Real Estate Information Archive

Blog

Displaying blog entries 91-100 of 106

Four Short Sale Myths

by Rose Price

The nations economy has been faced when financial challenges, and Champaign, IL has been affected as well. This has unfortunately has made foreclosures and short sales common place in today's real estate market. Even though it's very common to see short sales and foreclosures on the Champaign, IL market, much of the information regarding these types of homes is outdated or simply untrue!

Here are some of the top misconceptions of short sales:

Short sales can take up to a year to close. This is simply not true. It can take 7-10 days for the lender to acknowledge receipt of the complete short sale package, which consists of personal seller documents and related real estate items, including the buyer's short sale offer. Once a negotiator is assigned it can take an additional 30 to 45 days for a BPO or appraisal. After this has been completed usually another 2 to 3 weeks for management / investor review and short sale approval.

If you purchase a short sale, you will end up paying too much.  Some listing agents may set a short sale below market value, this is a tactic used to attract multiple offers. Remember that a listed price on a short sale is fabricated, because you won't know how much a bank will accept until the offer is submitted. However, most banks will consider a price at a minimum of 90% of market value.

Lenders of a short sale won’t accept a discounted payoff. Many sellers are often surprised to learn that in markets where prices have fallen over a 5-year-period, a home might be worth 50% or less of its original value when the seller bought it. Lenders know about these declining markets and will do their own research about value and typically come to the same conclusion. The value of the home is not based on the amount of the mortgage; it's based on recent comparable sales.

Short Sale Sellers Must Be in Default Before the Bank Will Approve a Short Sale. The lender will approve a short sale based on the seller's hardship and the value of the home. Many sellers may struggle to make the monthly mortgage payment, but have not fallen behind in their payments. It is true that sellers in default receive immediate attention, but a seller can also pay a mortgage payment on time each and every month and still qualify for a short sale.

Do you have questions about a short sale? Contact your premier Champaign IL real estate professional today to see if this type of purchase is a good fit for you and your family!

 

Rose Price, CIPS, CRP
Prudential Landmark Real Estate
Champaignrose.com


    Search for Homes in the Champaign Area 

    Featured Champaign Properties 

    Champaign Condominiums

    Selling Your Champaign Home

    Champaign Real Estate Market Information



    Let’s Connect!


    Facebook 

 

 

**

Why I Work by Referral in Champaign, IL

by Rose Price

Relationships Are More Important Than Transactions.

If you are shopping for a home in Champaign, IL, you may have noticed that many real estate agents take a transactional approach to sales-identifying clients, closing the deal, and then moving on to the next one. I choose not to work that way because I believe you deserve more from the professional you decide to work with. That is why I work by referral and have testimonials from happy clients here in Champaign, IL.

Since my primary source of new business is referrals from people who know and trust
me, I don’t have to spend precious time prospecting and promoting myself. I can dedicate
myself fully to the activities that benefit you most, and always deliver truly exceptional
service.

You Control My Business

I know that I must earn your future referrals, so I aim to exceed your expectations. I
have vested interest in making sure that you are completely satisfied at the end of our
transaction together. I want you to be so “fired-up” that you can’t wait to tell your friends
and family about me and the fantastic service you received.

When you come across an opportunity, I appreciate you referring me to great people like
yourself, who would benefit from the excellent service and personal attention I provide.

Service After the Sale

I devote myself to serving the needs of my clients before, during and after each sale.
Instead of disappearing after the closing, you can expect me to keep in touch. I will be
sending valuable information to you each month, and will also be calling from time to
time just to check in and see if you need anything.

I hope you will turn to me for help with any of your real-estate-related needs because it is
such a privilege to work exclusively with people like you who I admire and respect, and
who value the service I provide.

Working by referral is all about trust. And let’s face it, when we are seeking any
service we are looking for someone we can trust-someone proven who comes highly
recommended and is already on our side.

Are you ready to find your dream home in Champaign, IL? Contact me today - I would be happy to help!

 

Rose Price, CIPS, CRP
Prudential Landmark Real Estate
Champaignrose.com


    Search for Homes in the Champaign Area 

    Featured Champaign Properties 

    Champaign Condominiums

    Selling Your Champaign Home

    Champaign Real Estate Market Information



    Let’s Connect!


    Facebook 

 

 

**

Tax Deductions for Home Owners

by Rose Price

Most of us don't look forward to tax season, but if you own a home in Champaign, IL, you may be eligible for some tax breaks! Since you don't want to miss out on any home-related tax deductions, you'll want to meet with a tax advisor or use a tax program to find out which deductions you can claim. Here are some of the more common deductions that I would like the residents of beautiful Central Illinois to be aware of:

Mortgage Deductions.The interest you pay on a home mortgage is usually tax-deductible. Every year, you should receive a “Form 1098” from your lender which details how much mortgage interest you paid. To claim this deduction, you need to fill out “Schedule A”, under “itemized deductions” to record your interest deduction. These deductions can also include late payment charges and pre-payment penalties.

