Barrington IL Real Estate

Real Relief ... New Stiff Restrictions Coming For Debt Relief Companies

Sat, 31 Jul 2010 20:19:45 -0400

Gene Mundt explains the new stiffer rules surrounding debt relief agencies. No more upfront fees to pay by consumers.

Via Gene Mundt (Chicago Bancorp):

     When asked by a customer about debt relief counseling or services, I always take the time to thoroughly examine and determine exactly what the nature of the person's debt is ... and how severe. Many lenders will do the same, and proceed in assisting those customers that they feel equipped to counsel and assist at no cost to the customer.

     I do this to help straighten out debt and benefit credit scores for present customers, and those considering buying in the future or refinancing present loans. I consider it just another way I can benefit my customers and also see it as extension of my personal lending services. When I feel the debt or circumstances are beyond me, I say so and help in finding someone that is best equipped to handle the more critical stages of debt.  I will point out, that there are some companies that are more reputable and better capable of offering that assistance.  Obtaining THOSE contacts are key to the success of debt elimination.

     Big changes came to those companies found within the debt settlement industry yesterday. The Federal Trade Commission placed new restrictions on companies that promise to help consumers pay-down or eliminate their credit card balances and late fees.

     These new changes will apply to all debt relief companies selling their services over the phone ... not to those that make first contact in-person or conduct business entirely online. These rulings are much more wide-spread than it would initially appear, as the large percentage of debt settlement companies utilize radio and television marketing to promote their toll-free numbers. That means they are included under these new restrictions.

     It's been reported by the Better Business Bureau that over 3,500 complaints have been received regarding these debt settlement companies since the recent recession began. Complaints contained out-and-out fraudulent activities and stories of debt actually accumulating higher as a result of working with these companies.  While utilizing these companies services, many customers quit making their payments, which resulted in further debt, additional interest charges, and late fees being assessed. This only exacerbated their credit problems.

     Perhaps the best change contained within these new rulings by the Federal Trade Commission, will be that these companies can no longer charge their customers an "up-front" fee for services.

     Starting on October 27th, 2010, debt settlement companies will only be able to charge their fees AFTER a customer's debt has already been settled, renegotiated ... or at minimum, seen a reduction. Many companies were charging a percentage of the outstanding balance as their company's service fee. For their fee, they were promising to negotiate for reduction or elimination of debts with the customer's creditors.

     Some debt settlement companies also demanded that monies be placed aside in accounts. Of course, the settlement company had control over the accounts. This has been ruled out as a result of the new restrictions. From now on, any accounts maintained must be through independent financial institutions and in the customer's name(s). The customer will retain the ability to withdraw the monies at any time ... and free of penalty.

     Strict penalties ($16,000 per violation) will apply to for-profit companies that do not abide by these newer, more restrictive rules. Non-profit agencies or companies do not fall under these penalty rulings.

     I suggest strongly that you contact me or your own lender, should you wish a credit/debt evaluation ... or recommendation for a debt settlement company. Take the time to thoroughly know and understand what you are facing. Educate yourself to your options and how best to proceed.  With the new restrictions going into place on October 27th, you will be better protected and better served if your decision then ultimately includes the services of a debt settlement company.


www.genemundt.com

gene@chicagobancorp.com

I Am A Local Real Estate Expert - Zillow Is Not

Sat, 31 Jul 2010 17:16:10 -0400

If you want to know if Zillow is a good way to value your home consider the information contained in my colleagues post.

Via Leesa L. Finley, REALTOR®/RE Strategist Wake Forest NC Real Estate & Wake County (Circa Properties - Your Wake Forest NC Homes Specialist):

I Am A Local Real Estate Expert - Zillow is Not

Whether you are thinking of buying a home or possibly selling your home you more than likely have stumbled upon Zillow and thought you hit the mother-load of real estate information! It's a fancy site with Zestimates, has homes marked on a map that are either currently listed or have recently sold, and you can spy on your best friends home on the other side of town to see what it's worth and that's cool, right? Wrong! Well, if spying on your neighbor is cool to you then that's your business BUT if you are thinking of buying or selling a home then you want to steer clear of Zillow.

You see, I cringe when I speak with a buyer or seller and they come at me with all their research from Zillow. They already have a predetermined listprice based on what they learned from Zillow or they think they already know if a home is over or under priced with information they received from Zillow. Well, let me set the record straight - more often then not, Zillow is inaccurate.

