To obtain a FHA mortgage on a condominium, the project must be FHA approved. Prior to these changes, there were two ways a condominium could be FHA approved: (1) full project approval, and (2) “spot” approval. Full project approval means that FHA has already done the approval on the entire project (subdivision). Spot approvals were performed on non-FHA approved projects on a loan by loan basis, and were a way to make FHA loans available to home buyers in well run condo projects even if they haven’t gone through the full approval process. No More Spot Approvals (Effective November 2, 2009) Under the new guidelines, the popular spot approval process will no longer be available and will be replaced with something called a Direct Endorsement Lender Review and Approval Process (DELRA). FHA c... 10/10/2009

In the table below lists all of the single family detached and single family attached homes currently on the market in Schaumburg, IL  The data lists available homes by price range with average time on market in each range. Should you have an interest in homes in a selected price range, send me your physical characteristics requirements. I will send complete details on those homes that meet your criteria. If you are contemplating a change in lifestyle, ie. a more luxurious home or the luxury of the amenities in a senior citizen development, I may be able to save you some money via discounts available to me. Active Listings List Price Range # Listings Avg. Days on Mkt Less than $149,999 118 187 $150,000 - $199,999 195 165 $200,000 - $249,999 93 147 $250,000 - $299,999 60 129 $300,000 - ... 10/08/2009

Schaumburg Illinois Short Sales - Condo For Sale - 631 Derry Ct Unit 3B Schaumburg, IL, 60193Location: LakewoodTop floor condo has nicely updated kitchen with oak cabinets, pretty vinyl floor, all black appliances only 3 years old. Large living room with slider doors to balcony and for those chilly winter months a wood burning fireplace to keep you warm and cozy. Master bedroom has a very large walk in closet. Current owner took advantage of this space and added a full size washer and dryer, something very few units here have. No more visiting the basement coin laundry machines, you've got your own! Property is for sale as a short sale so adequate time must be given for owners lender to respond. Priced to attract offers, call for your personal showing. Units can be rented so for investo... 10/03/2009

There is a large amount of inventory thruout the Northwest Suburbs of Chicago which include the Schaumburg Area.  Sellers are competing to make their home standout and enhance their marketability.  Prices have held between 4 to 5% from the listing price over the last few months.  Here is the chart of ACTIVE Single Family Prices in Schaumburg with the MARKET TIMES posted as 'average days on the market.' There currently are 162 single family homes available for sale with an average market time of 212 days.  The average list price is $424,482 and the highest listing price is $2,495,000.  The largest selection of homes occurs in the $250,000 to $350,000 price range. The lowest price is $89,900 which would be considered a 'value price' at any time of the year.  I always like to call these my... 10/01/2009

We invite you visit to the best Illinois Real Estate School in the state. Our Illinois Real Estate Courses are fully accredited real estate courses online and our Illinois real estate school is the leading online Real Estate School in Illinois. We offer the best prices for online courses available anywhere. Our licensed Instructors are ready and available to assist you with all your Illinois online Real Estate courses and Illinois licensing.  Our Illinois online real estate school offers pre and post licensing and continuing education for Illinois Real Estate, Appraisal, Home Inspection, Mortgage Broker, Land Surveyor, Engineer, Personal Finance, Professional Development, Counselor, Social Work, Tax Assessor, funeral director services, consumer education and legal CEU.  http://www.rowle... 09/28/2009

Average Closing Costs in IllinoisThe survey was done by Bankrate and ranks each state for buyers closing costs. In Illinois our average costs would be $2079 on a $200,000 home purchase.    This will give you a good rough estimate that would be needed for closing or to double check your costs on your Truth and Lending Statement from your lender. * From Bankrate.com 3/16/17 09/22/2009

