<?xml version="1.0"?><rss version="2.0"><channel><title>Peoria Illinois Real Estate News &amp; Listings Presented By Keller Williams Realty</title><link>http://www.jodilemkemann.com</link><description></description><lastBuildDate>Sat, 31 Jul 2010 02:17:12 GMT</lastBuildDate><item><title>Recession Erodes Housing Conditions</title><description><![CDATA[<p><span style="font-size: 10pt; font-family: Arial;">A newly released Census survey indicates that the recession has eroded housing conditions significantly in just two years.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">The Census survey of 60,000 units, 45,000 of them occupied, shows:</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">&bull; </span><span style="font-size: 10pt; font-family: Arial;">3.1 million households, or 18 percent, of those who moved in the last year say their new home is in worse condition and/or in a worse neighborhood.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">&bull; </span><span style="font-size: 10pt; font-family: Arial;">Households that moved in the past year because they were evicted rose 127 percent to 191,000.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">&bull; </span><span style="font-size: 10pt; font-family: Arial;">The number of households that had additional people move in rose 10 percent to 6 million.</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: USA Today, Haya El Nasser (07/26/2010)</span></em><br /><br /></p>]]></description><link>http://www.jodilemkemann.com/Blog/Recession-Erodes-Housing-Conditions</link><guid>http://www.jodilemkemann.com/Blog/Recession-Erodes-Housing-Conditions</guid><pubDate>Wed, 28 Jul 2010 12:55:00 GMT</pubDate></item><item><title>Homeownership Falls to Lowest Level Since 1999</title><description><![CDATA[<p><br /><span style="font-size: 10pt; font-family: Arial;">The homeownership rate fell to 66.9 percent in the second quarter, down from 67.1 percent in the first quarter, according to the U.S. Census Bureau. This was the lowest level since 1999.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">The homeownership rate reached a record high of 69.2 percent in the second and fourth quarters of 2004. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Rising foreclosures are driving the decline. A record 4.6 percent of U.S. mortgages were in foreclosure in the first three months of 2010, the Mortgage Bankers Association reported in May. </span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: Bloomberg, Kathleen M. Howley (07/27/2010)</span></em><br /><br /></p>]]></description><link>http://www.jodilemkemann.com/Blog/Homeownership-Falls-to-Lowest-Level-Since-1999</link><guid>http://www.jodilemkemann.com/Blog/Homeownership-Falls-to-Lowest-Level-Since-1999</guid><pubDate>Tue, 27 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Energy Retrofits Could Save $41 Billion a Year</title><description><![CDATA[<p><br /><span style="font-size: 10pt; font-family: Arial;">A new Pike Research report states that if all the commercial buildings in the United States that currently exist were retrofitted to be more energy efficient, the country as a whole would save over $41.1 billion a year in energy bills. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Titled "Energy Efficiency Retrofits for Commercial and Public Buildings," the study estimates that property owners would collectively have to spend about $22.5 billion a year in upgrades over the next decade in order for that savings to be achieved. That would entail energy-retrofitting roughly 79 billion square feet of commercial real estate. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">"The current financial crisis has had a significant dampening effect on property owners' investments in their properties. Financing for such projects is scarce, and the limited investment in building efficiency is not keeping pace with the growing national demand for energy," </span><span style="font-size: 10pt; font-family: Arial;">says </span><span style="font-size: 10pt; font-family: Arial;">Pike Research</span><span style="font-size: 10pt; font-family: Arial;">'s </span><span style="font-size: 10pt; font-family: Arial;">managing director Clint Wheelock</span><span style="font-size: 10pt; font-family: Arial;">. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">While some major companies have invested in green updates for their properties it's yet to really catch on. Pike Research believes this is about to change and that energy retrofitting for commercial properties will become a strong growth market through 2014 and beyond. