NwLineGems

Good Faith Deposit? Earnest Money

2010-04-06T09:32:00.000-06:00

What is Good Faith Deposit? Earnest Money?

Tuesday, April 06, 2010by Jan McNulty

Good Faith Deposits - Earnest Money

After many months of searching, you have found your ideal house. You want to give the impression that you are serious without appearing to be too eager. What should you do? In the marketplace, "money talks."

There is no absolute rule about how much "good-faith" deposit you should put down--but it is a tool to make your point with the seller. The typical $1,000 will hold many homes for you, except in larger-home markets where it may be critical for you to show that you are an especially serious and able buyer. You don't want to make a deposit that is too large in case there is a problem getting your money back, but if your offer is substantially below the asking price, a larger deposit--$5,000 or $10,000--might influence the seller. If you make a low deposit with your offer, be sure to provide for an increased deposit when the offer is accepted or upon removal of the contingencies ie home inspection and attorney review or a house to close contingency.

932 MAYFAIR CT 6 Chicagoland Area Home for Sale - Jan McNulty Real Estate

2010-03-14T09:29:00.001-06:00

932 MAYFAIR CT 6 Chicagoland Area Home for Sale - Jan McNulty Real Estate

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FHA Financing in 2010

2010-01-20T21:58:00.001-06:00

Financing 2010: FHA lending requirements revised again!

It's in the news today, that HUD Commissioner David Stevens announced 4 specific areas of change which will create more stringent lending requirements and raising the fees to borrowers, which is its hope to cushion against defaults and stave off a taxpayer bailout of the agency.

Front end MIP (Mortgage Insurance Premium) will be increased from 1.75% to 2.25%. This is the second increase in the past 2 years. Congress enacted a requirement that the agency must maintain a 2% capital- reserve ratio. The FHA reserves cover losses has falled to $3.6 billion, which is why they will be increasing the rate. It is hopeful that this will boost the reserves by more than $1 billion.The Wall Street Journal also indicated that the FHA will ask Congress to set up a separate insurance fee that borrowers will pay annually,in hopes not to as Congress for some needed money.

2. Update the combination of FICO scores and LTV maximum. FICO (credit scores) less than 580 will see down payment requirements increase to 10%. Most conventional lenders are harder on the scores requiring a 640 or better.

3. Reduce seller contributions for closing costs from 6% of sale price to 3% to conform to the conventional market. It is believed that the sellers "heavily marked up the purchase price" to cover the closing costs for buyers.

4. Increase enforcements and guidelines on FHA Lenders by announcing a series of measures keep FHA in the loop.

Some background information: FHA doesn't lend money, rather they insure lenders against default on loans that meet their (FHA) requirements. In exhange for that backing, borrowers must pay an upfront insurance premium on the total loan amount, which can be rolled into the loan. FHA has taken a major role in the housing market during the economic downturn. Currently, FHA is backing about 50% of all new loans in certain markets throughout the U.S., and with reserves falling, the agency is walking a very thin line between protecting taxpayer dollars and helping to facilitate the housing recovery.

What does this mean to you? It's going to cost the buyer a little more using FHA financing in the near future. At that, these proposals are set for the Spring of 2010, which is also when the expectation is that interest rates will increase.

So the handwriting is on the wall---Costs to purchase will move up in the spring, Interest rates are expected to rise, and prices are at an all time low. Rumor has it, that by Fall, prices should be stabilizing. Buyers who are waiting to purchase, might regret it later!

If you are looking for your first home, Call me! I'd love to shop with you and show you the opportunities in the market.

Learning about Garage Door Shopping

2010-01-08T22:48:00.000-06:00

My Homeowner Learning Curve:

For years, my garage has stored everything but my car. So I cleaned up my act and storage space to find that I could put my car in the garage. What happened to the remote?? I looked and looked and thought it must have disappeared. Easy solution: Buy a replacement or an remote for a Genie garage door opener from 20 years ago. E-Bay was mentioned, and I looked but found nothing.