Pumpkin Lunacy!   It's that time of the year again when the trees begin to turn and people say: I've never bowled with a pumpkin?  Let's give it a go and google it!   Well here you are for more factoids that you can never use again except near Halloween!Pumpkins are believed to have originated in Central America and appear to date back 7000 years ago.The pumpkin capital of the world is Morton, Illinois (figures!) where Libby has it's pumpkin plant.Pumpkins are grown on six of the seven continents, with Antarctica being the only continent where they are not grown.Pumpkin carving comes from ancient Celtic (Irish) traditions. But, at the time, they didn't carve pumpkins, they carved turnips and rutabagas.The previous world record for the heaviest pumpkin is held by Geneva Emmons from Canby... 09/18/2009

Schaumburg Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Schaumburg real estate statistics for the last 12 months as of July 17, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active If you would like a free list of homes for sale in this area/neighborhood or would like more information about Schaumburg, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=... 09/18/2009

Schaumburg Aviation Celebration These are the pictures for the 2009 event held on August 29th and 30th at the Schaumburg Regional Airport.  A good time was had by all and there were lots of rides given to those who wanted to visit the great blue yonder by the Windy City Flyers.In case you didn't know, all the news helicopters for all the large Chicago TV stations are based at the Schaumburg Airport.  They were out for all to see and visit.Aviation Celebration Resources:  Photos courtesy of Tom Brady 09/14/2009

234 Patuxet Court Unit 3, Schaumburg 60193 So much to love in this wonderful home! first floor bed/fam rm. Neut carpet and neut decor throughout. Huge rm sizes, and loads of closet space. very desirable end unit, Very Private. Great location backing to single family homes. To View This Listing in More Detail, Copy the Link Below and Put in Your Browser:    http://www.realestate4uonline.com/s=ilist   for Dennis   http://www.HouseByZip.com/s=ilist01 09/12/2009

Some of the subjects covered:    * Roles of the Lender/Mortgage Broker    * Credit    * Pre-Approval    * Roles of the Real Estate Agent    * Searching for Properties    * Contracts    * Negotiation    * Closing Class Location: Schaumburg, IL Starbucks at the Streets of Woodfield, 601 N. Martingale Road, Schaumburg, IL Thursday, October 1st at 6:30 p.m. To RSVP, please call or e-mail Tammy at:TammyH@StartingPointRealty.com(630) 674-6900 Saturday, October 3rd at 9:00 a.m. To RSVP, please call or e-mail Tammy at:TammyH@StartingPointRealty.com(630) 674-6900 Wednesday, October 14th at 6:30 p.m. To RSVP, please call or e-mail Tammy at:TammyH@StartingPointRealty.com(630) 674-6900   09/10/2009

What's going on with the market? This post is for single family and multi-family sales for Schaumburg IL over the last few months.  Just for my own curiosity I decided to do this post because it seems that the market has slowed way down to a crawl.  In fact, it seems like it's a ghost town out there.  Hello, hello wherever you are?There are many buyers out there that are still shopping but not making any decisions as of yet.  But why?  Interest rates are still stable and have not shown any signs of going on the increase.  So why the slower activity?Didn't anyone hear about the $8000 tax credit that must be used by November 30th of this year?   I seems that the buyers know, but still the slower activity.  Are these the same people that do their Christmas shopping on December 23rd?  Could... 09/03/2009

Schaumburg Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Schaumburg real estate statistics for the last 12 months as of August 21, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active If you would like a free list of homes for sale in this area/neighborhood or would like more information about Schaumburg, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&pag... 08/21/2009

Mayor Al Larson's Aviation Celebration Soar into the northwest suburban skies on August 29 and 30 at the 3rd Annual Mayor Al Larson's Aviation Celebration. Plan to spend time at the Schaumburg Regional Airport for what promises to be the biggest and best event yet. Take a ride in an airplane with Windy City Flyers, the flight school based at Schaumburg Regional Airport. In addition to Windy City Flyers, participants can strap on a helmet and go for a ride in an open-air biplane, take a ride on a C-47 WWII cargo aircraft, or take a ride in a four-seater helicopter. There will be a lot of food served by Pilot Pete's and fun things to see and do-including a paper airplane contest, a car show, and crafters' wares. Children's activities include moonwalks, games, crafts, face painting, magic,... 08/19/2009

