New Illinois State Law for Homeowner Associations

Although I think it did not make many waves in the general news media, the Illinois state legislature passed an act that provides a road map for homeowner associations that are NOT a condominium. I suppose the reason I took note of it is because I own a townhouse that is not a condo, but it is under the governance of a homeowners association.

Illinois has had a condo law to guide condo associations in their governance for many years, but nothing for situations such as my community of 36 homes.

Please welcome to the world PA 96-1400, otherwise known as "Common Interest Community Association Act." It reads much like the condo act, so for those of us who love rules and regulations (and laws to help us know how to behave), this will not be unfamiliar language, and easy to understand.

Except for homeowner associations that have professional management to inform them of this new law (yes, it is in effect), it is mildly amusing to consider how few associations will even be aware of this new law. This blurb is my feeble attempt to pass it along.

Cheers to you, all you Boards of Directors!

Tenants, Do Your Homework!

I just inherited a client who is living a nightmare, through no fault of his own. His employer has relocated him to my community of coverage from out of state. The client leased a nice condo unit in a popular building. That was three weeks ago. This client is now being forced to move out. Want to guess why?

Yep, the condo owner is in foreclosure, and the unit is scheduled to be auctioned at sheriff's sale very soon.

Yes, I will be showing this client a rental condo or two, in addition to some rental apartments, but it was a moment of agent-client bonding when I sat at the computer with this client and checked the online recorder of deeds file for those condos we plan to visit.

Rental clients are a much larger percentage of our business in my broker's company of late, and the newest "wrinkle" in helping a tenant on the hunt for a new home is verifying the clear title of the condo for rent. And not just a search for foreclosure problems is needed; a condo owner can be putting his tenant at risk if the owner has not been paying the condo assessments as well. In this state (Illinois), the condo association has the ability to seize the condo unit for nonpayment of assessments, and arrange for its own tenant.

Just thought I should pass this along as a "heads up" to my colleagues out there across the country, as well as folks who are searching for a home to rent. Bad things CAN happen to good people (the tenant), but we can minimize the risk by taking a moment to verify a fact or two.

Chicagoland Market is Perking Up

According to the local real estate board for the suburban communities that lie due north of Chicago, the statistics for the first quarter of the year are definitely encouraging.

Single family home sales are up some 59% over the same period of time in 2009.

Homes under contract are up 60% for the entire Chicagoland region.

When I check the daily "hot sheet" for several of the communities that I cover, there are new contracts pending every day. And the price spread is large, from the modest condo unit to the multi-million dollar homes.

Here's hoping that the energy continues past the April 30 deadline for the income tax credit!

The Critters are Capitalizing on Stupid Human Tricks

According to a recent article in the Chicago Sun-Times newspaper, there is an interesting side effect of the growing number of foreclosed and vacant properties in the city (and suburbs as well, I suppose).

As a Realtor, I've been in my share of foreclosed properties the past 3 years, and it isn't much fun. Be careful to avoid walking directly under the falling ceiling plaster. Step around that hole in the floor. Oh, and don't let yourself trip over the bulging hardwood floor that rises a good 6 inches above the rest of the flooring. Hold your breath so the mold doesn't make you gasp for air. Never mind the paint that is peeling off the walls in sheets, just like wallpaper might do. Don't be alarmed if the basement concrete floor looks like the surface of the moon from the frost and freeze cycle of the ground underneath it. Obviously, don't expect to find a forgotten soda pop in the refrigerator, because there is most likely no refrigerator in the kitchen.

And keep your distance from the raccoons that have invaded the house. The abandoned houses are apparently an attraction for the wild creatures that share the city with us humans. Makes sense; it's shelter from the elements, protection from those pesky dogs that tend to chase them up a tree, and a virtual playground with all those stairs to climb, counters and cabinets to explore, windows to peer out of.

