Sep. 12, 2007 - Illinois To The Rescue

The good news is that The State of Illinois Department of Human Services will be handing out $1,700,000 in $2,000 increments to help some lucky first time home buyers buy houses.  The bad news is that only 850 people will be able to get that money.  It's not a windfall either.  Moderate income folks are going to have to save some of their own money once they are accepted into the program.  You will have to go through some credit counseling as well.  As far as I can tell the whole thing is going to take about eighteen months.

The program is called Assets Illinois.  If you, or anyone you know, have been dreaming of home ownership and could use a little boost from the government, just follow that link.  Once there you can get all of the details of the plan and you will be able to download the required application to get started.  Since only 850 folks are going to be empowered with a $2,000 grant and since it is going to take eighteen months to get the money, I wouldn't be dragging my feet.

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.

May. 3, 2007 - You Want What??????

So we had us some real excitement didn't we?  We looked at some really nice houses and we found you a place that felt like home.  I know your head was spinning when we wrote up the offer.  You thought that it was only a matter of telling the seller how much you were willing to pay for the house, you didn't expect 11 pages of mumbo jumbo, did you?  I know you were nervous during the negotiations, but didn't I tell you we could get that place for a lot less than they were asking?

I'm really glad you hired Michael Pignotti the Home Inspector too.  I have worked with him on many occassions and I know he is a straight shooter.  That was a pretty comprehensive inspection, wasn't it?  I was really impressed by the little tips and tidbits he was giving you during the inspection.  You know, I learn a few things myself, practically ever time I work with him.  I'm glad we didn't find anything that would be a safety hazard or life threatening this time around.  I remember the time he saved another buyer of mine from buying a house that was going to cause the new owner some real problems, but hey, that's another story.

Your Attorney has a copy of the home inspection report as well, so let's look it over and see if we need to ask for any repairs or repair credits.  Let's not get carried away though, remember what the contract said, "A major component shall be deemed to be in operating condition if it performs the function for which it is intended, regardless of age, and does not constitute a threat to health or safety.  The fact that a functioning component may be at the end of it's useful life shall not render such component defective for the purpose of this paragraph.  Buyer agrees minor repairs and routine maintenance items are not a part of this contingency".

With that in mind, yes, I think we should ask the to have the roof leak repaired.  If you feel more comfortable contracting to have it done yourself then we should ask for a credit so you can have it done after you take possession.  I do not, however, think you should ask to have the washer and dryer replaced.  They are old, but they work.  No, not even a credit to buy new ones.  The home inspection is meant to insure that you are buying a safe and sound home.  The home inspection is not an instrument to be used to try and renegotiate a better deal after the fact.  

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.

Apr. 25, 2007 - New Construction Punch List

My last couple of clients have purchased new construction townhomes.  The builders are offering some pretty good discounts in this tough market and my buyers are getting some very good deals.

New construction does carry with it some concerns that are not involved with resale properties.  One of those concerns is "The Punch List".  Here is a question I found on a public forum regarding the punch list.

"Is there a standard time period for the builder of new construction to complete the "punch list'? My lawyer told me I should close on a new house to prevent the builder for taking me to court for delaying the closing due to some items not completed that the builder called a punch list. I considered the items more significant than a punch list, but I didn't want to take the risk of court expenses if I lost".

I felt that the buyer of this home sounded somewhat reluctent to proceed.  I also felt that sounded somewhat under represented and so I answered like this:

"Any new construction contract should contain a time line for when certain things should happen. Because your Attorney has been hired by you to look out for your interest in the deal I am sure they have READ the contract, as you should have done yourself. I understand your concerns, as buying a new home (even a used home for that matter) is a huge investment and something that you do not do every day. That is why we hire people who do deal with these kinds of things on a daily basis. I'm not saying that there are not shylock builders out there, there is good and bad in all professions, but a reputable builder, with a proven track record, will do everything they can to keep the customer satisfied. Having punch list items to take care of after closing is very common. On new construction there will most likely even be issues that arise after you move in, however, you should have a builder warranty, and that would cover that. In most States giving the warranty is mandated by law".

I hope I helped to ease their worried mind.  That's what a good REALTOR® should be able to do.

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.

Apr. 23, 2007 - Why Our Lips Are Sealed

Any agent who is out in field has heard the unanswerable questions over and over again.  You get them at open houses, when you are out showing properties and when you take a phone call regarding one of your listings.  They are not unanswerable because you don't know the answer.  They are unaswerable because, by fair housing laws, our lips are sealed.

MSN real estate posted a really good article on these types of question, however, I find the title of the article, "What realty agents won,t tell you", offensive.  Couldn't they have called it "What realty agents CAN"T tell you"?

As good as this article is, it started a thread on a message board that began to deteriorate into horror stories and agent bashing.  Being steadfast in my commitment to jump to the defense of GOOD agents (you know, the ones like me) I couldn't let it go unanswered.  Here is what I said:

 Indeed......it's not what your agent won't tell you, it's what your agent is forbidden, by law, to tell you. The funny thing is that The State of Illinois says that The Real Estate License Act was enacted to PROTECT the consumer. As has been previously stated, a good agent will have the knowledge and ability to immediately point you to the resource where you can find your answers. I have them all bookmarked on my Blackjack and my laptop.

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.

Jul. 11, 2006 - Cruising The Neighborhood

So Mr. and Mrs. Buyer, your Realtor® has been e-mailing you all the latest listings in your price range. Of course you know your price range because said Realtor® has had you preapproved and you know what you can spend. You really like the look of some of the homes, but the problem is that you are not very familiar with the neighborhoods in which the homes are located. Where are the schools? How far is shopping from these places? What about main arterial streets and transportation? Your Realtor® tells you to jump in the car and cruise the neighborhood, which isn't a bad idea, as long as you don't get lost. Since you really don't know where things are located, how can you be expected to find them, right?

I am a firm believer that a picture is worth a thousand words. Not just a flat MapQuest kind of picture either. Whenever my clients find themselves in this scenario I suggest Google Earth. You can come zooming in out of the virtual sky and swoop right down on the neighborhood. You can get close enough to your subject property that you can tell if the sellers have been meticulously maintaining the lawn or not. You'll have no problem locating the places you want to know about and you won't get lost. Besides, with the price of gas these days, cruising the neighborhood from you computer is a heck of a lot cheaper than jumping in the car and getting lost.

So tell me................how's your Realtor® treating you?

As always, if you have found yourself receiving my blog postings via e-mail, it is because I have either blogged about you personally, blogged about something I know is of interest to you, or I consider you to be a person of deep thinking and intellect and I would love to have you occasionally commenting on my blog. If you would like to be removed from the list simply send me an e-mail saying so.