Home Inspectors I Have Known and Loved

OK, you all know that when purchasing a home, you really need to hire a licensed inspector to examine the property for flaws that either compromise safety, or indicate a major cash outlay in the near future for the buyer of the property.

Just like Realtors, inspectors come in all varieties and in all levels of proficiency. I have seen the good, the bad, and the ugly in inspectors. The good ones are a joy to observe; they move through the quagmire of a property, inside and out, and report to the client the condition of its components. Nothing more, nothing less. Want a radon test kit left at the property? Today's inspector should provide that service. Test for gas leaks? Yes. Test outlet circuitry? Yes. Test walls with a dampness meter? Yes. Test window and door operation? Yes. Climb on the roof for an accurate report on the life expectancy? Yes. Go into the attic to check for water stains, mold, animal infiltration? Yes. Test all the appliances, even though they might be dirty and unpleasant to navigate? Yes. Offer opinions on how the condition of the property aligns with the client's future plan for the property? No, no, no; that is the Realtor's responsibility. And finally, the inspector offers a full report to the client, and whomever else the client instructs the inspector to include.

The bad ones can minimally cause the client to come to inaccurate conclusions about the property that is being inspected, can morph into a 4-hour encyclopedia of how all house systems function, can fail to even locate a simple light switch on the wall ("you better check with the owner about this situation!!" ), can fail to point out a basic flaw in the property, can inflict undue panic and even fear into the heart of a client, and thereby fail to gain the respect of the client's Realtor.

Any inspector should want to perform fairly and with competence so that a real estate agent might recommend that inspector to other clients. Certainly one agent can bring many more new customers to that inspector than does the one client of the inspector. The Realtors are interfacing with dozens of potential buyers, while the one customer is interfacing with perhaps 1 or 2 possible property buyers. An inspector's business card goes in one of two places with me: in the client's file as a good contributor to the transaction, or in a business card file with a handwritten note about my disappointment in that inspector.

When I recommend an inspector to a client, I do so with the intention of getting that client a fantastic home inspection, done with professionalism, courtesy, thoroughness, honesty, and a timely report that is promptly delivered to the client. The inspection is done within the boundaries of an inspector's mission: to report on the condition of the property. Acting as a Realtor, I personally gain nothing from recommending an inspector to my client. Indeed, the inspector might point out problems that cause legitimate concern to the buyer, and result in the termination of a transaction. Believe me, it has happened on many occasions! But I welcome the inspector's results that cause a contract to "fall", because it means my client has been saved from a future, difficult and potentially expensive ordeal. It's all about the client, folks.

And I have also noticed that a client instinctively knows when the inspector experience has been a good one; the client might speak enthusiastically after the inspection is completed, on how well the inspector did his job, REGARDLESS of his findings. I have one client couple in particular who went through three, count 'em, THREE inspections with the same inspector before they found a home that seemed to pass the inspector's thorough examination; they didn't buy the home with systemic mold involving the dryvit (whew!), they didn't buy the home with the suspect attic insulation that might be contaminated with asbestos, but they DID buy the home that had nothing more to be concerned about than the height of the furnace vent on the roof. To this day, that client will rave about the inspector, how he prevented them from buying into a messy situation. Keep in mind, that inspector caused the clients and me to get back into the car and seek out/identify/negotiate a contract and involve the real estate attorney a total of three times. Did they mind this additional time and effort? No. The inspector was hired on my recommendation. I rest my case.

If You Think It, They Will Come.

Typically, August in Chicagoland is a verrrrry slow real estate market. Everyone in the industry seems to be on vacation, or taking a child to college, or shopping for the latest and greatest backpack for their students.

But me? Not so much. I dared to think "maybe I'll start getting busy again in September" a few days ago. And suddenly I am juggling several very active clients. It's that Law of Attraction principle. I'm here to tell you, it works. I started getting phone calls and emails from past clients and new clients to get out on the streets to find a piece of property to buy, list their home for sale, and from would-be customers who want to find a rental home to lease.

I am to the point of putting up a white board to jot down the names of these many excited clients, rather than lose the highest level of consciousness about each one of them.

So I must stay focused on my good real estate karma, and stay busy with LC, SS, TA and WA, CM, and JW and SM. Thanks to all for keeping me focused and productive!