Zillow is a computer generated program that acquires information from various sources and then runs it through a program to give you information based on a mathematical equation. Trust me, there is no human sitting at a desk inputting data about all of the homes throughout the country. What Zillow can not replicate and therefore will never be able to accurately price real estate is the human touch and the ability to physically see into other properties.

Zillow does not take into account upgrades and/or updates to a home or lack thereof. It doesn't know:

While your home may have Formica countertops your neighbors have all upgraded to solid surface counter tops.

You have replaced your carpet, vinyl in the kitchen and bathrooms and updated the appliances while your neighbors have carpets that are worn thin, 15 year old outdated vinyl and brass fixtures from the 80s

ZILLOW DOES NOT KNOW THAT THE HOME NEXT TO YOURS WAS A FORECLOSURE AND THE PREVIOUS OWNER RIPPED OUT ALL THE CABINETS, TOILETS AND MADE OFF WITH THE COMPRESSOR UNIT TO THE HVAC.

All Zillow knows is what is found on other public sites - statistics. There is no room for the human touch.

So, please, if you are thinking of buying or selling a home don't consider Zillow as your source for pricing. It's a fun site - lot's of bells and whistles - cool tools and great graphics but that's about it. If you are serious about buying or selling real estate then you want to rely on a real estate professional that can add the human element and knows your neighborhood and the local real estate market.

Whether you are buying or selling Real Estate in Wake Forest NC it just makes sense to use a Realtor® that knows the area! I live here, work here and play here - I call Wake Forest NC home! For more information regarding Wake Forest NC be sure to visit my websites:

Leesa Finley - Homes for Sale in Wake Forest NC, Wake Forest NC schools, restaurants, shops, entertainment and MORE....

Circa Properties - My company website with information for the entire Raleigh NC area including Cary, Apex, Garner, Franklinton, Youngsville, Holly Springs and MORE....

Hunters Farm Fox River Grove-Homes in Barrington School District

Wed, 28 Jul 2010 14:39:34 -0400

Hunters Farm Fox River Grove-Homes in Barrington School District

Barrington has a lot of real estate - about 75 square miles of it. Yet not all buyers find the right mix of needs in Barrington for their family. Some do not want the acre or bigger lots, the older homes or the lack of that neighborhood feel for kids to play.

Hunters Farm in Fox River Grove may be your answer. Hunters Farm highlights:

Barrington School District
Homes are approx. 10 years old
Smaller lot sizes-average 0.40 acres
81 Homes and Neighbors
Largest homes in Fox River Grove-Comparable to Barrington Homes
4 and 5 bedroom homes-average size approx 3200 square feet
3 and 4 Car Garages
Children's Play Area
Baseball Diamond
Large Open Area
Close To Lake Barrington
Fox River Grove shops only 1 mile away-Dominicks, Post Office, Ace Hardware, Walgreens, Harris & Chase Banks, McDonalds, Car X, Tuesday Morning and more
Close to Good Shepherd Hospital and Doctors Offices

Currently there are 6 homes for sale in Hunters Farm Fox River Grove. Prices range from $499,900 to $749,000 and all are 4 bedroom homes. One home is a short sale the others are not distressed sales. The best priced home here is now under contract. The Hunters Farm property shown here is listed at $549,000 and is a 4 bedroom home with a nice sized lot.

Hunters Farm has a lot of children and so room for families to play is important. This wide open space can be used for soccer games, flying kites and playing ball.

The little kids can play in the playground which is next to the Baseball diamond. If you are looking for Barrington Schools but want to be closer to your neighbors in a subdivision that has plenty of friends to choose from consider Hunters Farm of Fox River Grove.

Call me for a list of homes in Barrington School district that matches your needs. 847-363-3686

Carriage Trail - Barrington Court - Barrington IL Homes For Sale

Tue, 27 Jul 2010 18:50:40 -0400

Carriage Trail - Barrington Court - Barrington IL Homes For Sale

If you are looking for larger homes close to an Elementary School both Carriage Trail and Barrington Court have homes within walking distance to Roslyn Road Elementary School of Barrington. There is a walking path from these subdivisions that gets the kids safely from the subdivisions to Roslyn Road where they walk safely to the school. You can find larger Barrington IL Homes For Sale in both Carriage Trail and Barrington Court.

