Rates are coming down, Home prices are down,Now is a GREAT TIME to be Buying that NEW HOME. Contact Us Today! HomeOwnership is one of the most Important Decisions You can make.** Now is one of the BEST TIMES to make that Decision! ** Call Tammy or Bob for more Information Today! Do you know where you will be living this Fall? Hopefully in a New Home. We are available to help you find that Perfect Home. Call us or e-mail us with your Wish List, and we will do our Best to fill it for you.
Welcome to your one-stop source for real estate services covering the Joliet, Minooka, Channahon, and Morris areas. Real estate is one of the most exciting investments one can make, and it should be a fun and rewarding experience. Here you'll find everything you'll need to buy or sell a home, as well as learn about the market value of homes you may own in the area. It is our goal to provide you with superior service at all times, so please tell us more about you! Learn About Us.
P.S. We are available 7 Days a Week to Serve You. Give Us a Call.
We Look Forward to Hearing from You,
Bob and Tammy
Tip of The Week!
Common Questions About Avoiding Foreclosure
If you don't pay your mortgage, foreclosure may occur. This means your lender can legally repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued, meaning you would not only lose your home, you also would owe HUD money.
Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.
If you cannot pay your mortgage, take the following steps:
- Look at your monthly mortgage coupons or billing statements for the lender's name and contact information. You should also know what kind of mortgage you have. Look on the original mortgage documents or call your mortgage lender.
- Do not ignore letters from your lender. If you are having problems making your payments, call or write to your lender's loss mitigation department immediately. Explain your situation. Be prepared to provide financial information, such as your monthly income and expenses. Without this information, they may not be able to help.
- Stay in your home for now. You may not qualify for assistance if you abandon your property. But talk with your lender about your particular situation and the options available to you.
- Contact a HUD-approved foreclosure housing counseling agency. Call toll free 1-800-569-4287 or TDD (800) 877-8339 for the housing counseling agency nearest you. These agencies are valuable resources. They have information on services and programs offered by government agencies and private and community organizations that might be able to help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge.
What precautions can I take?
These precautions can help you avoid being "taken" by a scam artist:
- Don't sign any papers you don't fully understand.
- Make sure you get all "promises" in writing.
- Beware of any sales contract that assumes the loan where you are not formally released from liability (responsibility) for your mortgage debt.
- Check with a lawyer or your mortgage company before entering into any deal involving your home.
If you're selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. You can contact your state's Attorney General, the State Real Estate Commission, or the local District Attorney's Consumer Fraud Unit for this type of information.
Will I be responsible for any out-of-pocket expenses if I am approved for a workout option?
You may have to pay expenses such as recording fees for a loan modification. Because every situation is different, contact your lender for more information. But, if a lender has no contact with you and has to start foreclosure, you may have to pay very high legal fees. To avoid this, call your lender as soon as you realize you might have trouble.
The Basics of Home Buying!
Points to consider when buying a house
Here are some basic things to know when looking to buy a house:
The cost. Before you start looking for a house, go to a lender and find out how much money you can borrow and get pre-qualified. That will narrow your search to houses that you can afford.
The down payment. A 20-percent down payment is ideal because it allows you to avoid costly private mortgage insurance. If you can't afford such a large down payment, consider taking out a second mortgage that will effectively bring the down payment up to 20 percent. Such arrangements are often called 10-10-80 loans, which means a 10 percent down payment, a 10-percent second mortgage and an 80-percent first mortgage.
The closing costs. Once you decide on a house and a lender, make sure to get an estimate of the closing costs. If they seem high, get an estimate from another lender and compare the two. If the seller is willing to pay points for you, you can lower your interest rate.
The upkeep. Owning a house can be a lot of fun if you are a fix-up kind of person and love to design rooms and have a lot of free time. On the other hand, if your life is just one big rush, you will probably end up paying a bundle for repairs and upkeep. It's a good idea to set up a fund for such emergencies as soon as you can after you move in.
