While the amount and who will be responsible can vary from state to state, typical closing costs refer to all of the taxes, fees and costs required to close a real estate transaction.

When selling your home, it is important to ask your agent for a breakdown of what you are expected to pay in closing costs as well what the buyer will pay. In most states the buyer and seller split closing costs but some states consider the buyer to be responsible or both parties can be required to pay the costs. 

Typically the person responsible for paying closing costs can be dependent on the market. For example in a market that is plentiful, the seller could have more of a chance in having the buyer pay the majority of the closing costs. But in a market that is struggling such as now, buyers tend to have the upper hand and many sellers will pay the majority of the closing costs in order to complete the sale.

Below are some of the common closing costs faced by sellers and buyers:

•Escrow/attorney fees: Some states require third-party escrow companies handle real estate closings, while others dictate attorneys perform the function. Title companies, title agents, lenders, brokers and even real estate agents are allowed to handle closings and/or escrows depending on the state. These fees are usually split between the buyer and seller.
•Title insurance: There are usually two types of title insurance that must be purchased – the lenders’ policy and the owners’ policy. Usually either a title company or in some states a lawyer will research the title to make sure there are no liens against the property or unidentified owners. These policies protect the lender and new owner for the full value of the property. Usually, the seller pays for the owner’s policy and the buyer pays for the lender’s policy. This is often referred to as clearing title.
•Transfer or documentary taxes: These are paid either to the state, county, city or a combination depending on the state. This is where the government agency gets their share of the transaction. This is also known as a reconveyance tax.
•Recording fee: Usually paid to the county for recording the deed, which shows ownership of the property.
•Mortgage tax: This is an additional tax collected by some states. Alabama, Florida, Georgia, Hawaii, Kansas, Maryland, Minnesota, New York, Oklahoma, Tennessee and Virginia are the states that collect this tax.
•Brokerage commission: The fee you contractually agreed to pay for the selling of your home.


Aside from these costs, the seller may be responsible for costs such as any credits that were promised to the buyer for repairs or home warranties. Don't forget that Federal law requires that sellers and buyers receive a copy of a HUD-1 form outlining all charges in a real estate transaction.

Rose Price, CIPS, CRP

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Meet at the Anita Purves Nature Center parking lot, 1505 N. Broadway, Urbana, at 7:30 a.m. Walks usually last about 1-1/2 hours. Birders of all skill levels are welcome.

Thanks News Gazette for the info!

Rose Price, CIPS, CRP

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So what happens in a foreclosure--and when? The U.S. Department of Housing and Urban Development has prepared an easy-to-understand foreclosure timeline. Just to emphasize how pressing foreclosure can be, I’ve put that timeline into very human perspective below:

You miss one payment. You get a call or note from your lender. Not so bad, right? You’re just juggling the bills a little right now--no problem. You’ll pay as soon as possible. Not to worry.

You miss two payments. Your lender calls again. Where are the payments? You’re still trying to convince yourself that everything is OK, but you still can’t make the payment, either. Things have to get better, don’t they? You’re starting to worry, but you do nothing.

You miss three payments. You get a scary “Demand Letter” or “Notice To Accelerate” from the bank that says you must pay all the missed payments in 30 days. If you don’t pay or negotiate different arrangements, the bank can start foreclosure. Now you’re really worried, but you’re hoping it’s a bluff. Foreclosure takes forever, doesn’t it? So you again do nothing.

You miss four payments. You still haven’t paid or made other arrangements within that 30 days. The lender turns you over to the legal team, and now you’re responsible for all the legal expenses, too. Once again you do nothing--because you’re overwhelmed and terrified.

You get notice that your home will be sold by the Sheriff--and you’re in foreclosure. But it’s only been just a few short months! You’re told you can save your home if you make all the missed payments and pay all the delinquency costs. But where will you get all that money, and why would the lender accept other arrangements now? So you again do nothing. It’s too late!

You get one last chance to save your home. You can still keep your home even after the sale if you pay all the missed payments and all foreclosure costs. You can’t do it.

Your home is lost. Why? Because you didn’t take action to save it.

Although foreclosure may differ by state, this gives you a good idea of how foreclosure works--and how fast it can happen. HUD notes that a housing counselor could have helped even after the fourth missed payment. Doing nothing if you’re facing foreclosure is the worst possible thing you can do.

Doing nothing is not an option if you want to save your home. HUD advises that you be honest with your lender as soon as you suspect you’re in trouble. You can also contact HUD to find a housing counselor who can help. You don’t have to face foreclosure alone, please contact me if there’s anything I can do, I’m always available to assist with all your real estate questions, even difficult ones like this.