And they aren't satisfied to enter only the empty houses; the nice neighbors next door are getting visits from the 'coons as well now. Seems the fear of humans is decreasing in the animals, and they think nothing of squeezing through a partially open window to munch on the smorgasboard on the kitchen counter and the goodies stored in cabinets.

The City of Chicago is waking up to the problem and ramping up the distribution of traps to the owners of occupied houses who request this assistance in an effort to eliminate those late night run-ins with 4-legged fuzzy creatures in the kitchen, when all you wanted was another glass of warm milk and a cookie.
(Photo courtesy of Flickr Creative Commons - RubiconLaw)

If Ever There was a Time to Watch the Calendar, ...

$$$$$$$$$$$$$$$$$$$

We are running out of time; the generous $8,000 first time home buyer tax credit deadline for closing a transaction is fast approaching.

A deal must be closed by November 30 in order for the buyer(s) to be eligible for the credit. In a "normal" transaction with a straight-forward buyer/seller contract, conventional financing, no extended negotiating over home inspection items, the remaining six weeks before the program ends will be JUST enough time to earn the tax credit.

So if you, or someone you know, is hesitating or delaying for any reason about buying a home to earn the credit, time's a wastin'! I am ready to help any buyer who is qualified to purchase a home get the job done. Let's get started! I cover the City of Chicago, the North Shore of Chicago, and points beyond the North Shore.

How Do You Find Me?

Let's face it; there are hundreds, no, thousands of Realtors in my general marketplace. Some are veterans, some are rookies. Some are excellent practitioners, some should quit the business and go do something else!

HIRE ME!

But this is all about me for the moment. I've been a licensed real estate professional since 2003, and have been learning more about the business every day since then. There have been good days, and there have been bad days.



The good days outweigh the bad days when I am busy with the work of helping one or more clients, because I know that I am doing a terrific job for my clients. Those I have helped are invariably grateful, and make a point to say so. Some have taken the time to write a gracious note of thanks to me. Those notes and kind words are so important to me, confirming to me that I HAVE been of good service to those clients.



So my predicament is this: how do other potential clients find me, and know that I can be of great value to them? Research tells us that the vast majority of people start their home search (if they are buying) on the Internet. So let's look at that for a moment. Yes, my presence is online. My broker company provides a basic website for me. I am blogging with 2 active blogs that deal with real estate. I pay a subscription fee to my national real estate organization to place my name and photo along side any listing that I have on the Realtor.com website. Without paying that fee, my listing will be on Realtor.com, but my connection to that listing is invisible. As a result, someone looking at that listing online will perhaps engage another agent to view that property, and my chance of developing a relationship with that person is nil. I recently activated a subscription to yet another online service that can put my name in front of the consumer, based on comments that I can post on various properties for sale that I have personal knowledge about. I'm trying to find YOU, so you can find ME!



Sellers of real estate tend to choose their agent by remembering a previous transaction with a local agent, or perhaps take the recommendation of a friend, or call the agent whose name appears on local yard signs. If a person had a good experience with an agent in the past, then it's a comfortable decision to enlist the aide of that agent once again. To choose an agent from visibility on yard signs is not always a positive result. Neither is simply taking a friend's recommendation.



So here I am, ready to go to work for YOU, and YOU, and YOU! Can we talk about your desire to move in the near future? "Where is your office?" is a question I often am asked. Answer: Winnetka, but that is not relevant to where I work. City of Chicago? Absolutely! I have handled transactions in multiple neighborhoods in Chicago: Rogers Park, Jefferson Park, Norwood Park, Lincoln Square, Roscoe Village, River North, South Loop, Logan Square, to name a few. Suburbs? Sure: Wilmette, Elgin, DeKalb, Lindenhurst, Des Plaines, Skokie, Evanston, and more.



If you have stumbled across this post on this blog, I know that you have "found" me. So now let's take the next step by having a conversation about how I can help you as a real estate pro who genuinely cares about my clients, and who thrives on success. I'll look forward to meeting you!