It's official: The New Good Faith Estimate is causing real pain to The Consumer and; The Real Estate Industry I've now spent two months working on this new good faith estimate.  It's been implemented since January 1rst of 2010. So, without further adieu.....what is the problem with the new Good Faith Estimate? THE CONSUMER First, let's call it like it is.  The government wanted to create a "new and improved" Good Faith Estimate that is "user friendly, easy to read, and would promote a fairness in comparison shopping for the consumer."    The consumer would be able to shop one lender against the other with such clarity that the Obama administration fully believed that the consumer would get better, clearer information and that the consumer would save about $700 per transaction.  THE RESU... 02/23/2010

Maybe the Rich Really Aren't Different From You and Me According to February 19 article in the Los Angeles Times, the late Leona Helmsley's estate known as Dunellen Hall has just posted a significant price drop of 52%, from $125 million to $60 million. Nicolas Cage's 11,817-square-foot English Tudor in Bel-Air has been reduced 50% to $17.5 million from $35 million when it first hit the market in 2006. Les Baux de Palm Springs, home of Suzanne Somers and Alan Hamel, started at $35 million more than two years ago and was eventually slashed to a reported $12.9 million -- a 63% reduction. The act of repeatedly lowering the asking price until a buyer is found is known as "chasing the market," said Michael Gardner, an agent with Prudential Malibu Realty who shares his observations on the beac... 02/22/2010

OK....this for sure ain't Haiti.  I survived one when I was a kid living in California.  It was 6.0 on the Richter Scale.  This mroning I was awoken at 4;00 am in the morning to a loud, loud, loud rumbling.  I mean it was really loud.  Our house shook for about 4 or 5 seconds.  I jumped out of bed and got by a wall.  I felt like it was the end of times for a quite a while.  My wife and I didn't know if it was a tornado, sonic boom of a low flying jet or whatever.  We both agreed it was an earthquake.  I brought all 5 children into our bedroom and had them in their sleeping bags in case there was going to be an aftershock and I needed to act quickly.  We prayed together for God's protection and went back to sleep.  Just so wild.  Needless to say, there was some anxiousness after the quie... 02/10/2010

I've had the sense that market activity in St. Charles IL is picking up and the data supports that feeling. Closed sales in January 2010 are about 20% over closed sales in January 2009. The interesting column is the Under Contract, since it shows that there will be a respectable closing rates for February and March. The best selling price points are up to $300,000. Homes priced from $300,000-$450,000 are also selling better than in 2009. Homes priced over $600,000 continue to have high inventory and slow sales. Difficulty in obtaining jumbo mortgage loans and economy uncertainty are the key reasons that $1,000,000+ homes just aren't selling. In the detailed data I see that the homes that go under contract are really good deals and a great investment for the buyer. If you would like addi... 02/09/2010

Fox Mill is a subdivision in suburban St. Charles, IL about 50 miles west of downtown Chicago. It is an upscale subdivision popular with transferees and local move up buyers. Very surprising to read that the reserve account has $84,000 when it should have $6 million! But where does the $70 million figure come from? This article is from the February 4, 2010 Kane County Chronicle.   Fox Mill Sues Former Board for $70 million. By BRENDA SCHORY - bschory@kcchronicle.com CAMPTON HILLS – A homeowners association has filed suit against its former board seeking nearly $70 million in damages.According to court papers filed this week, Fox Mill Homeowners Association in Campton Hills is suing its former board and management company, various companies and 13 individuals, claiming that from 1994 to ... 02/05/2010

If your home is not currently listed and you hope to get your home sold this Spring, NOW is the time to put your home on the market.  Traditionally in our area homesellers have waited until AFTER the Superbowl to list for the Spring market.  But this year is different. Why? 1. Homebuyers have a great incentive to LOOK EARLY this year. Perhaps you've heard of the $8,000 tax credit for 1st time homebuyers.  This credit expires at midnight on April 30, 2010.  For any 1st time homebuyer who has NOT Contracted to buy a home by this date, THEIR TIME IS UP! 2. Homesellers have a great incentive to LIST EARLY this year. Perhaps you've heard of the $6,500 tax credit incentive for long-time Homeowners.  This credit also expires at midnight on April 30, 2010.  This means that for any home seller w... 01/28/2010