Schaumburg Real EstateDennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends.  Below, at the end of the page you will find Schaumburg real estate statistics for the last 12 months as of August 18, 2009.To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active If you would like a free list of homes for sale in this area/neighborhood or would like more information about Schaumburg, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&pag... 08/18/2009

Last week Patricia Kennedy wrote a great post about the lost art of the contract presentation.  You know, the days when both parties sat down at the kitchen table and hashed out the details of a contract IN PERSON. I bring this up because if we still did the presentation this way in my area there would be 'bloodied' circumstances. I've been negotiating a contract on one of my listings this week, well let me be honest, the last 2-3 months and obviously it's not going well.Ever have a buyer that just won't go away?  They don't want to pay for the house but they just won't go away?  The buyers agent, who shall remain nameless, is the kind of agent that just reeks of aggression and a newbie whirlwind - you know her as 'Gloria Go-Getter'.  She's the only one that can sell a home BTW with her... 08/17/2009

Radon Disclosure rules for Sellers in IllinoisThe Illinois Radon Awareness Act was amended in August, 2009.  In short, before a buyer will become bound on a contract to purchase real estate the seller will be required to provide a pamphlet entitled "Radon Testing Guidelines for Real Estate Transactions" and the Illinois Disclosure of Information on Radon Hazards. The language of the latter is set forth by statute.The pamphlet is provided by the Illinois Emergency Management Agency Division of Nuclear Safety (IEMA). Below is the "Radon Testing Guidelines for Real Estate Transactions" pamphlet and fact sheet.The Act will not require a seller to test for radon or to engage in "mitigation activities."The Act excludes certain types of transactions, which are summarized as follows: Transfers ... 08/12/2009

What is the 'Sellers Disclosure'? In Illinois, we have recently updated (August 11th, 2009) the Residential Real Property Disclosure Act to include homes that might be contaminated with methamphetamine.   Illinois is one of at least 45 states requiring mandatory disclosure of property condition. The form gives as much information as possible about the current condition of the property. The form consists of 23 questions about the condition of the property including (but not limited to): the structure, including the roof, foundation, walls and floors; flooding; furnace; electrical, plumbing and air conditioning systems; well and drinking water; and high levels of lead paint, radon and asbestos.  Delivery of the disclosure form is required in most sales transactions before signing a writte... 08/12/2009

Lorena Yeo wrote a great post last week about 'No Joy in taking Listings'.  When I saw the headline of the post I said to myself 'amen to that'.  It's been a rough couple of market months and this last listing appointment was like no other that I've recently had.Distressed Mr. Seller has to sell his home because he has no job, no money, is now physically ill and new employment looks grim.  On top of that, he sucked all the equity out of the house because he started a business that has since failed.  Credit cards are maxed out totally.  Three months behind on the mortgage payments.He decided that the carpeting was in bad shape and before he let me in to see the home he ripped it totally out and just left the padding with all the wonderful taping.  Great decision there guy!  How can I sel... 08/03/2009

Dunbar Lakes in Schaumburg Illinois has completed construction (August 2009) of its new pool and the residents of the townhome and quad homes have expressed their approval by enjoying the pool in record numbers.Some residents have taken to enjoying a game of tennis on Dunbar's new tennis court before showering and relaxing poolside. Moms in Dunbar enjoy bringing their children to the new playground. Not only is it enjoyable for the children but it also provides residents a chance to network and make new friends.The board of Dunbar Lakes, working alongside Alma Property Management has also undertaken a roofing project and is committed to accomplishing all these improvements without an assessment increase. Dunbar Lakes currently has homes on the market ranging from $160,000 to $224,900.  ... 08/01/2009