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">"In addition to cost savings, energy retrofits are attractive for purposes of greenhouse gas reductions, energy independence, green branding, property valuation, and productivity," according to the Pike Research report. </span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: CNet, Candace Lombardi (07/22/10)</span></em><br /><br /></p>]]></description><link>http://www.jodilemkemann.com/Blog/Energy-Retrofits-Could-Save-41-Billion-a-Year</link><guid>http://www.jodilemkemann.com/Blog/Energy-Retrofits-Could-Save-41-Billion-a-Year</guid><pubDate>Mon, 26 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Make Small Spaces Bigger: 5 Ways to Show Off Space</title><description><![CDATA[<p>Size does matter when it comes to the perception of space in a home. That&rsquo;s why it&rsquo;s important to make sure you show off every square foot of your listing so that buyers can visualize enough room for all of their belongings.</p>
<p>However, home owners often crowd spaces with oversized furniture, bulky accessories, and piles of clutter that wind up making a room look much smaller than what it really is, says staging pro Jennie Norris, president of the <a href="http://www.iahsp.com/" target="_blank">International Association of Home Staging Professionals</a>.</p>
<p>So how can you show off that space in your listings? Besides the obvious of removing clutter, try these simple ideas from Norris.</p>
<p><strong>1. Scale down the furniture:</strong> By having too many large pieces of furniture in a small room, a space can feel more cramped, Norris says. Select smaller-scale furniture over large, chunky options.&nbsp;A good choice: furniture with wooden legs or unskirted chairs, so that you can see through the furniture to the floor underneath to open up a room.</p>
<p><strong>2. Beware of overly busy patterns:</strong> Too many bold patterns in a room with fabrics and accent pieces can make a room feel smaller, Norris says. Big prints, bold plaids, and large floral patterns can be too busy for a small space. Stick to solids and use texture in fabrics to add interest.</p>
<p><strong>3. Lighten Up:</strong> Dark colors absorb the light making small rooms look even smaller. &ldquo;The general color rule for small spaces is lighter is better,&rdquo; Norris says. Lighter colors on walls &mdash; such as creams, light blues, light greens, tan, and soft yellows &mdash; help expand the room. Plus, softer, cooler tones are soothing and relaxing, she adds.&nbsp;</p>
<p><strong>4. Add height:</strong> Bring in anything that is tall to show off the height of the space. Whether it&rsquo;s a piece of furniture such as a bookcase or an object like a tall tree, the height of the object will draw the eye upwards.&nbsp;Also in a house where you want to show off the height, hang the curtains above the normal window top level, Norris says. To widen the window, tie the curtains back with a rope tieback to show off the windows.</p>
<p><strong>5. Use the reflection:</strong> Hang mirrors on walls to help add visual space. &ldquo;When the room is reflected in the mirror, it can make us feel like there is more space as we see &lsquo;another room&rsquo; in the mirror,&rdquo; Norris says.&nbsp;&ldquo;Mirrors can also reflect light and views, which will help lighten up the room and make it feel open and airy.&rdquo;</p>
<p><a href="http://www.realtor.org/rmohome_and_design/Articles/2010/1007_home_smallspacebigger">http://www.realtor.org/rmohome_and_design/Articles/2010/1007_home_smallspacebigger</a></p>]]></description><link>http://www.jodilemkemann.com/Blog/Make-Small-Spaces-Bigger-5-Ways-to-Show-Off-Space</link><guid>http://www.jodilemkemann.com/Blog/Make-Small-Spaces-Bigger-5-Ways-to-Show-Off-Space</guid><pubDate>Thu, 22 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Easy Fixes for 4 Household Problems</title><description><![CDATA[<div class="headline">Problems like squeaky stairs and oil stains on the garage floor can be quick turnoffs to buyers. But these common household troubles need not hold your listing back&mdash;particularly if they&rsquo;re relatively easy for a do-it-yourselfer to fix.</div>
<p>Lynda Lyday&mdash;carpenter, professional contractor, and a featured expert on the DIY cable network&mdash;provides dozens of simple fixes for common household problems in <em>The Homeowner&rsquo;s Manual</em> (Que Publishing, 2006).</p>