Moving expenses. If a move is connected with taking a new job that is at least 50 miles farther from your old home than your old job was, you can deduct some of the expenses for you and your family and the cost of moving your household goods.

Deducting Real Estate Taxes. Real estate taxes are deductible in the year paid. They are generally reported on Form 1098, Mortgage Interest Statement, the annual statement from the financial institution holding your mortgage, or on your county real estate tax assessment statement. You should also deduct any prorated taxes collected from you at closing. These amounts are not always included on Form 1098, but may be itemized on your real estate closing statement.

Business Use of Your Home. If you are a homeowner who uses any portion of your home for business, from daycare to home office to rental property, you can take a deduction for business expenses.

Of course, tax deduction change every year and you may be able to claim deductions that you weren't even aware of! To get the most out of this tax season contact a professional tax advisor.

Are you ready to buy your dream home in Champaign, Illinois? You could claim these exemptions and deductions next year! Contact me to start your search!

 

Rose Price, CIPS, CRP
Prudential Landmark Real Estate
Champaignrose.com


Rose Price, CIPS, CRP

Prudential Landmark Real Estate

 ChampaignRose.com



    Search for Homes in the Champaign Area 

    Featured Champaign Properties 

    Champaign Condominiums

    Selling Your Champaign Home

    Champaign Real Estate Market Information



    Let’s Connect!


    Facebook 



     



    **

    

     


 

 

Time Saving Tips for an Upcoming Move

by Rose Price

Buying a new home is exciting! There is so much to look forward to with your new space, you have probably mentally even started decorating! But, to get to the new place you have to pack up your current home first. If you have ever moved before, you know that it can be time consuming, overwhelming and frustrating. Even a good moving plan can hit a snag. Being flexible is key when you are planning a move.

Here are some tips that will help you get organized and make moving day a lot easier in Champaign!

1. Change your address and notify companies before you move. Start by filling out a change of address form in advance of your move. Doing this ahead of time can help you to avoid hassles like past-due bills, service lapses and even identity theft. It is also a good idea before you move to set dates to discontinue your utilities at your old address as well as arrange for these services to be turned on at your new address. .

2. Create a moving schedule.
It is a good idea to set up a moving schedule a few months before you move. Set it up as a week-by-week checklist to manage the process and help to stay on track. A moving schedule helps you to keep track of the little details or things that may be over looked, thus helping you to avoid last minute headaches. 

3. Establish a packing system.
Packing is a major time consumer so think about coming up with a packing system so all of your boxes end up in the right rooms when they get to your new home. Many professional movers recommend that you use the color code system where you color code each box with a particular room to avoid any confusion with the movers. It is also helpful to give your movers a floor plan of your home with each room labeled.

4. Get rid of unnecessary items.
The less boxes you pack the less you have to move and finally unpack. So it makes sense to thoroughly go thru your items and get rid of the things you just don't need. Items such as unread books, half-empty cleaning products, clothes that you know you wont wear again should be given away or sold at a garage !sale. You don't want to bring the clutter to your new home!

 Are you ready to find and move into your dream home? Contact me today to see how I can help!

 

**

 

February is Heart Health Awareness Month

by Rose Price

Did you know that heart disease is the number one killer of women? February is Heart Health Awareness month and now is the perfect time to fight back against this disease.

For example, by exercising at least 30 minutes a day you can reduce your risk of heart disease. Take the stairs, and know that every time you make a decision to chose a healthier option you could be saving your life.

Studies show that for every hour of walking you may increase your life expetancy by two hours! The time to get moving is now!

Start with small workouts and find friends in Champaign to help you meet your goals. Very soon, you'll be enjoying the benefits of an active lifestyle.

Do you have any words of motivation for our readers who are just beginning the journey to heart health? Contact us and share them!

 

**

Moving with Children

by Rose Price

You may not be the only one who is overwhelmed by a move to Champaign, your children may be extremely nervous or even downright dreading the move! Here are some tips that can help:

1. It's a good idea to inform your children about moving as soon as possible and not delay the news. Children need time to let the big news sink in and you will need the time to help them prepare!

It can be natural to assume that the less time kids have to think about moving, the easier it will be for your children. However, experts say it is actually the opposite. Kids need time to get used to the idea of moving. Don't put off telling them about moving.

2. Welcome your children's questions about moving.

Open lines of communication will go a long way toward helping your children feel comfortable with moving. And it's okay even if you can't answer all their questions right now. Your kid's questions can give you an idea of how they're feeling about moving — whether they're excited or uneasy. Some questions may also offer an ideal way to get them involved in the moving process, such as suggesting they get online to locate nearby libraries or parks.

