Frankel & Giles

WRFG Assists At Bash On Wabash-This Saturday!

jkarlik — Fri, 03 Sep 2010 02:49:49 +0000

If you are ready for some fun over the holiday weekend, check out the booth assisted by Weichert Realtors Frankel & Giles Agents, this Saturday 9/4/10. Agents are happy to help at the Wine booth, in order to mingle with neighborhood residents. It is a great event to relax and enjoy the festivities during the Labor Day weekend. If you want some fun and entertainment , this is the event to attend! One of the last Bashes of the summer! Taste of Wabash will be held this weekend at 13th and Wabash in the South Loop. Stop by and say hello to the WRFG team and receive your free goodies!

Fast Closings…A Thing Of The Past! Unless You Have Cash.

jkarlik — Fri, 03 Sep 2010 02:36:45 +0000

This week, there were several issues with closings. The lenders have all informed me there is NO SUCH THING AS A QUICK CLOSING ANYMORE! And to add salt to the wound of having a slower market, they have now added additional obstacles for getting loans done. FHA now requires appraisers to attach a photo of the kitchen and bath to the appraisal, which mean all the ones completed prior to this change, will need updated appraisal prior to submitting file for a clear to close.

Some lenders now also require a “soft” credit report pulled and an employment verification ON THE DAY OF CLOSING! Another requires you to verify ANY deposits over $500 with documents. When will the restrictions end? Eventually they will want your blood type, leg, family history, past 20 years of employment history, dogs name, and favorite color prior to approving you for a mortgage.

Moral of the story, it will be in all of our best interest to offer words of advice to all clients in advance of the mortgage process. #1 Do NOT buy anything. #2 DO NOT open a new credit card #3 DO NOT spend any money in your account #4 DO NOT win the lottery (will fluctuate balance too greatly) and finally, #5 DO NOT BUY A DOG!

TRAGIC END FOR LEXINGTON PARK BUYERS

jkarlik — Sat, 28 Aug 2010 02:44:44 +0000

So the rumors about Lexington Park have come to fruition. Many real estate experts were convinced Starwood Capital would not move forward with the current buyers’ closings, and it now has been confirmed. Recent articles state buyers have now been notified, they will receive partial release of earnest money. Most buyers have said, they are not thrilled, but are at least relieved they can now put it behind them.
Buyers with email addresses on file have received emails notifying them of this news along with attachment outlining the details. In summary, 95% of their earnest money will be returned with interest, (less 5% processing fee). This applies only if they act within 30-days and keep the details confidential.
While this is not the best news to some, seeing they will not receive their dream home, and are being penalized for something out of their control. This is still good news for many, because quite a number of them paid premium dollars for a condominium, which has now lost a minimum of 20% in value, during this long wait. While some buyers have allegedly contemplated lawsuits, others are happy to receive a better return in the end. A few have said “losing 5% is better than 20%”, but it is unclear what percentage is feeling that sentiment.
This is truly a tragic end to a market that has brought so much heartache, to so many hardworking buyers, who just wanted to purchase their dream home.

If you were one of the unfortunate buyers who not yet been notified, it is best to contact the title company for information.

Chess Lofts SAVINGS won’t last forever!

jkarlik — Thu, 19 Aug 2010 12:43:23 +0000

Chess Lofts, located in the south loop, began specials last month and many are cashing in on the huge savings! Over a dozen homes sold quickly when the developer, of these heavily upgraded loft units, were ALL given ONE PRICE for each unit type. Living on the 3rd or 7th floor, with or without a lake and city view, was up to the buyer at incredible pricing. If you are looking for a great deal, it would be wise to visit the sales center, before you miss out! You can call the sales center at 312.225.1300, for more information or to schedule your showing.

Blagojevich trial, Jury has reached a verdict BUT is it right?

jkarlik — Thu, 19 Aug 2010 12:27:34 +0000

Blago finally got what he said he would all along, “the truth will come out and I will be vindicated”. Jurors seemed to be deadlocked and announced a verdict after two long weeks. Guilty of only one count, of the 24 total charges against him! However, it would be the count about, well, he wasn’t telling the truth! It is funny that they did not use that reasoning when determining they could not reach an agreement, on all the other counts.

Chicago politicians have “allegedly” been involved in corruption for years, and what Blago did was no different than the others. His only problem was… he wasn’t too smart! But was he just smart enough to get off on pretty much all counts against him? It is no secret, many believe he is guilty of many things, but was the jury just thinking what we all do…they are all corrupt! Why charge him with a crime, when so many have gotten off?

Well, whether you like the outcome or not, he probably will go down as the most “honorable” guilty politician out there. He claimed his innocence all along, even with tapes of his “alleged” criminal activities, numerous witness accounts, and plain foolish decisions. But who really is the idiot here? He actually was sort of “vindicated”, many smarter politicians ended up doing time.

BUYERS GET THE SHAFT AT CONDO DEVELOPMENT

jkarlik — Thu, 19 Aug 2010 12:20:37 +0000

A reliable source alleges, the developer at a condominium development located in Chicago’s South Loop, is now returning earnest money but NO CONDO! After an extremely long wait, the buyers received a letter, via email, saying the new owners are returning earnest money, but with a catch. In short, they will receive only 95% of their 5% deposit plus interest, but only if they decide within 30-days and sign a confidentiality agreement. They also are calling it a “settlement agreement”, implying they are doing them a” favor” by returning their money.