Mars and Venus Buy a Home

Now this is something a Realtor could have guessed, based on field experience; but it is very interesting to read a seemingly valid survey on the topic. **

According to a news story that I read today in the Illinois Association of Realtors weekly web mag....



* Some 70% of women decided on the house they wanted to buy on their first visit to the home.
Men? Only 62% knew on the first visit that they had found nirvana.



Yep, I've seen this time and time again. In fact, it has been my experience that the lady of a couple realizes the good match of a particular house much sooner than does her male cohert. Multiple repeat visits to the property are usually necessary to earn the "buy in" of the guy. The lady is likely to be giving him a running sales pitch as they tour the property, pointing out all the positive aspects of the home. He is responding "Yeh, but ...



* The right house is found, but considered unsafe (for whatever reason) - how does that resonate? 64% of the gals responded that their interest in the home would cease. Only 51% of the guys indicated that an unsafe house would deter them from making a purchase.



I suppose this is very easy to understand and accept; fear of personal safety and the safety of all family members is usually a strong instinct of the nurturing woman/mother in a family unit. I had one female client describe this as the baby carriage test; "Would I be comfortable pushing a baby stroller around this area?" The man/father is more likely thinking in terms of "No problem, I'll just .... .... to keep myself safe." Should the gals get busy and earn a black belt in Karate?



* Having family members nearby is more important than being closer to my job: girls said yes 55% of the time, while guys said yes only 37% of the time.

*Again, not surprising that the woman/mother feels comfort in having family members close by, as opposed to being a block from her job. I had a client who started her home search by stating with great determination that she would not be interested in buying a home near her parents, that being convenient to her job was the highest priority. Guess what she bought? An older home that needed much renovation, was giving her a one hour commute to work, but was only 3 blocks from her parents' home.



All of this is mildly entertaining to read, but there is a lesson to be learned from the study: having an experienced Realtor guide a couple through the home search can make the conclusion a much happier one. The Realtor is going to recognize these differences between the 2 members of a relationship, and will know how to coordinate their wishes and needs to keep their search on track and also have the couple learn to compromise their personal agendas for the common good. And that's not always easy.





Just last summer I was helping a couple who were determined to live in a specific town, and in specific parts of that town. Once I had surveyed the market in that town, I felt they would have to expand their search border to find a good fit in a house. I visited a particular house on the weekly Tuesday Brokers' Tour without the couple in tow, and knew it fit their needs exceptionally well. It was in their chosen town, but sooooo not in any of the areas they preferred. But it offered them the space, yard, "newness", and location they so badly needed. She would have a 5 minute ride to work; he would walk 1 1/2 blocks to the commuter train he needed. I knew it was right for them immediately. At the first visit, the woman knew it as well. The husband fought it, and had to be exposed to the house multiple times before he relented and made an offer to purchase it. Yes, they bought it, they moved in, invited all the family for parties asap, and promptly became pregnant with #2. They plan to have lots and lots of kids, and now they are off to a good start. This was a particularly rewarding transaction for me.





Home shopping is fun, it's demanding, it's emotionally wrecking at times; getting you through it with minimal stress, and a happy result is the Realtor's job. How does your agent measure up?

** survey conducted by telephone by franchiser Coldwell/Banker, results published in April 2009. See link to press release.

Up Close and Personal with an Appraisor (and why do we want to do THAT?)

I had the pleasure of chatting with an appraiser at my office a few days ago, at the invitation of a Realtor colleague. "Ok, so a lender gives you an assignment to appraise a property for a mortgage loan. What do you do?" was the question we posed to him.

His answer was animated fascinating. One of the many twists and turns the real estate and mortgage industries have experienced most recently is a very tight control on how appraisals are ordered and performed. And the result has been been 100% effective in meeting the goals of said controls. I will certainly concede that in years past, appraisals were submitted to a lender with a wink and a nod to get a mortgage underwritten.

No more. Indeed, the pendulum had swung too far in the opposite direction. Only a couple weeks ago a bit of reason was injected back into the process of appraisals for home purchases. The details of this topic will be left for another day. What is important to know now is that as a buyer, you will be asking a mortgage lender for a lot of money to buy a property. The lender wants to know that you are not over-paying for that property; the appraisal is the measure of the property's current market value.