So I contacted Genie, who said, I could buy an adapter for my 20+ years old garage door, which by the way works very well, but the adaptor is 1/2 the price of a new garage door opener. So am I willing to invest 50% of value on a garage door opener that could go at any time or buy an opener with safety features that my opener never dreamed about! (I know garage door openers' don't dream, but I thought I'd throw that in.)

I made a decision and started researching garage door openers. And then someone mentioned that I should consider a new door. Well, heck, I hadn't considered a door, since the other one has probably been on the house since its' infancy of 1952. It's a good wood door. Then my friend mentioned a tax credit. More research....This is what I found out on the EnergyStar.gov site:

"On February 17, President Obama signed into law the American Recovery and Reinvestment Tax Act of 2009. This bill extends and modifies the tax credits for windows, doors, and skylights established in the Energy Policy Act of 2005. The following guidance is not intended as legal advice, and you should consult a tax professional with specific questions.

Qualifying products purchased between January 1, 2009 and December 31, 2010 are eligible for a tax credit equal to 30 percent of the product cost. Installation is not included; be sure to obtain an itemized invoice from your retailer or installer. The maximum amount of homeowner credit for all improvements combined (including roofing, insulation, HVAC, and water heaters) is $1,500 during 2009 and 2010.
Very complicated table of what doors would be considered for the credit or not. I'm going to rely on the contractor I hire on that specifically. Interesting note: There is no door with an Energy Star Rating at this time.

Wow! A tax credit of 30% and have a insulated garage door! Now, I'm looking at garage doors with more interest. Some garage doors have windows, of all different shapes and some do not. Window doors look newer, and might improve my "curb appeal". What color? So I did more research and talking with friends. My friends are voting for the windows. Hmmm. Stay tuned, first quote just came in, another will come on Tuesday. By the way, I have two excellent referrals if you are looking for a garage door/garage opener man.

I'm writing this blog to enhance your ability to become a better shopper. Shopping and comparing is my business, so I thought I'd walk you through my process. Someone once said to me years ago, after shopping and comparing houses, that I analyzed the houses, like I was in his shoes. That hearing me question or state objectives of that home, made him a better shopper in all things. I considered it a great compliment.

Snowblower Safety Tips

2010-01-08T10:20:00.001-06:00

Snowblower Safety Tips

Sun, 12/20/2009 - 12:36 — Tom Kraeutler

I've received this information from the above mentioned and believe this to be something everyone should read with our winter in full regale! Hope everyone has a safe winter. By the way, the weather report is indicated warm enough to melt some snow and then a freeze, so don't forget salt or ice melt when you go to the store!

If a big snowstorm has you dragging out your snow blower, make sure you follow these snow blower safety tips to make sure to keep safe while you use this amazing and fun machine!

•FIX CLOGS CAREFULLY - If your snow blower becomes clogged, turn it off and remove the key before trying to clear it. Use a stick and NOT your hands to clear it! Also make sure that the snow blower is completely turned off before replacing any parts.

•VENT PROPERLY- Always start your snow blower in a well-ventilated area to avoid the possibility of carbon monoxide poisoning.

•FRESH GAS - If you haven’t used your snow blower in a while, remember that the gasoline still inside it from the last snow blower use is only good for about 30 days, unless you’ve added a fuel stabilizer.

•GET IT SERVICED – If your snow blower hasn’t been professional serviced in a while, get it done now. Mechanical updates, like new spark plugs, shear pins or belts, will definitely keep your machine operating normally and help avoid accidents and other snow blower safety concerns.

Get a Clean Out Tool

Two-stage snow blowers are equipped with "Clean Out" tools to help you remove caked-on snow from the auger and chute.

If you don't have one - or like lots of people lose it - you can order a replacement at www.SnowBlowersDirect.com.

Much better than a stick.

What's happening in our Real Estate Market?

2009-12-27T14:54:00.000-06:00

Whew, when it comes to the Real Estate Market, the theme is Change. The general sentiment is "Thank God, we are putting 2009 in the past, shelved next to 2008". We're (the Realtors, Banks and Federal Government) are all looking forward to 2010 to be a better, and brighter year. Currently, prices are low, much more affordable and interest rates are at the historic low end, and the Federal Thanksgiving bonus of a Tax Credit is still available for a while. So in a nut shell, it's a great time to change residences or buy a home.