After waiting one to four years, for their dream home, this seems like no consolation-prize. But it appears to be a sign of the times. The Developer was forced out when the economy tanked, and the bank went under. Assets were quickly snapped up by an investment company, with a sweet deal made with the FDIC. After a year of waiting to hear what would happen next, the buyers missed the original date of the first-time buyer program, extended their leases, and awaited an update. Nothing…no letter, no call, no response to requests for updates, complete silence.

Although we all know the market has been no picnic, it seems like there is a more sensitive way to handle these types of situations. It is hardship enough, when you have to put your life on hold for a home, but to receive a letter in an email, adds insult to injury. What do you think? What would you do?

Greater South Loop Association Event Tonight!

admin — Thu, 12 Aug 2010 20:06:09 +0000

Join the Greater South Loop Association for a social event this evening at 6pm!

Thier new business members, Whole Foods South Loop and Showcase Icon Lobby Lounge are providing free food and delicious drinks for the event.

Where: Whole Foods Lifestyle Center, 1101 S. Canal

Time: 6-8pm

Cost: FREE

You may also pick up your Bash on Wabash t-shirt and posters!
Please plan to attend and bring your neighbors!

Comedian NOT laughing after discrimination lawsuit!

jkarlik — Wed, 11 Aug 2010 23:15:08 +0000

I cannot believe in the year 2010, we are still talking about discrimination; against a black buyer trying to purchase a home. The real estate fair housing laws were supposed to protect people of all races and ethnic groups, but for some this has not helped. Chicago comedian and radio personality George Willborn found out “his kind was not wanted” in a neighborhood in Chicago. Bridgeport is a south side community where the city’s current Mayor, Daley lived for many years, and it was the home of his late father, also a long term Mayor of Chicago.

Willborn was surprised to find his $1.7 million dollar offer on the house, was not enough to convince the owners to take the deal, although it was the highest offer they had received in two years! The agent is accused of taking the side of the seller, even taking the home off the market, after they originally accepted the offer. Telling the buyers No Thanks! What the agent did not consider is, IT ‘S AGAINST THE LAW TO DISCRIMINATE. The couple basically said, “we would prefer not to sell to a black couple”.

The agent, sellers and brokerage firm were quickly hit with a lawsuit, good thing we now have laws to protect us all. When will this ever end? Unfortunately, probably not in my lifetime.

Current Mortgage Rates Increasing Affordability

admin — Tue, 03 Aug 2010 15:25:41 +0000

Everyday I get a new e-blast or hear an advertisement promoting how low interest rates currently are and how they will not remain that way forever. While you can conjecture all day long about how long these low rates will last the fact that these rates are at historic lows can NOT be argued. These low rates make owning a home much more affordable.

Take a $250,000 condo where you put 20% ($50K) down. Assuming you secure a 4.5% 30 year fixed rate your monthly payment will be approximately $1,023 per month. Now assume your interest rate jumps to 6% suddenly your payment becomes $1,210 per month – an increase of nearly 20%!!! If you put less money down the increase in the monthly mortgage payment will be even more substantial.

Point being – if you are in the market for a new home, strike while the iron is hot and take advantage of these historically low interest rates. The advertisements in this are not misleading.

HOW DOES NEW ILLINOIS REAL ESTATE LICENSE LAW AFFECT YOU!

admin — Tue, 03 Aug 2010 15:19:02 +0000

On December 31, 2009 the ILLINOIS REAL ESTATE ACT OF 2000 was approved. This will affect anyone seeking an Illinois Real Estate license and current Real Estate Agents. It will be important to know how this law will impact your license. If you have not yet become an Illinois real estate agent but have been contemplating getting your license, it would be wise to do this prior to the change in law which essentially doubles the course requirements! I would assume this also means an increase in costs for licensing. NOW IS THE TIME TO DO IT!

If you are interested in meeting to discuss these new guidelines and/or to learn how to become a licensed real estate agent, please send email to info@frankelgiles.com. Weichert Realtors® Frankel & Giles will also host a seminar to discuss the new license law and requirements. Please email info@frankelgiles.com if you are interested in attending Seating will be limited.

Information provided below is a summary of new guidelines.

ILLINOIS REAL ESTATE LICENSE LAW
Information provided by IAR

Highlights for the license changes which will begin in 2011 include:

Once the transition is complete, there will be only two license categories in IL: Managing Broker and Broker. The salesperson license will no longer exist after 4/30/12. All existing licensed salesperson will need to transition to the broker license category before 5/1/2012. Existing broker licenses will remain the same, and some brokers will transition to managing brokers.

The transition period begins 5/1/2011 and IAR will publish info to assist licensees with the transition.

IF YOU ARE INTERESTED IN ATTENDING UPCOMING SEMINAR OUTLINING FULL DETAILS OF THE NEW LICENSE LAW SEND EMAIL TO info@frankelgiles.com WEICHERT REALTORS® FRANKEL & GILES IS NOW INTERVIEWING AGENTS FOR SOUTH LOOP LOCATION! CALL 312.225.9700 TODAY FOR DETAILS.