Chicago Blogathon

Buyers “on the fence”? Here are the facts! - The Paul Paterakis Power Team - RE/MAX Showcase

2011-04-25T09:42:00.000-07:00

The past lending practices caused the mess we are currently in; new and pending regulations are making the process of getting a mortgage a lot more time consuming and costly: expect higher fees, larger down payments and higher insurance premiums.

Forget the no money down, they will be looking at ten (10) percent minimum. They want the Home Buyer to have real “skin in the game.” In the past the Feds guaranteed nine out of ten loans; going forward we will see a major reduction and the buyer will have to qualify the old fashion way: on their own strength. Fannie Mae and Freddie Mac will be restructured but don’t expect the Federal Housing Administration(FHA) to replace them.

On April 1, 2011 most of the “Dodd-Frank Wall Street Reform and Consumer Protection Act”
went into effect with more coming out in the fall and in 2012. Right now is the best time to buy
and get a mortgage before the process is much harder and expensive.
Regardless of regulations and costs, the buyer only has two basic questions: how much per
month and how much do I have to put down. Both of them are going up and will stay there for
the foreseeable future; isn’t time to get off the fence today?

A final quick recap:

• Fannie Mae and Freddie Mac are going through major changes and complete restructuring since the Feds want to reduce their “lending” position to very little.
• Whatever loans will be made with Fannie Mae and Freddie Mac as the back-up will result in much higher monthly insurance fees and higher total monthly payment.
• Some down payments currently at three (3) percent will be a thing of the past; look for a down payment (minimum) around ten (10) percent in the near future.
• FHA loans in general will cost more to build up reserves in case of default on the note.
• Credit score: like it or not, it’s controlling the loan and its interest rate
• More and more paperwork, disclosures, verifications; the ease of a loan in the past is gone, be ready for delays and a lot more time needed to complete the process.
• The sixty-day-lock will need to be longer, causing a higher cost for the longer period of time that the lender has to set aside the loan amount while not collecting interest on it.

Besides the financing part of the home, buyers now (and going forward) have the best inventory of
homes for the lowest prices in decades. Buyers…now is the time!

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809 Area Code: do not dial it! - The Paul Paterakis Power team of RE/MAX Showcase

2011-04-11T09:25:00.000-07:00

Someone will actually call you from this area code and leave you a message along these lines:
“Hey, this is Karen, sorry I missed you – get back to us quickly. I have something important to
tell you.” Then she will repeat a phone number beginning with 809: do not respond, it’s a scam!
AT & T has been sending out emails NOT to ever dial area codes 809, 284 and 876. If you call from the U.S. you will be charged $2,425.00 per minute!

If you call back you will be listening to a very long message (just to keep you on and add minutes to the call). They will tell you that they have important information about a family member who has been ill or tell you that someone has been arrested, died or to let you know you have won a wonderful prize etc. With so many new area codes these days, people unknowingly return these calls by just tapping on the number and not even look at what’s on caller ID.

The 809 area code is located in the Dominican Republic. The charges can quickly become a nightmare since you made the call. Your local and long distance companies will most likely tell you that they are simply providing the billing for the foreign company and you will end up dealing with a foreign company that will argue having done nothing wrong. Nobody needs this kind of very expensive pain.

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Is green energy unrealistic? - The Paul Paterakis Power Team of RE/MAX Showcase

2011-04-11T08:29:00.000-07:00

Jerry Taylor and Peter Van Doren had a great article in Forbes that helped me “balance” the ongoing conversation and costs of green energy compared to our current structure; wind, solar and biomass presently constitutes only 3.6% of fuel used to generate electricity in the U.S. How much will it cost to go green? Energy expert Vaclav Smil calculates that achieving that goal in a decade would incur building costs and write-downs on the order of $4 trillion; $2.5 trillion just to build the necessary generators alone.

Green energy/economy is old and back in the 13th century it was all they had; it is quite literally the energy of yesterday. Few seem to realize that we abandoned “green” energy centuries ago for five very good reasons.

First, green energy is diffuse and it takes a tremendous amount of land and material to harness even a little bit of energy. Jesse Ausubel, at Rockefeller University, calculates that the entire state of Connecticut would need to be devoted to wind turbines to power the city of New York.

Second, it is extremely costly. In 2016 President Obama’s own Energy Information Administration estimates that onshore wind (the least expensive of these green energies), will be 80% more expensive than combined cycle, gas-fired electricity. That doesn’t account for the costs associated with the hundreds of billions of dollars worth of new transmission systems that
would be necessary to get wind and solar energy which is generally produced far from where consumers/ratepayers happen to live.

