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Monday, July 16th, 2012
Lake Township FREE Property Tax Assessment Appeal Forum
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Lake Township FREE Property Tax Assessment Appeal Forum
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July, 17 2012 6:30 pm |
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1250 W. 119th St., Chicago, IL 60628 |
Commissioner Larry R. Rogers, Jr., of the Cook County Board of Review, cordially invites you to attend the Lake Township Property Appeal Forum he is hosting along with Esteemed Community Partners at the Ray & Joan Kroc Community Center – Chapel located at 1250 W. 119th St., in Chicago. Commissioner Rogers has designed this forum to ensure that property owners throughout Cook County have ample opportunity to appeal the assessed value assigned to their property that they believe to be too high.
The event is free to the public and will consist of a brief introduction, a presentation where the function of the Board of Review and the importance of filing a property assessed value appeal will be discussed. After the presentation there will be a question and answer period, after which Commissioner Rogers’ staff will assist attendees with filling out appeal forms.
All attendees are asked to please bring their property tax bill to the event.
For more information feel free to contact Commissioner Rogers’ office at (312) 603-5540 or visit the Board of Review website at www.cookcountyboardofreview.com.
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Posted by: Jwon Martin at 5:12pm
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Thursday, July 5th, 2012
Lender Basics - Frequently Asked Questions
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Lender Basics
Frequently Asked Questions
1. What’s the difference between pre-qualification and pre-approval?
Pre-qualification is a simple process. The buyer is asked specific questions about their income, assets and liabilities. Based on this information, they are provided with an amount for which they may qualify. This process can be done strictly on a verbal level or electronically over the Internet. On the other hand, the pre-approval process is much more involved. The borrower will provide proof of income, assets and liabilities and this information will be verified by the lender. Because of this verification, pre-approved buyers are much more attractive to sellers than pre-qualified buyers.
2. When dealing with borrowers, what concerns lenders the most?
When dealing with borrowers, lenders’ main concern is risk. Lenders proactively manage these risks by requiring four things from a borrower:
- Down Payment – statistics have proven that borrowers who put down 10% or more unlikely to default on a loan.
- Excellent Debt to Income Ratios – borrowers with high debt and low income are a high risk because they are using too much of their income to pay their current debt; e.g. credit card debt, car loans, and so on. We describe a person with high debt and low income as having a high DTI (debt to income ratio).
- Job History – long term employment is a good predictor that a borrower will have a steady stream of income, which will not be interrupted by a career change or termination.
- Excellent Credit – a credit score tells an underwriter a great deal about a borrower. Lenders take a close look at FICO scores. FICO stands for Fair Isaac Credit Organization, the organization that developed the formulas used by credit bureaus to calculate credit scores. (Go to www.myfico.com to learn more.)
3. Why do credit scores vary? And what do lenders like?
The three major credit bureaus are: Experian, Equifax and TransUnion. Credit scores will vary from bureau to bureau because each bureau puts different emphasis on different factors. Credit scores are calculated using a scorecard that allocates points for each of the above factors; however, lenders do not get to see the entire scorecard, all they see are the final scores. FICO scores can range from 300-850.
4. What are the main types of loans?
All of the numbers are subject to change, particularly Maximum Loan Amount. Use these numbers simply for the purpose of comparing the different types of loans:
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Conventional
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FHA (Federal Housing Administration)
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VA (Veterans’ Administration)
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Loan Term: 15, 20, 30 years
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Loan Term: 15, 20, 30 years
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Loan Term: 15 and 30 years
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Occupancy Requirements: None
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Occupancy Requirements: Owner occupied
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Occupancy Requirements: Owner Occupied
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Maximum Loan Amount: $333,700
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Maximum Loan Amount: $177,800
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Maximum Loan Amount: $240,000
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Minimum Down Payment: 0-5%
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Minimum Down Payment: 3%
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Minimum Down Payment: 0%
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Loan to Value (LTV): Up to 100%
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Loan to Value (LTV): 97%
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Loan to Value (LTV): 100%
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Assumable: No
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Assumable: No
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Assumable: Yes, under certain conditions
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Eligible Properties: 1-4 family residential
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Eligible Properties: 1-4 family residential
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Eligible Properties: 1-4 family residential
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Eligible Borrowers: People with good credit
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Eligible Borrowers: US citizens
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Eligible Borrowers: Veterans
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Acceptable Debt Ratios: 28/36%
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Acceptable Debt Ratios: 33/41%
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Acceptable Debt Ratios: 29/41%
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Advantages: Lower interest rates
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Advantages: Not credit score driven
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Advantages: No down payment
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Disadvantages: Credit score driven
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Disadvantages: Lower loan amounts
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Disadvantages: Only for veterans
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5. When a lender looks at a residential contract, what does he/she look at?
