BOLINGBROOK RESIDENT REAL ESTATE INCENTIVE; BEST PLACE TO LIVE

The Chicago suburb of Bolingbrook, Il has become one of the best communities to live in.  As a resident now for over 13 years, it was exciting to see the growth over the past decade.   An abundance of new retail shopping, movie theaters, and restaurants have moved into the neighborhood, offering convenience and a great selection.  There is also a variety of stunning affordable properties, available in many charming subdivisions throughout the area.

When they opened The Promenade with Macy’s as the anchor and the Ikea & Costco;  the area really flourished.  The upscale IPic movie theater also located in the open mall, is like being in the heart of the city.  It offers an amazing dining area with a great assortment of food and spirits, as well as plush premium stadium seating.  It truly makes going to the movies “an experience“.

As a local real estate agent, dozens have asked when is a good time to list their home.  Well, in today’s market anytime is ideal.  Unlike the past, many buyers are out searching for their dream home throughout the year.  The housing supply is becoming scarce; combine that with low-interest rates and affordable pricing, listing your home now is a win-win for all.

If you are interested in a FREE market analysis for Bolingbrook and surrounding areas, it would be my pleasure to assist.  Specialty services include; Luxury Sales, Traditional Sales, Short Sales, and Foreclosures.  It is easy to arrange a meeting by calling Britta Rivera at  312.475.4548 or emailing britta.rivera@comcast.net.  

Looking for current news in the Bolingbrook area?   The Bolingbrook Patch is a great source of information, so it’s a good idea to sign up for their instant alerts.  The Village of Bolingbrook also has an incredible website with neighborhood details and is highly recommended.

All Bolingbrook residents will receive a SPECIAL INCENTIVE* when listing a home with Britta Rivera Venture Group during 2013, so please ask for details.

via BOLINGBROOK RESIDENT REAL ESTATE INCENTIVE; BEST PLACE TO LIVE.

*Incentive offered for a limited time and subject to change without notice.  Some restrictions may apply. 

Please remember to subscribe to my blog for daily news (look on the right:). 

 

1/3/13: THE MORTGAGE DEBT RELIEF ACT OF 2007 EXTENDED THROUGH 12/31/13; GREAT NEWS FOR STRUGGLING HOMEOWNERS!

CHICAGO REAL ESTATE

According to multiple news outlets the Mortgage Debt Relief Act of 2007 has been extended through December 2013.  This is great news for struggling homeowners and a major disaster was averted.

This will serve as a lifeline to millions of American’s and could have caused chaos for the real estate market, since it expired on 12/31/12.  The Fiscal Cliff agreement saved the day by approving this extension at the last-minute.

The announcement of an extension is huge, because it means most homeowners considering a short sale or forced into foreclosure, will see another year of tax relief.  It will literally save them thousands of dollars in taxes (if they qualify).

Need assistance with buying or selling a short sale in Chicago?  Contact our experienced team of licensed real estate agents at BRV GROUP.   We service the city and suburbs and work hard to streamline the process.

READ FULL STORY HERE:1/3/13: THE MORTGAGE DEBT RELIEF ACT OF 2007 EXTENDED THROUGH 12/31/13; GREAT NEWS FOR STRUGGLING HOMEOWNERS!.

 

CHICAGO SHORT SALES REACH THE ELITE

Many seller’s are facing challenges about how to market their homes during this tough housing market.  In many cases they may have paid more for their home then it is now worth.  So they ask themselves, “Should I sell it at a loss?”  “Should I let it go into foreclosure?”  “Should I try for a short sale?”  “Should I try for a loan modification?”

Well, this is a tough choice for many seller’s and the answers could be different, depending on who you ask.  But for those who have tried for a loan modification and were rejected by the bank, a short sale may be a good option. In recent months we have even seen an increase in short sales for “higher-end” homes.  It appears no-one was safe during the housing crisis. 

Although it is a decision each individual homeowner needs to make, it is wise to ask yourself basic questions before choosing an option. The list may surprise you and can be found in the article titled Short Sales Increasing Trend In Chicago.

