Barb Van Stensel, Realtor - Chicago, Illinois

CHICAGO, IL - ADVENTURES IN CHICAGO REAL ESTATE is a weekend update of the events that occured during the previous week with respect to Chicago Real Estate, Listings, What Happened, etc.

NEW LISTING at Landmark Lofts, Chicago, IL 60605

1516 S. Wabash #701, Chicago, IL 60605 is an awesome corner Loft Condo Unit with an unobstructed east view that features exposed brick walls, hardwood floors, custom fireplace, 42" Qualify Ktichen Cabinetry in natural maple enhanced with a balck granite countertop and accented with stainless steel appliances.

This is a 1,200 square foot unit, located on the 7th floor with to bedrooms, 1.5 bathrooms.

Selling Price: $325,000

Garage Parking is sold separate for $25,000. This garage space is a premium location.

Click here to see more photos.

TAX CREDIT IS APPROVED/EXTENDED: Yes, the tax credit has been approved for first time homebuyers and they must be under contract by April 30th, 2010 and closed by June 30th, 2010.

Repeat buyers who have lived in their home for the last 5 out of 8 years, may also qualify for the Tax Credit, a lesser amount and the cap on purchase price is $800,000.

New House Bill approved and parts are effective immediately with respect to homeowner notifying tenants in a proper time frame with respect to the subject property being / going into foreclosure. Failure to do so results in the tenant seeking retaliation and homeowner paying a $200 fine. New owners of deeds to foreclosures, must submit notice and can amend leases to reflect change in utility arrangements in the lease.

WANTED:

• Client in need of minimum 3 Bedroom/1 Bathroom home with finished basement in the Niles, Mt. Prospect, areas TO RENT. If you know of someone who has a home available for rent, please contact Barb Van at 773.746.5395
• OLD IRVING PARK NEIGHBORHOOD: Client is looking to purchase a single family residence with minimum of three bedrooms, that is rehabbed or new construction. Serious disqualification would be the basement height as my client is 6'4" tall. Requires minimum of 8' clearance. Pick up the phone and call Barb Van at (773) 746-5395 if you are not on the market and considering selling.

A Recipe to take the chill out of your bones:

Barley Vegetable Soup

Ingredients:

1 Cup Chopped Onion
1/2 Cup bias-sliced carrot
1/2 Cup sliced celery
2 Cups sliced fresh mushrooms
1-15 oz. can red beans, rinsed and drained
1-14.5 oz can stewed tomatoes
1-10 oz package frozen whole kernel corn
1/2 Cup regular barley (not quick-cooking)
2 tsp. dried Italian Seasoning - crushed
1/4 tsp. ground black pepper
3 cloves garlic, minced
5 Cups vegetable or chicken broth

Directions:

1. IN a 3-1/2 TO 5 quart cooker, place onion, carrot and celetry. Add mushrooms, red beans, undrained tomatoes, frozen corn, barley, Italian seasoning, pepper and garlic. Pour broth over mushroom mixture in cooker.
2. Cover and cook on low-heat setting (crockpot) for 8-10 hours or on high-heat setting for 4 to 5 hours. Makes 6 servings.

Take care, and will catch up next Saturday for Adventures in Chicago Real Estate.

If you are a Landlord or Tenant, you need to read this with both eyes open.

HB3863 "Amends the Code of Civil Procedure. Provides that the homeowner notice attached to the summons in a residential mortgage foreclosure action shall include directions concerning giving written notice to any tenants about the foreclosure and the tenant's right to remain on the premises.

Provides that an occupant may file an action for failure to provide notice and recover $200 plus actual damages, attoreny's fees, and costs.

Provides that a purchaser of property in a foreclosure must give notice to any occupants of the property that he or she has acquried the mortgaged real estate.

Provides that a mortgator in a foreclosure must notify any occupant of the foreclosure action.

Provides tha the purchaser of property sold at a court foreclosure sale must provide a notice of rights to occupants of the proeprty within 7 days after the confirmation of the sale.

Provides that until the rights of possession in a condition that is safe, healthful, and fit for occupancy.

Provides that a receiver shall give similar written notices and may not increase the rent without leave of court. Provides that the court may allow a rent increase by a receiver or a mortgagee in possession if it finds that an increase is necessary to operate the property, after notice to all occupants affected by an increase, but nothing in the Act shall alter the lease. Makes other changes. Effective immediately.

FURTHER AMENDS the Mortgage Foreclosure Article of the Code of Civil Procedure in relation to residential property foreclosures. Makes various changes regarding the duty of a holder of hte certificate of sale or deed, a purchaser, a mortgagee in possession, and a receiver to: make a diligent inquiry to ascertain the identities and addresses of all occupants of dwelling units of the mortgage real estate and notify all known occupants of dwelling units of the mortgage real estate and he or she has acquired the mortgaged real estate; provide a notice of rights and information about the new ownership advising where inquiries about rent or proeprty repairs may be made and the notices shall be posted at common entrances or at the primary entrance of each dwelling unit; maintain utility services that had been the owner's obligation; and maintain the property. Provides that a holder or purchaser and an occupant may enter into a new lease that changes the respective utility obligations. Provides that, in a foreclosure action filed on or before the effective date of the Act, a holder or purchaser, receiver, or mortgagee in possession required to serve notice or otherwise comply with specified provisions shall have an additional 60 days to comply with the Act. Makes other changes. Effective 90 days after becoming law."

