Aaron Gallagher

I thought I would try out this Twitter deal for our office. Follow us and see what we are doing in 2009!!

Username GreenStRealty

In real estate related market news today...

Home prices dropped by 18.2% in November versus the year ago period, accordingly to the Standard & Poor's/Case Shiller index. The index also shows the impact of a declining market: since August 2006 prices have dropped every month for a combined total of 28 consecutive months. "The free-fall in residential real estate continued through November 2008," David Blitzer, Chairman of the Standard & Poor's Index Committee, noted in a statement.

And more media scrutiny has forced some Citigroup executives from traveling in a new fancy jet, eating bon bons and sipping champagne as they jet set to find out where their next bailout will come from. Citigroup received over $45 billion in capital from the government TARP funds, but it still planned to purchase a Dassault Falcon 7X for a cool $50 million.

Citigroup originally said that it would pay for the purchase of the new fancy jet with the sale of older aircraft, but reversed course quickly and said the purchase won't happen after media attention and Senator Carl Levin of Michigan raised a stink. Levin, who represents many of the nation's automakers, blasted
the idea: "To permit Citigroup to purchase a plush plane -- foreign-built no less -- while domestic auto companies are being required to sell off their jets is a ridiculous double standard," Levin said. Well put, Senator Levin!

Green Street Realty

Foreclosure filings increase nearly 55 percent in Illinois in 2008 according to Realty Trac's 2008 U.S. Foreclosure Market Report. The nation as a whole recorded an 81 percent increase in total properties from 2007 and a 225 percent increase in total properties from 2006. Illinois is listed among the top 10 states for highest foreclosure rates along with Nevada, Florida, Arizona (top three), California, Colorado, Michigan, Ohio, Georgia and New Jersey. These numbers are mind blowing!! The opportunity to by discounted property and crazy low rates will only come once in my lifetime. The time to act is now before rates begin to climb and you miss a great opportunity!!

Why do I need a home and/or radon inspection?

Considering that buying a home might be the biggest investments you'll ever make, wouldn't you like to be assured that this home is THE RIGHT ONE! Having a home inspection can set your mind at ease by knowing the "ins and outs" of a house, construction methods, operation and maintenance with longevity in mind.

During a home inspection it is important to let the inspector do their job. While it sounds important and cool to follow the inspector around asking questions and learning, it can be better to save that until the end. You can request for additional time at the end of the inspection for questions/explanations if you would like to have more thorough information. The inspection will begin with the exterior and continue to the inside. The crawl space or basement will be towards the end. An inspector will check electrical, structural, insulation levels, plumbing, mechanics (furnace, a/c, hot water heater, etc), and many more items. They will give you a complete report which will show the age and condition of everything checked. The end of the report will show the minor repairs which normally consist of smaller items that are more informational to watch or fix if you desire. The major repairs are in need of a closer look as these could be expensive to repair. You will need to negotiate with the seller to either repair or give a concession to repair after closing. It is advisable to request that a licensed contractor repair the major items. Your Realtor can assist you in your requests.

When purchasing older homes the potential handyman repairs that may have occurred over the years and the age factor necessitate an inspection. New homes may have up to 200 contractors and subcontractors performing work on a house, leaving the general contractor unable to possibly identify all errors. That's why you should hire a seasoned inspector that has a solid background and actual carpentry/construction experience. This is where Tech Spec can help assist all your needs.

The State of Illinois now requires a radon disclosure on all homes. Radon testing has become increasingly popular among home buyers to know the levels within the home. The level acceptable as per the state is 4.0. Anything above that advises mitigation that can start at $850 and increase depending on size and foundation. Radon is a colorless, odorless, tasteless radioactive gas that comes from the radioactive decay of naturally occurring uranium in the soil. It can enter homes and buildings through small cracks in the foundation, sump pumps or soil in crawlspaces. The Illinois Emergency Management Agency (IEMA) is urging homeowners throughout the state to test their homes for radon after a study of radon testing results found nearly half of 22,000 homes tested by professionals had potentially unsafe levels of radon. The study also found 80 counties where few, if any, professional tests for the naturally occurring radioactive gas known to cause lung cancer were conducted during the two-year study period.

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Carry backs, also known as "seller take backs," are essentially replacements for standard mortgage financing, and become popular whenever banks tighten down credit standards sharply. The carry back can take the place of a traditional down payment the bank requires in order to purchase a property. These are typically used for the purchase of investment and commercial properties. I have used them many times for the purchase or rental real estate. Don't let the deal die do a carry back......