3. Be positive and upbeat about the move.

Your attitude about the move will influence your children's attitude as well. If you dread moving, then the move will seem dreadful to them too. Be enthusiastic, upbeat, and positive about the experiences and opportunities in store, and your children will be more likely to feel the same way.

4. Let your children know they can help with the move.

This is a good time to emphasize that the move is a family event and that everyone will be part of the planning, packing, and perhaps even choosing the new home. Start your kids on thinking of things they can do and how to get ready for the move. Assure your kids that their contributions, however small, will be valued and greatly appreciated

Have you mastered the art of moving with children, please contact us to share your tips - we'd love to hear them!

 

 

**

Packing Tips

by Rose Price

I don't know anyone who enjoys packing up all their belongings and moving them to a new home, but if you are organized about the entire process it can be a lot less stressful to get ready for your move!

  • Plan ahead and research the best price and service if you will you require the assistance of a moving company. It’s a good idea to price this out ahead of time by using a moving calculator.
  • Stock up on the following supplies: strong packing boxes (more than you think you will need), markers and tags to label boxes, rolls of packing tape, bubble wrap for fragile items, packing paper, scissors and a knife for opening boxes. 
  • Pack room-to-room keeping similar items together and use smaller boxes for heavier items so it is easier to lift. 
  • You don't need to spend a lot of money on packing items to protect your delicate items. You can use towels, linens and curtains to line the bottom and sides of boxes with fragile items. All fragile items should be individually wrapped and clearly marked FRAGILE.
  • Make sure that any opened boxes or jars are tightly sealed before packing them. You don't want to find out that the bleach spilled once you have reached your new home! 
  • Use colorful tags to identify the contents of the box and which room it will be taken to in your new home. 
  • There will be so much to do and it will be easy to forget what you have. Make a master list of all household items and personal belongings.
  • Finally pack a box with all the essentials and mark it “Open Me First.” This box may contain items such as: a few basic tools (flashlight, pocket knife, masking tape, light bulbs), bathroom essentials (toilet paper, soap, shampoo, toothbrushes & paste, hand towel), Kitchen items (paper towels, coffee maker & filter, paper plates, cups, utensils, pet food, trash bags).
     

Do you have any tips or tricks for moving into your new Central Illinois home? 

 

 

**

 

How Can You Sell Your Home When Your Neighbor's is Unsightly?

by Rose Price

Have you looked at your neighbors home and though, "There goes the neighborhood!" Before you were trying to sell your Champaign home your neighbors overgrown lawn, chipping paint and littered driveway may have been unsightly and annoying, but now there unkempt property is a hindrance to you selling your home. How can you expect to get your asking price when your neighbor's house is not a good selling point?

Here are a few actions you can take to make your neighborhood a little more presentable:

1. Your best bet is to start by being neighborly and simply communicating with them. You may uncover a problem that you can help to solve. Is your neighbor elderly or ill? Perhaps you could help out with lawn care or basic maintenance. You might even get other neighbors involved to lend a hand.
2. If you have an HOA, you can go to the president or governing committee. Most HOA’s have strict requirements for upkeep, and they take quick action to correct violations.
3. Call the city code enforcement. If your neighbors’ grass is knee high and they have a rusted out Chevy in the front yard, they are probably in code violation.
4. Use a fence or landscaping to hide unsightly side or back yards.
5. Some home sellers who are serious may offer to pay to haul off trash or try to work out another option to try to help the situation.

Another property de-valuer, especially in today’s economy, is the foreclosure. While it is true that you unfortunately cannot personally do anything about a foreclosed home in your neighborhood, you should be prepared to take a hit on your home’s appraisal value. As unfair as it is, it is a good idea to be aware of the home values in your neighborhood and what other sellers are listing their homes for. You may need to consider discounting your home or offering incentives to counteract the foreclosure.

Foreclosure is so commonplace now that it probably won’t affect people coming to your neighborhood – in fact, it may draw potential buyers. You just have to be ready to compete with the ‘bargain’ a foreclosure may present.

Have you been in a similar situation? Share your tips with us - we would love to hear them!

 

 

**

Turning Foreclosed Properties Into Rentals

by Rose Price


There is an interesting trend in the market that is gaining attention in Champaign/Urbana as well as the entire country.  Federal officials  are hoping to launch a pilot program in early 2012 to convert government-owned foreclosures into rental properties.

The program, which was cited by Federal Reserve Chairman Ben Bernanke last week as one way to address the housing crisis, would sell foreclosed homes now owned by Fannie Mae (FNMA, Fortune 500) and Freddie Mac (FMCC, Fortune 500) to investors in bulk. The properties would then be converted into rentals.