Lenders zero in on: (1) the sales price; (2) down payment amount; (3) closing date; (4) seller contributions, looking for anything that might indicate an inducement to sell, which is illegal; (5) special provisions, such as other buildings on the property; and (6) whether it’s investment property or not.
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Posted by: Jwon Martin at 8:12pm
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Thursday, July 5th, 2012
Buying older property and dealing with inspection issues
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Buying older property—and dealing with inspection issues
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For older single-family homes in the city of chicago, we typically find the range of work needed over the next 5-7 years runs on a range of: 50K on the light end, 75K in the middle, 100K PLUS at the high end.
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Time
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Typical $
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Description
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Yrs 1-3
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10-20K
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Immediate safety and building ‘stabilization’ issues (i.e., the building inspection list of short-term, important repairs). Few 100-yr old buildings need NO work!!!
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Yrs 3-5
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10-20K
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Mid-range necessary building repairs (i.e., the building inspection list of things that didn’t have to be done immediately).
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Yrs 5-7
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30-60K
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Updating/upgrading windows, heat, electric, plumbing, etc.. Putting on a new roof or rebuilding the porch and/or garage probably must happen at some point!!!
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For multi-units the work needed over 5-7 years is typically even more: 50K or less could be called LITTLE/NO work, 100K SOME work, and 150K GUT REHAB. For condo’s and town homes, many times the repair list is much smaller, but now even that is changing. In some sections of the city the earliest condos or town homes were first sold 15 years ago or more—and now or over the next few years will need major renovation (new kitchens, baths, flooring, heat, etc.).
Especially with older homes or multi-units, you should expect that a good inspector may find a LONG LIST of repair issues. Some of those issues may be what we call MAJOR items, the rest a ‘laundry list’ of items a handyman could repair:
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Major Issues for Licensed Contractor
Especially with an older single-family home or a multi-unit, there can be MAJOR issues that only a licensed contractor who specializes in it should handle. Most ‘biggies’ fall into one of these ten categories: 1) Roofing, 2) Masonry, 3) Foundation, 4) Electric, 5) Plumbing,
6) Heating/AC, 7) Kitchens, 8) Baths,
9) Windows, or 10) Porches.
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‘Laundry List’ for a ‘Handyman”
NOT ALL problems require a licensed contractor. Much typically falls into a HANDYMAN REPAIR list. Case Handyman Services, one of the larger ‘handyman’ services in Chicago, for instance, says that they can handle REPAIR work for ALL of the following: Baths, Basements, Carpentry, Concrete, Decks, Doors, Drywall / Plaster Repair, Electrical, Exterior Trim, Fireplaces & Chimneys, Flooring, Interior & Exterior Painting, Kitchens, Masonry, Mildew Removal, Moisture Damage Repairs, Plumbing, Porches, Roofing, Pressure Washing, Siding, Skylights, Wallpaper Hanging, and Windows.
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Especially with the major issues, TIMING is everything. For example, if a building will need a new roof 3-5 years from now, the buyer may be able to finance that repair with a HELOC. And any work needed more than five years from now doesn’t really affect today’s market value.
