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By Julie, on June 29th, 2010
In today’s market it seems far-fetched that anyone could afford extravagance in the housing market. Yet, mansions and luxury condos are still selling. Even luxury items such as “storage condos” are still being bought just to store rare vintage cars and car collections.
Hugh Hefner’s original Playboy Mansion is located in Chicago, Illinois. The neighborhood is called Chicago’s Gold Coast. On the outside it appears to be an ordinary brownstone. Hugh bought it in 1959 to be used as Playboy Headquarters and spent upwards of $400k to modify it.
As his business began to really take off, Hugh left for Los Angeles in 1974 and donated the Mansion to the Art Institute of Chicago, who used it as dorms. The Art Institute was unable to afford the maintenance and sold the property to developer Bruce Abrams. In 1993 the Building was turned into seven luxury condos.
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By Julie, on June 24th, 2010
If you Google “green” you get sites about the color, tree hugging, sustainable building and getting a green office. Okay, so what constitutes green building? Is it the color of the product used? The amount it will cost? How long it will last?
Let’s try to clear some of this up regarding Green Building. While there are no national standards in place, the National Association of Home Builders has created certain guidelines. For more information see their website http://www.nahb.org/showpage_details.aspx?showpageID=1938&channelID=1915#nahbgreen.
One characteristic of Green Building is using energy efficient designs and materials and building a home that prevents HVAC loss. An energy efficient design would include utilizing sunlight and shade for heating and cooling needs. With airtight construction the indoor climate is much easier to control. Using LED lights and Energy Star appliances also cuts down on energy consumption.
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By Julie, on June 22nd, 2010
There are different ways that an Exclusive Buyer Agent (EBA) may get paid. There may be a retainer fee, an hourly rate or commission received at closing. At present, the commission at closing is by far the most common. The percentage of commission varies by region. In this, there is no difference between a buyer agent and a traditional agent.
There is more to being an EBA than just getting in your car and driving to show houses of interest to a client or getting to the table to close on a house. Buying a home is the biggest financial transaction for the majority of people. EBA’s must be able to know what a house is worth, be able to spot potential problems with a house, know the laws of buying a house, be familiar with the neighborhoods, where to get a loan and requirements, and be familiar with appraisals. They are required to continue education for retention of their license. These are just some of the things for an EBA. The list is long, but you get the idea. It doesn’t differ much from a traditional agent, except that they are on the buyer’s side only.
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By Julie, on June 17th, 2010
Here at SkyFor, Inc. we put people in touch with an exclusive buyer agent (EBA). The customer contacts us, either by filling out an online form or calling on the phone. With some basic contact information and where they’d like to look we can supply them with an EBA that can assist them. Of course, the more information the more equipped the EBA can be.
After the first couple of days of putting them in touch with an EBA, we will get back in contact and see how it’s going. If all is well, we let their Exclusive Buyer Agent(s) know. If it’s not, we see what we can do to help, which sometimes means contacting the EBA on their behalf and helping to figure things out. Or doing some research and finding a different buyer agent.
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By Julie, on June 15th, 2010
What is FICO you ask? Is it contagious? The answer is: FICO score is a measure of credit risk developed by Bill Fair and Earl Isaac beginning in 1958. FICO is a registered trademark of the Fair Isaac Corporation (FICO), founded in 1956 and headquartered in Minneapolis, MN. And no, it’s not contagious.
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The following percentages reflect how important each of the categories is in determining your FICO score:
35% Payment history
30% Amounts owed
15% Length of credit history
10% New credit
10% Type of credit used
It is the combination of these categories that determine your FICO Score. No one category is more important or factor alone which determines your score. The overall credit report information determines how these categories affect your score. It’s impossible to determine how any single factor is important since it varies from different credit profiles and mix of information, which changes from person to person.
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By Julie, on June 4th, 2010
It’s where Myrtle Beach, South Carolina is located. Myrtle Beach was incorporated as a town in 1938 and became a city in 1957. It was named after a shrub that grows quite well there called Wax Myrtle. It is the counties largest city and relies on tourism as it’s main industry. Myrtle Beach, SC, is located in Horry County and is predominately a 2nd home community. It offers large ocean front properties and homes located in the golf course communities. There are wide beaches along the Atlantic Ocean and a range of activities, shopping, golfing and entertainment for residents and visitors alike.
Myrtle Beach has been named one of the Top 20 places to retire. However, per a Buyers Agent located in Myrtle Beach, Fannie Mae and Freddie Mac have pulled out of the Condominium Market and banks will not loan money for the condos. Anyone interested in buying a condo will have to bring cash.
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By Julie, on June 4th, 2010
Freddie Mac has warned that is sees four big risks for home prices over the coming year. They say to expect further decline in home prices nationally before any sustained turnaround begins.
The following are reasons for this prediction:
1) The Treasury Department introduced HAFA (Home Affordable Foreclosure Alternatives Program) in 2009. It took effect on April 5, 2010. This created a significant increase in distressed sales, including pre-foreclosure sales, foreclosure transfers and sales by financial institutions of their bank-owned properties. There is a substantial backlog of delinquent loans lenders developed over recent periods, due to various foreclosure suspensions and the implementation of HAMP (Home Affordable Modification Program). The expectation is that many of these loans will transition to REO (Real Estate Owned) and be sold in 2010. The additional supply of homes for sale may cause prices to decline further as the market absorbs them;
2) The extension of the Federal Homebuyer Tax Credit, for first time homeowners, expired April 30, 2010;
3) Mortgage rates may increase in 2010, making home buying less affordable;
4) There is a likelihood that unemployment rates will remain high.
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By Julie, on June 3rd, 2010
So, you’re in the market to buy a home. Here are a few, of many, steps to take just to get started.
First, it is recommended that you make finding a good buyers’ broker your priority! They can provide you comprehensive information on available properties that meet your criteria. Many offer daily email listings of homes; including listed, not-yet-listed and for-sale-by owner. Buyers’ Agents also have information on buyer’s programs and mortgage loans.
Secondly, ask questions and get educated by your Buyer’s Agent. What are some of the things to look at or for when viewing a home. Remember, cosmetic fixes are easily done. Walls can be repainted, lights changed, fixtures updated, yards replanted…for little money. Big fixes, like foundation problems, sewer systems and mold, among many other things, can quickly become quite costly. Get an inspection, know what you’re really looking at.
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