Jim Starwalt\’s Real Estate Blog

The 83rd Annual Lake County Fair July 26, 2001 to July 31, 2011

The 83rd Annual Lake County Fair July 26, 2001 to July 31, 2011

Location: Lake County Fairgrounds at 1060 E Peterson Road in Grayslake, IL 60030.

Lake County Fair Hours of Operation and Admission Prices.

Features and Fair Activities include:

• Livestock Barns
• Expo Center
• Games and Carnival Rides
• Food Vendors
• Miss Lake County Fair Queen Pageant
• Live Music
• Pro Motorcross Races
• Truck and Tractor Pulls
• PRCA Rodeos
• Demolition Derby

Click here for complete details on the 2011 Lake County Fair.
Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

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The 83rd Annual Lake County Fair July 26, 2001 to July 31, 2011

The 83rd Annual Lake County Fair July 26, 2001 to July 31, 2011

Location: Lake County Fairgrounds at 1060 E Peterson Road in Grayslake, IL 60030.

Lake County Fair Hours of Operation and Admission Prices.

Features and Fair Activities include:

• Livestock Barns
• Expo Center
• Games and Carnival Rides
• Food Vendors
• Miss Lake County Fair Queen Pageant
• Live Music
• Pro Motorcross Races
• Truck and Tractor Pulls
• PRCA Rodeos
• Demolition Derby

Click here for complete details on the 2011 Lake County Fair.
Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

Can You Buy a Home After You’ve Had a Short Sale or Foreclosure?

Can You Buy a Home After You’ve Had a Short Sale or Foreclosure?

Have you been wondering if you might be able to buy another home after you had to sell your home as a short sale or lost your home to a foreclosure?

Here is a link to an excellent article on how long you may need to wait before you can buy a home again:

REALTOR ® Magazine-Daily News-How Long Is the Wait to Buy After Foreclosure?

“Daily Real Estate News | June 24, 2011 |

How Long Is the Wait to Buy After Foreclosure?

A sluggish housing market has caused millions of home owners to lose their home to foreclosure, short sale, or deed in lieu of foreclosure. But once these former home owners get a better handle on their credit, how long do they have to sit on the sidelines until they can secure future financing to buy a home again?

As an article in The New York Times notes œthere are plenty of asterisks and conditions when it comes to how long a borrower must wait after a œsignificant derogatory event, like a foreclosure or short sale.

In general, however, The New York Times notes that the longest wait to buy again will come if there is a foreclosure in the former home owner™s past.

Fannie Mae and Freddie Mac have a three-year waiting period following a foreclosure, and a two-year wait following a short sale, deed in lieu, or discharge or dismissal of bankruptcy. However, if borrowers can justify that the circumstance for the foreclosure or bankruptcy occurred because of an illness or job loss ” or other œextenuating circumstance ” that may help reduce their wait. But with no such extenuating circumstances, these former home owners may have to wait longer, even up to seven years following a foreclosure or four years after bankruptcy, the article notes.

For loans insured by the Federal Housing Administration, borrowers with perfect credit afterwards also will, in general, have to wait three years after a foreclosure and two years after a bankruptcy is discharged, The New York Times notes.

Following a short sale, borrowers will have to wait three years to secure another FHA loan ” however, there are plenty of exceptions. Borrowers will have to wait three years if they were in default at the time of the short sale and had no extenuating circumstances. However, if the borrowers were on time with all their payments a year prior to the short sale, they may have no wait at all and might even qualify for an FHA loan immediately.

œThe key is to avoid the foreclosure, Andrew Wilson, a spokesman for Fannie Mae, told The New York Times. œThat is what will help you be eligible for the shorter period.

Source: œThe Post-Foreclosure Wait, The New York Times (June 23, 2011)”

Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

Can You Buy a Home After You’ve Had a Short Sale or Foreclosure?

Can You Buy a Home After You’ve Had a Short Sale or Foreclosure?

Have you been wondering if you might be able to buy another home after you had to sell your home as a short sale or lost your home to a foreclosure?

Here is a link to an excellent article on how long you may need to wait before you can buy a home again:

REALTOR ® Magazine-Daily News-How Long Is the Wait to Buy After Foreclosure?

“Daily Real Estate News | June 24, 2011 |

How Long Is the Wait to Buy After Foreclosure?

A sluggish housing market has caused millions of home owners to lose their home to foreclosure, short sale, or deed in lieu of foreclosure. But once these former home owners get a better handle on their credit, how long do they have to sit on the sidelines until they can secure future financing to buy a home again?

As an article in The New York Times notes œthere are plenty of asterisks and conditions when it comes to how long a borrower must wait after a œsignificant derogatory event, like a foreclosure or short sale.

In general, however, The New York Times notes that the longest wait to buy again will come if there is a foreclosure in the former home owner™s past.

Fannie Mae and Freddie Mac have a three-year waiting period following a foreclosure, and a two-year wait following a short sale, deed in lieu, or discharge or dismissal of bankruptcy. However, if borrowers can justify that the circumstance for the foreclosure or bankruptcy occurred because of an illness or job loss ” or other œextenuating circumstance ” that may help reduce their wait. But with no such extenuating circumstances, these former home owners may have to wait longer, even up to seven years following a foreclosure or four years after bankruptcy, the article notes.

For loans insured by the Federal Housing Administration, borrowers with perfect credit afterwards also will, in general, have to wait three years after a foreclosure and two years after a bankruptcy is discharged, The New York Times notes.

