Jennifer Kinzle, Realtor, E-Pro

Keeping Your Home Secure in Elgin, IL

According to the National Crime Prevention Council, burglars generally will not spend more than one minute trying to get into a home.

• Unlocked doors and windows are the number one way to get easy access to break in, so check the locks. A high quality door frame and lock can withstand a lot of abuse before giving away, so make sure you have a solid opening to start with. Burglars avoid taking too much time to get inside or creating a lot of noise that may be overheard. Front doors can use help from a rim lock or a surface mounted deadbolt. Chain locks can work, but cannot be unlocked with a key from outside.
  
• Sliding glass doors are an easier target than swing doors, as once the lock is broken, the burglar can either slide them open or lift them off the track. Placing a piece of wood like a broom stick in the track and the door won't slide! Remove the handle from crank out first floor windows and keep slider windows closed the same way as sliding glass door with a piece of wood in the track.
  
• Use a timer on interior lights to go off at random times in different rooms to create the illusion of being at home. Porch lights and garage lights that are on timers can also help. Motion detector lights are useful for deterring intruders, but only at night.
  
• Let your neighbors know your schedule, especially if you plan on being away on vacation or out of town. Be sure to have your mail held at the post office and newspaper delivery put on hold. If you are gone for more than a week, a lawn service can keep your yard in good shape and is worth the expense of making the house look occupied.
  
• Get a dog. A watchdog (or even a loud barker) can attract attention to an otherwise quiet home that a burglar would likely pass by in favor of a home without a pet.

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Twitter @jkinzle
Jennifer@ElginFoxValley.com

Elgin, IL-Update for investors

June 8, 2009

A single family home in Elgin at 646 Wellington Ave was listed by a Realtor for $30,000 a few weeks ago, marking a new low price in the city of Elgin.

@Jkinzle 646 Wellington Ave, Elgin, IL Buy a house for price of a new car! $30K http://cli.gs/Zdr4YR

Before anyone asks, no, this home is NOT habitable, and needs a total gut/renovation job to make it livable. However, it should be pointed out that cash investors will be looking at making offers and possibly driving up the price over list due to the low starting point. Aside from the fact that there are now 29 properties available in Elgin that are UNDER $75K and 44 more single family homes between $75K-$100K gives the investor an excellent opportunity to find great deals with a lot of space in Elgin.

657 Wellington Ave is listed at $42,800, which is the next lowest price property in Elgin currently available.

A 10 multi-unit at 52 N Crystal is also on the market at an un-heard of asking price of $425K, sold in 2007 for $410K and 4 out of 10 units need total rehabbing, the rest need updates. Keep in mind that the next listed 10-unit is priced at $900K. An investor special is available here, and anyone looking for a piece of Elgin history will get these two buildings at an extraordinary price. The owner is very motivated to sell these properties due to a job loss.

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Jennifer Kinzle, E-PRO Realtor
Keller Williams Fox Valley Realty
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Jennifer@ElginFoxValley.com
Twitter @jkinzle

FHA qualified buyers are first-time home buyers who purchase homes between January 1, 2009 and December 1, 2009. A "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the 3 years prior to the purchase.

Eligible properties are: Primary Residential Residences that are single-family homes, condos, townhomes, and co-ops.

The maximum allowable credit for home buyers is $8,000. Each home buyer's tax credit is determined by two factors:

• The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.
• The buyer's income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

This is a tax credit and the buyer does not need to repay it, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale. Buyers are required to fund the downpayment of 3.5% themselves before receiving the credit for the closing.

There is a phase out amount for buyers who earn $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. If your income-over $95,000 for singles and over $170,000 for couples, you are not eligible for the credit.

Talk to your mortgage lender today for more details!

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Jennifer@ElginFoxValley.com

Please Get a Pre-Approval Before Previewing Properties!

It happens all the time. A person will call me to inquire about a property listing. I'm more than happy to offer more information and ask if they're working with an agent. If they aren't, I usually try to find out a little more about their needs and whether they are serious buyers or just looking. As a real estate professional, it does little for me to offer my time to those who aren't serious buyers because they can get a lot of free information off the internet without ever wasting an agent's time inside a property that they cannot afford or don't like.

I ask my clients to have a pre-approval before showing them a house because I want them to show me that they are serious buyers who have discussed their finances with a mortgage lender who also takes them seriously. Plus, I'll call the mortgage lender to verify the pre-approval (yes, we can check up on a potential buyer). There is nothing worse than finding a great house that is completely out of the price range and being disappointed right out of the gate. This is a tough market and only newer, inexperienced agents will have the time to spend on "just looking" buyers when "serious" buyers are seeing 30-40 homes and taking an average of 5-7 months to make an actual purchase.

So, yes, you need to have a mortgage pre-approval or proof of funds to see the house. No exceptions.

www.ElginFoxValley.com
Twitter @jkinzle
Jennifer@ElginFoxValley.com

What's an SSA (Special Service Area)?

A Special Service Area (SSA) and a Special Assessment (SA) are two types of financing tools that can affect a community home owner.

An SSA is a way to finance a subdivisions' continuing maintenance costs by allowing the subdivision itself to pay for the costs instead of the Village as a whole or a Homeowner's Association. The amount is added to each property's tax bill and is only for the cost of the maintenance of the subdivisions public service areas such as storm water basins, landscaping, etc. The cost to the individual is much less than a SA, Special Assessment. It is not a fixed amount and cannot be paid off as the maintenance is a continuing cost.

Neighborhoods that will have an SSA established to provide for maintenance of common storm water basin areas or as specified in the original approval of the development plans. Villages usually establish SSA's for new neighborhoods by ordinance. Activation of an SSA will take place after the Village has certainty that the development will be ready in the next calendar year. Once accepted, the Developer/HOA discontinues maintenance and turns it over to the Village. The Village will then activate the Special Service Area and collect fees from residents on their tax bills. When an SSA is activated for a development, the tax the residents pay toward the SSA will only be used for that SSA and any surplus will be put in a reserve fund for future use for that neighborhood only.

A Special Assessment (SA) is similar to a second mortgage. SA's are used to fund much of the costs of the public infrastructure construction costs such as lights, sidewalks and roads. They payments are usually much higher than an SSA and it can be paid off early. It also has a predetermined amortization schedule with annual payments that increase in amount over a long period of time.

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