Summer Time is a great time to sell or buy a house. If you are looking to buy a property in Lake County or McHenry County Illinois please visit our website and sign up for a free search to buy a house, rent a house, lease an apartment, or any of your real estate needs. If you are looking to move to Lake County or McHenry County, there are many fun things to do! The Chain of Lakes runs through both counties, giving residents a wonderful and relaxing place to spend time in the warm summer months. There are many parks and forest preserves in the area for camping, fishing, hiking, or just for a picnic.
If you are interested in selling your house, you can also sign up for a property search for houses similar to your property to see what things are selling for. Or simply call 815-669-4944 and ask us to perform a Comparative Market Analysis on your house to give you an idea of what you can sell your house for in the current market. Either way, pricing your house is a very important factor in selling your house.
Because of the current economy, many sellers are having to have a short sale done on their mortgage. The government has enabled programs that will help homeowners to move forward in these difficult times. When a homeowner decides they need to sell their property or are having trouble keeping up with the payments, they can call their bank and apply for a loan modification. The homeowner submits their financial statements to the bank and the bank decides according to government guidelines if the modification will work. This is called the Home Affordable Modification Program or HAMP for short.
A couple in Fox Lake, Illinois bought a home for $200,000 in 2004. By 2007 the husband, a union carpenter, was laid off and was not called back to work since. The wife, a school teacher, was left paying the mortgage and bills from her income when her husband's unemployment ran out. He has been searching for a job since he was laid off, and has worked on and off part-time since his unemployment stopped. They called us wanting to sell their house and we encouraged them to apply for the modification, which they were approved for. Their mortgage went from $1800 a month down to $1000 a month and the interest was lowered to 3% for 5 years, and then can go up to as much as 5%. The mortgage was turned into a 40 year from a 30 year, and there will be a "balloon" payment due if they sell their house before the 40 years is up.
If you do not qualify for the HAMP then you will have the choice to sell your home doing a short sale. A short sale is when the bank accepts less of a payoff than is owed to them. Often times this amount is written off as a loss to them, less often will they ask the homeowner to pay a portion of the amount back. We have only seen this happen when the homeowners have a significant income.
If you decide to have a short sale done on your home instead of letting the bank take it back at sheriff's sale you are making a good choice. It is never a good idea to just walk away from the house and leave it vacant, this creates wear on the house and the bank can prosecute for any damage done to the property. While a short sale is being done the homeowner can still live in the house, as it is often easier to sell a house when it has furniture in it. When there is an offer made on the property and the bank accepts, the homeowner will often have the standard 30 day closing time to move, buyers offering cash may request a sooner closing, but this can all be negotiated with the real estate agents.
A couple in Johnsburg, Illinois bought a house in the early 2000's and both had decent incomes. The husband was laid off in 2008 from his job as an auto mechanic, and the wife was laid off from her job as an office assistant. They were both able to find other jobs, but not making what they had been. They applied for the mortgage modification and were denied because they did not make enough money. The bank allowed them to do a short sale on their home and they walked away owing nothing to the bank, they are currently renting a house in Spring Grove, Illinois and plan to buy another home within their price range after they pay down some of their other debt.
Summer time will be over sooner than anyone realizes, we'd all love it to last forever, but as you walk into stores such as the McHenry Walmart they are already putting out the school supplies and fall clothes. Once children go back to school the buying time of summer slows down and as winter comes it slows more. Now is the time to buy a house or sell a house, start out by visiting www.metrovisions1.com, befriend us on facebook, and sign up for a property search today. When you see a property you'd like to view, simply call us and we will be happy to set up an appointment for you to see the property.
Tuesday, July 6, 2010
Monday, March 1, 2010
Qualifying for the Homebuyers Tax Credit - Expires April 2010
More Home buyers Qualify for Tax Credit
For additional information visit Metrovisions Realty, Inc. on the web or come to our office in Johnsburg, IL.
