Bob Little Jr.\’s Blog

I came across this cool website  with Veterans Day Discounts and I thought that I would pass it on to Veterans to spread the word. A lot of the deals are for free meals or discounts. Thank you for all that you have done for our country!

P.S. I found another website that has the same discounts on http://www.military.com

At the beginning of January 2008 I wrote a blog titled œReality of Foreclosures. It looks like foreclosures are still garnering the media™s attention and tarnishing the public™s perception of the real estate market. Let™s take a look at the numbers from the June, 2008 Mortgage Bankers Association (MBA) National Delinquency Survey (NDS), the percentage of loans in the foreclosure process was 2.47 percent of all loans outstanding at the end of the first quarter. The first quarter™s NDS results cover over 45.2 million loans. Let™s compute the numbers; 45.2 million times 2.47% equals 1,116,440 homes in foreclosure. Yes, the numbers have gone up but the numbers of foreclosures still represent a small number compared to the total of over 45.2 million loans outstanding at the end of the first quarter.

I am not an accountant.

I am a real estate consultant providing you with the information that you need to make an informed decision.

Please consult with your tax accountant for questions and how it will affect you!

Housing bill (H.R. 3221) was signed into law on July 30, 2008. What does this mean to you? This program is designed to give you a head start in owning a home. Given the low prices in our housing market and lower interest rates, it means that you can leverage Uncle Sam™s money to get a home for yourself.

• You must be a first-time homebuyer or you must not have had ownership interest in a principal residence in the previous three years from the date of purchase.
• Home purchase must occur on or after April 9, 2008 and before July 1, 2009.
• Have an adjusted income of $75,000 or less for single filers, and $150,000 or less for joint filers. The credit amount will be gradually reduced as an individual™s income reaches $95,000 for a single filer and $170,000 for a joint filer. If your income exceeds $95,000 for a single filer and $170,000 for a joint filer, then there will be no tax credit.
• Where™s the catch? It is really an interest free loan that will have to be paid back over 15 years at 0% interest beginning the second year after the home purchase. The repayment amount is 6.67% of the credit amount each year or about $500.25/year if you qualify for the full $7,500 tax credit.

Well you might be thinking, how does this benefit me? First, it is an interest free loan that reduces your tax liability for the ™08 or ™09 tax year. Wouldn™t you like to reduce your tax liability (amount of taxes that you have to pay)  or get a big refund check if you have no tax liability? Think about it for a moment, if you bought a short sale or a bank owned home, you would probably have to fix up the house.   This tax credit will allow you to improve and increase the value of your home. Combine this with other tax deductable items like mortgage interest, points, PMI, property taxes, and you can possibly save even more on your taxes. Learn more from IRS Publication 530 (2007), Tax Information for First-time Homebuyers. Please consult with a tax accountant to confirm that you are eligible for these tax deductions and how they will affect you.

Media exposure about subprime foreclosures is having a dramatic influence on the public™s perception of the real estate market. I say this because a lot of people that I talk to think that the real estate market has hit rock bottom due to foreclosures originating from subprime loans. According to the March, 2007 Mortgage Bankers Association (MBA) National Delinquency Survey (NDS), the percentage of loans in the foreclosure process was 1.19 percent of all loans outstanding at the end of the fourth quarter. The fourth quarter™s NDS results cover over 43.5 million loans (33.3 million prime loans, 6 million subprime loans and 4 million government loans). Let™s compute the numbers; 43.5 million times 1.19% equals 517,650 homes in foreclosure. When you look at the big picture of real estate, this accounts for a very small number of homes nationwide.

Think again, Forbes Magizine just released the Top 10 Best Markets to Flip a Home and Chicago is not on the list. However,  Forbes Magazine  did rate Chicago as the  fifth best   Top Home Buyers’ Market. This means that home buyers have the upper hand over home sellers compared to what it was like just a few years ago. Right now, first time home buyers and  people that want to trade up to a larger home can get more home for their money. The best way to capitalize on these great deals is to hire a buyers’ agent that will work with your best interest in mind. Not sure what a buyer’s agent is? Check out my article about buyers’ agents (Nov. 13, 2007).

   As a buyer, you deserve a real estate buyer’s agent who will work with you as an unbiased educator, personal consultant and representative throughout the entire buying process and will give you service for life.  

You can become one of my represented buyer™s by calling (630) 865-4932. As an added bonus for calling right now, I will give you a coupon for a  Free Building Inspection (Valued up to $420) when you purchase a home with Bob Little Jr.    

As a buyer™s representative, Bob Little Jr. will:

·  Evaluate your specific needs and locate properties that fit those needs

·  Help you define how your life will be enhanced by buying a home

·  Point out strengths/weaknesses of all properties that you choose

·  Explain to you all forms, contracts and settlement procedures

·  Estimate all of the closing costs involved in buying a home

·  Safeguard your confidential information

·  Assist you in viewing properties and accompany you on showings

·  Preview properties on your behalf to insure that your identified  specifications are met

·  Advise you on structuring an offer to purchase a property

·  Present the offer to the seller™s agent and seller on your behalf

·  Negotiate on your behalf for the most favorable terms

·  Provide a list of qualified vendors (e.g. lenders, attorneys, movers, building inspectors, etc.) to complete the transaction

·  Coordinate all aspects of the sale and closing

·  Most importantly, fully represent you throughout the real estate transaction              

Common questions about buyer agents  

Q: Are there any costs involved in working with a buyer™s agent?

A: Typically there are no additional costs associated with working a Buyer’s Agent. All properties listed in the MLS  have the agents™ commissions paid for by the seller. However, the purchase of œfor-sale-by-owner properties, are an exception. But, in these cases you are fully aware of the costs prior to making any written offer.  

Q: How will you save me money on my transaction costs?

A: I save my clients money by negotiating the best sales price based on current market conditions and by helping my clients find the lowest mortgage costs.  

Q: Will I have to sign a Buyer Agency Agreement with you to hire you as my agent?

A: If you hire Bob Little Jr., you will be asked to sign a Buyer Agency Agreement that allows me to truly represent your best interests. This  simple form clearly outlines my fiduciary responsibilities to you as my client. The best way to be certain that an agent is working in your best interests is by signing a buyer representation agreement. My Service is Guaranteed!  

Call me now at (630) 865-4932 to also take advantage of my FREE Exclusive Buyer Program that entitles you to:

·  New listing notifications ·  Access to the Multiple Listing Service

·  Easy to understand market statistics

·  Personal attention and follow-thru

·  Pizza party on the day of closing

·  Just moved cards, stamped and ready to mail

·  Discounts with vendors

·  10% discount coupon to Lowes Home Improvement  

Welcome to Bob Little Jr.’s Blog! This blog will provide you with valuable information, tips, and general insight about your real estate needs and desires. Please feel free to add a comment or ask a question. I  value your opinion and look forward to providing you with a wealth of real estate knowledge. My goal is  to  create a meaningful dialogue that will enhance your understanding of real estate and how to use this information to achieve your real estate needs and desires.