Until the rules were recently modified, appraisers were being sent to a property without any regard to the appraiser's familiarity with the surrounding community. In an attempt to keep the appraiser "pure" and without influence, the listing real estate agent was not permitted to provide opinion or comparable properties to the appraiser. In the worst case scenario, an appraiser from 60-100 miles distance from the subject property would be sent to appraise a property, having to research and understand the neighborhood and community to do a correct appraisal, even though the appraiser might never have set foot in the community prior to the appraisal order.

The end result of that situation was that appraisals were becoming grossly incorrect and derailing property transaction closings. Now the appraiser assigned to an order is to be familiar with the area; in addition, the listing agent is permitted to offer multiple comparable sales to the appraisor to provide solid background information. This can be invaluable assistance to the appraser. And ultimately, a fair and correct appraisal will go far in putting a buyer into the house of his dreams.

These days, anything that can be done to stimulate more activity in the real estate industry is a good thing, don't you agree?

Uncle Sam Wants to Give You a Gift!

This does not happen very often, readers, and it won't last forever, so let's remind ourselves (and somebody you care about) about this fabulous program for first-time-home buyers.

If you have not owned a home in the past three years, and fall within the household income limits, you have the distinct pleasure of, and extreme joy in reducing your income tax bill by as much as $8,000 come next April 15.

The catch? You have to find, purchase, and close a home no later than the last day of November, 2009. In reality, that leaves you about two months of home shopping time before the calendar cuts you off.

Because the closing for a home purchase can be no later than November 30, 2009, your offer to purchase a home must be accepted by the seller and your mortgage application process started no less than 4 weeks prior to the scheduled closing. Unless, of course, you are paying for the property with cash, no mortgage. The timing of your actions are crucial in this process; the mortgage lenders are taking longer to get a loan approved and ready to close than they used to brag about, due to constraints recently built into the system. The major culprits in this scenario are the changes in appraisal rules and the new Truth In Lending requirements imposed on lenders. But those are for another day.

And the media has been telling you the truth; this is a WONDERFUL time to buy a home, due to the reduced values of homes in our market. In theory, if you were to purchase a home this year, and own it for at least 3 years, you have an excellent change of owning a home with vastly improved value, and thereby more equity in your financial portfolio!!

So if you have been mulling over the question of what to do about buying a home this year, are wondering if your finances allow you to secure a home of your own, let's talk about it. I can help. I LOVE helping clients save money!

What's Up on the North Shore? Sales!

My fellow agents are sensing an improvement in sales activity over the past two months or so. And the sales seem to be across all price points.

In December 2008, along the immediate North Shore communities of Evanston, Wilmette, Winnetka, Skokie, Glenview, Kenilworth and Morton Grove, a total of 84 residential properties went under contract.

In January 2009, a total of 117 properties went under contract.

In February, 117 again.

In March, 209!

In April, 224!

And in May, a whopping 323! Prices ranged from a foreclosure condo for $60,000 to a still-pending home listed at $5,200,000.

The tide seems to have turned in my home office area. I have even had to tell several buyer clients that properties they wanted to visit had already gone under contract. That has NOT been the case for at least a year prior to now.

I'm keeping my fingers crossed that this trend will continue. The real estate market needs to get more of the excess inventory sold in order to stabilize the prices and give more hope for the future of home valuation. The mortgage money is readily available for qualified buyers; and the Federal tax credit for first time buyers is certain a huge boost to someone's decision to make a purchase this year. In short, good things are happening. Hurrah!

Agent A or Agent B: Who Should List My House?

If you could be a fly on the wall, listening to a coffee break group of Realtors, you might often hear "war stories" of how they lost a chance to list a property because another agent promised to sell the owner's home for more money than any other agent did. It's referred to as "buying a listing" in the trade.

There is a basic fallacy involved in such a situation: no agent can "make" the buying public pay more for a property than any other agent. The real estate market does not place price stickers on the side of a house or condo building, expecting the consumer to pay the marked price. Just the opposite is true: the CONSUMERS will determine the selling price of a property.

When an owner decides to sell his/her home, it is common for that owner to meet with one, two, even three agents to determine which of them is best prepared to list and sell the property.

For the owner to decide which agent to hire, based on the anticipated selling price that each agent might promise to deliver, is faulty logic. Why? Again - the CONSUMER will determine the value of the property, and therefore its selling price. But far too often a seller chooses Agent A over Agent B, because Agent A states "I can sell your house for $500,000!" Agent B, however, states "Your home WILL sell for $470,000." So the owner thinks "Hmmmm, this seems to be obvious; I should hire Agent A because I will gain that extra $30,000 by doing so."

