Closing Chicago Real Estate » buyer incentives

Real Estate News Round-Up: 9/18/09

Peter — Fri, 18 Sep 2009 17:36:32 +0000

Some good, substantive real estate news and then some “fluff”…

Real estate auctions: Top bid no guarantee of sale. Real nice overview piece on the different types of real estate auctions that exist these days. In a soft market, I’ve definitely found that having at least some conversant knowledge about the auction options out there is important. In a tough selling market just signing up for the generic 6% listing agent commission might not be good enough.

Seven New Rules for the First-Time Home Buyer. Sort of a back to basics list of how to approach home buying post-bubble. I like the “Stretch the House” rule…your first house can be your last. Too much house is one of these things like obesity…it wears on you in so many ways beyond just the mortgage payment.

And the fluff…House next to Obama’s Kenwood mansion for sale. Here’s some additional coverage and the listing. I see my good buddies over at the Matt Garrison Group have the listing.

Tweet This Post

First Time Homebuyer Tax Credit Extension?

Peter — Wed, 16 Sep 2009 22:59:05 +0000

Saw what I would consider the first two instances of the “major media” covering the upcoming expiration of the first-time homebuyer tax credit set for November 30, 2009, here (NY Times) and here (AP). Found the AP’s headline disturbing…White House may extend homebuyer tax credit; don’t we have a legislative branch in these United States? But I digress…

Some interesting views from the not self-interested crowd in the Times’ piece. In favor of an extension…essentially arguing that we’re not yet out of the woods on the economy and the housing market. Against the extension…it’s $$ our government doesn’t have and all it does is redistribute money from renters to home buyers.

Me? I’d say I lean towards opposing an extension. Not sure home buying by people who can’t always afford one is something to be encouraged (wasn’t this some part of the current recession), I’d bet 75% of people getting the credit would have bought a home anyway, and aren’t there better ways for the Feds to use $15 billion (like an across the board tax cut or health care).

Tweet This Post

HUD’s Good Neighbor Next Door Program

Peter — Thu, 18 Jun 2009 03:23:07 +0000

Just heard this referenced on TLC’s My First Home and had to post ’cause I had never heard of the program:

HUD’s Good Neighbor Next Door Program

A brief description…Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

From the look of things the one catch is many of the properties are in lets say transitional areas. While I’m on the subject, we just represented a Chicago Public School teacher who was elgible for a $3,000 closing cost credit for buying real estate in Chicago from CPS.

Tweet This Post

Ferris Bueller ‘Ferrari House’ for Sale

Peter — Tue, 26 May 2009 16:45:19 +0000

Click here to view the embedded video.

A movie near and dear to my heart as a child of the 80s born and raised in the north suburbs. Here’s the short piece from the Daily Herald and the listing.

Tweet This Post

$15,000 off for 15 days

Peter — Fri, 17 Apr 2009 22:23:28 +0000

Saw this bit in the Tribune:

The Partnership for New Communities is offering a $15,000 grant from April 15-29 for home buyers at five Chicago developments.

The money can be used toward the down payment and is in addition to the federal tax credit of up to $8,000 available to first-time buyers (those who have not owned a home in the past three years).

The incentive is available at Oakwood Shores, Park Boulevard and Lake Park Crescent on the Near South Side, Parkside of Old Town on the North Side, and at Roosevelt Square on the Near West Side.

The $15,000 is offered on residences priced from $150,000 to $450,000. Also available are 3 percent-down mortgages that provide up to $1,500 in grants to pay for closing costs, and numerous developer incentives.

Open houses are set for April 18 and 25.

Tweet This Post

Lake Forest NOT Just Waiting for Real Estate Market to Turn

Peter — Tue, 14 Apr 2009 22:56:53 +0000

Saw this in the Sun-Times…some great ideas for other municipalities and community groups to follow. The program is essentially bringing together all of the stakeholders involved with the Lake Forest real estate market…

At the heart of the three-month program is a list of participating professionals — real estate agents, home inspectors, title companies, lenders and attorneys — who are offering discounts on their services.

Also, the city has agreed to give buyers a $500 gift certificate good for use anywhere in Lake Forest, which works effectively like a rebate on the transfer tax.

Here are the specifics and everyone involved with Lake Forest Voices.

Tweet This Post