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60016 : Real Estate Advice

  • All28
  • Local Info3
  • Home Buying15
  • Home Selling2
  • Market Conditions0

Activity 24
Tony Grech, Real Estate Pro in Southfield, MI
Fri Dec 9, 2016
Tony Grech answered:
Hi Patricia

It's gonna be tough to get a mortgage with bad credit. Before taking the big step of becoming a homeowner you should get your credit and finances in order. This will make it easier to get approved, easier to get a good rate on a loan, and will help ensure SUSTAINED homeownership. After all, the goal is not merely to get a home, but to keep it!

As far as your goal of cutting your monthly housing expense in half, I'm not sure how realistic that is in Chicago. With taxes and insurance figured into the payment, a $690 mortgage payment is probably gonna only be about a $80,000 mortgage. So you may need to set your payment goal higher depending on the cost of living there
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0 votes 1 answer Share Flag
John Meyers, Real Estate Pro in Park Ridge, IL
Tue Oct 6, 2015
John Meyers answered:
I work closely with Wintrust Mortgage and their requirement is a 640 credit score. -- To improve your credit quickly, pay off any outstanding late payments (or collections), get a credit card and just charge a pack of gum every month on it (and then pay it off every month), get rid of any car loans that are out of your budget, and most of all -- pay down your credit card debts.

Your debt-to-income ratio needs to be reasonable since they won't approve you for a loan if your debt is high compared to your annual salary (which should appear on your tax returns by the way).

If you are first time home buyer, there are some great IL programs where you only need to put down 1%. Hope that helps! --To learn more, just call me at 847-533-7115 or email MeyersRealty1@gmail.com. Thanks, John
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0 votes 7 answers Share Flag
Randy Stoker, Real Estate Pro in Carmichael, CA
Sun Aug 9, 2015
Randy Stoker answered:
All listings on Trulia are generated by the listing Real estate agent; Trulia scans the MLS data base and posts that information to their web site. If you have your home listed through a licensed Realtor then your listing and corrections or changes should appear on Trulia within 72 hours after going live in the MLS system ... more
0 votes 3 answers Share Flag
Michael Pitt…, Real Estate Pro in Arlington Heights, IL
Tue Oct 14, 2014
Michael Pittman answered:
This may be a challenge. You may need to submit a letter to the landlord explaining your hardship and show what you have done to improve the situation.
0 votes 1 answer Share Flag
Matt Leighton, Real Estate Pro in Arlington, VA
Tue Jul 29, 2014
Matt Leighton answered:
Most lending companies or closing companies can give you a pre - HUD1 which outlines the closing costs involved.
0 votes 1 answer Share Flag
Lane Hudson, Home Owner in Des Plaines, IL
Wed Apr 30, 2014
Lane Hudson answered:
The quick answer is to always, Always, ALWAYS check the comparable MLS listings for your home before you buy. Be sure to check both current listings as well as Sold Properties. The Sold properties will give you a better idea of actual value, especially if your home is identical to its neighbors! A current home listing may not reflect a practical value. Instead is may simply be an anticipated price. Homes rarely sell for the asking price if it is over 10% higher than comparables in your neighborhood.

That is the only way to know if you received a good buy.
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1 vote 4 answers Share Flag
Daniel Mirea, Real Estate Pro in chicago, IL
Mon Sep 23, 2013
Daniel Mirea answered:
That Sounds like is is a scam!!!! Please do yourself a favor and don't send any money! Just talk to an agent and will check everything for you for free!

Daniel Mirea
773-814-2131
1 vote 9 answers Share Flag
Eddie Ruetti…, Real Estate Pro in Plainfeild, IL
Tue Nov 13, 2012
Eddie Ruettiger answered:
I just heard that they have a program coming out with a score for 580's. But it is very hard and I understand the payment history has to be clean. I have only one lender I would trust to do this loan. Check out my site at yourdwellings.com if you would like more infomation or if you want to be put in touch with him. ... more
0 votes 3 answers Share Flag
Eddie Ruetti…, Real Estate Pro in Plainfeild, IL
Tue Nov 13, 2012
Eddie Ruettiger answered:
Again, I will disagree with the infromation here. You may or may not be in a contract and I support what I said early and what Halina is saying. Speak to an attorney. Also, the last numbers I saw on short sales from NAR showed a 16% success rate nation wide. While my office holds an over 70% success rate. It really is all about the listing office and the team they have working on the short sale. You can have your agent pull some date off the mls that may give you a better idea of the success this deal will have based on the agents success on other deals. However, the more important thing here is to check with you team, your Realtor, your attorney to see if you have a contract or a verbal offer. Then you will should be able to work with your team to know what and when to make your next move. ... more
0 votes 9 answers Share Flag
Joanne Matik, Real Estate Pro in Glenview, IL
Thu Nov 1, 2012
Joanne Matik answered:
Hi Paul, That is a good question, thanks for asking it. I have spoken to one of the loan officers I use to make sure I gave you correct information.

On an FHA approved condo building, FHA would allow you to have a credit score as low as 600 (but not any lower). Fannie Mae and Freddie Mac loans required at least a credit score of 660. Your wife's higher score wilhelp.