Homes in Carriage Trail were built just over 10 years ago, homes in Barrington Court are just a few years old. Prices in these subdivisions start at about $700,000 and reach $1,249,000 at present. You'll find all the bells and whistles in the higher end homes here. If you cannot afford a new custom home you might find just what you are looking for right here. Lot sizes are about a half acre with homes up to 6000 square feet some even have walk out basements.

The landscaping is growing well with trees now providing shade, manicured lawns and flower beds add to these pretty neighborhoods. If a larger home close to the schools with less maintenance than the larger lot sizes is for you, come and take a look at Barrington Court and Carriage Trail of Barrington.

Call Corinne for a list of Barrington IL Homes For Sale in Carriage Trail and Barrington Court or other subdivisions near Roslyn Road Elementary School: 847-363-3686.

Single Family Homes With Walking Distance of Roslyn Elementary School Barrington Illinois

Tue, 27 Jul 2010 18:46:11 -0400

Single Family Homes With Walking Distance of Roslyn Road Elementary School Barrington Illinois

Roslyn Road Elementary School is located off Roslyn Road in Barrington Illinois. It is one of the eight Barrington School District Elementary Schools and is close to the village. For this reason it is close to homes in Barrington that are within walking distance to the school.

When schools are insession Route 59 just north of Route 14 aka Northwest Highway has a school crossing to accommodate the many children that walk to Roslyn Road Elementary School from some of the popular subdivisions close to the school.

Buyers often seek out homes that are within walking distance of the Elementary Schools and for Roslyn homes are in these subdivisions:

Steeplechase Chippendale and Fairhaven are on the east side of Route 59 and will use the crossing to get to Roslyn Road School - Carriage Trail and Barrington Court are on the same side as the school and have a pathway from the subdivision to Roslyn Road so children do not have to walk down Route 59.

If you are in the market to buy or sell a home near Roslyn Road Elementary School the homes in this area are still sought after. You'll find a variety of home sizes and styles with prices from $225,000 to $1,249,000 Lot sizes vary in size but no more than about 0.75 acre.

Learn more about Steeplechase - Chippendale - Fairhaven - Carriage Trail - Barrinton Court or search all the available homes in Barrington.

Call Corinne to find your new Barrington Home: 847-363-3686.

Fairhaven Subdivision of Homes in Barrington Illinois

Tue, 27 Jul 2010 18:14:34 -0400

Fairhaven Subdivision of Homes in Barrington Illinois

The Village of Barrington has several subdivisions near to the center that are close to the Elementary Schools - even within walking distance. One of these is Fairhaven which is located north of Northwest Highway and on the East side of Route 59 before you reach Cuba Road. Children can walk to Roslyn Road Elementary School using the school crossing to get them safely across Route 59, although in the colder months it's more likely they will catch a bus as it is a good 15 to 20 minute walk.

Homes in Fairhaven of Barrington are all located in Lake County. The street names of Fairhaven are:

N Crestview Drive
N Woodland Avenue
W Lake Shore Drive
Crestview Court
Cuba Road
Elm Grove Drive
N Lake Zurich Road

Fairhaven can be accessed from both Route 59 and Cuba Road to the north.

Fairhaven is an established neighborhood with grown trees and bushes, it has a park - Columbus Park which provides a wide open space for activities as well as a lake for the local ducks and geese to enjoy. No doubt white tailed deer will romp through here.

Homes in Fairhaven are typically located on 1 acre lots and have a community well for water and private septic systems. Built mostly in the late 1960's with a few later builds you'll find Colonial homes, Cape Cod Homes, Ranch Homes, Split Level Homes and Tudor Homes - a great mix of styles and sizes for single families.

Prices of homes in Fairhaven have fallen as they have in Barrington and are comparable to homes prices in both Steeplechase and Chippendale. Expect to pay between $450,000 and $650,000 today for a home in Fairhaven with 3 or 4 bedroom homes, 2 or 3 car garages, acre lots on average, 2 to 4 bathrooms, basements full and partial.

If you are in the market for a home near Roslyn Road Elementary School - consider Fairhaven of Barrington Illinois

Call Corinne for a list of homes in Fairhaven or other subdivisions near Roslyn Road Elementary School: 847-363-3686.