Ann Arbor, MI November 6, 2009 – Congress just passed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.” Consider these three examples:
Example 1:
Jane purchased a home in Johnsburg, Illinois in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence in McHenry today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.
Example 2:
Harry purchased a home in McCullom Lake in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence in Fox Lake today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in Round Lake Beach in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence in Waukegan today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”
The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”
There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
· The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others. Go to www.metrovisions.com right now to set up a search for your income property now!
· If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit.)
· The credit applies even if you have co-signers on your mortgage loan.
Visit www.metrovisions.com today or call Carolyn at 815-669-4944 to have a home buyers search set up specifically for you and what you are looking for. You specify what you are looking for, and Carolyn will send you a daily report of houses for sale in the areas you are looking for. When you see something you like, call Carolyn at 815-669-4944 and set up an appointment to look at the property. Remember, it is important you act quickly, this credit expires in April of 2010! From Richmond to Crystal Lake and Zion to Buffalo Grove, Metrovisions Realty, Inc. has a professional real estate agent ready to help you buy the house of your dreams!
For additional information visit Metrovisions Realty, Inc. on the web or come to our office in Johnsburg, IL.
Ann Arbor, MI November 6, 2009 – Congress just passed an expanded version of the $8,000 first time home buyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.” Consider these three examples:
Example 1:
Jane purchased a home in Johnsburg, Illinois in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence in McHenry today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.
Example 2:
Harry purchased a home in McCullom Lake in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence in Fox Lake today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in Round Lake Beach in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence in Waukegan today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”
The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”
There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
· The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others. Go to www.metrovisions.com right now to set up a search for your income property now!
· If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit.)
· The credit applies even if you have co-signers on your mortgage loan.
Visit www.metrovisions.com today or call Carolyn at 815-669-4944 to have a home buyers search set up specifically for you and what you are looking for. You specify what you are looking for, and Carolyn will send you a daily report of houses for sale in the areas you are looking for. When you see something you like, call Carolyn at 815-669-4944 and set up an appointment to look at the property. Remember, it is important you act quickly, this credit expires in April of 2010! From Richmond to Crystal Lake and Zion to Buffalo Grove, Metrovisions Realty, Inc. has a professional real estate agent ready to help you buy the house of your dreams!
Sunday, February 21, 2010
Foreclosure in McHenry County, Illinois
I'm sure that you may have been hearing "foreclosures are on a decline" lately.....and this may be true, but there are signs that is it not true as well.
Check out Metrovisions Realty, Inc. on the web.
Everyone has theories about how this financial meltdown started, some blame it on people who should never have been able to get loans in the first place defaulting. Some blame it on greedy banks, others will say that it is because of lazy people who don't want to work but want to have everything working people have. So what is the truth? It could be each of these things, a combination of all.
The government, in 2002, started with this speech:
http://www.hud.gov/news/speeches/presremarks.cfm
This 2002 speech started the beginning of low down payments, tax credits to make the houses more affordable, and the rules are too strict so lets make that more lax. People who qualify will not have to save the money to come up with a down payment, the government will supply it. And by 2010 we will have 5.5 million homeowners.
It is 2010. In just the first half of 2009 there were a reported 1.5 million foreclosures.
The present administration is trying to help these people losing their homes. If you haven't lost your job and can still make your payments they will help you to refinance at a lower rate for a period of time. This has helped many people lower their mortgage payment to a more reasonable rate so they have more money to live on during the month. If enough people do this it will help to free up some money for people to spend.
Banks do not want to have to report to the government how high their foreclosure rates are right now, so the banks are holding off on some of the people who are not paying. This keeps the banks numbers low and the government off their back. How long can this last? The banks are not going to be able to let homeowners stay with out paying forever.
If you are in foreclosure, you should seriously consider selling your house. Yes, when you are in foreclosure you CAN sell your house. If you owe more to the bank than your house is worth you can do a short sale, in which case the bank accepts less than you owe to sell the property. The bank allows the costs of selling to be absorbed into the sale, so no money will come from the homeowner. The banks usually do not ask for anything, but in rare cases if the homeowners are in foreclosure and can afford the payments, the bank may ask for an agreed amount to be paid back to them.
