Don't Get Caught Without Flood Insurance. Tell Congress to Reauthorize the National Flood Insurance Program Congress extended National Flood Insurance Program (NFIP) authority through May 31, 2012. This latest extension was a part of H.R. 2055, a "megabus" appropriations bills to fund the federal government's 2012 fiscal year. NAR is urging Congress to use the additional time to complete work on a 5-year NFIP re-authorization bill (H.R. 1309) to provide certainty and avoid further disruption to real estate markets. Take Action Join the REALTOR Party 01/22/2012

  I am proud to say as a member and Past President of the Mainstreet Organization of Realtors serving the Chicago, Illinois area, presently serving on the Board of Directors of the Illinois Association of Realtors, and a member of the National Association of Realtors, our daily focus is on protecting the private property rights of all Valued Homeowners in our great nation.  In doing so we work to restore vibrant housing markets and neighborhoods across the country. One of our numerous goals is for Vacant, dilapidated homes renewed, providing safe, comfortable homes for families. Investors, allowed to access credit unavailable because of the current economic crisis. Importantly, people put to work fixing these homes. Finally, neighborhoods stabilized and previously vacant homes contribut... 01/22/2012

Good news for homeowners planning a home improvement project this year.  Contractors around the country tell Angie’s List they’re willing to negotiate prices to win jobs from homeowners planning to repair or improve their existing homes. No one wants to spend more than they have to, but when it comes to home improvement, there’s more to consider than dollars. Never hire on price alone. Do your research to make sure you are getting quality work at a good price. 15     Click a city below to find customer reviews, ratings and information on contractors and doctors in your area. AlbanyAsheville AtlantaAustinBaltimoreBirminghamBostonCharlotteChicagoCincinnati ClevelandColumbusDallasDenverDetroitFort LauderdaleGrand RapidsGreensboroHarrisburgHartford HoustonIndianapolisJacksonvilleKansas City... 01/22/2012

A few months ago I had a long term Valued Client decide to stop paying their mortgage to force a short-sale on the home.  This was the result of their home being listed on the market for over a year.  At the time I initially met with them and presented the market evaluation, I showed them how much they were upside down.  Meaning, they owed more on the mortgage than the market potential selling value of their home.  Well, we added all of their selling expenses to their mortgage payoff and listed the home at a price covering all of their potential selling expenses.  Over a year later and no offers, they gave me the permission to reduce the home down to a fair market value.  This home was custom built in 2005 and shows like a model home.  I have an agreement with them to reduce the price $... 01/21/2012

I just read a blog post from a respected Stager asking if I would disclose my knowledge of a Ghost in a home?  When Realtors get together at conferences, we share our fun and interesting experiences in touring homes for-sale.  We tell about the naked people we've surprised, sexual encounters we've interrupted, unusual decors, amazing clutter, treasured weird furniture, and ghost encounters. In over 25 years I have marketed, sold, and toured homes in the Chicago, Illinois area where I knew the Seller had died or was murdered in the home.  In my lifetime I have had two encounters with ghosts.  One was in my personal life, the other (the one I am sharing here) was in my professional life.  First, it was not a frightening experience.  It was a strange experience because only I was tuned int... 01/20/2012

Deciding whether or not to hire a professional home inspector or engineer or conduct a careful examination yourself is an essential step before purchasing a house.  It is typically highly recommended that a homebuyer employ the services of a home inspector or engineer before purchasing a home. The option to have a home inspection conducted is usually written into the offer to buy the house, and the sale of the house is contingent on a suitable inspection. This means that the buyer can get out of the contract at no cost if a home inspection reveals anything disagreeable. In deciding whether or not to employ a home inspector or engineer, several factors should be considered. First, consider the house you have contracted to purchase. If the house is new, the need for inspection by a profes... 01/20/2012

Government Offers to Review Foreclosure Handling in More than 4 Million Individual Cases Borrowers who faced foreclosure in 2009 or 2010 may be eligible for a free independent review of their foreclosures. The reviews which were ordered by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve in April of 2011 cover foreclosures handled by most major loan servicers. They are intended to determine whether borrowers suffered financial injury due to improper handling of the foreclosure action and, if so, how much compensation should be paid. OCC has mailed 4 million letters to likely eligible borrowers notifying them of this opportunity. Other borrowers who believe they are eligible for this review of their foreclosure can request application forms by calling (888) 952... 01/20/2012

Scammers have targeted delinquent borrowers during the past few years, hoping to take advantage of their desperation and financial inexperience. Their approach typically involves posing as a representative of a nonprofit or government agency who can help with a loan modification or some other form of assistance.  Brian Summerfield shares about Sheri Stuart, education manager at Springboard Nonprofit Consumer Counseling, who says she frequently encounters consumers at courses offered by her organization who have been victimized by these scams. Stuart says she recently met a couple from Southern California at one of these events who’d paid $3,000 to a fraudulent company in an attempt to keep their home out of foreclosure. “It’s disconcerting,” she says. “It has a ripple effect. It not onl... 01/20/2012