<p>While it&rsquo;s always best to bring in an expert to correct big problems, Lyday provides these tips for capable home owners who want to try their own hand at a solution.</p>
<p><span class="subhead">Problem: Oil Stains on Garage Floor</span></p>
<p><strong>Lyday&rsquo;s solution:</strong> "You can remove most of a stubborn stain with a bit of elbow grease and scrubbing. First, remove the surface oil by sprinkling some cat litter on it to soak it up. Then clear away the cat litter and focus on the stain.</p>
<p>Make a paste of hot water and dry dish or laundry detergent. Use a stiff bristle scrub brush to scrub the area with the paste. Hose the area and let it dry. Another method is to use a product such as Spray &rsquo;n Wash on the stain for 10 minutes, along with a dry detergent.</p>
<p>Your last option is to spray on some oven cleaner. Use this sparingly, wash it down thoroughly, and keep children and pets away from it."</p>
<p><span class="subhead">Problem: Leaky Faucets</span></p>
<p><strong>Lyday&rsquo;s solution:</strong> "Most faucet leaks can easily be fixed with a rubber washer, an O-ring, or seals&mdash;depending on what type of faucet it is. By fixing the problem yourself, you can save a good bit of money since plumbers can be expensive and will charge you a standard fee even if it takes only 10 minutes to fix the problem."</p>
<p><span class="subhead">Problem: Nail Pops</span></p>
<p><strong>Lyday&rsquo;s solution:</strong> "Nail pops are a problem across the country. The term comes from the nails that hold the drywall to the studs actually popping out through the face of the drywall. This is from either a house settling or the wood studs drying out over time, squeezing the nail out of the wood and pushing it through the drywall.</p>
<p>The fix for this isn&rsquo;t terribly hard, but it&rsquo;s tedious because there are up to 32 nails in a 4-foot by 8-foot sheet of drywall. My suggestion is to pound the nail through the drywall to the stud. Then, just above it, place a drywall screw to hold the drywall to the stud, and finish it off with a few coats of spackle or joint compound. Finally, seal and paint it.</p>
<p>Most home-improvement stores also sell nail pop kits that can make this job easier."</p>
<p><span class="subhead">Problem: Squeaky Stairs</span></p>
<p><strong>Lyday&rsquo;s solution:</strong> "The most common problems that occur in a staircase are the treads (horizontal surface of the steps) coming loose, which causes squeaking. Also common are the spindles or balusters coming loose. If you can get underneath the staircase, fixing the treads is easy.</p>
<p>You will need to attach an L bracket from the underside of the tread to the stringer (the long piece of wood that connects the treads and runs diagonally up the wall). If you can&rsquo;t get underneath the staircase, you&rsquo;ll have to make the repair from above.</p>
<p>Squeaky stair kits are available that allow you to make this fix even through carpet. Otherwise, you can secure the tread to the stringer with a trim screw."</p>
<p>Adapted from <em>The Homeowner&rsquo;s Manual</em> (Que Publishing, 2006), By Lynda Lyday, ISBN 0-7897-3451-6</p>
<p>&nbsp;</p>]]></description><link>http://www.jodilemkemann.com/Blog/Easy-Fixes-for-4-Household-Problems-2</link><guid>http://www.jodilemkemann.com/Blog/Easy-Fixes-for-4-Household-Problems-2</guid><pubDate>Wed, 21 Jul 2010 02:00:00 GMT</pubDate></item><item><title>HUD and VA to Prevent Homeless Vets</title><description><![CDATA[<p><br /><span style="font-size: 10pt; font-family: Arial;">To prevent homelessness among veterans, especially those returning from Iraq and Afghanistan, the Department of Housing and Urban Development and the Department of Veterans Affairs will jointly invest $15 million for housing assistance in five communities near military installations.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">These installations will each receive $2 million: MacDill Air Force Base in Tampa; Camp Pendleton in San Diego; Fort Hood in Killeen, Texas; Fort Drum in Watertown, N.Y.; and Joint Base Lewis-McChord near Tacoma, Wash. In addition, VA medical centers in the following areas will each receive $1 million: Tampa, San Diego, Dallas, Syracuse, N.Y., and American Lake in Washington.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">HUD will provide rental assistance, including security deposits, utility payments, and case management. The VA will offer healthcare.