 percent of the home’s purchase price, up to a maximum of $6,500.
Eligible properties include condos, townhomes and single family houses that are to be used as primary residences by the recipients of the tax credit. In both programs, the purchase price of the home must be $800,000 or less. Contact mortgage specialists for more information. Purchasing a condo or other place of your own is a process. There’s the research, the shopping, the financing, the closing…it’s an exciting process, but it’s important to keep in mind each step takes time."
For purposes of these tax credits, the government defines a first-time buyer as "Someone who has not owned a principal residence during the three year period prior to the purchase."
The definition of a repeat buyer is "A home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date" (of the new property).
Generous income guidelines apply for the extended First Time Home Buyer Tax Credit and the new Move-Up and Repeat Buyers Tax Credit. Contact any of our preferred
"We’re very pleased that the extension has been given to first-time buyers, and that the new credit is in place for move-up and repeat buyers," says Brian Kuzdas, owner and founder of OwnACondo.com.
"Still, it’s extremely important for people in either group to remember that these credits are temporary, and that strict deadlines still apply," he says. "
Qualified buyers claim the First Time Home Buyer Tax Credit or the new Move-Up and Repeat Buyers Tax Credit on their federal tax returns. Generally speaking, both programs are relatively easy to understand. If your tax return shows that you are due a refund, the refund will be increased by the amount of the credit. If your tax return shows that you owe taxes, the credit can be used to satisfy all or a portion of what you owe.
Illinois residents may also qualify for the Home Start Loan Program, which offers qualified buyers a choice of a 30-year fixed-rate loan or a down payment assistance loan.
Contact OwnACondo.com for additional details about all these programs.
If you are looking for a low-maintenance lifestyle, maybe in a popular downtown location there is no better place to look than Chicago condos for sale. Living in a condo in downtown Chicago can offer many benefits that you will not find in a home in the suburbs. They can offer more plentiful amenities, such as snow removal and lawn care maintenance, and an active close-knit community. All of these offer a different lifestyle that many find appealing.
Chicago condo listings are poised to take off due to the economic policies our government has put in place to encourage home or condo ownership. Congress passed an $8000 non-repayable tax credit this year which will give Chicago a shot in the arm in housing activity. The credit is available to anyone who has not owned a primary residence during the past three years and is equal to 10 per cent of the home’s purchase price up to a maximum of $8000. It is the perfect incentive for first time homebuyers who are interested in owning their own home or condo in an exciting city as Chicago.
Chicago condos for sale are seeing a great deal of activity. Owning a condo has many things in common with owning a traditional home, but it is the differences that count. Cities like Chicago can offer a diverse style of living that may not be for everyone so it is important before you make that jump into condo ownership that you know what is important to you regarding your personal tastes and lifestyle. Recently the Chicago Tribune reported new housing and condo developments have undergone a record seven month decline, which may be the reason the Chicago condo market is somewhat stable. The lack of new developments has helped to slow a glut in the housing and condo markets for Chicago and we are beginning to see prices stabilize. I am hearing from many potential condo buyers that they expected a big collapse in prices so they could pick up a condo cheap but they now think that collapse may never happen. We could very well be at the bottom of the housing market which means there is no way to go but up encouraging buyers to get in the market for those great deals before they are all gone.
There are many Chicago condos for sale in a variety of communities and neighborhoods. Chicago is known for its ethnic groups and communities and condos are being built or re-furbished in almost all of these areas. If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!
An extension of the homebuyer tax credit is assured, now that both the Senate and House of Representatives have passed the measure. President Barack Obama is expected to sign the new homebuyer tax credit bill on Friday, Nov. 6.
The Senate's 98-0 unanimous approval of the measure on Nov. 4, followed by passage in the House on Thursday by a 403-12 vote the following day, is an indication of how popular the program is. It is attached to a bill that will also give 20 weeks of extra unemployment insurance to people who have been jobless since last year.
Only first-time homebuyers were eligible to benefit from the original tax credit, which was first offered as part of the Housing and Economic Recovery Act of 2008. At that time, a $7,500 first-time home buyer tax credit was available for those who purchased a home between April 8, 2008, and July 1, 2009. Then, under Obama's American Recovery and Reinvestment Act of 2009, Congress raised the credit to $8,000 and extended the deadline to Nov. 30.
The extension of the homebuyer tax credit, as stated in House Bill 3548, makes the program available to many current homeowners as well as first-time home buyers. First-time buyers (or anyone who hasn't owned a home in the past three years) would still be able to get the $8,000 credit, and current qualified homeowners could get a tax credit of up to $6,500. The lesser amount would be available to homebuyers who have been in their current residence for a consecutive five-year period in the past eight years. To qualify for the tax credit, participants must meet certain income limits and would have to sign a purchase agreement by April 30, 2010, and close by June 30.
Under the new bill, intended to help spur activity in the slumping real estate market in Chicago and elsewhere, qualifying income levels have been raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, from the current $75,000 and $150,000.
The maximum purchase price allowed for any house or condo would be $800,000, and only for principal residences, so vacation homes would not qualify.
According to the National Association of Realtors, which has been lobbying for an extension , as many as 400,000 resale transactions (out of 1.2 million homes sold through the program) were completed specifically because of the first-time home buyer tax credit, thereby helping to clear up the glut of available properties. Supporters believe the benefits of extending and expanding the tax credit will outweigh the cost, which could amount to as much as $10.8 billion in lost taxes.
According to U.S. Treasury statistics released in October, about $8.5 billion in refunds have already been claimed for new and resale homes. Provisions to curb fraud were added to the extension of the homebuyer tax credit after the Internal Revenue Service identified 167 suspected criminal schemes and began examining more than 100,000 potential civil violations of the program.