But be forewarned, our interest rates have been hovering at the lower rate of 5% for almost a year now, and once again, change will be coming. The Federal Government very quietly have been warning the Realtors that the rates are artificially low, and the rates cannot be at this level for very much longer at all. As prices and the market starts to stabilize, we believe the rates will increase. The expectation is that prices will not be affected by the interest rate increase. So can I repeat the phrase again? Now, is a Great Time to take advantage of the housing market by locking in your rate and home. Our current inventory, with the presence of short sales and foreclosures, will dry up, and then very slowly we hope to regain some of the equity we have previously lost in the 2007-2009 eras.

Change is in the air, higher interest rates, and a start to the stabilization of the market, both should force a buyer to wonder, when will the buyer's market be ending? I don't have a prediction, but experiance tells me that the buyer's market will not be as strong as it has been. So rejoice! The market is doing everything it can and will start improving. Yahoo finance had an interesting article in Dec. that you might want to see.

My New Year's Gifts that will Last a Lifetime

2009-12-27T14:01:00.000-06:00

I read this the other day, and felt I should pass it on, and make these gifts more part of my life to improve other lives around me. Can you imagine if everyone had these 6 gifts to practice every day. What a wonderful life that would be, right? So as New Year's Eve is appearing soon, I thought this would be my 2010 wish forever more.

The Gift of Listening....But I plan to really listen. No interrupting, no daydreaming, no planning my response. Just listening.

The Gift of Affection.....Being generous with hugs, pats on the back. Let these small actions demonstrate the love I have for friends and family.

The Gift of Laughter....Not enough of this the last couple of years, so I planning to clip some cartoons, share an article. I just want to enjoy laughing again.

The Gift of a Favor...Everyday, going out of my way, to be kind, without a hope for a return.

The Gift of a Written Note.....There's something memorable, that lives on with a written note that show's "I'm thinking of you, and You mean something to me".

The Gift of a Sincere Compliment....Just might improve someone's attitude and feelings about themselves. A pat on the back, a "job well done" or a "great looking outfit".

21 S. Delphia, Park Ridge- 2 Story =>It's a Wonderful Life

2009-12-17T19:46:00.000-06:00

In this picturesque village of Park Ridge, you feel you've jumped into the movies like "It's a Wonderful Life". 21 S. Delphia, Park Ridge is a bit over 1/2 mile from the train, library, boutique shops and national branding stores. Delphia is centrally located to Washington Grade School, Lincoln Middle School and Maine South High School ~ the top preferred schools by the residences in Park Ridge. Can't you picture meeting friends at the art deco movie theater, Pickwick Theater and enjoy a sundae next door at the quaint restaurant? Park Ridge steeped as a charming town, is also an up-swing area! Well used Ridge Center Community Center is a mere few blocks from 21 S. Delphia~~what a wonderful lifestyle.

Motivated sellers are priced so very well. Allbrick custom 2story built by Cahill Builders in 1993, a well known builder known for his attention to detail, quality products and solid oak trim and doors, 21 S. Delphia is in the right place for that Wonderful life! Come stroll with me through this 4 bedrm 3.1 baths home with 3 floors of living space. Walk up the paver brick driveway & patios and notice the 2.5 car garage, accessible directly through the first floor laundry and hallway to the Grand Foyer. Honey Oak flooring with a thin ribbon of cherry flring in LR,DR,FR and kitchen gazebo shaped eating area. U-shaped working area kitchen with pull out shelves pantry overlooks the eating area, which has french door access to the fenced yard and brick paver patio for warmer days. Manteled raised hearth ffireplace in generour sized FR 21 x 13. Up the skylighted oak railed staircase to the Trayed Msterbr suite w/luxury bath, consisting of double bowl vanity, whirlpool tub and separate clear glass shower ~all nicely appointed with sophisticated custom mirrors. 3 other generous sized bedrooms with closets galare to help make the home tidy!