Call me and we can move forward. 847-657-3767 Joanne Matik, Coldwell Banker
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0 votes 2 answers Share Flag
Lisa Compean…, Real Estate Pro in Des Plaines, IL
Sat Oct 27, 2012
Lisa Compean-GRI,PCV,CLO answered:
Realtors also have a new tool for determining which grants apply to which types and areas of homes. Calling the Federal, state & city for their programs page will also help. You may find that you qualify for private funding as well. Lastly, for another back up plan. Asking for information at your local library may give you more than enough resources.

Do know this however, if you haven't been able to save money to purchase a home by now and that's the only reason you are searching for a Grant... it may not be a great idea for you and here's why.

Homes are the largest purchase people commit to in their lives. They also come with repair bills. Roofing 7k+, Heating 3-5k, Windows and increased heating bills if left un-done. Water pipes that begin to leak and structural issues if left undone long enough. Again repair bills can mount up all the while worsening the resale price of your home. Free money sounds great but there's always a cost for everything.

Houses also need yearly insurance and property tax payments. Special Assessments for roadwork in your subdivision can escalate your payments without ample notice or options to defer them. There's no guarantee you'll get the funding unless it's already in your hands.

Remember not to repeat the mistakes of some past buyers and always keep an emergency fund in place for everything from buying new furniture to emergency room visits and roof leaks to kitchen remodeling.

The best feelings you should have are from owning your own home & having that sense of pride. You'll enjoy that feeling even if you are bombarded with unexpected bills but you have maintained a bank account with positive cash flow in it as a matter of habit. If you haven't given much thought to saving the money yourself -that should be your first task. With that habit created, grant money will be an enhancement to your overall buying plan.

Your next goal should be to learn about the systems that compose the building. When is/What kinds of maintenance are warranted to prolong your systems? What are common issues you can prevent? You'd be surprised how many people don't know things and allow minor repairs to become large repairs.

You must decide what to do. Professionals routinely are advised to provide unbiased information and use their expertise to facilitate your wishes. They are directed by you to complete your wishes and for legal reasons; if you don't ask questions, if you don't do your research that's not their fault. We can state facts but cautiously apply personal opinions. Interpreting future market conditions is a no-no as even professionals can be wrong. Relying on your sense of expertise will allow you to find the best representation and make the best decisions for yourself.

Finally, remember there is no place like home. You make what you want of it.
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0 votes 2 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Thu Jul 14, 2011
Ron Thomas answered:
I would love to clarify:
Could you please clarify your question:
Where is this written?
Did you make any typo's?
It sounds like an ADVERTISEMENT.
Certainly not a legal document.

Good luck and may God bless
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0 votes 3 answers Share Flag
Ranj Mohip, Real Estate Pro in Chicago, IL
Wed Jan 19, 2011
Ranj Mohip answered:
Hey Carol,

I responded below earlier. Malcolm X College in Chicago is holding buyer education classes this spring. They are free and the schedule is in the link:
3 votes 7 answers Share Flag
Thomas Kosto…, Real Estate Pro in Arlington Heights, IL
Sat Aug 28, 2010
Thomas Kostopoulos answered:
I Wrote An Offer On That House About 19 Months Ago We Did Not Get It-That House Is On A Good Sized Lot But It Is In The Flood Plain(Flood Insurance Req'd With A Mortgage)But It Sold Over a Year Ago For $155,000 ... more
0 votes 2 answers Share Flag
Daniel Carta…, Real Estate Pro in Des Plaines, IL
Tue Jun 15, 2010
Daniel Cartalucca answered:
Hello, FYI- This complex is the one in past years that did not pay the gas bill and was going to have gas cut off by the gas company. All the gas, to all of the buildings, so tread lightly.

http://www.dailyherald.com/story/?id=242117&src=109

I live In Des Plaines and there are some good bargains here, you just have to know what is a bargain, and what is not. There are many that are not.
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0 votes 3 answers Share Flag
Amy Foote, Real Estate Pro in Carpentersville, IL
Wed Jun 9, 2010
Amy Foote answered:
Ameya,

As you've seen, the government's First Time Homebuyer Tax Credit has expired. But...consider this. If you have a good agent, they could negotiate for you an closing cost credit that will help you purchase a home. In the current lending environment, you can't walk away from a closing with cash in hand, but a closing cost credit can sure help out!

If you'd like to talk more about this, feel free to call me at 847-602-9979.

Thanks,

Amy
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0 votes 4 answers Share Flag
Lisa Compean…, Real Estate Pro in Des Plaines, IL
Thu Apr 15, 2010
Lisa Compean-GRI,PCV,CLO answered:
There are plenty of Agents out there. If you are looking for units that aren't listed yet, bulk purchases and such, give me a call 847-803-2225. I have plenty of units that can be purchased individually but I need to know what your experience level with foreclosures is, etc. I'll email you as well. Lisa ... more
0 votes 3 answers Share Flag
Jose Hernand…, Real Estate Pro in Chicago, IL
Fri Apr 9, 2010
Jose Hernandez answered:
Only because an offer has been accepted it does not mean it's over, the buyer has to do an inspection and attorney review, and then do they really qualify for a mortgage? I made contact with the listing agent and if you are still interested in bringing in an offer, they will look at it.. ... more
0 votes 4 answers Share Flag
Kathleen Els…, Real Estate Pro in Chicago, IL
Thu Jan 28, 2010
Kathleen Elster answered:
Since Robin Drive is in Unincorporated DesPlaines, your best source would be the Cook County Sheriff's Department for crime statistics,.
0 votes 5 answers Share Flag
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