Third, it is unreliable. The wind doesn’t always blow and the sun doesn’t always shine when the energy is needed. We account for that today by having a lot of coal and natural gas generation on “standby” to fire-up when renewables can’t produce. The cost of maintaining this back up is not even included in the cost estimates for green energy. It’s no wonder the peasants of the Dark Age could not rely upon the vagaries of the weather.

Fourth, it is scarce. The wind and sunlight are obviously not scarce but the real estate where those energies are reliably continuous and in economic proximity to ratepayers is scarce.

Finally, once the electricity is produced by the sun or wind, it cannot be stored because battery technology is not currently up to the task. Hence, we must immediately “use it or lose it.” Fossil fuels are everything that green energy is not. Approximately 1,000 cubic feet of natural gas (which costs about $4.00) can generate the same amount of electricity as running an average
rooftop solar system for 131 days. It is comparatively cheap, reliable, will burn and produce energy whenever you want it and you can store fossil fuels until you need them.

The federal government once promised that nuclear energy was on the cusp of being “too cheap to meter.” That was in the 1950s. Sixty-one billion dollars of subsidies and impossible-to-price regulatory preferences later, it’s still the most expensive source of conventional energy on the grid. So much for government promises!

The fundamental question that green energy proponents must answer is: if green energy is so inevitable and such a great investment, why do we need to subsidize it? If and when renewable energy makes economic sense, profit-hungry investors will build all that we need for us without government needing to lift a finger. But if it doesn’t make economic sense, all the subsidies in the world won’t change the fact.

New IRS Rules Aim to Give Relief to Struggling Taxpayers - The Paul Paterakis Power Team - RE/MAX

2011-03-09T13:20:00.000-08:00

The IRS recently announced changes to its procedures on filing liens with the hope of assisting taxpayers and small businesses in climbing out of their debt obligations.

In order to understand the impact of these changes and how they will affect your client, it is first necessary to be familiar with how a federal tax lien can affect, and possibly terminate, the sale of one’s property.

A federal tax lien gives the IRS a legal claim to a taxpayer’s property for the amount of an unpaid tax debt. A lien informs the public that the IRS has a claim against all property, and any rights to the property, of the taxpayer. This includes property owned at the time the notice of lien is filed AND any property acquired after the lien is filed. If the IRS places a lien against one of your clients, that lien will show up on title for any property owned by your client, no matter when purchased, until the lien is paid in full.

The new procedures enacted by the IRS focus on assisting taxpayers in paying off federal tax liens faster to minimize the negative impact that these liens have on their financial well-being. The five major changes include:

· Significantly increasing the dollar threshold when liens are generally issued.

The new rules generally prohibit the IRS from filing a lien unless unpaid taxes exceed $10,000 which is double the previous limit. The new dollar amount was aimed at keeping pace with inflation as the previous limit has been in effect since the mid-1980s.

· Making it easier for taxpayers to obtain lien withdrawals after paying a tax bill.

The IRS will now minimize the damage to taxpayers’ credit scores after their debts have been fully paid. Liens will now be withdrawn after taxes are no longer owed. A “lien withdrawal” wipes out the lien from the taxpayer’s record immediately where a “lien release” leaves it on the record for at least seven years.

· Withdrawing liens in most cases where the taxpayer enters into a Direct Debit Installment Agreement.

For taxpayers who owe $25,000 or less to the IRS, they can enter into a Direct Debit Installment Agreement to pay the balance. In return, the IRS will allow for a lien withdrawal.

· Creating easier access to Installment Agreements for more struggling small business.

Prior to the changes in the IRS rules, only small businesses with under $10,000 in liabilities could participate in a payment program involving Installment Agreements. Now, small businesses with $25,000 or less in unpaid taxes can participate. In order to qualify, the businesses must arrange to make automatic payments from their bank accounts.

· Expanding a streamlined Offer in Compromise program to cover more taxpayers.

An Offer in Compromise is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed. The IRS looks at the taxpayer’s income and assets to make a determination of whether or not to accept the offer. Under the recent changes, the Offer in Compromise program is being expanded to allow taxpayers who make $100,000 or less to participate. In addition, the taxpayers must owe less than $50,000 to the IRS, which is double from the previous limit of $25,000.

Keep in mind that no matter how your client resolves his or her debt obligation with the IRS, in order to avoid a delay at closing, it is important to obtain written documentation from the IRS stating that the debt has been paid off and that the lien no longer affects the specific property that your client is selling.

______________________________________________________

I went to a panel a few weeks ago that included a yoga teacher, a celebrity nutritionist, a spiritual healer and a woman who created her own beauty line.

What really stood out to me from that workshop was what the yoga teacher said. A question was asked: How does one stay calm and focused in a busy and intense environment? The yoga teacher replied: Just relax, do yoga and breathe. I was taken aback by this comment, as it doesn’t give the ‘regular’ person the tools to ‘relax’ in a busy environment. Not everyone can do yoga everyday and stay calm. It made me think about someone telling me once, in response to my 3PM sugar craving, to take a few deep breaths, drink some water and the craving will pass – it doesn’t.

