Joliet, IL Real Estate News

By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  These Words Will Strike Fear in the Heart of Your Chicagoland Mortgage Lender:  "Let's Go Shopping!"        As we often do, my wife and I watched an episode or two of shows on HGTV last night.  "Property Virgins" was on.  The episode we saw revolved around a young cute couple, Ed and Courtney.           As typical with many First-time Buyers, this young couple had pretty lofty hopes for the home they would eventually buy.  They were looking for the "Perfect 10" property.  And as also often happens with First-time Buyers, this young couple had champagne taste, but were working on a beer budget as they searched for their home.     Eventually, this endearing couple did find a home that fit enough of the criteria they had hoped for and made an offer to buy.  Their first offer was a bit st...
Comments 32
By Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
(Bowers Realty Group LLC)
Old Renwick Trail, Joliet, Illinois Old Renwick Trail Real Estate Statistics Average Home Size: 1720 Average Property Taxes: 4496 Homes Listed: 35 Homes Sold: 19 Average Number of Days To Sell: 90 The above statistics were compiled by Team Bowers Realtors based on homes listed for sale in Old Renwick Trail, Joliet, Illinois between August 8th, 2012 and August 8th, 2013. Homes for sale in Old Renwick Trail Address Beds Total Baths Total Sqft Year Built List Price 3515 Legacy Drive 3 2 1400 2003 $215,250 3753 Indian Head Lane 3 2 1396 2002 $189,999 3619 Indian Head Lane 3 2.1 1584 2003 $132,000 Sold Real Estate in Old Renwick Trail - (May 10th, 2013 - August 8th, 2013) Address Beds Total Baths Total Sold Price 2912 Boone Court 2 1.1 $111,000 3620 Tallgrass Court 4 3 $244,000 3902 Pathfin...
Comments 0
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Reasons Why the Act of Communicating is So Very Important to Mortgage Service           My experiences over the last few months have led me to question ... how is it that most people communicate these days?  The lack of communication and speed of communicating have caused real issues during mortgage processing.     What resources are potential Mortgage clients utilizing to gather needed mortgage info?  To educate themselves?  To facilitate their buying interests or mortgage needs? How are they asking questions?  How are they responding to the Mortgage Lender  that they have asked those questions to?      As of late ... emails, texts, calls, social media, and snail mail all have proven to be frustrating and somewhat unreliable delivery methods.  Emails are left unopened.  Calls and tex...
Comments 30
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
 Help Me Help You!  Avoid Missteps Before and During Your Chicagoland Mortgage Process      In a recent post, I referred to my "beating the drum" loud and often on certain mortgage topics.  Well, today ... I'm beatin'  my drum again.  This time regarding my list of  Credit  "Do's and Don'ts"  for clients while in preparation for and during Mortgage Processing.     It seems no matter how many times or how many ways this topic is broached (or my drum is beaten) with clients, questions still come up or problems arise.  Some get carried away with enthusiasm regarding their new purchase.  Others forget.  Or any one of a million others things can contribute to the problem.   So, I keep trying to find new ways to get this important message across.     Below, I've added my list of Credit  "Do's...
Comments 21
By Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
(Bowers Realty Group LLC)
Wooded Creek, Homes for Sale in Joliet Wooded Creek Real Estate Statistics Average Home Size: 4653 Average Property Taxes: 11010 Homes Listed: 9 Homes Sold: 1 Average Number of Days To Sell: 15 The above statistics were compiled by Realtors in Joliet based on homes listed for sale in Wooded Creek, Joliet, Illinois between August 2nd, 2012 and August 2nd, 2013. Homes for sale in Wooded Creek Address Beds Total Baths Total Sqft Year Built List Price 510 Rookery Lane 4 3.1 2877 2004 $599,900 501 Reserve Court 5 4 3300 2007 $395,000 503 Rookery Court 4 4.2 4315 2004 $759,000 3911 Sierra Rose Circle 4 3.1 3450 2002 $315,000 403 Rookery Court 5 4.2 8321 2003 $850,000 608 Rookery Lane 5 4.1 3850 2003 $499,900 The data relating to real estate for sale on this website comes in part from the Bro...