Pricing your property at the same price as similar homes in the area are selling for is essential to getting an offer on your property. This may be significantly lower than you owe on the property, but if the price is not comparable to what has been selling no one will even look at your house.
Once an offer is made on your property, then the work begins. The bank will need paperwork from the homeowner, as well as documents and letters showing the reasons behind the foreclosure. Once this is provided to the bank they begin crunching numbers and deciding what they will be willing to accept to pay off the loan.
The best thing to do sometimes has to be to cut your losses and move on. A very difficult thing to do, but well worth it in the end.
Check out Metrovisions Realty, Inc. on the web.
Everyone has theories about how this financial meltdown started, some blame it on people who should never have been able to get loans in the first place defaulting. Some blame it on greedy banks, others will say that it is because of lazy people who don't want to work but want to have everything working people have. So what is the truth? It could be each of these things, a combination of all.
The government, in 2002, started with this speech:
http://www.hud.gov/news/speeches/presremarks.cfm
This 2002 speech started the beginning of low down payments, tax credits to make the houses more affordable, and the rules are too strict so lets make that more lax. People who qualify will not have to save the money to come up with a down payment, the government will supply it. And by 2010 we will have 5.5 million homeowners.
It is 2010. In just the first half of 2009 there were a reported 1.5 million foreclosures.
The present administration is trying to help these people losing their homes. If you haven't lost your job and can still make your payments they will help you to refinance at a lower rate for a period of time. This has helped many people lower their mortgage payment to a more reasonable rate so they have more money to live on during the month. If enough people do this it will help to free up some money for people to spend.
Banks do not want to have to report to the government how high their foreclosure rates are right now, so the banks are holding off on some of the people who are not paying. This keeps the banks numbers low and the government off their back. How long can this last? The banks are not going to be able to let homeowners stay with out paying forever.
If you are in foreclosure, you should seriously consider selling your house. Yes, when you are in foreclosure you CAN sell your house. If you owe more to the bank than your house is worth you can do a short sale, in which case the bank accepts less than you owe to sell the property. The bank allows the costs of selling to be absorbed into the sale, so no money will come from the homeowner. The banks usually do not ask for anything, but in rare cases if the homeowners are in foreclosure and can afford the payments, the bank may ask for an agreed amount to be paid back to them.
Pricing your property at the same price as similar homes in the area are selling for is essential to getting an offer on your property. This may be significantly lower than you owe on the property, but if the price is not comparable to what has been selling no one will even look at your house.
Once an offer is made on your property, then the work begins. The bank will need paperwork from the homeowner, as well as documents and letters showing the reasons behind the foreclosure. Once this is provided to the bank they begin crunching numbers and deciding what they will be willing to accept to pay off the loan.
The best thing to do sometimes has to be to cut your losses and move on. A very difficult thing to do, but well worth it in the end.
Friday, February 19, 2010
2010 Census
It's time for the 2010 Census! You will start receiving them in the mail in March, and as I'm sure you are hearing from just about everyone.....it's important to fill it out and send it in!
There are 10 questions and it comes with a postage-paid envelope to send it back. If you do not send it in, you will receive a visit from a census worker. Your responses are strictly confidential and protected by law. The 2010 Census will not be released for 70 years, and how wonderful it will be for your grand-children or great-grandchildren to look at the 2010 Census and see your name!
The previous census work has proved invaluable to genealogy research. It has helped people to find long lost relatives and lines of family that have not been in contact.
The state and federal government distributes funds based on the population calculated off the census, so you can see how important this will be to all of our communities. These funds help provide for our schools, transportation, healthcare, housing, and much more!
If you do not receive a census form please call 1-866-872-6868.
If you have any questions or for more information please visit www.2010.census.gov
Visit our website at www.metrovisions.com to start a search for homes for sale. Our agents will work hard for you to find the house that suits you, and nothing is more exciting than walking into a house that you know is where you want to call home.