Homes In Chippendale Subdivision Barrington IL

Tue, 27 Jul 2010 17:21:30 -0400

Homes In Chippendale Subdivision Barrington IL

The Village of Barrington has several subdivisions near to the center that are close to the Elementary Schools - even within walking distance. One of these is Chippendale which is located north of Northwest Highway and on the East side of Route 59 just past Steeplechase. Children can walk to Roslyn Road Elementary School using the school crossing to get them safely across Route 59. Chippendale is a larger subdivision than Steeplechase with more homes.

Homes in Chippendale of Barrington are all located in Lake County. The street names of Chippendale are:

Commonwealth Court
Marlborough Road
Hampton Park Court
Williamsburg Park
Georgetown Lane
Bosworthfield Road

all of which are accessed off Providence Road

Just like Steeplechase you'll find Colonial homes - Georgian Homes and a few ranch homes in Chippendale Barrington. Chippendale homes were built in the late 1960s to early 70s Yard sizes are on average a standard quarter acre with homes from 2000 to 3000 square feet. 2 car garages are typical as are basements either partial or full.

If you are in the market for a home near Roslyn Road Elementary School - consider Chippendale of Barrington Illinois

Call Corinne for a list of homes in Chippendale or other subdivisions near Roslyn Road Elementary School: 847-363-3686.

Homes In Steeplechase Subdivision Barrington IL

Tue, 27 Jul 2010 17:09:50 -0400

Homes In Steeplechase Subdivision Barrington IL

The Village of Barrington has several subdivisions near to the center that are close to the Elementary Schools - even within walking distance. One of these is Steeplechase which is located just north of Northwest Highway and on the East side of Route 59. Children can easily walk to Roslyn Road Elementary School within a few minutes and there is a school crossing to get them safely across Route 59.

Homes in Steeplechase of Barrington are all located in Lake County. The street names of Steeplechase are:

Covington Drive
Churchill Court
Fairfax Court

It joins to Chippendale via Marlborough Road.

You'll find Colonial homes - Georgian Homes and a few ranch homes in Steeplechase Barrington and many have brick fronts. Steeplechase homes were built in the late 1980s. Yard sizes vary from one quarter to three quarter acre lots. Prices are between $450,000 and $600,000 with homes up to 3500 square feet. 2 car garages are typical.

If you are in the market for a home near Roslyn Road Elementary School - consider Steeplechase of Barrington Illinois

Call Corinne for a list of homes in Steeplechase or other subdivisions near Roslyn Road Elementary School: 847-363-3686.

Another Short Sales Contract Fails in Schaumburg Illinois

Mon, 26 Jul 2010 14:43:19 -0400

Another Short Sales Contract Fails in Schaumburg Illinois

This short sale listing of a condo in Schaumburg had everything going for it. The owner was pro-active about taking steps to try a short sale as soon as distress loomed on the horizon.

The condo was listed for sale at market value-well maybe just a little under.
The owner made the condo available for showings.
The Home Owners Association fees were being paid every month.
Time passes but both the owner and I, her Short Sale Realtor, keep the bank up to date on progress.
During the listing we were contacted by FHA as the owner qualified for their HAFA equivalent approved short sale program. Yes they contacted us!
The condo and client were approved for the short sale program within a few days; we just needed an offer for a set amount.
Offer was received for full asking price.
Short sale documents sent to bank along with HUD-1 showing net proceeds just above what the bank wanted.

This is like a text book short sale, albeit it little odd in progression. So what went wrong?

Simple; at some point the owner decided not to pay the Home Owners Association Fees anymore. There were 4 missed payments of just less than $300. The HOA sent us the bill-$4000 and change. (We had assumed they were up to date-until the bill arrived.)
Because the owner had not paid the monthly assessment there was interest charges and late fees added, plus for some work the owner called to have fixed those were added as full bills for the owner to pay.

The owner did not have $4000. So the short sale has failed when we were so close to saving the client. Could the owner afford the monthly fee? Yes. So why on earth did payment stop? I guess I will never know but now this client is moving out of the condo which will be foreclosed on next week.

Could the HOA have helped, maybe but they will get all their money at sale after foreclosure so why should they help? The owner started out the right way but did not think to ask before stopping payments and did not tell the Realtor.

If you need a short sale on a condo ownership property do not take any action with-out first asking your Realtor or your Attorney how it might affect you. In this case the price is a heavy one. Foreclosure could have been prevented-we were so close to a succesful short sale.

Call me today! I do short sales in Schaumburg for owners willing to do as they are told. Corinne: 847-363-3686.