Following a short sale, borrowers will have to wait three years to secure another FHA loan ” however, there are plenty of exceptions. Borrowers will have to wait three years if they were in default at the time of the short sale and had no extenuating circumstances. However, if the borrowers were on time with all their payments a year prior to the short sale, they may have no wait at all and might even qualify for an FHA loan immediately.

œThe key is to avoid the foreclosure, Andrew Wilson, a spokesman for Fannie Mae, told The New York Times. œThat is what will help you be eligible for the shorter period.

Source: œThe Post-Foreclosure Wait, The New York Times (June 23, 2011)”

Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

Home Buying Basics: Finding the Right Home

Home Buying Basics: Finding the Right Home.

Approach the Home Buying Process Objectively:

• There is no perfect home, look for a home that meets 85% of your criteria.
• The good homes can sell quickly.
• Avoid second guessing your decision, also known as buyer’s remorse.

3 Questions to Ask Yourself About the Home:

• What did I like about the home?
• Is there anything that I would need to change about the home?
• Could I see myself living here?

Remember You Have These Safety Nets:

• The attorney approval contingency in the contract.
• The home inspection contingency in the contract.
• The appraisal contingency rider, that the home must appraise for purchase price.

Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

National Pancake Day: March 1, 2011

National Pancake Day is March 1, 2011.

Come to a IHOP restaurant on March 1, 2011 and receive a free short stack of pancakes.

IHOP asks that in exchange for the free pancakes, that patrons would give a donation to the Children’s Miracle Network Hospitals.

From the IHOP website:

“Join IHOP on Tuesday, March 1, 2011, 7 a.m. – 10 p.m., for National Pancake Day and receive one complimentary short stack!* In return for the free flapjacks, we ask you to consider leaving a little something behind for Children’s Miracle Network Hospitals and other designated local charities. Thanks to our guests’ generosity, IHOP raised more than $2.1 million last year. IHOP began its National Pancake Day in 2006, and since then, has raised $5.35 million for Children’s Miracle Network Hospitals and other local charities and given away more than 10.1 million buttermilk pancakes.”

Click here to Find an IHOP Restaurant near you.
Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

Transit Score – How Close Is Your Home to Public Transportation?

Transit Score – How Close Is Your Home to Public Transportation?

You can look up how accessible an address is to public transportation through the WalkScore.com website.

From the WalkScore website:

“Transit Score measures how well a location is served by public transportation.

Transit Score Description
90“100 Rider’s Paradise ” World-class public transportation.
70“89 Excellent Transit ” Transit is convenient for most trips.
50“69 Good Transit ” Many nearby public transportation options.
25“49 Some Transit ” A few nearby public transportation options.
0“24 Minimal Transit ” It is possible to get on a bus.”

Click here to Get Your Transit Score.
Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

Annual REMAX Center Easter Egg Hunt 2011

15th Annual REMAX Center Easter Egg Hunt on April 16, 2011

Over 7,500 Eggs and 300 Prizes.

All children are welcome from the ages of 1 to 9 years old.

The age groups for the Easter Egg Hunt: 1-3 years old, 4-6 years old, 7-9 years old.

Date: April 16, 2011

Time: Doors open at 11:00 am.

Please allow extra time for parking and for getting to the starting line for the egg hunt.

Location: The New Lake County Fairgrounds at 1060 E Peterson Road, Grayslake IL 60030.

Bring your camera to take photos with the Easter Bunny and his friends, after the Easter Egg Hunt.

Please bring a non-perishable food item for the Round Lake Food Pantry.
Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

Credit Scores Under 600? Check Out Wells Fargo FHA Loans.

Credit Scores Under 600? Check Out Wells Fargo FHA Loans.

Wells Fargo is now accepting FHA mortgages with credit scores under 600.

Effective Jan. 15, 2011, Wells Fargo will accept Federal Housing Administration (FHA) mortgages for borrowers with credit scores as low as 500.

If you’d like to take advantage of the great prices for a home right now and the low mortgage rates, but you’re wondering if you can buy a home with your credit score … check this out from www.realtor.org:

“Housing Report: Wells Fargo to Accept FHA Mortgages with Credit Scores Under 600.

Wells Fargo announced that effective January 15, 2011, they will accept Federal Housing Administration (FHA) mortgages for borrowers with credit scores as low as 500. For borrowers with credit scores 500-579 a 10 percent downpayment is required and the downpayment may not be a gift or be part of a downpayment assistance program. For borrowers with credit scores 580-599 a 5 percent downpayment is required and the downpayment may not be a gift or be part of a downpayment assistance program. Borrowers with a credit score of 600 or higher are required to have a 3.5 percent downpayment and a gift is acceptable. For all borrowers, seller concessions are limited to 3 percent. Jerome Nagy 202-383-1233, Megan Booth 202-383-1222″

To see your credit report and score, visit FreeCreditReport.com.
Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!

A Proven 3 Step Process to Finding the Right Home

A Proven 3 Step Process to Finding the Right Home

Step 1 – Approach the home buying process objectively:

• There is no perfect house, look for a home that meets 85% of your criteria.
• The good deals and good homes sell quickly.
• Avoid second guessing your decision, also known as buyer’s remorse.

Step 2 – As you see each home, ask yourself these 3 questions:

• What do I like about this home?
• What would I want or need to change?
• Can I see myself owning this home and at what purchase price?

Step 3 – Remember you have safety nets available to you:

• The 5 day attorney approval and homes inspection contingency.
• An appraisal rider contingency that the home must appraise for purchase price.

Jim Starwalt

Thinking of making a move? Log onto my website at www.StarHomeFinders.com and search from over 150,000 Northern Illinois Homes for sale. Registering is quick and easy!

Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com

Search for Homes on your phone!
Free Mobile Phone search app!