Our agents work in all of McHenry and Lake counties. From Zion, Winthrop Harbor, Waukegan, North Chicago, Round Lake, Grayslake, to Hebron, Woodstock, Crystal Lake, McHenry, Johnsburg, Island Lake, Bull Valley, Marengo, and everywhere in between, if you are looking to buy a house we will help you find it!
If you purchase a house before April 30th 2010 you may qualify for tax credit!!! Call us today at 815-669-4944 for more details.
There are 10 questions and it comes with a postage-paid envelope to send it back. If you do not send it in, you will receive a visit from a census worker. Your responses are strictly confidential and protected by law. The 2010 Census will not be released for 70 years, and how wonderful it will be for your grand-children or great-grandchildren to look at the 2010 Census and see your name!
The previous census work has proved invaluable to genealogy research. It has helped people to find long lost relatives and lines of family that have not been in contact.
The state and federal government distributes funds based on the population calculated off the census, so you can see how important this will be to all of our communities. These funds help provide for our schools, transportation, healthcare, housing, and much more!
If you do not receive a census form please call 1-866-872-6868.
If you have any questions or for more information please visit www.2010.census.gov
Visit our website at www.metrovisions.com to start a search for homes for sale. Our agents will work hard for you to find the house that suits you, and nothing is more exciting than walking into a house that you know is where you want to call home.
Our agents work in all of McHenry and Lake counties. From Zion, Winthrop Harbor, Waukegan, North Chicago, Round Lake, Grayslake, to Hebron, Woodstock, Crystal Lake, McHenry, Johnsburg, Island Lake, Bull Valley, Marengo, and everywhere in between, if you are looking to buy a house we will help you find it!
If you purchase a house before April 30th 2010 you may qualify for tax credit!!! Call us today at 815-669-4944 for more details.
Tuesday, February 9, 2010
Buy a Bank Owned property in the snow!
How much snow is there where you are? In Johnsburg there isn't that much snow yet! In Lincolnshire I have heard there is more snow than here.
We were out looking at houses today, which is a difficult thing to do with lots of snow on the ground. The bank owned properties are rarely shoveled, but we'll bring a shovel to shovel our way in if we have to!
When you are ready to buy a house, no amount of snow should stop you, especially right now, when you can get government tax credits. If you have the means to buy a house you should start looking for a house right now, today. Go to our website and sign up for a free search that will email you houses based on your self set criteria.
We were out looking at houses today, which is a difficult thing to do with lots of snow on the ground. The bank owned properties are rarely shoveled, but we'll bring a shovel to shovel our way in if we have to!
When you are ready to buy a house, no amount of snow should stop you, especially right now, when you can get government tax credits. If you have the means to buy a house you should start looking for a house right now, today. Go to our website and sign up for a free search that will email you houses based on your self set criteria.
Thursday, January 28, 2010
Spring Grove, IL buy - sell my home or house
Metrovisions Realty, Inc. is offering a free gift $100 card to Home Depot when you purchase your home through us. This offer expires June 2010.
List your home, house, land or real estate with us on the MLS and recieve a 15% discount on your sales commission call us at 815-669-4944 for details.
Did you know that a first time home buyer can get up to a $8,000.00 credit for buying a home before June 31, 2010? First time home buyer mean that you have not bought or owned a home for 3 years.
For more information visit us on the web at Metrovisions Realty, Inc. or come to our office in Johnsburg, IL
Sping Grove, Richmond, McHenry, Fox Lake, Round Lake, Grayslake, Wood Stock, Crystal Lake, Ingleside, Lake Villa, Antioch, Holiday Hill, Lake in the Hills, Gurnee, Volo, Cages Lake, and Island Lake.
List your home, house, land or real estate with us on the MLS and recieve a 15% discount on your sales commission call us at 815-669-4944 for details.
Did you know that a first time home buyer can get up to a $8,000.00 credit for buying a home before June 31, 2010? First time home buyer mean that you have not bought or owned a home for 3 years.