Finished Lower level features quality improvements rarely found but sought after: added bed, bath,office or den, 2nd kitchen which is Fully applianced. Wouldn't this be great for your abroad relatives to really allow you privacy, yet allows for a long visit! Or enjoy the additional finished square footage detailed like the first and second floor for the best house to hold parties for the holidays or the much needed slumber parties! 3 flrs of living! 2569 square foot, built in 1993, all brick construction by original owner, maintained and improved to fit the Wonderful Life in Park Ridge----21 S. Delphia.

6500 Reasons to Sell Your Home

2009-12-16T22:55:00.000-06:00

Congress and the President have extended the $8000 First-Time Homebuyer Tax Credit and expanded the credit to benefit sellers. Some articles have noted that this is for "move up" sellers, but there is no reason a seller can not use the credit for a "move down". It is a credit on your next purchase as long as the purchase is for a principle residence after Nov. 6, 2009 and on or before April 30, 2010 to have a binding contract or have the purchase by June 30, 2010. If you’re thinking about selling, now may be the time to get the highest price of your home because of the rare opportunities created by the tax credit:

Increased pool of buyers. The tax credit has stimulated the real estate market and gotten many buyers off the fence.

Current inventory of homes in the Northwest Suburbs. More buyers in today’s market havefewer homes to choose from.

Existing homeowners who have lived in their current homes for five consecutive years out of the past eight are eligible for up to a $6500 tax credit when they purchase a new home.

The pool of home buyers for the spring market may become drastically smaller as the tax credit deadline nears which could mean longer days on the market and lower sales prices.

Local housing authorities such as the Illinois Housing Development Authority (IHDA) and area jurisdictions are now offering buyers mortgage loans that are specific to the First-Time Homebuyer Tax Credit. These loans may no longer be available after May 1, 2010.

Apply the tax credit on your new home purchase. Eligible properties include anything that will be used as a principal residence, including condos, townhomes, and single-family homes.

Now all you need to know is what is your current residence worth!

Check out your free market report today

call Jan McNulty, RE/MAX Suburban

847-274-0535.

Elk Grove Village-932 Mayfair Ct-Arbor Club,

2009-12-01T14:58:00.000-06:00

Location, Location, Location! Elk Grove Village and specifically, the Arbor Club, are centrally located for all your traveling needs. Located off of Park Boulevard & Devon, 53/355 and 90 are just a hop, skip and jump away from this end unit expandable townhome. Close proximity for shopping either Woodfield or the Village Square, Elk Grove Movie Theater and the Alexian Brothers Medical Center, this complex is just a hop away from the Streets of Woodfield, Schaumburg. Family fun and entertainment at the Pavilian, Pirates Cove and plenty of surrounding forest preserves with bike paths.

Outstanding curb appeal in this end unit expandable townhome with 2 car garage and private driveway. 2 bedroom plus loft, which could easily be converted to a bedroom, English L shaped basement, and 2 baths. Bright and Sunny are three words that easily describe this end unit with plenty of windows to encourage natural lighting. Private master bedroom suite with walk in closet, secondary room with access to attic and a wall of closets for plenty of storage. Kitchen offers 42" Maple cabinets with additional buffet cabinets and pantry closet near the eating area for easy casual dining. Newer appliances including a built in microwave and interior window to the dining room as well as a half wall, which gives the floorplan an open and airy feeling. Separate dining room with access to private balcony and wall for your formal pieces.

L shaped activity/family room, once was offered by the builder to put an additional room and again more storage with a wall of walk in closets. Lower level laundry with additional tub for clean ups, newer washer and dryer as well as newer furnace for peace of mind. Under staircase closet is an additional bonus. Garage is 23.5 x 20.5 and home includes the work bench.

Concord built these units with Thermal pane windows, and sliders as well as floored outlets for ease of furniture placements. Oak doors and trim, oak staircase banister as well as a transom window over the front entry doors. Brick and aluminum exterior, private driveway and concrete walks and staircase with plenty of outside electrical outlets for Holiday decorations.