Buying Homes in Barrington With Basements

Sun, 25 Jul 2010 15:10:54 -0400

Buying Homes in Barrington With Basements

Most homes in Barrington have basements of some kind. Depending on the age and size of the home you might find partial basement or full basements. There are a small percentage of homes in Barrington with just a crawl space or nothing at all-built on a slab.

Unfinished Basements in Barrington Homes. In an unfinished basement you'll most likely have concrete floors, concrete walls and not much else. Basements are typically the place for furnaces, water heaters, well tanks and house sprinkler water tanks etc. In addition the basement may have roughed in plumbing for a bathroom - especially if the home is not that old.

Finished Basements in Barrington Homes. To finish a basement the owner most likely should have pulled a permit from the village. A nicely finished basement will have studded walls, drywall, electrical outlets, any supporting pillars will be neatly hidden, the ceiling will be finished and the floors although commonly are carpet can be finished with laminate or hardwoods if done correctly. Some will offer a full bathroom, perhaps a large great room/family room and often a bedroom or playroom. Don't be surprised to see home gyms and exercise rooms it is a common place for them to be-in the cool.

The finished look is just like the rest of the home. Older homes may have been finished a long time ago so don't be surprised to see wall paneling in place of drywall. The ceiling height of a finished basement is lower and in older homes I have often found it to be barely enough for tall guys to walk standing up.

How Will You Use Your Basement? Basements are used in so many ways. They can provide additional family living space, storage, extra bedrooms or offices, even addition kitchen or bars. When considering the Barrington homes you are looking at you may not have thought about what you'll do with a basement. How about a Theater room, guys space, music practice area, dance floor, teenage or young adult space, nanny living quarters.

Although the value of square footage below grade is less than the rest of the house it can still be an expensive job to finish or gut and re-finish a basement. Keep this in mind when looking at Barrington homes with basements. If you maximize your purchase your budget may not stretch to a $50,000 basement finishing job. (Broad estimate for a typical Barrington single family home with 4 bedrooms.) If you are looking at new construction in Barrington it is often cheaper to get your builder to finish the basement during construction.

If you are in the market to buy a home in Barrington with a basement let me know. I can send lists of homes with finished or unfinished basements. Call me today! 847-363-3686.

Dear Barrington Listing Agents-There is a Good Reason I Am Between You and My Buyer Clients, Can you Guess What It Is?

Sun, 25 Jul 2010 14:34:14 -0400

Dear Barrington Listing Agents-There is a Good Reason I Am Between You and My Buyer Clients, Can you Guess What It Is?

It has been a long and tiring week. With a Barrington home buyer that is under the gun to find a new home I have spent much of the week showing homes in Barrington and I understand all you Barrington Listing Agents would like me to give you feedback and I do my best to give you valid comments without compromising my buyers position.

As a Barrington buyers agent my job is to make sure my buyers not only find a home they love but to make sure their investment choice is a good one. Every buyer has needs, wants and a wish list and not every house is going to make the grade. I know that and you know that.

So why Barrington Listing Agents are you pressuring me? I have told you that my buyers information is confidential, and you should know that. I have told you in very simple terms that your clients home will not work for my client and I even went so far as to tell you one of the main reasons why, simply because we will not be back for a second showing, period.

So do you really think that calling me up and launching into why this home is perfect for my clients is going to help? Are you seriously expecting me to call my client and tell them what a HUGE mistake they are making because you said so? Do you not think that perhaps you are just a little biased-after all you want a sale.

Dear Barrington Listing Agent-the reasons my client decides to buy a home are based on their needs, my guidance and not why you think it is the best home for them. I will not let you talk to my clients to persuade them otherwise. They hired me as their buyers agent in Barrington for a very good reason. Seriously there are better ways to market your listing than hounding the buyers agents. Would you like some guidance?

Barrington Buyers-If you are in the market to buy a home in Barrington today-be sure to hire a buyers agent to represent you and get the guidance and professional representation you need.

Call me today! Corinne: 847-363-3686.

Short Sales and Foreclosure Homes In Barrington Hills Illinois

Sat, 17 Jul 2010 08:31:00 -0400

Short Sales and Foreclosure Homes In Barrington Hills Illinois

Barrington Hills Illinois is home to many luxury properties. With a median for sale price of $1,450,000 you might wonder if Barrington Hills has any foreclosures or short sale homes. The answer is yes but not very many.

