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Displaying blog entries 41-50 of 72

Help for Buyers

by Rose Price

Have you been searching for that Central Illinois dream home and are finally ready to make an offer? You may have some concerns about the down payment and in this difficult economy it can be difficult to pay a large down payment so what are your options?  There may be an option to help you you complete the sale if you don’t have extra cash.

Different lenders have their own minimum down payment requirements and can vary depending on the mortgage program, loan amount, borrower income and credit rating. A good rule of thumb is roughly 20%, but you can find different ways to help you meet down payment requirements, including buyer assistance programs -  also called down payment assistance programs.

Assistance programs and grants can help you avoid robbing your savings or 401K or borrowing the money elsewhere to come up with a cash down payment. Some of the most common buyer assistance programs are for first time home buyers, but other assistance programs are available as well. How do they work? Below are some key requirements of standard programs. 

  • Home buyers must qualify for a loan that allows gift funds from a charitable organization
  • Limits may apply to the price of the home
  • Funds can be used for the down payment and for closing costs
  • Gift funds can be used for new or existing homes

There are several different organizations that provide buyer assistance, including Grant AmericaNehemiah and American Family Funds. Many other buyer assistance organizations are available, so do some homework and talk to your tax preparer and mortgage lender about options.

Always speak to your lender about available programs in your market, they can help you structure the down payment assistance to be compatible with their underwriting guidelines and offer advice on program advantages for your type of loan. 

​For more information and help finding that perfect home for you and your family contact me today!

Rose Price, CIPS, CRP

Prudential Landmark Real Estate
Champaignrose.com

 

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Book, Jacket, and Journal Show

by Rose Price

Looking for something to do this weekend in Champaign, Illinois? The University of Illinois Press will host the annual Book, Jacket, and Journal Show, March 28–April 4, 2012. Sponsored by the Association of American University Presses, nearly 100 books and jackets—the best of university press publishing—will be on view.

The display is open 8:00 a.m. to 5:00 p.m. weekdays, at the University of Illinois Press, 1325 S. Oak St. in Champaign. There will be a special reception on Wednesday, March 28, from 2:00-3:00 p.m.  All viewings, and the reception, are free and open to the public.

A high quality catalog shows each entry in full color with typographic, paper, printing, and binding information, along with designers’ and judges’ comments. A limited number of catalog copies will be available for free so get there early!

 Thanks News-Gazette for the details on this Champaign Event!

 

 

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

 

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Is Seller Financing for you?

by Rose Price

With an increase in credit requirements, it can be tough trying to get a home loan. Even buyers who have excellent credit are having difficulties getting approved. On the flip side, many people that are anxious to sell their Champaign, Illinois home, can’t get qualified buyers to the closing table. If you are interested in taking out the middle man and controlling more of the process, you may want to consider seller financing.

If you have never heard of this before, basically the person selling the home lends the potential buyer the money to purchase the house. The seller becomes the mortgage holder and the buyer sends monthly mortgage payments directly to the seller. The transaction is usually completed using a promissory that states the interest rate, length and terms of the loan and default consequences.

In today’s market, sellers may need to get their homes sold quickly, and seller financing is a way to get the property sold faster – it opens up the market to more buyers and the paperwork process moves quickly.

Some advantages to doing this type of financing:

  • Faster closing – Sellers and buyers can avoid long waits for loan committee review, underwriting and legal review.
  • Lower Closing Costs – buyers don’t have to shell out additional money for bank fees and other closing costs associated with a traditional mortgage.
  • Flexible down payment – most sellers are willing to take less money down than lending institutions.

Of course this is not for everyone and many home sellers may not be in a position to where they can offer financing. On the downside, there is risk involved on both sides – the seller is taking a risk on someone who may have some shaky payment history or poor credit, and the buyer is dependent on the seller to have been upfront on the terms of the sale (like making sure that the seller’s lender approves the arrangement). As with any large transaction, especially a property purchase, both parties should consult with a real estate attorney and financial expert to make sure that the transaction is legal and is financially sound. If you are ready to buy and can’t find a lender, seller financing may be worth checking out!

For more information or if you're looking to buy or sell your home using seller financing, Contact Me Today!

 

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

 

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If you are looking for some down home country music this weekend in Champaign-Urbana then you are in luck!
 
