There are few things more basic to a homeowners association than the fees it takes to keep the place running. When one or more owners default in the payment of fees, the impact is felt by all. And the longer the delinquency, the deeper the cut. It is a situation that many boards dread because of having to deal with neighbors. Here are a number of ways to reduce the impact of, cure or avoid collection problems in your community: Establish a collection policy with teeth. While this sounds simple enough, many HOAs have nothing more in place than the often inadequate provisions of the governing documents. The collection policy needs to be clear and concise. Some of the basic provisions should include: 1. Date the fee is due 2. Date it's late 3. Penalty for late payments 4. How late payments... 10/21/2009

The sad truth is that your home might be infested with termites and it may be years before visible signs of damage alert you. Since these wood-eating social insects look like "white ants" to the untrained eye, termites have been confused with ants by those who do not understand the biology. Different species of termites have different habits, but they all relentlessly ingest more than their weight in wood—your wood—without leaving easily-detectable damage. (Here's a start on the biology: http://en.wikipedia.org/wiki/Termites) Termites can cause significant structural damage to a property. Since Canadian homes are commonly wood-frame structures with brick or siding veneer, few properties are completely immune. Termites infestations are expensive: * The cost of repairing structural damage... 10/20/2009

When looking for a new home in Wilmette or Glenview, be sure the location suits your needs. Is the neighborhood full of kids while your family is more mature? Will you really use that community tennis court that looks so nice down the street? There are often many amenities that look great but that in reality, you'll probably never use.  This line of thinking can apply to the house you purchase as well. Although you may like the flooring in the kitchen or the beautiful drapes may have really caught your eye, there's more to a home than just the decorating. Consider some of the following before falling in love with a well-decorated home only to find out the bedrooms are too small:  1. Speaking of bedrooms, how many do you really need? Figure out the answer to this question before you begi... 10/20/2009

The San Diego housing market is once again hot! Selling quickly and at above listed prices are the bank-owned foreclosure properties, both detached homes and condominiums. Alan Greenspan's term "irrational exuberance" is once again characteristic of the San Diego home buyer's behavior. Any property description using "bank-owned," "lender repossession," "foreclosure sale," etc., is drawing a crowd to see the property. If the property is in decent condition, there will be offers and multiple offers, at that.Sounds like déjà-vu? Not quite. Adding my observation to the above facts, a number of lenders have hit on a marketing ploy to create a buying frenzy which guarantees an almost instant sale. In the majority of cases the offer(s) exceed what may have been realistically expected if the pr... 10/19/2009

McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.92 percent with an average 0.7 point for the week ending October 15, 2009, up from last week when it averaged 4.87 percent. Last year at this time, the 30-year FRM averaged 6.46 percent.The 15-year FRM this week averaged 4.37 percent with an average 0.7 point, up from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 6.14 percent.The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.38 percent this week, with an average 0.6 point, up from last week when it averaged 4.35 percent. A year ago, the 5-year ARM averaged 6.14 percent.The one-year Treasury-indexed A... 10/16/2009

You have less time than you think to cash in on the federal home buyer tax credit. Unless legislation extends the deal, you'll have to close escrow by Nov. 30 to take advantage of the maximum $8,000 tax credit available for first time home buyers. But given the 30 to 45 days -- or longer -- it takes to close escrow -- especially on some distressed properties -- you can't wait until Nov. 30 to buy a home. "You can't be casual about this right now. You have to on it. Committed, very serious, with lots of time available," said Jean Manner Schwimmer, a real estate agent with Coldwell Banker Gay Dales in Salinas area. The federal tax credit for 2009 is only for first-time home buyers -- people who've had no ownership interest in a home in the three years prior to the purchase. Single and hea... 10/15/2009

If you're thinking of making a move to Glenview, Wilmette, or Northbrook, have a look at HGTV's Frontdoor site to learn more about the area.  Here are a few of the things you'll learn about Glenview:  1. The population of Glenview is 49,556, and of that number the largest age group is from 41 to 50 with 8,207 residents. People 51 to 60 make up the second largest age group with 6,820 folks and those 31 to 40 are the third largest group with 6,741 people. 2. Glenview boasts 19 elementary and high schools. 3. The population in Glenview is well-educated in comparison to the rest of the country. The national average for people with Graduate Degrees is 14.1 % while the average of Glenview residents with graduate degrees is 20.6%. The national average for bachelor's degrees is 22.1% while in G... 10/15/2009