CHICAGO REAL ESTATE: If you or anyone you know would like a free private short sale consultation or market analysis, visit my website to contact me.  It is a good idea to speak with a team of short sale specialist before making a life changing decision.

 

NEW ILLINOIS REAL ESTATE LICENSE LAW BEGINS (via Real Estate Institute’s Blog)

IMPORTANT UPDATE TO ILLINOIS BROKER TESTING!

Starting May 1, 2011, the state of Illinois will issue a “Broker” license for entry-level real estate agents. New Broker licensees are allowed to help others buy, sell, manage and lease all types of real estate.  In order to obtain the “Broker” license, applicants must complete a 15-hour “interactive class.”   Real Estate Institute will begin offering this live class in May! “It’s really exciting to be a pioneer in the creation and development of … Read More

via Real Estate Institute’s Blog

Related Articles

• 2011 New Illinois Real Estate License Law; Don’t Let It Lapse (brittaj17.wordpress.com)

 

SHORT SALES: INCREASING TREND IN CHICAGO

Short sales are rapidly surpassing traditional sales in the Chicagoland area.  Just a few years ago many agents and seller’s were clueless as to what a short sale really was, and how to complete the transaction. But in today’s market real estate agents and the general public is more savvy about how they work.

A short sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan.  In simple terms, your home value is no longer above what you paid for it, so banks may allow you to sell it for the current market value.  Seller’s are first encouraged to try for a loan modification, but if that fails, a short sale is definitely a better option than a foreclosure.

Many have heard that short sales are complicated and take months to close.  Well, in some cases this may be true, but the process can be simplified when using an experienced short sale real estate agent and a short sale negotiator.  Their relationship with the banks allow them to know exactly how to present the offer.  They also have the time required to stay on your file to streamline the process.

Who truly qualifies for a short sale may surprise you.  It is not just the homeowner’s who have fallen behind on their mortgage payments.  In most cases it is anyone showing the financial inability to catch up on their payments or who may fall behind in the near future.  The banks will require a “hardship letter” which explains why a homeowner may qualify.  It could be due to illness, divorce, job loss, relocation, excessive debt or other similar situations.  Bottomline, if you cannot sell your home for what you currently owe on the loan and are suffering from a hardship, it would be wise to seek help.  Chances are, you may qualify for a short sale. It is better to find out now, then to wait for the foreclosure to occur.

Chicago Real Estate: If you are interested in a free private short sale consultation or market analysis, visit my website to contact me.

 

FANNIE MAE BUYER INCENTIVES BACK FOR LIMITED TIME

Fannie Mae has reinstated special closing-cost assistance for buyers who close on a home on a REO property (real-estate owned inventory).  It is limited and has restrictions; buyers must put in an initial offer on or after April 11, and close on the sale of a Fannie Mae HomePath property by June 30th.  Buyers must also occupy the home they are purchasing, and buy it as their primary residence.  If buyers make the deadline and qualify they will be eligible to receive up to 3.5 percent in closing-cost assistance on these homes.

According to Fannie Mae, offers submitted before May 15th, have the best chance of qualifying.  If you are interested in purchasing a home, now is the best time to make a move.  It is important to check the restrictions in your state, as they may vary.

READ DETAILS HERE: http://www.homepath.com/incentive/index.html and http://www.inman.com/news/2011/04/12/fannie-mae-brings-back-reo-buyer-incentives.

 

MOST EXPENSIVE CONDO SOLD FOR $222 MILLION, LONDON

This story goes to show, when you have cash to buy a home you will spend it in a BIG WAY!  While many are pinching pennies in this economy, someone who really loved a condo, had no problem splurging.