</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: HUD and VA Offices of Public Affairs (07/22/2010)</span></em></p>]]></description><link>http://www.jodilemkemann.com/Blog/HUD-and-VA-to-Prevent-Homeless-Vets</link><guid>http://www.jodilemkemann.com/Blog/HUD-and-VA-to-Prevent-Homeless-Vets</guid><pubDate>Tue, 20 Jul 2010 02:00:00 GMT</pubDate></item><item><title>California Foreclosures Drop to 3-Year Low</title><description><![CDATA[<p><br /><span style="font-size: 10pt; font-family: Arial;">The number of home owners in California entering foreclosure in the second quarter dropped to a three-year low, according to research firm MDA DataQuick.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Default notices, the first step in the foreclosure process, fell 43.8 percent in the second quarter compared to the same period last year.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Analysts say the decline is due to banks pushing loan-modification programs and short sales. Also, fewer homes are underwater thanks to a recovery in home prices, so a smaller number of home owners are walking away.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Ironically, regions of the state where homes are cheapest are most likely to see the highest number of default notices. According to DataQuick, neighborhoods with a median sales price of less than $300,000 experienced 10.6 default notices for every 1,000 homes, while neighborhoods with prices above $800,000 accounted for 2.9 notices for every 1,000 homes.</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: Los Angeles Times, Alejandro Lazo (07/22/2010)</span></em></p>]]></description><link>http://www.jodilemkemann.com/Blog/California-Foreclosures-Drop-to-3-Year-Low</link><guid>http://www.jodilemkemann.com/Blog/California-Foreclosures-Drop-to-3-Year-Low</guid><pubDate>Mon, 19 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Buyers Should Shop for the Best Rate</title><description><![CDATA[<p><span style="font-size: 10pt; font-family: Arial;">Anyone shopping for a new mortgage these days should shop around, says Cameron Findlay, chief economist for LendingTree.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Although mortgage rates look astoundingly low, the spread between what the bank receives and what it pays investors has actually increased, giving banks more room to negotiate.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Applicants with good credit scores should aggressively seek the best rates they can find by comparison shopping, starting with the bank they usually do business with.</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: The New York Times, Jennifer Saranow Schultz (07/17/2010)</span></em><br /><br /></p>]]></description><link>http://www.jodilemkemann.com/Blog/Buyers-Should-Shop-for-the-Best-Rate</link><guid>http://www.jodilemkemann.com/Blog/Buyers-Should-Shop-for-the-Best-Rate</guid><pubDate>Fri, 16 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Mortgage Volume at Lowest Level in 13 years</title><description><![CDATA[<p><br /><span style="font-size: 10pt; font-family: Arial;">Mortgage applications to purchase homes fell to the lowest level since December 1996, decreasing 3.1 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly report.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">On an unadjusted basis, the purchase index declined 12.7 percent compared to the previous week and was down 43 percent compared to the week of July 4</span><sup><span style="font-size: 10pt; font-family: Arial;">th</span></sup><span style="font-size: 10pt; font-family: Arial;"> in 2009.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Interest rates were up slightly, though they remain very low:</span></p>
<ul>
<li><span style="font-size: 10pt; font-family: Arial;">30-year fixed-rate mortgages increased to 4.69 percent from 4.68 percent.</span> </li>
<li><span style="font-size: 10pt; font-family: Arial;">15-year fixed-rate mortgages increased to 4.12 percent from 4.11 percent.</span> </li>
<li><span style="font-size: 10pt; font-family: Arial;">1-year ARMs remained unchanged at 7.20 percent.</span></li>
</ul>
<p><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: Mortgage Bankers Association (07/14/2010)</span></em><br /><br /></p>]]></description><link>http://www.jodilemkemann.com/Blog/Mortgage-Volume-at-Lowest-Level-in-13-years</link><guid>http://www.jodilemkemann.com/Blog/Mortgage-Volume-at-Lowest-Level-in-13-years</guid><pubDate>Thu, 15 Jul 2010 02:00:00 GMT</pubDate></item><item><title>The Illinois HOME START Loan Program</title><description><![CDATA[<p>The Illinois HOME START program offers below-market interest rates and down payment assistance to first-time homebuyers and veterans.&nbsp; First-time homebuyers are individuals who have not owned a home in the last three years.&nbsp; Eligibility for each program is based upon household income, family size and the sales price of the home.&nbsp;</p>