The house's value. Choose the right neighborhood and school district and your house will probably rise in value year after year. Choose the wrong neighborhood or state or time and the value of your house may plummet. In other words, economic forces beyond your control generally determine what happens to housing prices. So when you shop for a house look for something you like and can afford in an area that appeals to you and your children. Read the business section of local newspapers to keep up with local economic trends.
Economic problems. Once you own a house, make sure you pay the mortgage on time each month. This seems like simple common sense but tens of thousands of households fail to do so and go on to ruin their credit record or lose their house. When looking for a house, if you have doubts about being able to afford it, don't buy. Put off the decision until you are on firmer financial footing. And remember, there is nothing wrong with renting. It can be a good choice for those who move around a lot, can't afford to buy a house, don't want to fool with repairs or lawns or prefer living in an apartment in an urban area.
Economic rewards. If all goes well, a house can bring great economic rewards. You may find over time that your equity has grown so large that you can use it to pay for your child's college tuition. Or you may be able to sell the house and use the equity to buy a much better house. Or — well, the list is endless. In fact, a house accounts for the largest portion of wealth in most households. Happy House Hunting
Tips to Help Cut Your Energy Bills!
1. Plug air leaks with caulking, sealing, or weather stripping. Save 10 percent ($190 per year) or more on energy bills. Focus on windows, doors, outlets or switch plates on exterior walls.
2. Properly maintain the heating system. Heating accounts for half the average family's energy bill (approximately $950 per year). Make sure the furnace or heat pump receives professional maintenance each year. The small cost (about $75-100 for most service calls) will pay back in better performance all year long.
3. Install a programmable thermostat. Programming the thermostat from 72ºF to 65ºF for eight hours a day while no one is home, or everyone is tucked in bed, will cut the heating bill up to 10 percent ($90 per year), paying for a basic unit in less than a year.
4. Seal and insulate heating ducts. A system can lose up to 60 percent of its warmed air before it reaches the register (wasting $570 in warmed air per year) if ducts are not properly insulated in unheated areas such as attics and crawlspaces.
5. Insulate, insulate, insulate. Adequate insulation in the attic, ceilings, exterior and basement walls, floors, and crawlspaces can save up to 30 percent on home energy bills ($630 per year). Focus on the attic. (Heat rises.) Most homes should have between R-30 and R-49 insulation in the attic. Learn more at www.eere.energy.gov/consumer.
6. Close fireplace dampers when not in use. When in use, reduce heat loss by opening dampers in the bottom of the firebox (if provided) or open the nearest window about an inch, close doors to the room, and lower thermostat setting to 50-55ºF.
7. Let the sun shine in. Open curtains on south facing windows during the day to allow sunlight to naturally heat the home, and close them at night to reduce the chill from cold windows.
8. Stay out of hot water. Water heating accounts for 15 percent of household energy use. Reduce water heating costs by lowering the water heater’s thermostat setting. Each 10ºF reduction can save between 3-5 percent in energy costs. Also insulate the hot water heater and hot water pipes.
9. Install storm windows over single-pane windows or replace them with Energy Star qualified windows. Storm windows reduce heat loss by 25 to 50 percent, and storm windows with low-e coating that reflect heat back into the room during the winter months save even more energy. Look for the Energy Star label to maximize savings. Energy Star qualified windows reduce heating and cooling bills by an average of $345, but could be higher in cold and hot climates, compared with uncoated, single-pane windows. Can’t afford new windows just now? Tape clear plastic sheeting to the inside of window frames if drafts, water condensation, or frost are present.
10. Net big savings with a little label. When replacing appliances, light bulbs, electronics, or heating and cooling systems, cut energy bills by up to 30 percent ($600 per year) with Energy Star labeled products. Use compact fluorescent light bulbs (CFLs) in place of comparable incandescent bulbs. Find retailers at www.energystar.gov.