Winter is right around the corner and in honor of Energy Awareness Month, the National Association of the Remodeling Industry (NARI) recommends making energy-efficient upgrades as a way to prepare for the season, and many remodelers are offering weatherization programs to help them reduce energy costs. Mark of Excellence Remodeling is one such remodeling company that recently introduced a weatherization program. "The programs are funded by both state and federal governments, and the purpose is to raise consumer awareness of the types of upgrades that are needed to make homes more energy efficient," said Neil Parsons, vice president of sales and marketing for Mark of Excellence Remodeling, West Long Branch (NJ). Weatherization is a term to describe various improvements made to buildings ... 10/14/2009

Though some economic analysts are warning that the housing market's rebound will slow down as the weather turns colder, this week's numbers show no hints of that. In fact, they're actually pretty warm. Start with house prices. The Clear Capital Home Data Index, which tracks price movements in thousands of neighborhoods and ZIP codes across the country, reported a 6.3 percent gain last week for the period covering August 27th through September 25th. The latest index found prices up for the first time since 2006 in two of the hardest-hit real estate markets - Riverside-San Bernadino, California, and Orlando, Florida. Though the gains weren't big - just 1.2 percent in Orlando, and half a percentage point in Riverside-San Bernadino - just the fact that they're finally bottoming out has got... 10/13/2009

For a fun and unusual day trip this fall, go north from Northbrook or Glenview to 9407 Richardson Road in Spring Grove and visit the Richardson Farm. The whole family will enjoy a day here which must include a tramp through the World's Largest Corn Maze!  Actually there are two corn mazes at the Richardson Farm, the biggest of which covers a whopping 28 acres and contains 11.1 miles of trails. It's built in sections so you can enjoy "corn mazing" without actually having to walk the entire 11.1 miles. In fact, one short trail can be completed in about a half hour.  To celebrate Lincoln's 200th birthday, the large corn maze was created using scenes from Lincoln's life. It even includes 3 wooden bridges. To see how it looks, visit The Richardson Farm website. There's lots of other informat... 10/13/2009

Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010. The White House is also signaling that it sees the overall tax credit program -- currently set to expire November 30 -- as an important element in cutting the unemployment rolls and stimulating new jobs next year. After an economic policy strategy meeting last week in the Oval Office involving President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, congressional aides said Democrats generally support an extension of the housing credit. Reid already has made clear he... 10/12/2009

All of us have something in common with our homes. Sure, style, design, and location are at the top of the list, but how about age? As we age, buyers, especially the baby boomer generation, are looking to transform their homes into a place that they can stay in for as long as possible or they're hoping to find one that's already equipped for them to age-in-place. So how old your home and you are, are reason to give some thought to if your home needs age-appropriate adaptation in order for you to be most comfortable. And, in doing so, you may actually make your home more valuable to a wider audience of buyers, should you ever sell it. According to the National Homebuilders Association, making a home suitable for the golden years is economical sound. The baby boomer generation (77 million... 10/09/2009

Congress continues to make changes in the tax code in response to the housing crisis. A key change helps millions of homesellers who owe more on their mortgages than their dwellings are worth. These sellers have negative equity — a condition known colloquially as being upside down or underwater. Legislation that went on the books at the start of 2007 significantly benefits some upside downers and does absolutely nothing for others. This is how the break works. Suppose Sela Sellers disposes of her residence in a lender-okayed short sale that erases the unpaid part of her mortgage. Or suppose the lending company forecloses on the dwelling, subsequently sells it and cancels a portion of her debt. Generally, the tax code calls for Sela to report partially or entirely forgiven amounts on her... 10/08/2009

Technological advances have improved our professional and personal lives in many ways. We are able to get more done, in less time, with more cost effectiveness and efficiencies. Technology is impacting the construction industry, as well, as a new report from McGraw-Hill Construction shows. In its latest SmartMarket Report, "The Business Value of BIM: Getting Building Information Modeling (BIM) to the Bottom Line," nearly half of respondents (49%) report that they are using BIM tools -- a 75 percent increase over the 28 percent BIM adoption rate measured in 2007. “Those companies that are embracing BIM most aggressively are reaping real and measurable business benefits for their firms -- increased productivity, profitability and prestige," said Norbert W. Young, Jr., President, McGraw-Hi... 10/07/2009