Comments 0
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  How Do we Fix the Problem of Reality?      This morning I was on Facebook.  I'm connected with many other professionals there.  Many of them are from ActiveRain.       One of those AR professionals is  Charita Cadenhead, Keller Williams Realty,  in metro Birmingham, AL.  Charita's a jewel and has become a favorite of mine.  I just love her spirit and outlook.  Today Charita wrote on her FB timeline,  "There doesn't always have to be someone to blame when things go wrong. Sometimes stuff just happens."       Whew ... did she hit a chord.  That darn reality!      Just the other day, I had loan applicants see their opportunity to buy and borrow disappear, at least for the short term.   Even after hearing the advice to "not buy, not charge, not move funds while in the Process" multiple ti...
Comments 53
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  The Modern Mortgage and Mortgage Process are Much Like a Fingerprint or Snowflake ... No Two are Alike        Yesterday, I received a call from a First-Time Home Buyer.  During that call, my young caller's inquisitiveness and enthusiasm ran high.  He peppered me with question after question regarding Mortgages and the Mortgage Process.  And I loved every single minute of it.      The questions he asked covered a wide range of topics and went into quite a bit of detail.  He'd obviously prepared ahead of time for the call.  Everything from Mortgage programs ... to the value of  Pre-Qualification ... to Interest Rate quotes seen online ... and more were touched upon during that call.  He left no stone unturned.       I think my young caller learned a lot during our talk.  But one thing h...
Comments 10
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
The Growing Importance of Making Timely Decisions When Buying a Home or Seeking a Mortgage      This following issue is of growing concern, importance, and timeliness.  What's the issue?         Home Buyers taking extended periods of time making decisions regarding their home purchases and their mortgage financing.     I just had a client that re-connected with me after having gone stone cold silent for an extended period of time.  I repeatedly tried to get them to respond to my email, texts, or calls, but got nothing.  The last time we had spoken, they had indicated that they were sure they could negotiate a better "deal" and a better price on the home they were viewing.     Their call caught me somewhat off-guard.  Their message even more so.  This client told me they had:        A.  ...
Comments 37
By Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
(Bowers Realty Group LLC)
Theodore S Ridge, Joliet, Illinois Theodore S Ridge Real Estate Statistics Average Home Size: 2154 Average Property Taxes: 3558 Homes Listed: 26 Homes Sold: 17 Average Number of Days To Sell: 76 The above statistics were compiled by Team Bowers Realtors based on homes listed for sale in Theodore S Ridge, Joliet, Illinois between July 3rd, 2012 and July 3rd, 2013. Homes for sale in Theodore S Ridge Address Beds Total Baths Total Sqft Year Built List Price 8010 Aaron Lane 3 2 1895 2009 $172,900 8113 Seward Road 3 2 1900 2013 $199,960 8110 Shady Oak Road 4 2.1 2600 2013 $259,469 8106 Shady Oak Road 3 2 1900 2013 $202,090 8108 Shady Oak Road 4 2.1 2100 2013 $234,001 8007 Aaron Lane 3 2 1895 2012 $199,000 1711 Aaron Lane 3 2.1 2600 2013 $249,021 Sold Real Estate in Theodore S Ridge - (April...
Comments 0
By Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
(Bowers Realty Group LLC)
Lakewood Prairie, Joliet, Illinois Lakewood Prairie Real Estate Statistics Average Home Size: 2414 Average Property Taxes: 5274 Homes Listed: 36 Homes Sold: 17 Average Number of Days To Sell: 58 The above statistics were compiled by Team Bowers Realtors based on homes listed for sale in Lakewood Prairie, Joliet, Illinois between July 1st, 2012 and July 1st, 2013. Homes for sale in Lakewood Prairie Address Beds Total Baths Total Sqft Year Built List Price 904 Plaintain Drive 4 2.1 2775 2006 $189,900 1200 Fawnlily Circle 2 2.1 1875 2006 $136,250 1013 Woodiris Drive 3 2.1 0 2006 $190,000 1019 Salvia Lane 4 2.2 3500 2006 $240,000 7720 Mossheather Drive 4 3 4000 2006 $255,900 Sold Real Estate in Lakewood Prairie - (April 2nd, 2013 - July 1st, 2013) Address Beds Total Baths Total Sold Price ...