<p>HOME START 30-Year Fixed Rate Loan is FHA insured and available at rates below the 30-year fixed market rate.</p>
<p>Qualifications:</p>
<ul>
<li>First-time homebuyer or veteran</li>
<li>Minimum credit score of 620</li>
<li>Income and purchase guidelines must be met</li>
<li>Must qualify and secure an IHDA Home Start 30yr fixed rate loan</li>
<li>Must contribute 1% or $1,000 of the purchase price from savings</li>
<li>Home ownership counseling required</li>
</ul>
<p>HOME START Down Payment Assistance Loan is a 0%, 10-year forgivable loan that provides 3% of the purchase price (up to $6,000) to assist with the down payment.&nbsp; This loan is only available when used in conjunction with the 30-Year Fixed Rate Loan.&nbsp; The interest rate on the 30-Year Fixed Rate Loan will increase by 0.5% for buyers utilizing the DPA loan.</p>
<p><a href="http://www.ihda.org/ViewPage.aspx?PageID=328">http://www.ihda.org/ViewPage.aspx?PageID=328</a></p>]]></description><link>http://www.jodilemkemann.com/Blog/The-Illinois-HOME-START-Loan-Program</link><guid>http://www.jodilemkemann.com/Blog/The-Illinois-HOME-START-Loan-Program</guid><pubDate>Wed, 14 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Is there a difference between Pre-Qualified and Pre-Approved?</title><description><![CDATA[<h1><span style="font-size: 10pt;">Before you begin to shop for a new home, you should set up a time to talk to a HomeQuest Mortgage Consultant so you can figure out how much you can afford. This will put you in a better position as a buyer. That&rsquo;s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.</span></h1>
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<p><span style="font-size: 10pt;">To get pre-qualified for a loan, We will collect information about your debt, income, and assets. We&rsquo;ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. We will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.</span></p>
<p><span style="font-size: 10pt;">It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount.</span></p>
<p><span style="font-size: 10pt;">To get pre-approved, you will complete a mortgage application and provide various information verifying your employment, assets and financial status such as W-2 forms, bank records and credit card statements. We&rsquo;ll review your mortgage options and submit your application to the lender that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home.</span></p>
<p><span style="font-size: 10pt;">A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.</span></p>
<p><a href="http://www.hqworksforme.com/faq/pre-qualified-or-pre-approved-for-a-loan"><span style="font-size: 10pt;">http://www.hqworksforme.com/faq/pre-qualified-or-pre-approved-for-a-loan</span></a><span style="font-size: 10pt;">-</span></p>
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</div>]]></description><link>http://www.jodilemkemann.com/Blog/Is-there-a-difference-between-Pre-Qualified-and-Pre-Approved</link><guid>http://www.jodilemkemann.com/Blog/Is-there-a-difference-between-Pre-Qualified-and-Pre-Approved</guid><pubDate>Tue, 13 Jul 2010 02:00:00 GMT</pubDate></item><item><title>What is a Contract for Deed?</title><description><![CDATA[<p>The Contract for Deed is a common method used by low income persons to purchase a home. <strong>A buyer under a Contract for Deed has fewer rights than a buyer who has obtained a mortgage loan</strong>. A home buyer should always talk with a lawyer before signing a Contract for Deed. Search the "Helpful Organizations" section below to find free legal help.&nbsp;</p>
<p>Most Contract for Deed sales require only a small down payment. The buyer agrees to pay the seller or the seller's real estate agency the total sales price plus an amount for interest monthly over a period of several years. Only after the final payment will the buyer receive a deed and full ownership.</p>
<h4>Should the contract for deed be in writing?</h4>
<p>A buyer must get a written contract, which is signed by both buyer and seller and which has all the terms agreed to by the buyer and seller. Without a written contract, <strong>the buyer will not be able to enforce the agreement if the seller refuses to perform his or her part of the agreement.</strong></p>