In short, we believe that the buyer MUST learn from the inspector which, if any, MAJOR ISSUES exist and for each, its possible costs and a sense of how soon it must be repaired. As far as the laundry list of ‘handyman items,’ a good inspector should be able to help establish a total budget for years 1-2 (10K or less, 10 to 20K, or 20K up). But don’t be scared by a LONG list of items. If a handyman is paid $35.00/hour, that person can do 100 hours of work for $3,500.00!
As far as inspection CREDITS go, it’s important to watch in the inspection for areas where the property is NOT as represented. If the listing sheet said new electric, but it turns out that the work was not to code, that is an injury you have every right to ask for a credit for. On the other hand, if no mention was made of the roof and it turns out to be quite old, it’s hard to say the buyer was injured (since that is what they should have expected).
When deciding on how much of a credit to request, remember that buyers who ask for too much risk causing the seller to ‘dig in their heels’ and give little or no credit—or even get so angry they wish to kill the whole deal. Be careful and Good Luck.
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Posted by: Jwon Martin at 8:52pm
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Tuesday, May 1st, 2012
2600 Sqft of Good Living - 3 Story,New Rehab, Motivated Seller
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1246 W 97th St
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Chicago, IL 60643
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Newly Rehabbed 3 Story Home in Washington Heights
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| Property Description |
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| Home Features: SS Appliances,Glass Euro Hood,GE Self Cleaning 4 Burner Range,Maytag Dishwasher Refrigerator,Large 9" Deep Basin Sink,Solid Maplewood Cabinets with Dark Mahogany Satin Finish & Self Closing Hinges,Granite Countertops with Overhang Bar,Distressed Floors,Full Body Shower Panels,Dual Flush Water Conserving Toilets,Whirlpool Tub,Crown Moulding,Chair Rail,New Water Heater,New Furnace and Windows n Moulding,Chair Rail,NeA |
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Equal Housing Opportunity. |
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Posted by: Jwon Martin at 11:04am
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Thursday, July 21st, 2011
Buy and Renovate your Dream Home with Just One Loan
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Welcome to Jwon's Home Buyer University Free Online Workshop on the Purchase and Renovation of a Dream Home with Just One Loan!!!
By clicking the image below you will find a growing library of workshops that you may view
completely free of charge which will provide valuable information that
you will need as you prepare for your home purchase.
There is nothing being sold here so view them all at your earliest
convenience.
Enjoy your online workshop experience and thanks for attending.
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Posted by: Jwon Martin at 11:16am
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Wednesday, July 13th, 2011
Rest In Peace Park Manor Bowling Alley
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Rest In Peace Park Manor Bowl
Yesterday the storm caused the roofing support beam to give way and the roof collapsed on the lanes of Park Manor Bowl. The damage was severe and the bowling alley will be demolished. There owner has not discussed whether he will rebuild the bowling alley at this time.
Long time residents remember Park Manor Bowl as the first African Americans who moved into the community were denied access and later remember when a Park Manor resident Adolph Gary purchased the bowling alley from the Cave family. There are many individuals including the writer who have memories from the bowling alley as well this was one of the last bowling alleys left on the southside and in the 6th ward. We had as many as four in the 1980's now zero.
What would you like to see build on this site?
Click on my website picture below for a FREE Chicago MLS listings search. You can also request a FREE Foreclosure list and attend a FREE webinar to repair your credit. Enjoy!
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Posted by: Jwon Martin at 4:24pm
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Tuesday, July 12th, 2011
2 Flat For Sale in Chicago with a Long Term Tenant
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Build passive income and wealth by purchasing an investment 2 flat to create a positive cash flow.
It’s relatively easy to figure out whether buying a two-flat makes sense. Just do the math, calculating how much the mortgage, taxes and insurance will cost each month and how much you can likely charge in rent per unit. If you can’t cover the total costs by renting out both units, don’t buy it.
CLICK ON THE WEBSITE TO SEE A FEW GREAT 2 FLAT DEALS IN THE CHICAGOLAND AREA:
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Posted by: Jwon Martin at 9:56am
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