First Time Home Buyer $8000 Credit

Find out more about this here. And contact me for information about Chicago Real Estate. Now is a great time to buy a first home (or second too). There are a lot of choices out there for you...low rates, low prices and now this First Time Home Buyer Credit

Short Sales Quiz

A lot of home buyers might be interested in purchasing a Short Sale, Foreclosure or Bank Owned Property in pursuit of a good deal. More and more opportunities have become available but there are a few things to be aware of...things that I have noticed.

1. It is a good idea to come in with your highest price. There is a good chance that the bank will not counter your offer but move on to a better one.

2. Don't be suprised if the listing agent takes a very long time to get back to you about your offer. Either there is lots of work on the table or they are 'shopping' your offer with the hope of a higher one coming in soon.

3. Cash is king. The bank would much rather accept an offer that does not have a mortgage contingency. You can still get a loan to buy the property but don't make the contract contingent upon it.

4. These places are usually sold 'as is', with no disclosures, and the buyer may have to pay unpaid assessments and taxes.

Click on the title to see how much you know about Short Sales by taking a quiz

2016 Olympics in Chicago?

Just a few more months till October. That's when we find out if the 2016 Summer Olympics will be held in Chicago. Will the outcome have an impact on the Chicago real estate market? I say yes.

So many properties are available for purchase in this buyers' market and those places close to the lakefront are perfectly located for the event. Some of those areas are: The Loop, South Loop, Bronzeville, Washington Park and even Lakeview where the tennis events are proposed to take place.

Just east of The Loop and just west of Lake Michigan is beautiful Millenium Park which is central to any happening in Chicago.

A perfect place to buy a condo is in the 5 North Wabash Building. I just happen to know of a great one bedroom in that building that would make convenient 'in-town' , full time residence or even an investment.

Check it out and contact me if you have any interest in seeing it.

'>5 North Wabash #605

2009 FIRST-TIME HOME BUYER TAX CREDIT QUIZ

Take This Quiz to see how much you know about the 2009 First-Time Homebuyer Tax Credit.
I took the quiz and learned a few things and you can too. Even if you are not in the market for your first home you might know someone who is and pass along this information.

Actually, it doesn't have to be the first home you've ever purchased....there is a rule about that but you will have to take the quiz or watch this video to find out if you or your friends are eligible.

Contact me if you would like to buy this 3 Bedroom home in Sauganash

Sould Investors Buy Now in Anticipation of Chicago Hosting the 2016 Olympics?

I am wondering if there are at least 3 reasons why now is a good time to buy real estate in Chicago, especially as an investment in anticipation of Chicago hosting the 2016 Olympics. We won't know who will be the host until October 2009, but wouldn't there be more demand for property in that area if Chicago does win the bid? Yes. So:

1. Buy now because the price will go higher.

2. Interest rates are at a historical low

3. If you are a first time buyer and plan on residing there...you get a credit.

4. Even if Chicago does not get the Olympics, it is still a good investment in an appreciating area.

Update on Tax Credit for First Time Real Estate Buyers

To find out more about the proposed credit for first time buyers, here is a link to understanding more about it. Tax Credit Info-pdf

Potential tax credit for buyers

This was sent to me from Ken Dickerson from RWF

"On Wednesday the Senate passed an amendment that will include a $15,000 home purchasing tax credit in the American Recovery & Reinvestment Act of 2009 for anyone buying a primary residence within the one year period from the time this bill is passed.
It is important to note that this bill has not passed yet but many potential buyers are asking questions in regards to this tax break. I've included some links that divulge the details of the home buyer tax credit amendment. Here are some of the basics:
1. The tax credit is the lesser of 10% of the home price or $15,000 and can be spread equally over 2 tax years. 2. The housing tax credit can be used for purchases of primary residences only…no investment properties or second homes.
3. The home purchase can be an existing home, a newly constructed home, or a bank foreclosure home…but the purchase must be completed within 1 year of the passage of the American Recovery and Reinvestment Tax Act of 2009.
4. The home buyer does NOT have to be a “first time home buyer” to qualify for this housing tax credit, unlike housing stimulus based tax credits from last year.
5. This 2009 housing tax credit does NOT have to be repaid to the government unlike the $7,500 first time home buyer tax credit from last year UNLESS you cease to make it your primary residence within the first 24 months (i.e.. sell within 2 years).
This is great news for home buyers, if it passes, and can go a long way towards stimulating demand for new home purchases." Please let me know if you or your clients have any questions.
contact: Ken Dickerson at RWF and mention my name.