About Chicago's Albany Park

3207 W Argyle 2E$229,900

This is a wonderful top floor unit condo for sale which has six rooms. There are two bedrooms and two bathrooms. The building was built in 1920. It was fully rehabbed in 2004 with a great kitchen that has 42" cabinets, granite counter tops and stainless steel appliances. Has hardwood flooring in the living spaces. There is carpeting in both the bed rooms and office area. There is tile in both master and second bath rooms. It has in unit washer and dryer for ease when doing laundry. There is a completely separate 5 x 6 storage space in the full basement. This unit is right around the corner from North Park University. This unit is only a three block walk to the Brown line train located at Kedzie and Lawerance Ave. Close to many community amenities such as shopping restaurants, bars and... Show more entertainment in near by Lincoln Square. Many running and bike trails close by. This condo for sale is close to many school options. A must see contact me for an appointment! Mary Jo Daly 773-908-9416 or www.maryjodaly.com

I have had some discussions this past week about the challenges of financing and the options that are available right now. I'm hearing "take the 5/1 ARM because it is a lower rate and you can refinance in five years".

Sounds pretty good to me or is it?

"Take the 5/1 ARM because the rate is lower then the 30 year fixed and besides, you'll be out of the property before then." Or will you?

So which is it? SALT or SUGAR?

See, I'm thinking and thinking till I can drive myself crazy with the decision but then I'm looking at how Lee Iococca, that saved Chrysler back in the 1980's when their stock went down to $5 and neither my brother nor I would take a gamble with Chrysler because neither of us could afford to loose more money, is now going to loose his pension and forbid that he has to turn in his car that he was promised until "death do us part" or purchase it under the new Chrysler ownership.

What does this have to do with anything? Well, I do not think that most of us have still learned our life's lessons and I bet that some will grab that 5/1 ARM because it is such a deal like the negative ARM that was introduced way back or maybe it is a deal.

Then I'm looking at the fact that one in eight properties is in pre-foreclosure right now and this is just the beginning. So, I'm thinking with all the default on mortgages due to whatever reason and there are alot of them and alot of sad ones on top of it, I'm looking at values will still decline and if someone put 20% down on a property and they loose part or all of that equity and are flat lining then when they refinance their home down the road for a similar rate that would be reflected in today's 30 year fixed but now will the bank require the homeowner to pay PMI because the equity is less then 20% and so now PMI rates are anticipated to go up even more and twhile I may be driving you crazy by reading this .... I'm then thinking that the homeowner will and could possibly, actually be paying more down the road becaue PMI may be added to a tidy sum of let's say $225 additional a month and all to save how much right now?

Whew!!!

SALT OR SUGAR?

picture from Microsoft Office.

Okay people, here's a first one and I have the business card in front of me as I write this post.

WHEN YOU ARE SELLING YOUR HOME AND USING A REALTOR, never, ever allow anybody into your property if your Realtor is not present. I don't care if they say they have an appointment, they don't. There are rules that Realtors must adhere to but this one takes the cake.

One of my listings is a short sale. The property is a two flat and over the weekend, the building was shut down so that the tenants had a break from the previous weeks active showings! To my amazement, a Chicago Police Detective, who is a licensed Realtor, shows up at my client's door with his wife and says he wants to see the building. He didn't have an appointment, he didn't call me, he didn't have his Realtor's license or his business card for them. Instead, he uses his clout as a Chicago Police Detective to gain access into the property and view it with his wife.

Hear me, unless that officer has a badge on him, is accompanied with another office who also has a badge on him/her, and they don't have a search warrant, they are not allowed into your property. Call 911.

For all we knew, this man may not have been a police detective but an individual who had business cards printed up as a Chicago Detective.

FOR YOUR SAFETY, do not allow anybody into your property/building without your Realtor present. This could have ended up as a headliner in the Chicago Tribune or Chicago Suntimes with a bad ending only because the widow felt threatened because the man was using his clout as a police detective to see a property that he was lazy and didn't even call me to set up a scheduled appointment but decided to use his power.

Until tomorrow,

Barb Van Stensel
Third Generation in a Family
of Real Estate Professionals
Chicago, IL

Read the new law that will go into effect JUNE 1, 2009 regarding Notary Public Act - it's changed big time.

P.A. 095-0988
A new Illinois law regarding the transfer of real property in Cook County goes into effect on June 1, 2009. Public Act 095-0988 amends the Illinois Notary Public Act by describing the manner in which a notary must sign each notary certificate at the time of notarization. The law requires that a paper or electronic form must be completed and retained, for a period of 7 years, for each notarial act relating to real property in Cook County.

One key change is that finger-printing now is a part of the process. As part of the record to be kept, the law provides that the notary require the person signing the document of conveyance, including an agent acting on behalf of a principal under a duly executed power of attorney, to place his/her thumbprint on the notarial record.

We're fightint Mortgage Fraud in Cook County, in a unique way. This is what the New Notary Law is handling it in Cook County, Illinois.

In an effort to fight mortgage fraud in Cook County, the new law creates this process as a pilot program. Often times straw purchasers and fraudulent mortgage brokers will work together to commit mortgage fraud. This law places responsibilities on a notary to verify the identities to a real estate transaction in Cook County, and keep a thumb print of them as well. Proponents believe this will deter individuals from participating in these schemes, and reduce the amount of mortgage fraud in Cook County.

As a pilot program, the law will sunset on July 1, 2013.