Cecelia Marlow

The first family's Hyde Park neighbors currenltly have their house on the market. The website www.5040greenwood.com has been said to have had over 10,000 hits. The 6,000 square foot home with an adjacent coach house, is currently on the market for $1.85 million and has been getting attention and inquiries from across the world. This 17 room mansion has had inquiries from London, Singapore, Saudi Arabia, and New York to name a few. The Obama Factor has been said to have drawn lots of attention for this home that was initially being offered for sale without a price. This is a rare opportunity for the right buyer? Will it sell? To be or not to be that is the question.

In today's times of economic uncertainty more and more individuals are taking the opportunity to create additional streams of income. I personally believe this is awesome. However, when looking to purchase a home there are several things that Self-Employed individuals should consider.

•1. Plan ahead. If you are entering the entrepreneurial world, be sure you set some short term and long term goals for yourself, so you can manage your income appropriately. If you are looking to buy a home in the next few years, be sure to read #2.

•2. The trouble with tax write-off's: One of the benefits to being self-employed is that you avail yourself to more options for reducing your tax liability, better known as write-off's. This can act as a double edged sword when it comes to applying for a mortgage. If you write off all of your expenses during tax season and later apply for a mortgage, whatever you have reduced your income by is what the underwriter's will use as your income. Ex. Let's say your first year in business you made $35,000 but the business expenses you wrote off came to $15,000, the income that an underwriter will use for qualification purposes is $20,000. We all know you can't buy much of a house on a $20,000 annual income.

•3. Hire a Professional Tax Preparer or CPA: Treat your business like a business and hire the needed professionals to help ensure your goals will be met. When tax season comes around, it may be better to hire a CPA and give them an in-depth look into what your goals are over the next year. This way they can help you take advantage of reducing your tax liability and still advise you, regarding your new home purchase in terms of how much you should write off or not.

•4. The Corporation: When financing your mortgage everything is about your paper trail. If your business is structured as a corporation, be sure to pay yourself. If the income that you receive goes directly into a corporate account, you need to be sure that you are paying yourself on a consistent basis. Otherwise, the underwriter will have too much to try and figure out. The harder the underwriter has to work, the more likely they are to deny your loan.

Taking a leap into entrepreneurship can be an awesome opportunity. However, plan ahead, getting professional help, and running your business like a business are all very important things to consider when you want to use this income for qualifying for a mortgage. For more information visit www.ceceliaknowsmortgages.com

$8,000 Tax Credit ....... Free Money for your family. As of mid-September statistics show that more than 51,000 Illinois families have taken advantage of the $8,000 Tax Credit for 1^st Time Homebuyers in IL. Nationwide, according to the National Association of Realtors, between 1.8- 2million new homeowners will have taken advantage of the credit this year. If you haven't taken advantage of the credit this year, you still have time, but here are a few things to keep in mind.

•1. Short Sales: If you are going to meet the deadline of Nov.30^th, know that your negotiation process will need more time than a traditional offer, which may impact your ability to close in a timely manner.

•2. 203K Rehab Loans: This loan has become a hot product for 1^st time homebuyers looking to make repairs on properties they are purchasing. If you are planning on using the 203K loan for purchase and repairs, your contracts need to be in now. The process for underwriting, coordinating with contractors and having your loan clear to close is taking about 45 days with most of our lenders.

•3. Traditional loans: Conventional and Regular FHA loans should be well within reach of closing on time for you to receive your tax credit, but with that being said, make sure you stay in communication with your lender to ensure a timely process.

•4. Applications are picking up as individuals are trying to beat the deadline, so be proactive as slots at title companies are filling up fast with closings.

The $8,000 tax credit is a huge benefit to those who are able to take advantage of it. The credit has been said to reduce overall national inventory by about 30% and is stabilizing prices. Now is the time to buy Real Estate. Prices are low, interest rates are low, and the government is offering a huge incentive through the use of the $8,000 tax credit. Don't be a shoulda, coulda, woulda. Find your new home today, submit your offer, get the ball rolling. The clock is ticking! Don't be left out of this wonderful opportunity. For more information on mortgages and loan options visit my website www.ceceliaknowsmortgages.com Happy House Hunting

This post is just to give hope to everyone in the business and to the media and to those who think the Real Estate Market is dead and to the buyers who are still waiting! I am in the Chicago Real Estate Market and decided to think outside the box a little bit. I kept reading how mortgage applications were down and how even though interest rates were low, people still aren't biting. So, I thought I would share a marketing strategy with you to help you generate some business both on the Real Estate Sales side as well as the Mortgage side. I decided to run a newspaper ad in the Chicago Sun-Times for individuals who were looking to Rent To Own (Rent with an option to buy). I run the ad from Friday of one week to Sunday of the next week (10 days). Within 5 days of running the ad, I have had 100 callers to call in, about 30% left messages, and the other 70% I have their number through the call capture 800# I purchased years ago and wasn't getting much utility from. I am pleased with my results as 1 of the prospects has already paid for the cost of the ad 10x's and the other leads will go through a Rent to Own Program that I have partnered with a Realtor to complete. If you haven't used classified ads, this is definately an opportunity for you to grow your business. If you are a buyer who is on the fence, please look into this program. For more information please feel free to visit my website www.ceceliaknowsmortgages.com My pipeline is now growing and my Realtors love me for being able to send them referrals. If you'd like more info on how myself and the Realtor partner on this program please feel free to contact me. Just thought I would share some valuable tips to get your phones ringing again!

Cecelia Marlow - Senior Mortgage Consultant - 1-800-724-7001

In today's ever changing market it is extremely important that buyer's and realtors work with a MORTGAGE PROFESSIONAL! I can't begin to tell you how many times I get a disgruntled client on the phone who has been through numerous originators who call themselves professionals. This post is not to bash those of us who are out there working and really making sure our clients have the best service possible. However, it is to give those who are looking to build new relationships and buyer's looking to purchase a home or investment a few tips, so here they are:

1. Ask questions! Professionals don't get irritated with questions, they want you to feel as comfortable with the process on the front end, so they have less too worry about at the closing.

2. Get to know your loan officer.

3. Find out when their office hours are. I know this may sound simple, however, would you frequent your local store if you didn't know what time they opened and closed. I also hear horror stories about Loan Officer's who can never be reached.

4. Take the time to understand your GFE (Good Faith Estimate). Ask the questions. If you can't get answers about this important form, God Help You!

5. Work with people you like and trust!

For more information on available loan programs and Featured Properties in the Chicago Market visit: www.ceceliaknowsmortgages.com

Cecelia Marlow - Senior Mortgage Consultant - PanAmerican Mortgage,LLC