The British media reported that an anonymous buyer, who is believed to be from the Ukraine, spent £136 million ($222 million U.S.) on a three-story penthouse in London.  The condo is located at,“One Hyde Park,” which is overlooking London’s famed Hyde Park and attached to the Mandarin Oriental Hotel, in the upscale Knightsbridge neighborhood. Reports suggest that the buyer is also spending an extra £60 million ($98 million U.S.) to fix further upgrade the home, since they bought it with bare walls and no interior furnishings.  If this is what he spent during the best real estate pricing in years, what would it have cost in a good housing market?

What makes the transaction most impressive, is that it was allegedly done in cash.  The developers on the lucky side of the transaction are brothers Nick and Christian Candy, who claim to have made a total of £1 billion ($1.6 billion U.S.) in this development, since sales began.

The brothers reportedly started their real estate development business with a very small loan from their grandmother, in the amount of £6,000 ($9,800). Now that’s what you call a great investment by a family member.

This is said to be the most ever spent on a single condo transaction.  As a real estate agent myself, I wish that was my sale, can you imagine what a real estate agent would make on that deal.  In my calculation they could earn around $5.5 million!

Mr. Rich highroller, please call me next time you want to purchase a home, I would love to help!

 

2011 NEW ILLINOIS REAL ESTATE LICENSE LAW; DON’T LET IT LAPSE

ILLINOIS has been contemplating a new real estate licensing law for a long time. Well, brace yourself because it has been implemented and is now in effect.  It essentially eliminates all Sales Person licenses and requires agents to become Broker’s.  Details of the changes are in link below, but have continued to be updated with additional changes. But one thing that’s certain, anyone currently licensed as a Salesperson will have to update  to a Broker’s license.  Broker’s who want to manage or own a brokerage firm, will have to upgrade to a Managing Broker.  New licensees’ will have stricter guidelines.

It is important to note, anyone currently licensed in Illinois will have an easier time upgrading license by 4/30/2012.  So if you currently have a license, it would be wise to complete the new requirements.  If you let your license lapse, you will have to start over and comply with new laws, which is double the time.

It is strongly encouraged, that you upgrade your license, and put it in a holding company if you cannot afford the new costs, surely to take place.  Otherwise, you will find it much tougher in the future to become a real estate agent. Be smart, DON’T LET YOUR LICENSE LAPSE!

TRANSITION UPDATE 4/22/11: http://brittaj17.wordpress.com/2011/04/22/let%e2%80%99s-interact-via-real-estate-institutes-blog/

ORIGINAL DETAILS HERE: http://brittaj17.wordpress.com/2011/01/20/new-illinois-real-estate-license-law-ready-for-testing/

 

Buy a home in 2011, or you may miss out!

It amazes me, how many people continue to rent when the best deals of the decade are out there.  Don’t they know renting is like throwing your money into a black hole?  No tax deductions, no future investment opportunities, no stability, no gain. 

If you have a decent credit score, have a little money saved, and are currently renting, now is the time to call a lender to see if you qualify.   I know many are waiting for the bottom to drop more, but the interest rates may go up, or your favorite home may be gone, if you continue to wait.  In the current market, where home prices and interest rates are incredibly low, there is no reason why people should continue to rent.  Unless of course, they are not in the position to purchase. 

It would be a shame if you waited so long, that you missed out.  So call a lender today to see if you qualify for a home purchase, they may suprise you!

 

MY BLOGGING EARNED AWARD!

BLOGGING WORKS!

I recently wrote a blog on why agents should blog, and this goes to show it does work!  My blogs have now been read by over 20,000 people in just two weeks.  It also received the attention of a local website, who honored me with the Real Estate Agent Award for top agent blogs in Chicago. 

While many were skeptical as to whether blogging worked, they now seem to have my attention.  Most of my agents have now began establishing their own blogs, and realize it is a great way to draw readers (who are also buyers & sellers) to their websites.  Is also allows them the ability to offer readers a place they can go to receive tips, news, and just plain scoop.

I cannot stress enough the importance of blogging, so if you have ever considered it, maybe this will help change your mind http://chicago.curbed.com/archives/2010/12/30/curbed-awards-2010-real-estate-the-people.php. A special thanks to Curbed Chicago for the award and keeping me motivated to blog on!