Mortgage rates continued to push historic lows in November, dropping another .08 points, to 3.99% for a 30-year fixed mortgage. "Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today's homebuyers are paying over $1,200 less per year on a $200,000 loan," said Frank Nothaft, Vice President of Freddie Mac. Although the traditional home-buying season starts in the spring, here are some reasons why listing your home now, rather than waiting, could prove to be a smart decision.On average, the number of home sales in January drops almost by half from the previous year's peak. A house that is priced right and staged well will stand out even more... 01/17/2012

SPACE HEATER SAFETY TIPS My good friend Rich the Home Inspector reminds us...   During the fall and winter months, space heaters are an effective way to provide temporary or supplemental warmth in a home or garage. Space heaters, however, by their very design and portability present shock, fire and burn hazards when used incorrectly and special precautions must be taken whenever they are used. The following tips for the safe use of space heaters issued by the Canadian Standards Association (CSA) are applicable to all homeowners: Selection: When purchasing a new heater, ensure that it has been tested and certified to the applicable standards by an accredited certification organization. Instructions: Always follow the manufacturer's installation and operating instructions and all warning... 01/15/2012

NATIONAL RADON MONTH – DID YOU SCREEN THIS MONTH? It's not too late! My good friend Rich the Home Inspector reminds us...   January is National Radon Month – a designation intended to raise awareness about the hazards of radon and the need for all homeowners to test their home for radon. Radon is an odorless, colorless radioactive gas, which is formed by the natural breakdown of uranium. Radon can be found in high concentrations in rock and soil that contains granite, shale, phosphate and uranium, or even fill soil containing industrial waste. Radon can be present in ANY area and in any home. The source can be the radon in the soil or building products used in a home. Studies show approximately one in 15 homes in the United States and Canada has high levels of naturally-occurring radon... 01/15/2012

A NEW YEAR’S RESOLUTION – MAKE YOUR HOME HEALTHY AND SAFE THIS YEAR! My good friend Rich the Home Inspector reminds us...   One of the most common resolutions people make every year is to take better care of their bodies, either by losing weight, quitting smoking or exercising more. Another resolution that may be easier to stick with is to better take care of your home! When you consider the amount of time your family spends at home, it makes total sense to give your home an annual physical to make sure you are doing what is needed to keep your home and your family healthy. HouseMaster has prepared a list of some basic items to check to help assist you in performing a “physical” on your home. Security Alarms/Detectors. Check all safety and security alarms. If tied into a monitoring sys... 01/15/2012

John Riha reminds us - “It’s the little things that tend to trip up people,” says Frank Lesh, former president of the American Society of Home Inspectors and owner of Home Sweet Home Inspection Co. in Chicago. “Some cracked caulk around the windows, or maybe a furnace filter that hasn’t been changed in awhile. It may not seem like much, but behind that caulk, water could get into your sheathing, causing mold and rot. Before you know it, you’re looking at a  $5,000 repair that could have been prevented by a $4 tube of caulk and a half hour of your time.” Maintenance affects property value  Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, overall property values are affected.“If a house is in worn condition and shows a lack of... 01/14/2012

Attorney Filisko reminds us - Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings. 2. Stow away your clutter  It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz of www.StagedHomes.com in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table. 3. Scale back on your fur... 01/14/2012

Carl Vogel lives in a very unique home in Chicago, Illinois.  He appreciates what a good strong comparable can offer and reminds us - Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours. What makes a good comparable sale? Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, an... 01/14/2012

Attorney Filisko reminds us - Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors? 2. Research before you look  List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view. 3. Get your finances in order Generally,... 01/14/2012

Attorney Filisko reminds us - Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children. 2. Develop your home wish list  Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping. 3. Select where you want to live M... 01/14/2012

Attorney Filisko reminds us - As a rule of thumb, you can typically afford a home priced two to three times your gross income. If you earn $100,000, you can typically afford a home between $200,000 and $300,000.To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs.  2. Factor in your downpayment How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home's cost, you may not have to get private mortgage insurance, which costs hundreds each mo... 01/14/2012

Attoney Filisko reminds us - You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the loan you need to fund your home purchase. Plus, intentionally lying on a mortgage application is a crime. 2. Hold off on big purchases Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t weakened. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, or depleted your savings, your credit score may have dropped enough to make your lender change its mind on funding your home loan. Although it’s tempting... 01/14/2012

Attorney Filisko reminds us TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house.   Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs. Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends? 2. Price the cost of repairs and remodeling before you make an offer Ge... 01/14/2012