Capitol Hill housing and mortgage lobbyists were buzzing last week about an aggressive new legislative proposal that could put tens of thousands of financially-stressed home owners into loan modifications, even if their lenders and loan servicers had to be dragged kicking and yelling to the negotiating table. Under the new bill, which was sponsored by four Democratic senators active in housing issues, all lenders and servicers operating in the U.S. would be prohibited from foreclosing on home owners unless they had discussed reasonable modification options with the borrowers. Lenders who didn't comply would be hit by stiff fines and other legal penalties. Even more significant -- all lenders would be required to perform what the bill calls a “net present value” test for every seriously ... 10/06/2009

Heating and cooling for an average home account for 50 percent to 70 percent of a homeowner's energy usage. If your home isn't adequately insulated that can mean added costs that deplete your wallet each month.The Energy Efficient Codes Coalition (EECC) strives to achieve an initial 30 percent boost in the energy efficiency of the 2009 International Energy Conservation Code (IECC) over its 2006 counterpart. The EECC writes on its Web site, "Because homes and other buildings are the largest sectors for US energy and electricity consumption, using 40 percent of US energy and 71 percent of its electricity, respectively and, at 37 percent, the largest single source of American's greenhouse gas emissions, they represent the nation's last great frontier of wasted energy.The move toward buildi... 10/02/2009

If the Obama administration's proposed Consumer Financial Protection Agency passes into law, that agency would oversee many consumer financial products, including the title insurance, which is now largely state regulated.But consumers don't have to wait for the political infighting to subside before they get good service for a decent price.Understanding the process can shave hundreds of dollars off the price and protect you from abuse.Here's a brief primer on title and escrow services.• Title companies are hired, in part, to issue title insurance protection for home buyers and lenders. Lenders require the service to protect them against loss resulting from claims by others against your new home.The title company investigates the title to make sure it is clear of any encumbrances, such a... 10/01/2009

Are you a detail-oriented  Wilmette home seller? Well, if not, you may be able to sell your home in a more timely manner by learning how to be detail-oriented. What is a detail-oriented home seller? It's a seller who is willing to make the home being sold special by taking great care with the small things that make buyers want the home. Here are some details that can easily be turned into great selling points for your house. 1. Clean it Up: We've all heard the saying, "Cleanliness is next to Godliness." Whether you believe that or not, cleanliness is a big selling point. Most buyers don't want to have to spend weeks cleaning their purchase to make it livable but would much rather buy a home that's already clean. So be sure all surfaces are spotless. Kitchens especially, need to be free ... 09/30/2009

NEW YORK (Money) -- Question: I bought a home and qualified for the $8,000 first-time homebuyer tax credit. I'm still a bit confused, though, about the payback rules. Can you explain them? --Jessica G., Houston, TexasAnswer: Sure. But first I'd like to remind anyone who's considering taking advantage of the first-time homebuyer tax credit of up to $8,000 that was part of this year's stimulus package that time is running out.Specifically, unless Congress extends the deadline -- which I certainly wouldn't count on -- you must complete the purchase of the home by November 30th. That may sound like a good ways off. But when you consider that it can easily take two months to get through the entire home-buying process -- find a house, make an accepted offer, pull together the money and docume... 09/30/2009

You may have seen the headlines last week about the Federal Reserve continuing its policy of keeping interest rates low to stimulate the economy. But you might have missed a major byproduct of that move that's certain to have a direct impact on home real estate: Thirty-year fixed mortgage rates slipped below the five percent mark for the first time in nearly half a year, dipping to 4.9 percent. Fifteen year fixed rates are just 4.4 percent. Now, there's nothing more stimulating for home buyers than mortgage money at rates that are about as low as they go. And sure enough, applications for new mortgages jumped by nearly 6 percent last week, according to the Mortgage Bankers Association. Applications to buy homes using FHA financing soared to the highest share in the history of the Mortga... 09/29/2009