Amazing fans with the unparalleled energy of his live shows and his honky-tonk country sound, Jared Ashley has been one of the top touring acts in the country for more than 6 years, playing over 150 shows a year since moving to Nashville 9 years ago. Jared Ashley has made his mark in this business with his hard work and dedication to his live shows and his cult like following fan base. Jared Ashley is here to stay, and we can see him here in Champaign, IL!  Make plans to see him March 23rd at 8:30 at The Stop located at 3515 N Cunningham Ave, Urbana, IL 61802

The Stop is very excited to have Jared in Champaign, IL as you can see from their Facebook page.

Thank you News Gazette for the event information!

 

 

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

 

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Your Credit Report

by Rose Price

Having your credit report is an important step in buying a Champaign, Illinois home.  You should know your credit report before your lender views it. You can get the information by calling and requesting it. Once you have the report in your hand, check the “high credit limit”, total loan,” and “past due” columns.  It is a very good idea to get copies from all of the reporting agencies. 

Credit reporting companies:

Experian (800) 682-7954 www.experian.com

Equifax (800) 685-1111 www.equifax.com

TransUnion (800) 888-4213 www.transunion.com

You can also get a copy of your credit history at the following online locations:

http://www.transunion.com

www.creditreports.com

What if I find a mistake in my credit history?

You can correct simple mistakes by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems.

For example, if you made a payment late due to illness, explain that for the record. Lenders usually understand about legitimate problems.

What about my overall (or FICO) score?

What does it mean? Prior to the late 1990's, credit scoring had little to do with mortgage lending. When reviewing your credit worthiness, an underwriter would make a subjective decision based on past payment history. Then things changed.

Lenders studied the relationship between credit scores and mortgage delinquencies and found a definite relationship. Almost half of those borrowers with FICO scores below 550 became ninety days delinquent at least once during their mortgage. On the other hand, only two out of every 10,000 borrowers with FICO scores above eight hundred became delinquent.

When can I stretch the percentages?

In the  Champaign housing market, lenders sometimes will allow you to stretch their allowable debt ratios. One of the best ways to encourage your lender to do so is to increase your down payment.

 Underwriters sometimes also will stretch the ratios for other "compensating factors," including:

  • Strong cash reserves after close of escrow
  • New payment that’s only slightly higher than current rent or mortgage payment 
  • History of increasing earning capabilities 
  • History of an ability to save money 
  • Large cash down payment

 Contact me today to check out what's available in the Champaign Urbana area!

 

 

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

 

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Wildlife Refuge this Saturday in Champaign County!

by Rose Price

Saturday, March 17, join Champaign County Audubon Society members on a field trip to Emiquon Wildlife Refuge on the Illinois River. Meet at 8 a.m.at the Anita Purves Nature Center parking lot, 1505 N. Broadway, Urbana.  Emiquon is popular with migrating waterfowl.

The first day of Spring is right around the corner and with the beautiful weather lately it's the perfect time to enjoy the nature and beauty of Champaign County!

Visit the Champaign County Audubon's website by clicking here to register and for more information about this event. Thank you to the News Gazette for the information!

 

 

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

 


 

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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 

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Come join the Community Center for the Arts in Urbana, IL at their Annual Faculty Showcase Concert and Silent Auction. Check out the website for all the details.

Live Music, great food, and a Silent Auction! All under one roof in Champaign, IL!

Make plans this Sunday, March 11th, 2012 from 4pm until-6:30 pm at the Unitarian Universalist Church, 309 W Green St., Urbana 

Single: $15 general/$10 C4A members, students and seniors ,family: $45

For information or to reserve tickets:info@c-4a.org

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 

 

 

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Bon Appetit!

by Rose Price

Hungry and looking for some fun? Make plans to attend Bon Appetit! This Saturday, March 3, 2012 - 7:30 pm at City View at Illinois Terminal, Champaign. This is a fun and special fundraising concert with food and wine tasting with Dawn Harris as the “French Chef.” Also the opening act will be Songs About Food with local theater singers Lee Hoiby.

The top floor of the Illinois Terminal in downtown Champaign  will provide a dramatic nighttime setting for this intimate fundraising event. The highlight of the evening will be Hoiby’s 18-minute one-woman opera with small chamber ensemble, the text of which comes from a recipe for chocolate cake by Julia Child. The evening will conclude with the cake itself served up to those in the audience. Sounds delicious, hope to see you there at this local event for a good cause! Call 355-9077 to reserve tickets.

 

   

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 

 

 

 

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Displaying blog entries 41-50 of 72

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