Rose Price, CIPS, CRP

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There will be FREE cupcakes this weekend at Sleepy Creek to raise funds and support a local bakery to help open up!You may remember local creative types Eric and Patty Woller from the Salt Fork River Art Fest, Freeky Creek Films, and TLC and Food network challenges. Now, they need our help to open shop in Homer. AND, there are plenty of perks and incentives in exchange for your donation. Soooo..... Let the cupcake craze begin.... 

Crazy Cupcakes with your Wieners. Friday, 5-8 p.m.Make'n Bacon with Jack Cupcakes and Pork 'n Beans

Saturday, May 5 - FINAL FUNDRAISING DAY!Wango Tango Jalapeno and Mango Cupcake. Happy Cinco De Mayo While supplies last....

The festivities will be held at the Sleepy Creek Vineyards Tasting Room Located between Champaign and Danville. Take the Oakwood exit 206 off I-74, head south 3 miles.

Thanks news gazette for the info!

Rose Price, CIPS, CRP

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This site will show you how this program works and who is eligible for assistance. This is the same $75 billion program you may have heard about in the media. To see if it can help you, first have this information in front of you:

* Information about your first mortgage, such as your monthly mortgage statement.

* Information about any second mortgage or home equity line of credit on the house.

* Account balances and minimum monthly payments due on all of your credit cards.

* Account balances and monthly payments on all your other debts such as student loans and car loans.

* Your most recent income tax return.

* Information about your savings and other assets

* Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.

* It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

There are many programs out right now including the energy tax credit, $8000 tax credit for first time home buyers, and long term interest rates lower than 5%. There is something for everyone it’s just a matter of knowing where to look.  

Check out these opportunities and see if any of them can help you or contact me to discuss your current situation.  Together we can find a solution to your real estate needs.

What are you concerns about home affordability in the Champaign Illinois real estate market?

Rose Price, CIPS, CRP

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The Boneyard Arts Festival has grown into an 'open source' festival that Champaign County residents have truly made their own. Last spring, the Boneyard featured over 130 different venues - both indoors and out - where residents and visitors alike could enjoy an incredibly diverse range of performing, spoken and visual art offered by nearly 500 artists from all backgrounds.

The Boneyard Arts Festival is string band music in Sidney, yodeling in downtown Urbana, a cinema festival in Champaign, Brazilian bossa novae on the U of I campus, opera and origami, glass blowing and graphic design, puppetry and painting, juggling and jewelry, hip hop break dancing, photography, ceramics and so much more.

Thanks 40 North for the info!

Rose Price, CIPS, CRP

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Closing Costs: Although most of the closing costs are the responsibility of the buyer, the seller is expected to pay the property taxes and insurance up to the date of the closing, even if they're not due yet. In addition, some buyers will ask the seller for help with other closing costs as part of the negotiations.

Home Inspections: Although the buyer pays for the home and pest inspections, it's a good idea to get your own inspection before putting your house on the market. This way you're aware of any hidden problems before selling.

Home Repairs: If your inspector finds problems or if you know of problems that you have been wanting to correct, it is time to fix them. The less problems that the home has, the more attractive it is to buyers. Don't forget to budget for new paint, plants, hardware etc. that offers a fresh new look as well.

Realtor Commission: Typically there's a 4 percent to 7 percent commission on the sale price of the house if you opt to go with an agent. Usually this rate is between 5 percent and 6 percent, so be sure to account for this cost when pricing your home and figuring up your expenses that come with selling your home.

Legal expenses: Many sellers choose to work with a real estate attorney to examine the sales contract and assist with closing, which can be complicated.

Prepayment penalty: Many mortgages have prepayment penalties if you pay off the mortgage early. Be sure to examine your mortgage agreement and read the fine print.

Other Fees Negotiated by the Buyer: Buyer negotiated fees are becoming more common in the current real estate market. Some of the most commonly seen buyer negotiated fees might include a home warranty paid for by the seller, the cost of repairs needed to make the sale, and the cost for a home inspection. Keep in mind that most all parts of the real estate contract is negotiable.

Many homeowners are not aware of the costs involved with selling a home but there are some perks as well. With any home sale you are eligible for a tax write off of up to $250,000 gained in the sale of your home for a single owner, and $500,000 for married couples. This applies for most state taxes as well; check with a tax professional to get all the details of any tax credit that may be available to you and your situation. 

Contact me today for assistance in selling your Illinois home!

Rose Price, CIPS, CRP

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More than a traditional arts walk, the Boneyard is a unique countywide celebration that takes place in a wide variety of venues (over 100!) - both traditional (clubs, galleries & museums) and non-traditional (ice cream shops & real estate offices) - and features the work of literally hundreds of artists.

Sculptors, weavers, painters, photographers and other visual artists join musicians, actors, dancers, poets and performers of all kinds in sharing their creativity throughout Campustown, Champaign, Urbana, Mahomet, Homer, Rantoul, Sidney and St. Joseph. 40 North invites artists to partner with local businesses, arts organizations, nonprofits, schools or municipal offices in hosting a performance or display of work...and join the celebration!  