<h4>Should I record the contract?</h4>
<p><strong>Even if the contract states it cannot be recorded, every contract for deed should be recorded in the county in which the property is located as soon as possible in order to protect the buyer's interest.</strong></p>
<h4>Who is responsible for repairs?</h4>
<p>The buyer of the home is responsible for making all repairs after the sale of the property. The seller may be required to repair certain problems in the home that existed before the purchase date if:</p>
<ul>
<li>The seller has agreed to make the repairs; </li>
<li>The seller knew about the defects from city inspections and does not tell the buyer; or </li>
<li>The seller is guilty of fraud or misrepresentation. </li>
</ul>
<p><strong>Agreement To Make Repairs</strong>: Sometimes a seller agrees to make repairs. If the agreement is in the Contract for Deed, the seller can be forced to do the repairs. Always get it in writing.</p>
<p><strong>Previous Inspection</strong>: If the city inspected the house before and found violations of a city code, the seller must tell the buyer about the violations. Many houses have never been inspected. If the house was inspected, and the seller does not tell the buyer about problems that were found, the buyer can call off the contract and get part of his or her money back.</p>
<p><strong>Fraud and Misrepresentation</strong>: If the seller of a home makes statements about the condition of the home which are untrue in order to convince the buyer to purchase the home, the buyer may be able to cancel the contract or force the seller to repair certain defects. A buyer should always make sure that the seller's statements about the condition of the house are included in the written contract.</p>
<h4>Who is responsible for real estate taxes and homeowner&rsquo;s insurance?</h4>
<p>The buyer of a home must pay for real estate taxes and homeowner's insurance on the property after the sale is closed. Sometimes the seller owes back taxes. The buyer should check to see if any back taxes are owed. If there are unpaid back taxes, the Contract for Deed should say who will pay them.</p>
<p>The buyer should make sure who will receive the real estate tax bills and homeowner's insurance bills and make sure that these are paid when due.</p>
<p>If the buyer is paying the real estate taxes and homeowner's insurance by an escrow account, the monthly payments to the account will increase each year, as costs increase.</p>
<h4>How can I prevent the loss of my home?</h4>
<p>A buyer who receives a notice of foreclosure or a court summons should contact a lawyer as soon as possible.</p>
<p>If a buyer, under a Contract for Deed, fails to make the payments required by the contract, the seller can declare an end to the contract and bring a court action to evict the buyer from the house. The seller will send, by mail, a written 30-day notice of ending the contract before the court case.</p>
<p>If the buyer owes less than three-fourths of the purchase price, <strong>the court must allow the buyer at least 60 days and may allow up to 180 days to pay the seller the amount needed to bring the contract current</strong>. If the buyer pays the required amount within this period, he or she will get contract rights back and he or she will be able to keep the house. Even if the buyer owes more than three-fourths of the purchase price, the court may give up to 60 days to pay the amount and restore the contact rights.</p>
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<p><strong>Printed from:</strong> www.illinoisprobono.org/index.cfm?fuseaction=home.dsp_Content&amp;contentID=352</p>
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<script></script>]]></description><link>http://www.jodilemkemann.com/Blog/What-is-a-Contract-for-Deed</link><guid>http://www.jodilemkemann.com/Blog/What-is-a-Contract-for-Deed</guid><pubDate>Mon, 12 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Mortgage Rates Hit Another Record Low</title><description><![CDATA[<p><br /><span style="font-size: 10pt; font-family: Arial;">The average interest on a 30-year fixed mortgage dipped to a new record low of 4.57 percent this week &mdash; down from 4.58 percent a week ago, according to Freddie Mac, which began tracking rates in 1971. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Still, the low rates may not provide much of a boost for the housing market because many people do not qualify for new mortgages or have already obtained loans at low rates this year.