Monday, January 12, 2015

Buy A Home Today With The New 3% Down Program That Begins March 15, 2015!

Beginning March 2015 Fannie Mae & Freddie Mac announced they would begin backing mortgages with down payments as low as 3%.

Borrowers will need to have at least a 620 score and meet a few other standards. In addition this program would be available to first-time homebuyers as well.

Buyers qualifying for the program would also take a buyer education counseling class that would be mandated by the program.

This program will help those who have credit but are short on funds. 3% or $6,000 on a $200,000 loan is much easier to come up with than 20% on that same loan of $200,000 which would be $40,000. This would definitely increase the banks risk, but will have buyers flooding the market.

There are some skeptics against the program, who say that loosening the standards will lead to future trouble. However, sometimes the government has to think about today and how to help the economy in the current condition that it exist in.

Personally I believe this is a great move and will help many people reach their dreams of owning their own home and build equity potentially making a profit.


For more information on this program call 312.857.3104. The program begins March 15, 2015.

Sunday, January 11, 2015

Developer Colors You Might See In Rehabbed Homes In Berwyn, IL

Marsala is The Color Choice Of 2015 Industry Design Leader Pantone. This is a reddish brown color and a complete surprise compared to the choices the last five years.
This is more of an elegant style in contrast to sharp colors that have been more attractive to a younger buyer in the last decade. Now with the Gen X crowd entering the market this comes as a shock. As well as with all the hype of the return of the first time home buyer in 2015 I definitely expected a very sharp blue (which is on the list at around 3rd or 4th place) or like a nice burnt orange. However, Pantone is great  and the industry leader so lets see how this plays out over the course of 2015. 
Read More Here

The Ben Rivera Team
Charles Rutenberg Realty of Illinois
Call or text 312.857.3104

Obama Helps Berwyn IL First Time Homebuyers

In a move to encourage first time home buyers to jump on the market the Obama administration and FHA have yet again done a great thing for first time home buyers. They have lowered the mortgage insurance premium which is just another great incentive that can save potential buyers up $900 annually.

In addition to this move by the Obama administration the government already has other programs available that first time home buyers.

When buying a home ask your agent about any potential programs that you may be able to utilize some of these programs can save you thousands.

With Fannie Mae now competing with FHA's 3.5 percent down, homeowners maybe able to get a conventional loan without the normal 20%-30% down. As prices continue to climb and the government adding programs that people can take advantage of, this makes 2015 a very great time to buy. We don't know how long these programs will last.

In 2015 the Mortgage Forgiveness Act has been extended so we will continue to see Short Sales with benefits to homeowners. If prices climb and programs are eliminated in 2016 then we will see a more balanced market, where buyers definitely need to have savings.

But with these circumstances we are not surprised that some buyers have purchased home and gotten in with so little capital.

Case example.
A rehabbed home bought in Dec 2014 by our client V.C. (initials only to protect our clients identity).
for $202,000 with a 3.5 down payment. Client put down $1000 earnest money, paid for inspection $300 and appraisal of $400 total out of pocket $1700. The rest of the closing cost were paid by a government program, client saved paying $6500 and spent very little of their capital. Interest was set at 3.5 fixed for 30 years. You talk about an amazing deal. This is an example of what our lenders can do. Between $1500-$8000 you can now get in a great home. Gone are the days were you had to come down with 20k.

Also, check out Victoria's Bankers as they are a lender that does not charge an origination fee, this also saves the purchaser another $2000. Call them directly at 773.492.1531


The Ben Rivera Team
Charles Rutenberg Realty of Illinois
Hire a positive and proactive Team of REALTOR's® to help you find your next home!
Call or text 312.857.3104 for information on Buyer's Representation Services


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Sunday, January 4, 2015

First Time Homebuyers In Berwyn, IL

So you've decided to buy a home. This can be an exciting adventure and can also become a nightmare if some general guidelines are not followed. So we've outlined some tips to make your home buying experience smoother. We could spend hours on each of these tips, but for time sake we'll just briefly mention each one and then a quick explanation.

1. Check Credit- Seems simple enough. Many people check their credit 4 months before buying then enter into a contract only to find they now don't qualify due to an error on their credit report. They spent so much time investing into finding a home only to lose it cause of not being able to obtain financing.

2. Evaluate Cash Flow & Liabilities- Many people who are facing foreclosure are because they bought a home without understanding cash flow. You may make a lot of money a month, however, how that money comes in and where it has to go can cause detriment to a budget.

3. Organize Documents- This may seem like an oversight. But if your income is great and credit, next is to prove it and if your missing just a few docs or late turning a few in it can cause you to lose a home. Many people know they have to turn this is, what they don't realize is that lenders will ask for these docs 2-3 times. They want you to keep providing the most recent. It may seem redundant but it's the name of the game.

4. Figure Out Your Down Payment- Knowing how much you have to spend it crucial. Sure many people can qualify for First Time Home buyer Programs or other financial help to buy a home, however, it should not be counted on. Sometimes the government runs out of funds or the program is not available in certain neighborhoods so know how much you have to spend it critical.