This is how that listing typically plays out; owner hires Agent A, and lists the house for $500,000, perhaps even $510,000. The first week on the market, agents come to the brokers open house to view it, and report back to their buyer clients "This house is overpriced. We'll wait for the price to be reduced." The first public open house attracts some curiosity seekers, but does not generate an offer because the price is too high for the property's true value. One week passes, then two, then three, and the private showings have dried up. Agent A says to the owner, "We should consider a price reduction! Nothing is happening!" The owners says "Gee, ok, but not a big reduction, because we expect to sell it for the $500,000 you promised us." So the price goes down by $8,000. Another week, or 2, or 3 go by. Repeat. And so on. A highly qualified buyer who loved the property made a reasonable offer, and was rejected by the seller. The buyer found something else to buy the next day, and closed on it in 3 weeks.

Eventually the price is reduced to $469,000, and finally an offer is made on the property. It sells, finally, for $459,000 after six months on the market. The owner in the meantime has been paying the property taxes, utilities, insurance, mortgage, fixed the hole in the roof, the leaking water pipe in the front yard ($4,000 repair bill), and so on.

When the selling price is recorded in the multiple listing service, the agent who did not get the listing looks at the $459,000 number and can only sigh.

TWITTER in Chicagoland

Astounding what I saw online today in the Sun-Times; of all the cities in the world, Chicago has the third highest number of people using Twitter.com to communicate online. Only London and Los Angeles have more users than Chicago does. Go, Chicago! Even techy Seattle did not beat us.

My tweet-feed is automatically loaded onto my blogs, so follow along if you like. (Geez, I have to remember to keep it interesting, don't I?)

Home Values Just Keep Getting Better!

Shopping for a new home anytime soon? Aren't you the smart one! The prices keep falling in these parts. I noticed today that a nice condo in Evanston that was selling due to a corporate relocation has yet again dropped in asking price. It started on the market in August 2008, at $205,000. Today it is going for $166,000, nearly a 20% reduction. Similar units in that building (on Central Street in Northwest Evanston) were selling in the $220,000's back in 2006.

Values are very good for buyers right now. The key to buying well is to buy "smart." First things first - talk to a lender to find out exactly where you stand on getting a mortgage if you need one. Yes, there is mortgage money to be loaned, IF you are qualified. Condo loans have become more difficult of late, with most lenders requiring at least 10-20% downpayment from the buyers. Smaller downpayments are available if the building you are fancying is FHA approved; those loans require only 3 1/2% down. And today my in-house mortgage expert sent out a message that my company's mortgage division can now offer 95% financing through a special program on conventional loans.

The second step in buying "smart" is to find and work with an experienced agent who can guide you through the process of home buying, whether it is a condo, a co-op, or a single family house. The expert agent will be able to research pricing history for you, the background of the specific property you fancy (is the seller in pre-foreclosure, for example), any local issues that impact your decision, local grapevine chatter amongst the Realtors in the area that can shed light on your decision making, and more. So how do you find that good agent? Recommendations are King! Don't just react to fancy ads and boasts of the volume of listing any agent has sold in the past. What kind of service does the agent provide? There's the criterion you need to choose a Realtor!

And finally, look to your agent for guidance in selecting a terrific real estate attorney, home inspector, and other local service providers to make the final days of your transaction and moving experience a good one. Homebuying is typically stressful; that's a given. But with the right help, it can also be productive and exciting.

The Death of Newspaper House Ads? You Betcha!

("Let's see, how many of these house ads match our price range, and bathroom requirements, and are in our kid's school district, have lots of inside pictures of the house, and can be ready without a magnifying glass?") ANSWER: NONE

A common point of discussion at my office sales meetings over the past couple years is the usefulness of local newspaper ads for our property listings and open house announcements.

The debate is this: some agents feel that the local newspaper ads are absolutely necessary to maintain a presence in the local real estate market and the consumers' minds. The managing broker (our boss) and the real estate company (Baird & Warner) are making decisions that are shifting our advertising resources AWAY from print newspapers and INTO the internet.