Comments 0
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  What an Underwriter does NOT want to see when viewing Chicagoland Real Estate Contracts         Recently, I've seen some repetitive scenarios popping-up on my mortgage clients' Sales Contracts, as they pertain to "concessions" and property repairs.  Several of the transactions I've seen have had Home Inspection issues arise.  Each time this has set-off the back-and-forth of timely negotiations.        I think it's important for clients to understand that ... from an Underwriter's viewpoint ... the ONLY allowable Seller-paid concession on a Sales Contract is for Closing Costs and certain pre-paids, such as Interest, Homeowners Insurance, and Escrow Deposits.       In other words, credits or escrows established and intended for "future" repairs to be made by new Buyers are not allowed W...
Comments 31
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  "Un-Used" Portions of Qualified Loan Amounts"      A while back, I wrote a post entitled,  "I'm Looking for a Few Good ... Questions??"  In that post, I asked for some feedback and suggestions from readers as to what THEY would find beneficial for me to address or explain as it pertains to the mortgage business.  I received a great response from my post's plea and some pretty great (and timely) questions!        One such question came via ActiveRain member and agent  Melissa Zavala, Broadpoint Properties, in Escondido, CA ... North San Diego County.  It was a question that she had received as an agent.        The question read ...       "If you're qualified for $200,000 and the home you decide to purchase costs only $165,000 ... what happens to the remaining (or leftover) $35,000 of q...
Comments 5
By Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
(Bowers Realty Group LLC)
Neufairfield, Joliet, Illinois Neufairfield Real Estate Statistics Average Home Size: 2120 Average Property Taxes: 4967 Homes Listed: 57 Homes Sold: 30 Average Number of Days To Sell: 143 The above statistics were compiled by Team Bowers Realtors based on homes listed for sale in Neufairfield, Joliet, Illinois between June 20th, 2012 and June 20th, 2013. Homes for sale in Neufairfield Address Beds Total Baths Total Sqft Year Built List Price 900 Neufairfield Drive 4 2.1 0 2007 $235,000 2428 Saddle Ridge Drive 3 2 1758 2006 $149,000 1010 Misty Brook Lane 3 2.1 1760 2006 $189,900 813 Timber Springs Drive 4 2.1 2500 2007 $190,000 2407 Brush Hill Circle 2 2.1 0 2006 $125,000 2710 Misty Brook Lane 3 2.1 1850 2005 $250,000 2449 Timber Springs Drive 3 1.1 0 2006 $169,900 2462 Saddle Ridge Dri...
Comments 0
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Let's Play "Connect the Dots" with your Mortgage!       Questions from Underwriters regarding new accounts, transfers between accounts, and debts pop-up fairly frequently.  Clients don't always seem to "connect the dots"  between the actions they take ... and the possible consequences they may reap from those actions.         Credit Bureaus  are quite a different story.  They're sensitive regarding actions and consequences.  (Transactions and credit inquiries being just some of them.)  If you think they won't notice the actions you've taken, you're wrong.  They will ... and as a result, so will Underwriters.        Typically an Underwriter requests anexplanation or clarification to those changes they see on your Credit Report (at minimum).  Worst case scenario?  You throw a wrench int...
Comments 63
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
    In Mortgage Financing:  It's Not Simply about Being Employed           I try to keep track and analyze those blog posts that receive the most attention and get the most comments.  What I learn from doing this, is that posts that recount actual transactions and actions that have transpired within a client's mortgage process seem to educate best and hit a chord most often.  My readers can obviously put themselves in "someone else's shoes" easily and learn from their actions and experiences.        Well, today I have another such post.  It concerns employment ... and I'm hoping it provides a valuable lesson to all those that read it.           During the recent financial downturn, the topic of employment was a huge focus of the media.  Everywhere you turned you saw articles, videos, se...