Source: 96th General Assembly - House Bill 3863

You think I'm kidding?

Well, tomorrow the new addition of the area code "872" goes into effect as an overly across the existing "312" and "773", all landline users in the City of Chicago must dial the full 11- digit number ("1" plus the number) to complete any call.

Cell phone users can skip the "1" but will have to dial "872" before entering the "312" or "773" exchange. That means, you have to reprogram your listings!

Tomorrow will be real interesting day for everybody, I believe.

Over the course of the last couple of months, I have assisted and helped close to 50 families across this nation understand their rights when it comes to facing a mortgage crisis.

Did you know that the Government wants you to refinance at todfay's lower fixed interest rates and they are willing to pay for you to do it?! If you have a Fannie Mae or Freddie Mac Loan, you may qualify to refinance even if you owe more than your home is worth.

But if you are late in your payments or your credit score is low, then consider a Home Affordability Loan Modification. That is not the same as a refinance.

What the Loan Modification program does is it reduces your current monthly mortgage payments. They take into account the income that you have coming in, your expenses (such as food, insurance, heat and electricity, running water, clothing, etc.) Then the lender looks at your hardship letter - which is the cause of the delinquency. They run the numbers and see if you are a good risk and the majority of the files that I have reviewed, all were worth it!

To ensure long-term affordability, the modified payments will be kept in place for five years and the loan rate will be capped for the life of ht elona. After five years, the interest rate can be gradually increased by 1% per year to the conforming loan survey rate in place at the time of the modification.

Now, even if you are NOT IN DEFAULT, let's say you have an interest only program or an ARM (Adjustable Rate Mortgage). Were you aware that the banks will review your file and get you out of that ARM and the interest only programs? Yup!

SHORT SALES - A short sale is when you owe more than the price you sell your home for. You are short on paying the bank in full, hence the term "SHORT SALE".

IF YOU OWE $500,000 TO YOUR LENDER AND YOU SELL YOUR HOME FOR $275,000, YOU WILL BE SHORT $225,000. THAT DEFICIENCY AMOUNT WILL BE ASKED FROM THE HOMEOWNER'S EXISTING LENDER(S) TO BE WAIVED. SHORT SALES SHOULD BE HANDLED BY AGENTS THAT HAVE EXPERIENCE AND KNOWLEDGE IN THIS AREA. IF ALL THE OTHER OPTIONS ARE UNAVAILABLE TO YOU, THEN WE MIGHT WANT TO CONSIDER A SHORT SALE.

OH, DON'T WORRY, the Bank pays for the closing costs right now. That includes the commission, the title, transfer tax stamps. You can, and it is imperative that you stay in your home until just before the CLOSE ON THE SALE OF YOUR HOME!

What is expected by you from the Bank? Pay your utilities. Keep the house/building in good repair. That way, you will be albel to save money for when you need to move and have monies left over.

Before you loose your home to foreclosure, allow me to help you review ALL your options. My goal for you is to help you keep your home and re-establish your good credit for the future!

We are your neighbors. We are local. We care.

Pick up the phone today and I'll show you how to "ditch the history" and get you on the Road to Recovery.

The Illinois HOME START Loan Program is for first time homebuyers. The program offers two loans: the Home Start 30 Year Fix Rate Loan and an optional Home Start Down Payment Assistance Loan.

So, let me begin with the HOME START Down Payment Assistance Loan because that's an area where most first time homebuyers want to research.

How it works: The HOME START Down Payment Assistance Loan helps gives first time homebuyers access to additional funds upfront to help with the down payment. Subsequently, the homebuyer will see a 0.5 precent increase on the current rate for the first loan.

WHAT YOU GET:

• 10 Year forgivable loan
• 0% interest rate
• Non-amortizing
• Maximum loan amount is three percent of the purchase price up to $6,000

WHO QUALIFIES:

• First time homebuyers (never owned real estate before) Military Veterans are exempt from this requirement, btw!
• You must qualify and secure a HOME START 30 Year Fixed Rate Loan
• Homeownership counseling is required (doesn't hurt and usually helps one to succeed in homeownership)

WHAT's the CATCH?

• Income Restrictions
• Cannot combine this with any other grant sources funded by the Illinois Affordable Housing Trust Fund or federal HOME funds
• Must be used wiht the 30 Year Fixed Rate Loan

HOW TO APPLY

Locate an IHDA partner lender a www.ihda.org

Now, the HOME START 30 Year Fixed Rate Loan is a 30 year loan obviously with a fixed rate that is insured by FHA (Federal Housing Administration).

Some restrictions apply: Your income and purchase price limits apply and you can't use wiht a Mortgage Credit Certificate!

Qualification Guidelines for the HOME START 30 Year Fixed Rate Loan are as follows:

1. You must be a first time homebuyer (no previous ownership) U.S. Military Veterans are exempt from this qualification!
2. Minimum credit score of 640
3. Must be able to contribute one percent or $1,000 of the purchase price from their own savings
4. Ya gotta have homeownership counseling. Against, this isn't bad because it helps you understand homeownership.

So, this is what I'll do for you, if you purchase a home from me, I will buy you a 13 month home warranty package for your home, just in case something goes wrong with you home during your first year. This helps you adjust to homeownership.

NO GAMES. NO GIMMICKS. Pretty straight forward. You have been given options and I just put the icing on the cake for you.