Short Sales
I have been dealing with several first time buyers interested in Short Sales recently. Wow have the rules changed when dealing with these properties. If you are going to go after a short sale, make sure to give yourself plenty of time for a response from the bank and dont get your heart set on any specific property too early. It seems as if the traditional rules dont apply to the banks and they really dont care. Please also keep in mind that the banks are already taking big losses on these properties and they are just trying to get the highest and best deals they can. You cannot take anything personally when dealing with banks vs. homeowners. You often have to act fast since the pricing is set so low, that a lot of people end up putting offers in and sometimes even higher than the asking prices. To summarize, you can get a great deal on one of these short sales, but be prepared to lose a deal or two before locking one up and be ready for some waiting. After its all said and done, youll be smiling all the way to the bank with the deal you got, so stay persistent and be patient.James
Great Financing options available!
I have been working with several buyers that are looking to buy a short sale or foreclosure with as little as 3% down and there is a new loan program call a 203-k which is an FHA product that will allow you to purchase a home with as little as 3.5% down and they will build into the mortgage any repairs you wish to make after closing. The actually do an estimated appraisal for what the property will beworth after the improvements you make to it. It does have some limitations, but this is really changing the game on what houses should be considered. Think about it, you get into a house at a great deal because the down market, first time buyers get the $8000 tax credit, and instead of having to depleat any money you have saved to put a new kitchen or baths, floors, appliances etc, you can build it all into your mortgage and keep your savings (cushion) where it is. What I am finding, is the prices are so low now that even after you borrow some money to improve, you can be sitting on equity instantly with this program.
Please call me for more details,
James
Rylan James O'Sullivan is born
Hello everyone, I just wanted to let you know, we had a baby boy! Rylan James is his name and he weighed 8lbs 7oz and was 21 inches long. He is very healthy and Priscilla was a real trooper and did great. She is recovering well too. Sleep is a different story. This is going to take some getting used to. We dont remember waking up this often with Kailee, but maybe we blocked that out or something. Anyway, life is good on the O'Sullivan homefront and I hope all is well with all of you as well.James
Spring is here FINALLY
This is such a great time for me and my family. Kailee is enjoying the swingset out back and at 3 yrs old she is able to do a lot more activities on it. I really enjoy coming home and taking her out back to play on the swings and slide. I think I am going to get her a steering wheel and a telescope for the fort part of it this weekend.Priscilla (my wife) is due in about 3 weeks and man is she ready to have this baby. Boy or Girl? We'll see! We are so excited about the new addition to the family. Kailee is going to make such a great big sister. I must say I am not looking forward to the long nights waking every three hours, but looking back, I know its well worth the short term change of schedule.
I'll keep you all updated on the status of the new one and post some pictures soon.
James
Its a great time to be a first time buyer
The new stimulus package has been approved and for the whole year of 2009 anyone who qualifies to be a first time buyer can get a tax credit up to $8000. There are some stipulations, so please call me or email me and I will fill you in on the details.Another great program available to peole purchasing a home in Cook County is the Ameridream program. This program will give qualifying buyers 6% up to $15,000 to use for a down payment and cover closing costs. It is a forgiveable loan that as long as you live in the house as your primary residence for 5 years, you will not have to pay the loan back. Please call me for more information and to see if you qualify for this program
Getting Started
Hello and Thank you for visiting my new website and Blog. I hope you like the new style and find the many resources helpful. I am just getting going with this whole blog thing so please make sure you visit often to see the helpful articles, coupons, and whats going on with me and my business. I plan on this being a great tool to help inform and educate everyone on whats going on in the realestate market.
Please look at my VIP Resources tab on the home page as well. I will have several local contacts to contractors and services I have used and found helpful that you could benefit from as well.
Thanks,
James