In the last 12 months there have 27 single family homes sold with prices from $315,000 to $6,400,000. Of these 27 sales there were 5 short sales and 5 foreclosures. The average marketing time for the foreclosures was 59 days. At what price were these sales?

$315,000 - $330,000 - $360,000 - $575,000 - $727,000 were foreclosure sales.
$420,000 - $500,000 - $505,000 - $800,000 - $1,300,000 were short sales.

Opportunity does exist to buy a short sale or foreclosure home in Barrington Hills but your choice is going to be limited. With over 130 single family homes for sale and only 1 current short sale listed and 2 bank owned listings you might want to consider other areas. If Barrington Hills is the place for you, lets look at all the listings, you might find that perfect house and a great deal.

Have you received a Notice of Default for your Barrington Hills home. Have you thought about what you are going to do? A short sale may be your best option. Contact me if you are considering a short sale. The sooner we start the better chance of a sale.

Call me today! 847-363-3686.

Summer Brings Unwanted Solicitors-How Do You Deal With Them?

Tue, 13 Jul 2010 16:05:24 -0400

Summer Brings Unwanted Solicitors-How Do You Deal With Them?

With temperatures in the 80's folks are spending more time outside in the yard either relaxing or spiffing up the flower beds. I spent Sunday morning adding a good 3 or 4 inches of mulch to my flower beds-we started early at 6 am before it got too hot.

My kids or I should say young adults spend more time out or in the garage doing car and bike repairs and mods. In our neighborhood there is more activity-after all before we know it winter will be here again and outside will not be the place to be.

Summer also brings unwanted solicitors. No doubt they come because it is much nicer in summer to walk a neighborhood than in winter. Just recently it has become out of control. On Saturday the doorbell rand so I went to see who it was. A quick peak and I just knew he was soliciting for something so chose to ignore it. I went to the garage to warn my husband and son they might get a visit-they were busy doing some car maintenance and it was hot so they did not want to be bothered. Before we knew it the guy came around and waltzed straight into our garage like he owned it. He was asked to leave but still proceeded to deliver his pitch. My husband and I are pretty mellow folks but this guy was pushing all the wrong buttons.

Every weekend I find myself answering the door to some-one wanting something from me. High school kids come wanting sponsorship, students want us to buy some fantastic product they are selling while college is out. So wonderful they push past you to get to your kitchen to demonstrate. And those JW people-well I am sorry but you are in that same classification. You certainly were not invited to park your multiple cars on my driveway just because it is 200 feet long and you are hot! Over the weekend a neighbor dealt with a solicitor that arrived at 9pm. Well no more-I and my neighbors have had enough!

The neighborhood got together to see if anything could be done.

Our village told us that legally they cannot be stopped. So we collected some No Soliciting Stickers and mine is as close to my door bell as I can get it. Will it help-well I guess I'll find out. If not I will be buying a sign and posting it in my front yard by the pathway to the door. If you persist we have been told to call the police.

Are you getting unwanted solicitors? Don't be afraid to ask them to leave. They have no business being on your property if not invited. If you are unsure, please do not open the door. Let the young kids know never to open the door without you.

Have a happy and safe summer.

Pay Attention To Your Barrington Home Loan Approvals

Sun, 11 Jul 2010 16:04:20 -0400

Pay Attention To Your Barrington Home Loan Approvals

You are in the market to buy a new home, now that's exciting! If you need finance this is the first step but one I fear that many buyers do not pay enough attention to.

No matter who you decide to approach it is not just a matter of providing the paperwork, getting your approval and going house hunting. On the surface that is what happens but I would like my buyers to learn more about their approval and this was high-lit ed just last month.

A buyer of mine decided to use a loan officer they had been introduced to by an agent they had fired. I did not know the loan officer so had no experience with them. I had suggested a loan officer I use-Steve Smither-but they stayed with the other guy. When we found the home of their dreams and had a contract accepted my buyers applied for their loan and after a longer than average approval time, they were given the clear to close.

What is a Clear To Close? Simply it means the lender has everything they need to be able to issue the funds on closing day. It's as near as you can get to having the money placed in your hand!

For my buyers it was a little late but we had plenty of time because our closing was still 4 weeks ahead. Then the bomb drops. They are suddenly told that if they don't close by a date in about 10 days time there is going to be a daily fee and if they stick to the original closing date this will add up to $1500. The reason given is that the rate was locked for 30 days and they would now be beyond that 30 day limit. To keep the rate they had to pay to keep it locked.