For your peace of mind, Concord built positive drainage system directed to the storm sewer system, underground utilites and sound control between the units and exterior. Maintenance free livestyle will be yours, with monthly fees handling the exterior needs: lawn cutting, tree & shrub trimming, snow clearance, and garbage.

Call Jan @ RE/MAX SUBURBAN 847-274-0535 for open house schedule or a private appointment to see this wonderful home at 932 Mayfair Ct in Elk Grove Village.

Click here to view listing details!

2009-11-30T14:32:00.000-06:00

6 Rob Rd, Iverson Estates, Mt Prospect, IL

Private over 1/2 acres of private country atmosphere, Iverson Estates, without losing suburb conveniences of Mt Prospect. Iverson Estates are all custom built homes, that through the years most have experianced additions and expansions, and this home is no exception! See Rob Rd is located on a quiet unassuming entrance right off Lincoln Avenue, across from the Mt. Prospect Country Club Golf Course in popular District 57 Lions Elementary School and Lincoln Jr High servicced by Prospect High School District 214.

Rare Opportunity to Have it Your Way! Are you a woodworker, or need a great home office with a separate entrance? Or are you looking to try your hand at finishing a 1st floor family room 20 x 20 space? Attached garage currently a great workshop/could be home office or family room. this sprawling 3 bedroom brick + cedar ranch. View pictures at 6 Rob Rd and more information & virtual tour.

Pride of Ownership Features: Newer furnace, central air, roof, facia, gutters and siding resting on a beautiful professionally designed easy maintenance acreage. Newer Anderson windows, and high efficiency woodburning stove highlights the large hardwood living room. New driveway & 2.5+ car garage is detached. Hardwood flooring thoughout. Loads of counterspace over the raised panel oak cabinet kitchen with redesigned sunny breakfast room offering views of the pretty lot & landscaping from the newer sliding glass doors and expanded windows. Huge dining room with ample space for your furniture and entertainment space. French doors lead to the patio, decking and fenced yard. 1st floor laundry room, next to a 3/4 bath after working in the workshop.

3 bedroom, 2 baths with a Finished basement with loads of storage and shelves. This is a warm, inviting home with opportunity for expansion of living space, business owner's home office, or workshop for your hobby and relaxing. Call Jan McNulty, 847-274-0535 for your private relaxing showing or view more details at http://www.nwlinehomes.com/.

Arlington Heights, Berkley Square, 15 Canterbury

2009-11-25T13:15:00.000-06:00

Conveniently located 15 Canterbury, Arlington Heights located in Berkley Square subdivision, north of Rand & Palatine Rd, this 4 bedroom split offers you 2 bonus rooms, that enhances your lifestyle. Serviced by Ivy Hill Elementary School, Thomas Middle School and Buffalo Grove High School, this home offers commuting traffic ease with Rand, Palatine, Dundee, Arlington Hts Rds to the expressways 53/355 and 90.

Ceramic tiled entry leads to french doored 1st floor bonus room. This room could easily be your home office, or guest room or media room. Double closet doors, bay window freshly painted a soothing sage with deep piled sage carpet. Open reversed floor plan allows the crown moulded living room, archwayed separate dining room with bay to view the private newer fenced yard and patio area and shed.

Oak cabinet pantry kitchen has newer appliances, hardwood flooring and a lovely casual eating area. Abundance of storage!

Lower level offers above grade windows for natural lighting, as well as a raised hearth brick fireplace with mantel and new neutral carpet. Access to dry cement crawl for storage from the family room. Also on the lower level you'll see the new shower bath and bonus room divided for hobbies, laundry and mechanicals. Picture a place for gift wrapping, sewing or crafts with all the cabinetry. Newer still warranty washer and dryer.

2nd floor offers 3 bedrooms and a large whirlpool tub bathroom. Oak vanity with corian counter sink, pantry and ceramic tiled for cleanliness. New carpet in the hall and bedrooms, all freshly painted. Click for more outstanding pictures of this quality home.