The reality is indisputable; most buyers start their home search on the internet. Most buyers have already done much research into a home search ONLINE before they set foot in an open house, let alone contact a real estate agent. And the demise of the traditional newspaper is either on the horizon for some papers, or already here for others. And for those that are still functioning, their size and volume of advertising is dramatically down. Our local weekly paper, published by the Pioneer Press, has shrunk to a mere shadow of its former self. Indeed, the Pioneer Press organization has recently SHUT DOWN several of its northwestern community editions! The Chicago Tribune, the historic daily paper, is also unrecognizable to me any more. The world has shifted to online news and advertising. Period.

So, why is this important in the grand scheme of things? Because most sellers of homes still want to see their property in a print ad in a newspaper; they think it makes a difference in finding a buyer. The print ads are very costly, and in fact provide very little results to the seller or his listing agent/broker. Put that same property into the MLS with a full service brokerage, and that property will find its way into dozens of websites that are searched daily by home seekers. If that home seeker sees an online ad for a home that provides the listing agent's contact information, the home seller has just had the best possible exposure - an interested buyer speaking directly with the listing agent.

It's time to let go of the notion that newspaper ads sell homes and tape-playing Walkman's are the best way to take your favorite music with you.

Hip, Hip, Hooray! Buy a Home for Tax Breaks Today!

The potential for a revitalization of the residential real estate market has been given a tremendous boost with the passage of the American Recovery and Reinvestment Act, to be signed into law on February 17 by President Obama. Here are the criteria for earning a tax CREDIT, courtesy of Uncle Sam, meaning you actually will experience your federal income tax being reduced by the appropriate dollar amounts detailed below. Consider it a "discount."

Who? First-time purchasers only. You are a first time buyer if you have not owned a principal residence in the 3 years prior to the purchase. There is an income cap of $75,000 for individuals, or $150,000 for couples to receive the maximum tax credit. There is a phase-out above those caps up to $95,000 and $170,000 respectively. Caution - you must continue to own the home for three years, or else be required to return the entire amount of the credit when you sell the home. Ouch.

What? Any single family residence (including condos, co-ops, townhomes) that will be used as a principal residence.

When? Any principal residence home purchased between January 1, 2009 and December 1, 2009.

How? Just do it! The credit will be a maximum of $8,000 (or 10% of the cost of the home, whichever is lesser). So if you purchase a $300,000 home, and otherwise qualify for the tax credit, Uncle Sam could credit you the $8,000 (because 10% of $300,000 would be $30,000, and obviously the $8,000 is the less than $30,000).

If you have been undecided about making that home purchase until now, waiting to see what Congress would do, wait no more. Contact a local Realtor and start your search right away. Realistically, you have 9 1/2 months to find, negotiate, and close on a home.

I will be watching industry news reports on the trend of homes going under contract over the coming weeks and months, looking for a positive turn in home sales. Stay tuned.

Foreclosures Are Such a Deal - so why aren't people buying them????

The foreclosed home in my own complex that I wrote about in an earlier post is still on the market. The price was reduced by $10,000 on the 30th day of the listing. We're coming up on the second 30 day mark, and I wonder if the price will slide yet a second time. It's starting to look like the price point where the previous listing agent took the property when trying to sell it before the lender repossessed the house.

It's a huge bargain. Where are the buyers, I wonder? I strongly feel it is simply the national economy. People are very reluctant to take a chance on committing to a mortgage right now, fearful of job loss perhaps.

Or perhaps the buyers are assuming that mortgage money is impossible to get right now. Whoa!!! Let's put a stop to that misconception right here and now! The lenders whom I trust tell me that they certainly DO have mortgage money to lend, as long as the buyer(s) is/are qualified to take the loan. What is qualified? Decent FICO scores (vary according to the type of loan being considered) and decent debt ratios. Talk to a responsible mortgage lender for details.

And the rates today for conventional loans has dipped to 5.6%, and FHA loan rates are 5.8%. And FHA requires only 3% downpayment until January '09, and then it goes up to 3.5%.

This is still a fantastic time to purchase a home. No doubt about it. Wish I needed to buy something myself right now!

A Foreclosure Close to Home

Foreclosure is a word we hear every day in the news, and we Realtors certainly have to speak the word far more often than we wish we had to these days.

I have shown clients many foreclosed properties this year, and I have seen firsthand the effects of foreclosure on the house itself, and its neighborhood. It isn't pretty.