Now the ridiculous part is that rates had come down and one might asked why they could not renegotiate the rate. Whilst I understand why this is not the point of this post. The point is did the buyers fully understand what they were doing when they decided to lock the rate in for 30 days, knowing that their closing was almost 60 days away. I don't know because I was not a party to any of the conversations-I was kept out.

It is not my business to be involved with the loan officer's and buyers decisions in relation to the loan, I am not a licensed loan officer, but when my buyers use my loan officer recommendations, those loan officers keep me fully apprised of progress, although not necessarily the details of the loan and terms. The question is now what are my buyers going to do? They are clearly very unhappy at this turn of events. So much so they call me.

I call my loan officer-Steve Smither-to see if I can get a better understanding of what is going on. When my buyers call me it all comes out jumbled so I rely on my loan experts to un-jumble it and explain. Steve works for Ardain Mortgage in Palatine with Rich Hartian who is the Broker and Owner. They make an offer to my buyers. With just under 4 weeks to go they can do my buyers loan at a better rate, less closing costs. It will be really tight but my buyers are relieved. There is no guarantee that my loan officer can get this done in time and closing cannot be delayed even one day. So there is more than a little risk here.

In the end the loan comes through and my buyers close on time. The questions that arise are these?

Did the buyer fully understand the loan process-was it even explained?
Did the buyer understand what locking his rate would mean?
Did the loan officer fully explain the rate lock-knowing at the beginning they were not closing for nearly 60 days?
Given this scenario should the rate lock scenarios and choices be in writing and signed by the applicant-I certainly think so.
Could the loan officer renegotiate the rate?
Did the buyer make a decision with full understanding or did he forget?
What would the buyers have done had they not been able to get a different loan?

You will find that most buyers agents have loan officers they work with and trust. When we work with the same loan officers we have a good rapport built and can openly communicate. The original loan officer in this case never called me-not once. He never answered my voice mails and his assistant responded to only one of my emails. The attorney also had similar communication problems.

When applying for your mortgage loan, please pay close attention to the entire process. If you do not understand something ask for an explanation. If you are not sure about what you are being told, call your attorney. Sometimes a different explanation makes it more clear. Do not sign anything until you are 100% happy. If you get a bad feeling, change loan officers at the start not at the end-it can be extremely risky to do what my buyers did.

I always recommend buyers interview Realtors-interview Loan Officers as well.

5 Bedroom Homes in Barrington Illinois

Sat, 10 Jul 2010 22:13:44 -0400

5 Bedroom Homes in Barrington Illinois

The most common request for bedrooms in a house is 4. If I go back to when I first moved to Barrington the most popular at that time was 3. Now I am more commonly asked for homes with 5 bedrooms. Often it is because a 5th bedroom is needed for a parent that lives with the family but also for families with at least 3 children and another as a guest room because the family often has guests staying.

When searching for a 5 bedroom home you'll need to consider where you want the bedrooms to be. First a bedroom must have a closet to be called a bedroom but do you want the bedrooms to be located in the same area? Perhaps if you have a parent or parents living with you it would be more convenient to have the 5th bedroom in a different location, i.e. main level or basement. You'll also need to consider whether you need a bathroom close to the 5th bedroom.

The older style split level homes might offer 5 bedrooms but be sure to consider the homes floor-plan for your family. Teenagers will be more willing to sleep away from the other bedrooms, but toddlers and young children are most likely to want to be close to Mom or Dad. For young children also going up and down the stairs at night to find Mom or Dad can be a little dangerous.

So where are the 5 bedroom homes in the Barrington area? You might be surprised to known that there are 223 single family homes for sale today that have 5 bedrooms. The prices range from $225,000 to $15,500,000 so there is quite the variety of prices. The styles also are varied from old Victorians with bedrooms on both levels, to split levels with bedrooms in upper and lower levels and luxury homes with bedrooms all on the main or second level.

So if you need a 5 bedoom home in Barrington there is plenty to choose from and you should not find it too hard to buy something to suit your needs and your budget. You can visit my Barrington Web Site to search for your self, it's easy, you don't even have to give your personal information-just click and view. If time is short and you need a list of 5 bedroom homes in Barrington call me and I'll have them in your inbox in a jiffy. Corinne 847-363-3686.