As an agent who wants to make sure that clients are 100% clear on everything related to a home purchase, I looked forward to the new RESPA regulations. To me it makes perfect sense that consumers should be allowed to compare Ts and Cs of different loans from different providers using the same terminology. But it seems that while the regs create clarity in some areas, they are lacking in others. I like the idea of a worksheet that allows more detail, such as seller concessions. If the purpose of a worksheet is to skirt the guidelines, of course it's bad. Realtor.org commented on this a few days ago. If a lender is trying to give a buyer a complete picture of the financial commitment, then a worksheet seems like a good thing.   Realtor.org January 19, 2010 Some lenders are avoiding the re... 01/23/2010

I just got off a phone call with a neighbor who just learned about a house in our neighborhood that just sold and closed for a very low price. She had thought about buying it but couldn't buy without selling, so she didn't act on it. My brokerage had the listing, but I wasn't involved in the transaction. Seller was not distressed, it wasn't bank- owned or a short sale. It occurred to me while we were talking that my interests as a homeowner could conflict with representing a buyer in my neighborhood. Since I was thinking of refinancing, I want the value of my home to be high, but as a buyer's agent I would want to get the lowest possible price. Interesting dilemma. 01/22/2010

I just got this news about HVCC.  HVCC is known as Home Valuation Code of Conduct, otherwise known as hell for homebuyers, home sellers, realtors, real estate attorneys and lenders.  Reaty Times reported that the days for HVCC may be numbered.   In the article (see www.realtytimes.com/rtpages/20091221_washingtonreport.htm)  It's stated that Congress took a major step last week toward eliminating what has been a painful thorn in the side of home sellers, Realtors, home builders, mortgage brokers and appraisers for months. As part of its financial and mortgage industry reform bill, the House voted to terminate the controversial Home Valuation Code of Conduct (HVCC) once a new Consumer Financial Protection Agency begins operations. The new agency would assume primary federal responsibility... 01/15/2010

Price: $419,900 FIZBER.com ID 13489130 Single Family with 4 bed, 3.0 bath, in 5N285 Oak Road Saint charles, IL, 60175 http://www.fizber.com/13489130/ 5N285 Oak Road - For Sale By Owner Property Details: Type: Single Family Address: 5N285 Oak Road, Saint charles, IL, 60175 Sq footage: 2600.0 Floors: n/a Bathrooms: 3.0 Bedrooms: 4 Year built: 1976 View full property details and seller's contacts. View more Illinois homes for sale. Homes for Sale by Owner. Description: 4 bedroom, 3 bath home on 1.24 wooded acres in desirable subdivision. Kitchen updated with granite countertops, maple cabinets and s/s appliances. Baths have furniture quality vanities and travertine floors. Hardwood floors, crown and cornice moldings and architectural columns are special touches throughout this home. Gas a... 12/29/2009

I receive this e-mail this morning from Sue Secondi, a distinguished member of the community who needs to be supported in her bid for political office.  Sue is running for precinct committeeman.  She'll be an awesome representative who want to protect their land, and their income in troubling times.  Here's the most recent update from Sue.  By the way....write her name down.  Vote for Sue Secondi.   I wanted to let everyone know last night VCH banned video gaming within the Village.  They got this one right!  I'm just not sure they would have voted on this last night had I not made a public comment at the December 1, 2009 meeting to asked them to place this on the agenda to vote.   Now the bad news, news we predicted was coming,  Village Treasurer S. Beherns confirmed that based on the ... 12/16/2009

Tonight at the Village Board meeting:  XII. Discussion and consideration of a motion to adopt an Ordinance amending the Zoning Ordinance relative to PUDs. This may look harmless enough, but I was told by someone who actually picked up the ordinance that one of the changes is to  exclude Horse Farms and home based businesses from being  allowed in existing PUDs,  unless your Covenants specifically allow Horse Farms and Home Based Business. Talk about a blow to our way of life.  You must speak up about what the Village is trying to take away from you.  PLEASE  this could be your future and livelyhood. 12/01/2009

Rarely do you come across a real life version of It's a Wonderful Life.  But here it goes.  My little brother, Dr. Eric Bettag, a surgeon with a cult following, was injured, paralyzed, in a car accident a little over two years ago when some 18 year old kid, dropped his compact discs under the dash board on the passenger's side of his picku up truck and blew through a red light while retreiving the discs.  The result.... Dr. Bettag gets T-boned and gets airlifted to a specialty hospital to deal with severe trauma victims. Cracked vertebrae and instant paraylsis for an active community member and married father of 5.  Life changes quickly and Eric had his world rocked. Image provided by Flickr Eric could move his arms like you and I, but the fine motor skills of his hands are gone.  Ever... 11/24/2009