And foreclosure hit very close to me this summer when a property in my townhome community fell into foreclosure and was finally auctioned off. To describe the process could be lengthy, and it might be boring to read. But I want to simply tell you, the reader, how quickly and how brutally a homeowner's world can come to an end, at the auction.

I attended the auction of the townhome in my community, along with my homeowner association president, on a September morning in Chicago's Loop. (Please click on the link below to read about the company that conducts these auctions, Judicial Sales Corporation.) We rode up the elevator in a lovely office building on Wacker Drive and exited at the correct floor, and were guided into a small meeting room. It was set up with some 40 folding chairs for visitors to the auction. At the front of the room sat the auctioneer, with an assistant or two who acted as runners, carrying file folders back and forth into the private offices of Judicial Sales Corporation. The HOA president and I knew our neighbor's property was to be auctioned at 10 am. We were seated by 10 am and waited for the proceedings to begin.

Every visitor was handed a list of the properties to be auctioned that week. Some 250 properties every single day were scheduled to be auctioned. They were handled in no particular order, so if the visitor was there to observe or to try to buy a specific property, you did not dare leave the room because each property is dealt with in less than 30 seconds. That's right, 30 SECONDS.

The auctioneer picks up a file folder, reads off the court case number, the property address, and the "opening bid." (The bid is actually the dollar amount that the court has awarded the mortgage lender who is left with a property and nobody to pay the mortgage for it. In most of the cases, the lender wins the auction, because nobody else wants to bid on it.) The auctioneer asks "Do I hear any other bids?" She waits about 5 seconds, and then says "going once, going twice, sold." She makes some notations on the file, closes it up, and hands it to her assistant, and it's over with. Done. Somebody just lost his or her home.

The particular frustration that my homeowner association president and I felt that morning was that our neighbor's house did not rise to the top of the file folder pile before the auctioneer looked at her watch, said "Well, it's 10:45 am now, time for a break. We'll start again at 2 pm this afternoon." WHAT???? 2 pm?? Neither of us could be back at 2 pm that day, so we did not actually get to witness the end of our ex neighbor's homeownership. But it was an enlightening experience, none the less. In our neighbor's case, the lender won the auction (body else bid on it), and now it has been listed for sale with a broker who deals rather exclusively in foreclosures.

The ins and outs of foreclosure are deep and complex. I plan to write about it from time to time, but in small chunks so as not to overwhelm OR to bore the reader. But just let me say that foreclosure is a very sad thing, for everyone around the home is touched by it in a negative way. If you are facing problems in paying your mortgage, or know someone who is, please contact that lender right away, or an attorney who specializes in foreclosure situations so that you can save as much of the situation as possible. Going into a foreclosure without a good legal adviser will cause you even more harm. Minimize the damage. Get help, please. I can provide names of attorneys who work in this field, and the cost of their services is minimal compared the loss incurred by the homeowner who tries to navigate the process alone.

http://www.tjsc.com/TJSCHome.htm

ARE MORTGAGES ALIVE IN CHICAGOLAND?

Times are uncertain, no doubt. We are all watching the stock market every day and groaning, watching the Congress actions and the US Treasury Department actions as they attempt to turn our credit market around.

And the underlying question still remains: can you still get a mortgage loan?

Yes.

You betcha!

I check every few days with my in-house mortgage specialist on this very question. Today she said "Absolutely there is mortgage money available." If the borrower is qualified for the loan, the loan can be had. The interest rates are still historically low, including conventional (around 6.25%), FHA (3% downpayment!), and jumbo (5.5% for a 5/1 ARM - wow!).

Waiting for the home prices to fall further before you buy? That's what so many buyers are telling their Realtors lately. But that begs the question: "When will the prices hit bottom? And how will you KNOW that they are at the bottom? And what will the loan interest rates be when the bottom comes - at today's rates, or higher, or lower?" Nobody has that crystal ball to tell us how to "time" a real estate purchase. In the long run, real estate has always been a good investment over time. The benefits of home ownership can far outweigh the difference of a few dollars every month in a mortgage payment for a home purchased at one price versus another.

Have you delayed making a home purchase this year? Have your friends delayed a purchase? Let me know what you are thinking, how the current state of affairs has molded your decision.