For more information visit us on the web at Metrovisions Realty, Inc. or come to our office in Johnsburg, IL
Sping Grove, Richmond, McHenry, Fox Lake, Round Lake, Grayslake, Wood Stock, Crystal Lake, Ingleside, Lake Villa, Antioch, Holiday Hill, Lake in the Hills, Gurnee, Volo, Cages Lake, and Island Lake.
Wednesday, November 25, 2009
Steps of doing a short sale!
Step 1 – Get Educated
You need to know your options when it comes to your home. If you want to keep your house, but can’t make the payments and you owe more than your home is worth, you may look into filing bankruptcy. This will stay the foreclosure process (not forever) and may allow you to stay in your home and repay your lender under different terms.
Deed in Lieu
If you owe more than the home is worth, this is not an option for you. Deed in Lieu means that you give up the house to the bank and walk away. Ie, you give up the deed instead of facing foreclosure.
Short Sale
If you owe more than your home is worth, and don’t want to declare bankruptcy or face foreclosure, then a short sale of your home is the best option. A short sale does have potential tax implications.
Step 2 – Get Some Help
This is probably the biggest tip I would give to people who want to sell their home in a short sale. FIND AN EXPERIENCED REAL ESTATE AGENT WHO HAS DONE A SHORT SALE BEFORE. Your real estate agent will be able to deal and negotiate with the mortgage company(ies) on your behalf. An experienced short sale agent will give you a much better chance of successfully short selling your home.
Because there is often so many different entities involved in a mortgage (1st mortgage, 2nd mortgage, the investor on the loan, etc) you really don’t want to do this on your own, with no experience. Plus, you’ll never have any out of pocket expenses to pay an agent, as everything is essentially paid by the lender.
WARNING! Just because an agent says they specialize in “short sales” does not mean they have actually successfully done one! There are many classes agents attend regarding short sales, but nothing compares to real world experience.
Step 3 – Get Started Now
The longer you wait to get started with the short sale process the less chance you have of success. Every state is different with their foreclosure process. You need to decide quickly to start the short sale process if you’re getting behind on your payments, or have already received a notice of default.
Step 4 – Follow Instructions Exactly
An experienced short sale agent will tell you what you need to do to get the house ready to sell. Don’t get too hung up about the price. If the agent wants to set a low price on the house, there is a reason behind that.
In my own short sale, we priced the house pretty low and got an offer very quickly. You need a buyer that is willing to stick around for a super long closing or changes to the agreement. In my case, it took almost 4 months from when we got the offer to when the closing took place. Don’t get hung up about the price, all you should care about is getting the place sold.
Step 5 – Know The Tax Implications
Congress recently passed and the president signed a law that likely releases you from any tax implications of a short sale.
Talk to a qualified tax attorney or CPA about this for your particular situation. Your real estate agent should know about this! A good agent will have a quality referral for you to handle the tax implications of your short sale.
Step 6 – Prepare to move quickly
Because your closing date may not be set in stone, you need to be prepared to leave your home quickly if needed. You do not want to end up like me and live in your office for 2 months! Trust me, it’s not fun!
A minimalist lifestyle is nothing to be ashamed of; in fact it should be venerated. Your possessions are just inanimate things; it’s the relationships in your life that really matter. OK, enough life advice! Sell anything you don’t need or haven’t used in the last 6 months on craigslist! The less you have to deal with on moving day the better.
Step 7 – Prepare yourself emotionally
If you are already in default, or have a foreclosure pending, this whole scenario and process of trying to short sell your home can be very emotionally draining.
You will receive solicitations from everyone and their mother. You may have people stop by your home while you are still there. It can be a very difficult process.
Make sure you have people in your life to talk to about your situation. You will need a support network to help through this time in your life. It will pass. And you are being proactive in seeking a short sale of your home. You are taking the right steps, and in time, everything will work out. I can’t promise it will be easy, but you will make it!
You Need An Experienced Short Sale Agent!
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