Improvements include archectural roof, siding, thermal pane windows, aluminium soffits, oak front door and garage door and lighting. New driveway and tidy walkway with new landscaping and outside sewer clean out.

View more information or schedule your private tour with Jan@JanMcNulty.com directly at 847-274-0535.

Extended & Expanded Tax Credits for 2010

2009-11-20T09:51:00.000-06:00

American Recovery and Reinvestment Act of 2009 features

$8,000 first-time buyer tax credit and just extended until April 30, 2010

The latest federal economic stimulus plan includes an $8,000 tax credit for first-time buyers who purchase a home on or before April 30th 2010, with a phase-out by year end. For homes purchased after April 1st 2010 to December 31st 2010 the credit is still available, but it's value would be reduced by $2000 in each successive quarter until expiry at the end of 2010.

The $8,000 tax credit is part of the American Recovery and Reinvestment Act of 2009 also known as the Stimulus Package.

Details of the tax credit include:

The temporary credit is only available for home purchases made prior to 4/30/2010 and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify for 10 percent, or $7,000
Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more than the taxes owed, the buyer will get a refund check for the difference.
First time buyers are qualified for the $8000 credit. A first-time buyer is defined under the tax credit as an individual who has not owned a home in the last three years. Eligible properties include anything that will be used as a principal single-family residence – including condos and townhouses. This is money that never has to be repaid provided you live in the home for three years!
There are income guidelines on the credit. Individuals with an adjusted gross income up to $125000 are eligible for the full tax credit and $150,000 for couples, after a home purchase of Nov. 6, 2009. The new tax credit does not have to be repaid if the buyer stays in the home at least three years. But if the home is sold before that, the entire amount of the credit is recaptured on the sale.
*NEW* Current Homeowners looking for a new home could also qualify for a $6500 credit if they have lived in their existing primary residence for at least 5 consecutive years out of the last 8 years. You must sign a purchase contract no later than April 30,2010 and close before July 1, 2010. Again, this is money that never has to be repaid, provided you live in the home for three years!
Interesting note and disclaimer: If you co-sign a mortgage to help your non-dependent child buy his or her first home, your eligibility does not affect your child's ability to qualify for the credit. I can't provide every detail of the program here and I'm not qualified to give you tax advice.My advise to you is to seek advice from your tax accountant.

The opportunity of a lifetime is at hand--right now!

An over supply of homes are available

at affordable prices and historically low interest rates--

A Great Combination!

Fall Clean Gems on the NwLineHomes

2009-11-19T22:58:00.000-06:00

It's Fall along the NwLine in Chicagoland!

During the fall season, before it gets too cold, it's time time to prepare for the winter months to prevent costly damage later!Here's a few gems or tips on maintenance and protecting your home:

Clean your gutters and downspouts frequently.Neglected you could have some wet basements, or wood rot problems.

Put up the screens, and bring down the storms if you have triple track windows.

Check on your weather stripping or caulking around the windows and doors to prevent drafts & lower heating bills.

Clean & lubricate garage door hinges, rollers and tracks.

Time for the furnace check up to ensure optimal performance and change your filters.

Vacuum your heating ducts.

Call the chimney sweep if you use your fireplace regularly to prevent a chimney fire.

Make sure that the attic insulation vents are not covered with insulation. this could prevent winter ice dams on the roof.

Even though the grass doesn't seem to be growing, now is the perfect time to reseed or fertilize your lawn. The roots actually grow deeper to prepare for winter.

Prune your trees and shrubs to encourage healthy growth in the spring.

Set your thermostate for 68-72 degrees and drop it 5 degrees in the evening or when your not home. *you'll save some dough!

Here's my Fall Cleaning Checklist:

Launder the curtains after washing the windows.

Launder blankets & comforters to freshen for winter.

Turn the mattress and box springs.

Clean behind the stove and refrigerator.

Clean the light fixtures.

Clean the clothes dryer vent.

Now that everything is tidy, you'll find that there isn't as much dust & dirt circulating through the air when yourr home will be closed up for winter. Now your ready for friends to stop by over the Holidays.