Got this from a leader who took notes and observed more ridiculousness from "Campton" bureaucrats (My comments are in parens or italics): If you were wondering what went on last night at the Planning Commission hearing, the Community Center was full (not standing room only, but a crowd).  After an hour of planning commission business including re-hash regarding Norton Lakes Subdivision the Public hearing was held. Big thanks to unincorporated La Fox and Elburn residents who showed up and voiced their opposition to the annexation and zoning changes.  The planning commission heard  from 5 different people, all saying the same thing.  We don't want Campton Hills to annex the land.  Drew Frasz stated that .....we had a handshake deal with Preserve Campton not to go further South than Route ... 11/17/2009

Fannie Mae has issued Announcement 09-34, Confirmation of Conventional Loan Limits for 2010, to provide notification of our 2010 conforming loan limits. As in 2009, both the general loan limits and the high-cost area loan limits are provided by our regulator, the Federal Housing Finance Agency (FHFA). There will be no changes to the general loan limits or the high-cost area limits for loans originated in 2010. 2010 Conforming Loan Limits (maximum original principal balance for first liens) Units Contiguous States, District of Columbia, and Puerto Rico Alaska, Guam, Hawaii, and the U.S. Virgin Islands   General High-Cost Areas* General High-Cost Areas* One $417,000 $729,750 $625,500 $938,250 Two $533,850 $934,200 $800,775 $1,201,150 Three $645,300 $1,129,250 $967,950 $1,451,925 Four $801... 11/16/2009

I'm sure VCH hopes no one notices this Public hearing set for: TOMORROW, NOVEMBER 16TH, 2009 AT 6:30 at the COMMUNITY CENTER.  Pay Attention to the Actions of the Campton Officials (I can't use the word "leaders" becase they're anything but that)!!!! There's a zoning change request from a current land owner regarding annexation into the village. The property is located at 2N190 Harley Road. (what it doesn't say is that for it to be contiguous to the Village, the property must start at 38 and extend down the west side of Harley to that address and maybe even further down Harley) The Agenda also does not state the original zoning and what the change is being requested.   Maybe they don't want the citizens of Campton What the F____ Hills to know.   There are assumptions that it's to change... 11/15/2009

My dad served in the military during Viet Nam.  My Grandpa Bettag in World War II.  I know my dad didn't see any combat, but his experience in the military was so bad that he forbid us to go to the local Military Academy for High School. Don't get me wrong, my dad is so patriotic.  He understands the need for a strong military, but probably like others back then, probably didn't understand the need for the war and...I think any parent wants to shelter their own from combat.   Even though he wasn't pleased with his experience, he's proud to be a vet and he's proud of what the military does for our country.  The freedoms we have are 100% a result of the efforts of those who fight to protect our freedoms.  I'm grateful for those freedoms.  I can't imagine the losses that families have expe... 11/11/2009

Don't get pulled over and get a ticket fromt the $17,000 seat belt study.  It appears that the Campton Hills Police Department will be pulling over a lot of people for seat belt violations over Thanksgiving.  In an article by the Chronicle entitled: Campton Hills to begin stepped-up traffic enforcement see  www.kcchronicle.com/articles/2009/11/09/14576137/index.xml the author wrote:  If you're tooling down Route 64 through the Village of Campton Hills this Thanksgiving season, better have your seat belt on, your child properly restrained and do the speed limit.If you don't and get caught by police, expect not only to get a citation, but a lecture and educational material on speeding and the use of restraint devices.Campton Hills Police will conduct the first of five enforcement campaign... 11/11/2009

The National Association of Realtors (also known in the industry as NAR) has a great Frequent Asked Questions communique for the consumer.  Things are so different from the current version of the bill that consumers need to be aware of what this bill encompasses.  YOUR CONTRACT NEEDS TO BE SIGNED BY APRIL 30th and Closing by June 30th.    Question: Existing homeowner credit: Must the new house cost more than the old house? Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit. Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income lim... 11/09/2009

Well...it's almost here.  According to Bloomberg, it appears likely that Obama will have the bill on his desk next week to extend the first time home buyer tax credit.  Needless to say, this bill, in it's current form extends the tax credit to:  Non-First Time Homebuyers can get a $6,500 tax credit as well!!!!  Check out the article from Bloomberg since it was released last evening.  Homebuyer Tax Credit, Unemployment Bill Advances in Senate.  Lawmakers voted 85-2 to move closer to a final vote on the bill, which would extend until April 30 the $8,000 homebuyer credit that otherwise would expire at the end of this month.  Homebuyers who have lived in their prior residence for at least five years could receive a credit of $6,500. Couples earning as much as $225,000 a year and individuals... 11/03/2009