Of course there are many other areas that would require attention, however, these are just few quick tips to help you understand how to begin preparing to purchase a home.

For free home listings, email our team and we'll email you listings that are currently available.


The Ben Rivera Team
Charles Rutenberg Realty of Illinois
Hire a positive and proactive Team of REALTOR's® to help you find your next home!
Call or text 312.857.3104 for information on Buyer's Representation Services
(NO COST TO HOME BUYERS)

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Saturday, January 3, 2015

Best Real Estate Investment Deal In Berwyn, IL Week of January 4th

The Best Real Estate Investment Deal In Berwyn, IL Week of January 4th in my opinion of this week’s new listings in Berwyn is a completely renovated 2 unit property in the block of Lombard Ave. It sits on a lot 35x126 and has  New 42" Cabinet Kitchens with Granite Counter Tops, New Custom Bathrooms, New 
Flooring, Electric, Plumbing, Roof, and 2 Separate Heating Units, kitchen, gorgeous baths, 2 bedrooms on the top floor. And the best part... It’s priced at only $180,000! 

For a showing call 312.857.3104


The Ben Rivera Team
Charles Rutenberg Realty of Illinois
Hire a positive and proactive Team of REALTOR's® to help you find your next home!
Call or text 312.857.3104 for information on Buyer's Representation Services
(NO COST TO HOME BUYERS)


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Friday, January 2, 2015

Best Places To Eat In Berwyn, IL


Best Places To Eat In Berwyn, IL     



Sometimes when driving around properties you find restaurants that catch your eye. Such was the case with Paisans.

I took my wife there for a nice dinner. We really enjoyed it. Very fast service, great serve and great presentation. 

Atmosphere: 
The atmosphere here is more relaxed casual and energetic. For a romantic dinner this might not do the trick. But it's a nice restaurant, clean also. However, the night we visited every table was filled. Very crowded (which I guess is a good thing for them).

Food: 

The food was actually very good. The appetizer we ordered was a mozzarella dish that was really fresh and very tasty. It was presented very well. Once our pizza came out (all they serve here is pizza and appetizers) we noticed that it was really different that other pizza places. It did not look like a traditional pizza, however, the taste was right on the button! 

Overall:

We really like this place and would give a 5 out of 5 stars. We are definitely going back and trying more of their specialty pizzas.



Provided courtesy of the The Ben Rivera Team
Charles Rutenberg Realty of Illinois
Hire a positive and proactive Team of REALTOR's® to help you find your next home!
Call or text 312.857.3104 for information on Buyer's Representation Services
(NO COST TO HOME BUYERS)
Search entire Illinois MLS for FREE email me at ben@bennyrivera.com
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Thursday, January 1, 2015

Berwyn, IL Property Deeds & How They Relate To Selling A Home

Working closely with together agents and lawyers research titles and any clouds that could be on title. Many times people are really not sure what real estate agents do. This is a short explanation of deeds and how we try to protect our clients. This is a behind the scenes job. 

When you go to a movie, you only see the end product. You don't see the directors, extras or even all the cuts  they had to take in order to produce an effective scene. The real estate world is very similar.


A quitclaim deed is the simplest way that one person (the grantor) can transfer property, such as a house, to another person (the grantee). It is often used among family members to remove or change someone’s name from the property title. While the concept is simple and straightforward — relinquishing all ownership claims to a particular property — it’s also important to note what a quitclaim can’t do.

Example, a married couple gets divorced and the wife buys the husband out by way of 50% percent of the equity if there is any. He then would quitclaim a deed to the property and now she is solely on title. If in the future she decides to sell, his signatures are no longer needed only the paperwork showing the quitclaim deed. 

In renouncing the claim, the grantor makes no guarantee of promise that the property is free of debt. Another important distinction is that the grantor makes no promise that no one else claims to own the property. The quitclaim deed says, in effect, that the grantor is signing over whatever ownership he or she may have in the property. It does not even guarantee that the grantor has any ownership interest at all.

Providing all parties are in agreement, a quitclaim is a convenient way to establish title without the time and expense of litigation. A simple form is filled out, taken to a notary, and signed and stamped, making it legally binding. The document is then photocopied, distributed to all parties, and then filed at the local land records office.

Some title companies are reluctant, to insure the title when a quitclaim deed was used to transfer title. They might recommend use of a warranty deed. A warranty deed conveys full title to the property and warrants that title against defects (sometimes referred to as a “cloud”), such as tax liens, legal judgments and unpaid debts. For this reason, warranty deeds are often used between buyers and sellers of property.

Ben Rivera, Real Estate Broker, ADPR®, CDAT®
Charles Rutenberg Realty
(Ranked #1 of the Top 100 Companies to Work For by The Chicago Tribune)
(Last Year We Helped Over 200 Families Avoid Foreclosure)
312.857.3104