Posts in category "Home Buying"

The No Down Payment Mortgage Is Back With Free Government Money

The No Down Payment Mortgage Is Back With Free Government Money
Late last year I wrote about a lender giving away free money – up to $20,850 – to home buyers in certain areas around Chicago. It was indirectly related to government interference in the housing market. But late last week one of our lenders – Russ Martin of Perl Mortgage – reminded me of a... Read more »

Writing A Home Offer Letter To Win In Multiple Bid Situations

Writing A Home Offer Letter To Win In Multiple Bid Situations
In hot markets throughout the country, where home buyers are running into multiple bid situations, buyers often write home offer letters in an attempt to persuade the sellers to give them the edge – even over buyers offering more money. Frankly, it doesn’t even have to be a multiple bid situation since you could use... Read more »

Chicago Area Home Sellers File Lawsuit Against Zillow's Zestimate

Chicago Area Home Sellers File Lawsuit Against Zillow's Zestimate
I’ve written numerous blog posts about the terrible inaccuracies in the various automated home value estimators that you find on the Web. About a year and a half ago I compared several of them: Those Home Value Estimators Really Suck. The fundamental problem is that these estimators only look at the easily discernible data on... Read more »
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Urban Housing Costs Take Big Bite Out Of Income - But Not In Chicago Area

Urban Housing Costs Take Big Bite Out Of Income - But Not In Chicago Area
Between rising home prices, rising mortgage rates, and rising rents housing costs are on the rise and have just hit some of the highest levels in recent years. Last week Zillow released their Analysis Of Mortgage And Rent Affordability which showed that, nationally, mortgage payments are taking up the largest share of income since June... Read more »

Why Good Realtors Will Only Work With Buyers On An Exclusive Basis

Why Good Realtors Will Only Work With Buyers On An Exclusive Basis
This is one of those rare moments when I’m actually in agreement with the real estate industry zealots but I didn’t always see it this way. Before I became a realtor I felt like, as a home buyer, I should be able to work with multiple real estate agents and whoever found me the best... Read more »

Free Money: Lender Giving Away Up To $20,850 To Each Home Buyer

Free Money: Lender Giving Away Up To $20,850 To Each Home Buyer
Seriously. I kid you not. Free money. There is some lender out there giving home buyers up to $20,850 each! And you better believe that the government is almost certainly behind this. I was contacted by one of our mortgage bankers the other day with news of this incredible program and it is indeed for... Read more »
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Mortgage Rates Have Spiked And It's Trump's Fault

Mortgage Rates Have Spiked And It's Trump's Fault
In case you haven’t already noticed, it looks like we can blame the election for something else now – a huge spike in mortgage rates. The last couple of weeks have been full of surprises. Not only did nobody (I don’t really think that’s a double negative) predict the outcome of the election but nobody... Read more »

When A Mortgage Pre-Approval Is Not Worth The Paper It's Printed On

When A Mortgage Pre-Approval Is Not Worth The Paper It's Printed On
Many people, but not everyone, are aware of this but when submitting an offer to buy a home the buyer really should provide a pre-approval letter from a lender that basically says they look good for getting a mortgage for the purchase price less the down payment – assuming the buyer is going to be... Read more »

The Right And Wrong Way To Get A Real Estate Commission Rebate

The Right And Wrong Way To Get A Real Estate Commission Rebate
Yesterday I posted on real estate commission rebates, which are apparently the best kept secret in the real estate industry. Assuming you want to get a rebate on the purchase of your home you need to know that there is a right way and a wrong way to go about doing this. The absolutely wrong... Read more »
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Real Estate Commission Rebates: The Best Kept Secret In The Real Estate Industry?

Real Estate Commission Rebates: The Best Kept Secret In The Real Estate Industry?
You would think that something as basic and lucrative as real estate commission rebates would be pretty well known and sought after by home buyers but apparently, and shockingly, they are still a very well kept secret. A simple check of Google Trends shows that in the entire Chicago area maybe only 30 people per... Read more »