GETTING OUT THE VOTE IN 2008 - REGISTER BY OCTOBER 7

This year's presidential election has everyone's attention. Please make sure that you are eligible to vote, and that you are on the voter registration rolls. You can follow the link embedded below to start the registration process for yourself. Although I live in Cook County, I do not heed the mantra of "Vote Early, Vote Often." I suggest that one person/one vote is the best path to follow. :-)

The last day to register for the November elections is Tuesday, October 7. If you have never registered, or if you have moved or if you have changed your name since you last registered, please click here to register. Complete this form and mail to the appropriate address below.

Cook County residents should mail the completed form to:Cook County Clerk69 West Washington, Room 500Chicago, Illinois 60602

Lake County residents should mail the completed form to:Lake County Clerk18 North County Street, Room 101Waukegan, Illinois 60085

CLIENTS ARE SOMETIMES , UM, FURRY

One of the more interesting assignments that I can accept is to help a family move into my area from another state. It's not just about finding the right abode for the family; it's educating the family about the various communities from which to choose, where services are located, and where the closest doggie beach can be found. Luckily for my most recent out-of-state clients, they chose to purchase a home in Evanston, which boasts a very popular doggie beach along Lake Michigan. Meet their best buddy Herschel (in the photo), who lost no time in getting his beach pass so that he could romp and splash with his new friends at the lake. "Two paws up" is Herschel's approval rating of Evanston's doggie beach, according to his mom.

Got Radon? Now part of a home sale

Another piece of paper will be added to the home sale transaction, beginning January 1, 2008. The Illinois state legislature has mandated that any home sale contract dated January 1, 2008 and beyond must be accompanied by a radon disclosure provided by the seller to the purchaser. In a similar fashion to the existing lead paint disclosure requirement, the seller(s) must attest to their knowledge of the existence of radon gas in the property being sold. The disclosure form and a pamphlet explaining the reasons for concern about radon gas in homes has been issued for use by real estate professionals just this week.

Radon has been identified as a health risk, and some communities in the Chicagoland area seem to have more of a problem with radon than others. Your local real estate agent should be able to discuss the radon concern with you, and provide the required disclosures and pamphlet to every seller. To learn more about the radon risk and our state's new requirements surrounding a home sale, visit this website: http://www.radon.illinois.gov/availpub.asp

or

phone 1-800-325-1245.

Coincidentally, a recent episode of the television program "Extreme Makeover: Home Edition" told the story of a family whose home was filled with the dangerous radon gas.

Making the home buying process a little safer for everyone is the goal; raising awareness of radon is part of the solution.

ARM Loan Due to Reset Soon? Check This Out!

There will be unprecedented numbers of ARM loans due to reset in 2008. Is your home loan among them? Regardless of your home town, free help is on the way from the Illinois Department of Housing Authority. This free session should be on your calendar:


Chicago
Saturday, December 8, 9AM -2PM
Wright College
4300 North Narragansett
Chicago, Illinois 60634

Representatives from the following companies will be there to discuss and assist homeowners who are concerned about their mortgage situation:

FIFTH THIRD BANK
HARRIS BANK
ELITE MORTGAGE SOLUTIONS
WELLS FARGO
CITI

Chicago dweller? Evanston? Buffalo Grove? Schaumburg? Winnetka? Wilmette? Highland Park? You're all in good company. Head on down to the IDHA seminar.

Time to Buy a Home? You Bet!!

My in-house mortgage specialist was smiling yesterday when he informed me about the latest mortgage rates that dropped within the past 2 days. It is so encouraging to know that rates are STILL at an historical low point:

For "conventional" loan amounts (under $417,000)
30 year fixed is 6.25%
15 year fixed is 5.875%

3/1 ARM is 5.625
5/1 ARM is 5.875

For "jumbo" loans (over $417,000)
30 year fixed is 6.875%
15 year fixed is 6.50%

3/1 ARM is 6.00%
5/1 ARM is 6.125%

This is truly exciting information for you if buying a property is in your immediate future. With a good credit score, the mortgage money is a bargain. Don't hesitate, jump in and find a terrific home at a terrific price, with terrific financing! It's a triple play, if you would think of it that way: selection, price, and financing.

California fires - victim relief

The horrific events in California strike at the heart of every American's soul. Losing your home or business to such a terrifying event seems unimaginable. Please consider making a donation to the American Red Cross to help our California neighbors who are in crisis.

http://www.redcross.org/donate/donate.html