Home Field Realtors Illinois Licensed Real Estate Brokerage

If you are a First Time Home Buyer then you have the ability to take a HUGE income tax credit on your home purchase!

To qualify you must:

• Not have owned a home the previous three years
• Your new home must be your principal residence
• You need to purchase between April 9th 2008 and July 1 2009

Your tax credit will be worth 10% of your homes purchase price or up to $7,500...there are just a couple of catches...you must begin to repay the credit in two years at $500 per year and there are also income related limitations depending on your yearly take home pay...

Recently, there are rumblings in Washington from some that would like to see the credit be permanant, as opposed to a time limitation which runs out July 1 2009...as always, please consult your professional tax advisor before you take advantage of the $7,500 tax credit.

For those that are on the fence whether they should make the leap into homeownership, now may be a good time to go for it with the combination "knock-out-punch" of super low FHA mortgage rates and the First Time Buyer income tax credit up to $7,500!

Visit www.HomeFieldRealtors.com to learn more...Get The Home Field Advantage!

Given the amount of existing inventory on the market, it is more competitive then ever to sell your home. For example, two well known subdivisions in Naperville, IL have a significant amount of homes on the market. Tall Grass Subdivision of Naperville currently has 32 homes for sale, yes 32. Directly to the north, White Eagle Subdivision of Naperville currently has 27 homes for sale. Price ranges are from $449,900 to $1,299,900. Search homes for sale http://www.homefieldrealtors.com/realestate/mlssearch/ ...

To help ensure a relatively smooth sale, it is very important that your home be maintained so as to reduce the amount of objections that can arise at the home inspection. If expensive repairs arise from the inspection, a buyer can opt out of the contract and purchase another home in the same subdivision that is maintained better. Follow these simple steps on a regular basis to keep your home in tip top shape...

Change Furnace Filters Monthly

Drain Your Water Heater Once A Year

Clean The Coils in Heating Units

Check Circuits in the Electrical Box

Watch and Repair Drips Immediately

Replace Aged Roofs, Water Heaters, Furnaces and Windows Before They Fail

Check For Signs of Water Damage on the Exterior of the Home

Check the Foundation for Cracks and Leaks

Inspect the Chimney for Wear and Tear, Brick Condition

Life Expectancy for Common Items:

Exterior Painting 5-10 Years

Furnace 15-50 Years

Roof 15-30

Water Heater 7-15 Years

Check out www.HomeFieldRealtors.com for more tips!

Do you know the Carbon Footprint of your house? Well, approximately 21% of green house gases are originated from household energy consumption so that may give you an idea of how your house contributes to the environment. A home that consumes less energy reduces green house gases and is better for the environment.

Search "Green" homes for sale http://www.homefieldrealtors.com/realestate/mlssearch/ or search Foreclosures and turn your investment GREEN http://www.homefieldrealtors.com/foreclosures-chicago-area/ ...

Here are some great ways to increase your homes efficiency and help conserve energy. Follow these simple steps to improve your homes Carbon Footprint and help make the earth a "greener" place to live...

1. Replace incandescent light bulbs with smaller fluorescent bulbs.

2. Increase energy efficiency by fixing leaky doors, windows, air ducts and cracks.

3. Unplug appliances, cell phone and laptop power charges when they are not in use.

4. Lower your water heating temperature to avoid super hot water.

Pass it on! Forward these tips to your friends and neighbors so we can all make a positive impact on the environment...go Green!

www.HomeFieldRealtors.com

Here is some practical advice for buying Foreclosure Property at auction:

To learn all about buying Foreclosures and Short Sales,

visit http://www.homefieldrealtors.com/article/view/22090/1/3945/ to learn more!

Pay Cash: I have been to several auctions on the county courthouse "steps" and witnessed novice investors get caught up in the hype that they fail to due their due diligence and number crunching before coming to the auction. One of the most important components to the process of investing with foreclosures is financing. In todays market, obtaining funding from a banking institution for foreclosure acquisition is practically obsolete. One option to this is funding with Hard Money Lenders. The problem with hard money is that usually in order to make a profit with your investment, buying with hard money could make or break your profit potential if you cannot refinance out of the loan inside of 30 days or else you get stuck with a very high interest rate, currently around 15%, which you will pay every month you hold the property. In addition, you will pay points out of your pocket just to get the funding - eating into your profits further. In some markets buying with hard money is definately the way to go, however, in todays market finding a way to refinance out of the loan into a more conventional loan will prove to be very difficult.

Kick the Tires: I have seen too many people fail to visit the foreclosure property they are bidding on...crazy as it sounds, but true. Some folks "drank the coolaide" and followed many people to the auction in search of riches. Some of these unsuspecting folks were the victims of churn and burn seminar providers. Do yourself a favor and perform your due diligence - drive by the property and check it out. If you can, walk the grounds and look closely but be careful, there could be current people living in the property that are upset their home is going to be sold at auction. Take it a step further, call your Real Estate Agent and see if they can get you inside the home for a walk through and inspection.

Consider Buying a Short Sale: If you have questions as to the Foreclosure Timeline, vist http://www.homefieldrealtors.com/article/view/22091/1/3945/. Buying a short sale prior to auction can be another way to obtain a home at a great price without having to go through all of the foreclosure headaches. Consult with your Real Estate agent (who will be paid by the seller/bank and not yourself) to determine the best course of action. Be prepared to wait several days or weeks to hear if your offer has been accepted. Asset managers have many properties to handle and often times their list of priorities may not gel with yours. Have patience, the process can be rewarding.

Brought to you by Home Field Realtors http://www.homefieldrealtors.com/

If you are a first time buyer, now is the time for you to seriously consider purchasing your first condo, townhome or single family residence in the Naperville Real Estate http://www.homefieldrealtors.com/naperville-il-real-estate/ or Chicago West Suburban Real Estate market.

Here are some reasons why the timing may be right for you to make your first home purchase:

Rates are Low: Rates remain low, making home buying easier for first time buyers. Read up on financing in our Mortgage Resource Center at http://www.homefieldrealtors.com/article/view/22074/1/3940/ and become familiar with the different types of loans you can apply for.

Lower Down Payment: Effective January 1st, 2009 the FHA minimum downpayment will be 3.5%

$7,500 Federal Tax Credit: First time buyers who qualify, can receive an interest free loan.

A Buyers Market: Act while there is still a buyers market. Don't kick yourself down the road when you read how others have greatly improved their net worth because they bought their first home at the right time. Read our Buyers Program http://www.homefieldrealtors.com/article/view/22069/1/3940/to help you get familar with Home Field Realtors and the services we offer First Time Buyers.

Brought to you by Home Field Realtors in Naperville Illinois...visit http://www.homefieldrealtors.com/ or contact us http://www.homefieldrealtors.com/contact/ for a free buyer consultation!