For a complete list of venues and artists please visit 40north.org or pick up The News-Gazette on Monday, April 16th for the official map of the festival.

Thanks News Gazette for the info!!!

Rose Price, CIPS, CRP

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While many household pests are merely a nuisance, some can cause serious damage to our homes or property and other pose dangers such as bites, stings, and transmit disease-causing agents. Choosing a pest control company is a serious matter, you want someone who is honest, dependable, state-certified, and who has the proper training and expertise to use the pesticides safely in your home. Below are some tips to help you in your search to find a professional in your area.

• Select a company based on their reputation, time in your community and willingness to answer your questions. They should give you written material that describes the problem they propose to treat and how they propose to treat it including what chemicals will be used and in what amounts.

• Pest control companies differ in their guarantees so be sure to Inquire on the specifics. If a guarantee is given, know what it covers, how long it lasts, what you must do to keep it in force, and what kind of continuing prevention and management are necessary.

• While the cost is an important factor, it is important to not base your decision on price alone. An advertisement in the phone book or the "deal of the week". Be cautious of unsolicited sales pitches and never select treatment just because your neighbor's property is being treated or because there is "leftover spray from another job." Get references and check them. 

• Make sure you receive a written estimate detailing how much will they charge to do an inspection to determine the extent of your problem, outline the services they would perform.

• Ask how long it will take to solve your pest problem, and how often the company will return to do more work or to track results. Ask the company what other measures they can take to manage the pest problems, or what you can do to reduce future pest problems.

Choosing a quality pest control company is an important decision. You want the company to get rid of the pests but you also want to keep your Champaign Illinois home safe.  Do not be pressured by a sales person or a company to sign a contract immediately or to pay in advance, take your time to make a sound decision. The key to any decision is having confidence in the company you chose.

Rose Price, CIPS, CRP

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Here are eight easy tips to help you with your curb appeal!

1. Look at the big picture. Some things should go without saying. But the truth is that after you've lived with fading trim or a cracked driveway for a year or two, you probably don't even see it anymore. Remember that people are not going to look at your home the same way that you do, Ask your real estate agent, or a trusted friend to look at the front of your home with a new set of eyes. Would they be interested in the home if they didn't know you? If not, what are the turn-offs?

And always do the obvious: keep the lawn mowed and the gutters clear. Trim the bushes, get rid of any dead branches and fix anything that's hanging or broken. And keep outdoor lights on in the evening and in good working order, the better to show off your house 24-7.

2. Got a brass doorknob? Make it shine. If you have wrought iron, clean it or paint it. Wash the windows so that they gleam.  Make your home look cared for!

3. Mesh your home to fit into the community. For example, if you live in a neighborhood with alot of young children, it's OK to have a bike in the yard. Most buyers interested in that type of a neighborhood most likely have children as well. Keep your audience in mind as you show your house.

4. Use flowers. If you have room, go for the traditional two large planters -- one on either side of the door or walkway. Fill them to overflowing with flowers if it's spring or summer or evergreens in the cooler months, she says.

This will create a focal point, forcing home buyers to focus on one area rather than the whole home at once. Consider hanging a colorful flag out front to draw in the buyers' eye. Or put a seasonal wreath on the door. You really want your home to say, "Come on it!"

5. Apply pressure! If the exterior needs a fresh look, consider getting it pressure washed. (This is a great way to clean trim or walkways and give them a clean, white look.)

6. Make the yard look manicured. Put some fresh mulch or bedding material around the plants in the yard and use a hoe to make the edges of the bedding sharp.

7. Paint. Want to make the house look great without painting the whole thing? Just paint the trim and the front door. And since the porch frames the front door and is the first part of the house buyers will actually visit, make sure it looks freshly painted. But if it needs it, then paint the whole house. The outlay will be well worth the money if you get a clean looking home that moves fast.

8. Invest in landscaping. If you have just a little money to spend, consider visiting a nursery where they can recommend the most bang for your buck. Or, if you don't have a lot of time or a green thumb, think about creating some informal garden areas. 

Your realtor has been through this many times and is a wealth of knowledge when it comes to curb appeal and these easy and inexpensive tips should be able to get you started!

Rose Price, CIPS, CRP

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Helia Healthcare will host a blood drive with Community Blood Services of Illinois on Friday, April 6 from 8-11 a.m. There is no substitute for human blood. Give Blood! It's about life.

Date and Time: 

04/06/2012 - 8:00am - 11:00am

Location: 

Helia Healthcare, 1915 S. Mattis, Champaign

For More Information call 367-2202 or email  ahowie@bloodservices.org

Special thanks to News-Gazette for the info on this Champaign Illinois event!   

Rose Price, CIPS, CRP

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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 America, Nehemiah 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

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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
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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
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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
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