Comments 13
By Cheryl Bowers, Plainfield, Naperville, IL. Real Estate
(Bowers Realty Group LLC)
Greywall Club, Joliet, Illinois Greywall Club Real Estate Statistics Average Home Size: 2260 Average Property Taxes: 4210 Homes Listed: 61 Homes Sold: 24 Average Number of Days To Sell: 61 The above statistics were compiled by Team Bowers Realtors based on homes listed for sale in Greywall Club, Joliet, Illinois between May 30th, 2012 and May 30th, 2013. Homes for sale in Greywall Club Address Beds Total Baths Total Sqft Year Built List Price 2123 Pembridge Lane 3 2.1 1903 2006 $97,000 8303 Greenbridge Court 4 2.1 1800 2005 $159,900 8199 Claridge Drive 4 2.1 2700 2006 $185,000 2150 Pembridge Lane 3 2.1 0 2006 $90,000 2206 Seaton Avenue 4 2.2 2974 2005 $212,000 8311 Seaton Avenue 5 3.1 2700 2005 $239,000 8319 Pembridge Court 3 2.1 1600 2006 $115,000 2151 Pembridge Lane 3 2.1 1903 2007 $...
Comments 0
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
Easy Ways to De-clutter Your Home and Life       Much has been written about the importance of  de-cluttering  your home prior to listing it for sale.  But whether you're placing your home on the market or not, de-cluttering can make a huge difference to how much you enjoy your home and your life.        Did you know that many doctors and  feng shui  experts believe that a constant state of clutter can drain you of energy, cause depression, make you gain weight, and even make you  physically ill?   It can!      But what's considered "clutter"?        When selling your home, clutter is considered anything that might distract potential home buyers (either mentally or visually) from seeing the positive features of your home.       Too much furniture.  Too many personal photos.  Too many t...
Comments 14
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  "Nothing in Life Comes Free" ...  just like the old saying goes                I'm sure you've heard the statement,             "Nothing in life comes free"        Well, a blog I read today, written by fellow mortgage lender  Joe Petrowsky  on ActiveRain, reminded me of the wisdom and important lessons contained within this statement.         Joe had started the mortgage process with a new client by running the client's credit report.  His client had sought out the services of a credit repair company to help him improve his credit and credit scores prior to seeing Joe, so the scores reported on his credit came as no shock to him.       The credit repair company had promised the client that they'd remove the issues showing on the report ... all bills and payments that the client did in...
Comments 16
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  Is Your Credit Haunted?         As a  Mortgage Lender,  one of my most important services is that of credit advisor.  Credit advice (in one form or another, whether it's polishing/improving credit, or repairing it) is needed by clients before, throughout, and even following many transactions.        A perfect example of this fact, was the new client I met last Friday.  They were hoping to Refinance their present mortgage to reap alower interest rate and shorter term.   They'd not run a credit report for quite a while, so they had little idea what their current credit scores were.        The report I ran for them revealed some pretty major credit issues and credit scores that were very poor.  Late payments on medical bills were being reported.  Inflicting even more severe damage though...
Comments 27
By Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience
(NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)
  "And Now You Know the Rest of the Story"      When I was a kid, one of the most popular radio stars of the era was  Paul Harvey.  Known for his folksy style and storytelling, Paul Harvey's radio program filled the air waves for around 50 years.  The thing I remember most about him was how he always signed-off each broadcast saying ... "And now you know the rest of the story."      I have to admit to you, I've been pretty tempted to borrow Paul Harvey's famous line lately.  Especially when explaining mortgage qualifications and mortgage options with potential Borrowers.        People are once again investigating financing options so they can buy homes.  That's great news and a huge positive for our local Chicagoland housing market.  I'm finding that for the majority of those I speak wi...
Comments 43