</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: Indianapolis Star (07/09/10)</span></em><br /><br /></p>]]></description><link>http://www.jodilemkemann.com/Blog/Mortgage-Rates-Hit-Another-Record-Low</link><guid>http://www.jodilemkemann.com/Blog/Mortgage-Rates-Hit-Another-Record-Low</guid><pubDate>Fri, 09 Jul 2010 02:00:00 GMT</pubDate></item><item><title>New Listing @ 928 E Maywood, Peoria!</title><description><![CDATA[<p><img src="http://www.jodilemkemann.com/agent_files/maywood%20front.JPG" alt="" width="640" height="427" /><img src="http://www.jodilemkemann.com/agent_files/maywood%20lr.JPG" alt="" /><img src="http://www.jodilemkemann.com/agent_files/maywood%20kitchen.JPG" alt="" /><img src="http://www.jodilemkemann.com/agent_files/maywood%20garage.JPG" alt="" /></p>
<p style="text-align: center;"><span style="font-size: 12pt;">Absolutely adorable!!! Welcome to this 2 bedroom, 1 full bath ranch home featuring hardwood flooring in the living room, bedrooms and hallway. Kitchen has oak front cabinets and tile flooring. Bath features whirlpool tub. Furnace and A/C new in 10/09 with a 10yr extended warranty. Gas water heater new in 5/10. House and garage roof new in 6/04. Other features include newer 5' fence, B-Dry Dewatering System, attic storage with drop down stairs, water softner-owned. $78,500</span></p>
<p style="text-align: center;"><span style="font-size: 12pt;"><span style="color: #ff0000;"><strong><em>Call the Jodi Lemkemann Team @ 309-303-1000</em></strong></span></span></p>]]></description><link>http://www.jodilemkemann.com/Blog/New-Listing-928-E-Maywood-Peoria</link><guid>http://www.jodilemkemann.com/Blog/New-Listing-928-E-Maywood-Peoria</guid><pubDate>Thu, 08 Jul 2010 02:00:00 GMT</pubDate></item><item><title>2109 W Ayres, West Peoria, IL 61604</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/2109-W-Ayres-West-Peoria-Illinois/i/240032/0/t?pid=" title="" alt="" style="float:left; padding:3px;" /><p>Need more space? This 1.5 story home is a beauty!!! 4 bedrooms, 2 full baths, some hardwood floors, new carpet and paint in the living room, partially finished basement. You will love the new kitchen and the 24x24 garage. Garage has new door and opener with keypad entry. Fenced yard, front white picket fence. Newer driveway. Great curb appeal!! All sizes and measurements are approximate and not guaranteed.</p>]]></description><link>http://www.jodilemkemann.com/property/2109-W-Ayres-West-Peoria-Illinois</link><guid>http://www.jodilemkemann.com/property/2109-W-Ayres-West-Peoria-Illinois</guid><pubDate>Wed, 07 Jul 2010 20:14:57 GMT</pubDate></item><item><title>928 E Maywood, Peoria, IL 61603</title><description><![CDATA[<img src="http://www.jodilemkemann.com/property/928-E-Maywood-Peoria-Illinois/i/240029/0/t?pid=" title="" alt="" style="float:left; padding:3px;" /><p>Absolutely adorable!!! Welcome to this 2 bedroom, 1 full bath ranch home featuring hardwood flooring in the living room, bedrooms and hallway. Kitchen has oak front cabinets and tile flooring. Bath features whirlpool tub. Furnace and A/C new in 10/09 with a 10yr extended warranty. Gas water heater new in 5/10. House and garage roof new in 6/04. Other features include newer 5' fence, B-Dry Dewatering System, attic storage with drop down stairs, water softner-owned.</p>]]></description><link>http://www.jodilemkemann.com/property/928-E-Maywood-Peoria-Illinois</link><guid>http://www.jodilemkemann.com/property/928-E-Maywood-Peoria-Illinois</guid><pubDate>Wed, 07 Jul 2010 20:11:07 GMT</pubDate></item><item><title>Reduced Tax Assessment: Good or Bad?</title><description><![CDATA[<p><span style="font-size: 10pt; font-family: Arial;">Some home owners are finding themselves in the awkward position of wondering whether they should appeal a tax assessment because it came in too low.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Many communities are reassessing in light of declining values and the amount of the reduction can be a shock to home owners who fear that it reflects an equal decline in market value. In many cases, though, that's not true, say real estate practitioners. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">They explain that tax assessments are done on thousands &ndash; even millions &ndash; of properties and each assessment can reflect a variety of factors unrelated to market value, include owners&rsquo; age, military service and health. As long as it doesn&rsquo;t have factual errors in room counts, square footage, etc., they advise not worrying about it. </span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Or better yet, if it is a really dramatic drop, consider asking the lender for a loan modification or restructuring.