The initiative began back in August, when the Federal Housing Finance Agency, the Treasury Department and the U.S. Department of Housing and Urban Development announced they were seeking suggestions on ways to dispose of repossessed homes now owned by Fannie Mae, Freddie Mac and the Federal Housing Administration.

In addition to getting the properties off the government's books, officials are hoping putting the homes back into productive use will stabilize neighborhoods and housing values. Also, it is looking to expand the supply of rentals, which are increasingly in demand.

The agency is not releasing details on how the rental program would work, instead saying it is "proceeding prudently but with a sense of urgency to lay the groundwork for the development of good initial transactions in early 2012."

Administration officials said they are continuing to work with the agency to develop the program.

Housing, stocks, gold and oil: Hot or not in 2012?

Until now, most foreclosed homes have been sold individually because investors have demanded bigger discounts to buy large numbers of properties.

But federal officials are warily eyeing the expected surge in foreclosures as banks ramp up their action against delinquent homeowners. The process had been stalled since late 2010 when banks' shoddy paperwork practices came to light.

There are close to 2 million homes in the late stages of delinquency, according to Lender Processing Services. Since foreclosed properties often sell below market value, they can wreak havoc on home prices.

Converting these homes to rentals can both help the neighborhood and minimize losses to Fannie, Freddie and the FHA, which hold about 250,000 properties, Bernanke told lawmakers last week.

He urged lawmakers to ramp up their efforts to fix the housing market, placing particular emphasis on the problem of vacant homes on the market.

"Restoring the health of the housing market is a necessary part of a broader strategy for economic recovery," he said.

Bernanke's comments launched a full-court press by Federal Reserve officials last week to raise awareness of the continuing problems plaguing the housing market.

His proposals were quickly followed by Fed Governors Sarah Bloom Raskin, who spoke on ramping up enforcement of mortgage servicers, and Elizabeth Duke, who said Fannie Mae and Freddie Mac could do more to help heal the housing market.

Meanwhile, New York Fed President William Dudley gave a speech that touched on a wide range of housing policies -- including principal reduction and mortgage refinancing -- that he believes will boost the economy.

The Fed has already tried to boost real estate sales by pushing mortgage rates down to record lows through massive bond-buying programs.

But the renewed push for housing help indicates that the Fed, which has basically run out of monetary policy ammunition to revive the real estate market, is urging the federal government to ramp up its efforts.

"The Federal Reserve is signaling in even stronger terms the need for the government to do more to help housing," said Jaret Seiberg, a policy analyst with the Washington Research Group.

Thank you to Tami Luhby at CNN Money for the information.

Contact me to learn more about this trend, or to buy or sell a home in Champaign, IL! 

 

 

**

What is The Role of a Property Appraiser?

by Rose Price

Are you a first time buyer looking for your perfect home in Champaign, IL? If so, you may wonder what a home appraiser does. Home appraisers are a necessary part of your real estate transaction and it is important to know exactly what the appraiser's responsibilities are.

One of the most common misconception about appraisers is that they work for the home seller. Actually, appraisers are hired to be impartial and provide an accurate "value" to your home in order for lenders to determine if the collateral supports the debt. These same lenders are also putting a lot of pressure on appraisers which result in higher than market value home appraisals.

If you are buying or selling a home it is a good idea to do some research on the role of appraisers and how they effect you.

Below are some quick facts your should know about the appraiser and the process:

•Appraisers are licensed by individual states after completing coursework and internship hours that familiarize them with their real estate markets.

•The lender might use an appraiser on its staff, or contract with an independent appraiser. If you are allowed to choose the appraiser, and it isn't someone the lender is familiar with, the results might be subject to review before they are accepted.

•The appraiser should be an objective third party, someone who has no financial or other connection to any person involved in the transaction.

•The property being appraised is called the subject property.

•You will probably pay for the appraisal when you apply for your loan.

What You'll See on a Residential Appraisal Report

Appraisals are very detailed reports, but here are a few things they include:


•Details about the subject property, along with side-by-side comparisons of three similar properties.

•An evaluation of the overall real estate market in the area.

•Statements about issues the appraiser feels are harmful to the property's value, such as poor access to the property.

•Notations about seriously flawed characteristics, such as a crumbling foundation.

•An estimate of the average sales time for the property.

•What type of area the home is in (a development, stand alone acreage, etc.).

 

Contact us if you have any advice or experience with home appraisers that you would like to share that might help local homebuyers!

 

 

**

 

Displaying blog entries 91-100 of 106

Syndication

Categories

Archives

Contact Information

Photo of Rose Price Real Estate
Rose Price
Landmark Real Estate
One East Main Street, Suite 200
Champaign IL 61820
217-202-8843
217-352-1933
Fax: 217-378-1281