</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: The Wall Street Journal, June Fletcher (06/30/2010)</span></em></p>]]></description><link>http://www.jodilemkemann.com/Blog/Reduced-Tax-Assessment-Good-or-Bad</link><guid>http://www.jodilemkemann.com/Blog/Reduced-Tax-Assessment-Good-or-Bad</guid><pubDate>Wed, 07 Jul 2010 02:00:00 GMT</pubDate></item><item><title>What to Look for in an Outdoor Kitchen</title><description><![CDATA[<p><br /><span style="font-size: 10pt; font-family: Arial;">Outdoor kitchens continue to be one of the hottest trends in home d&eacute;cor, but not all of them are created equal.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Here are some things to consider when evaluating the safety and durability of this attractive yet vulnerable feature:</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">&bull; Is there adequate ventilation? Extensive outdoor cooking spaces should be carefully designed to keep smoke and odors away from dining spaces.</span><br /><span style="font-size: 10pt; font-family: Arial;">&bull; Was the installation done by licensed and insured installers? If something does goes wrong &mdash; even years later &mdash; these professionals will stand behind their work.</span><br /><span style="font-size: 10pt; font-family: Arial;">&bull; Are the cabinets, countertops, and appliances really weather proof and likely to hold up?</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: The Plain Dealer (Cleveland, Ohio), Roxanne Washington (07/01/2010)</span></em></p>]]></description><link>http://www.jodilemkemann.com/Blog/What-to-Look-for-in-an-Outdoor-Kitchen</link><guid>http://www.jodilemkemann.com/Blog/What-to-Look-for-in-an-Outdoor-Kitchen</guid><pubDate>Tue, 06 Jul 2010 02:00:00 GMT</pubDate></item><item><title>New Listing in West Peoria!!!</title><description><![CDATA[<p><img src="http://www.jodilemkemann.com/agent_files/IMG_1306.JPG" alt="" width="640" height="427" /><img src="http://www.jodilemkemann.com/agent_files/ayres%20lr.JPG" alt="" /><img src="http://www.jodilemkemann.com/agent_files/ayres%20Reverse%20Kitchen%201_7.JPG" alt="" /><img src="http://www.jodilemkemann.com/agent_files/ayres%20Back%201_1.JPG" alt="" /></p>
<p style="text-align: center;">2109 W Ayres, West Peoria</p>
<p style="text-align: center;">Need more space? This 1.5 story home is a beauty!!! 4 bedrooms, 2 full baths, some hardwood floors, partially finished basement. You will love the new kitchen and the 24x24 garage. Fenced yard, front white vinyl picket fence. Newer driveway. Great curb appeal!! All sizes and measurements are approximate and not guaranteed.&nbsp;&nbsp; <strong>$109,900</strong></p>
<p style="text-align: center;"><strong><em><span style="color: #ff0000;">Call the Jodi Lemkemann Team @ 309-303-1000!!!</span></em></strong></p>]]></description><link>http://www.jodilemkemann.com/Blog/New-Listing-in-West-Peoria-2</link><guid>http://www.jodilemkemann.com/Blog/New-Listing-in-West-Peoria-2</guid><pubDate>Mon, 05 Jul 2010 02:00:00 GMT</pubDate></item><item><title>Foreclosures Account for 31% of Sales</title><description><![CDATA[<p><span style="font-size: 10pt; font-family: Arial;">Online foreclosure marketplace RealtyTrac reported today that homes in foreclosures accounted for 31 percent of the residential sales in the first quarter of 2010. The average sales price of these properties was nearly 27 percent below the average sales price of properties not in foreclosure.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">RealtyTrac expects foreclosure discounts to stay between 25 percent and 30 percent as lenders steadily release foreclosures. The average price of foreclosed properties is $171,971.</span><br /><br /><span style="font-size: 10pt; font-family: Arial;">Overall, foreclosures are down 14 percent in the first quarter compared to the fourth quarter of 2009. They are down 33 percent from the peak during the first quarter of 2009.</span><br /><br /><em><span style="font-size: 10pt; font-family: Arial;">Source: RealtyTrac and Bloomberg, Dan Levy (06/30/2010)</span></em></p>]]></description><link>http://www.jodilemkemann.com/Blog/Foreclosures-Account-for-31-of-Sales</link><guid>http://www.jodilemkemann.com/Blog/Foreclosures-Account-for-31-of-Sales</guid><pubDate>Fri, 02 Jul 2010 02:00:00 GMT</pubDate></item></channel></rss>