So what does one do? Is it possible to stop for a minute and think about what is going on around you, take a deep breath and attempt to stay calm in an intense situation? YES! It is being self-aware of YOU!

Self-Awareness, per Wikipedia, is the awareness that one exists as an individual being. Without self-awareness the self perceives and accepts the thoughts that are occurring to be who the self is. Self-awareness gives one the option or choice to choose thoughts being thought rather than simply thinking the thoughts that are stimulated from the accumulative events leading up to the circumstances of the moment.

So when you find yourself stressed or having a 3PM craving, have self-awareness, stop and think about your choices. Being self-aware doesn’t mean you have a higher power, it just means that you are actually engaging with yourself and your thoughts. Thinking about your next step instead of just taking it.

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"Amazing CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase

2011-02-28T10:28:00.000-08:00

The Paul Paterakis Power Team presents Amazing Real Estate CyberTips E-Newsletter, which, in very concise form, will provide you with monthly Cyber tips and tricks along with our pointers to Internet places of special interest to real estate owners, investors and related professionals.

Please click here to access your copy of the March Issue of "Real Estate CyberTips"

www.REcyber.com/cybertips/PowerTeam

This month's special security issue includes the following Tips:

* AN EASY WAY TO KEEP OFF THE SPAM LISTS!
* MANAGE YOUR PASSWORDS - WITH EASE!
* WE KNOW YOU DON'T SPEED - BUT --
* DE- CRAPIFY YOUR NEW COMPUTER!

I hope you enjoy "Real Estate CyberTips". Please let me know at any time if I may be of help with any of your real estate needs.

Kindest Regards,

Paul Paterakis of The Paul Paterakis Power Team
paul@powerteamhomes.com/ 847-366-3455

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Don’t make a mistake, it can cost you thousands! - PowerTeamHomes.com RE/MAX

2011-02-23T12:52:00.000-08:00

We just wanted to pass along some news about FHA to you. The administration just announced that would be raising the monthly mortgage insurance premiums on FHA loans. As you already know FHA loans have become a common loan program in this current market environment. This increase in monthly mortgage insurance can have an adverse effect on your purchasing power.

Currently FHA monthly mortgage insurance on the 30 year fixed is .90 of the base loan amount. Starting on April 18^th this amount will increase by .25% to 1.15%.

That means you will pay more monthly and will qualify for less overall.

The change in FHA mortgage insurance will ultimately change buyer affordability. Under the new mortgage insurance premiums a buyer that is qualified for a $2,000 monthly payment will see their buying power diminished around $7,000 to $10,000. Again this will take effect on all FHA case numbers issued starting April 18^th.

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“The Eyes Have it” - The Paul Paterakis Power Team RE/MAX Showcase

2011-02-14T09:23:00.000-08:00

Recently I had the opportunity to read about an interview with Michael Ellsberg, an expert in the art of eye contact and I would like to share with you some of his points that will help you, unless you already have them, with your customers and clients.

Many of us are “eye shy” and holding another person’s gaze makes us feel uncomfortable or even vulnerable. We need to work on that part since making strong eye contact increases the odds for us to be considered honest, trustworthy and confident. It could help you get that new contract/listing or even spark your current relationship! Michael recommends we begin by practicing in situations where very little is at stake just to get comfortable with it; here is his road map:

* Make eye contact with strangers you pass in public areas. Establish your eye contact when you are four or five paces away; keep a neutral expression and hold your gaze just long enough to determine the stranger’s eye color – no longer than one second. Longer eye contact or pronounced facial expressions, even smiles, can make strangers uncomfortable.

* Make extended eye contact with salespeople, waiters and waitresses among the many.These people tend to be very receptive to eye contact and skilled at returning it in a friendly manner. They know that strong eye contact often results in larger tips and commissions. Once you feel more comfortable making this low pressure eye contact, try holding eye contact with people you know.

The first day maintain contact for a moment longer than it feels comfortable. Then the next day, maintain the eye contact for a moment longer than that. When someone breaks eye contact with you, you should too; Extending eye contact any longer will make him/her uncomfortable.

* Expert tricks. The goal during eye contact is to send a soft gaze, not a penetrating laser like stare. When you are speaking with someone, relax the muscles of your brow and imagine that you are talking in both of your conversation partner’s eyes at once.

* Helpful. Maintaining an attitude of warmth and charity toward the person with whom you are speaking can help create a soft, reassuring gaze. When the time comes to break eye contact, do so by looking to the side. Breaking eye contact by glancing down sends a signal of shame and submission. Breaking it by looking up sends a signal of uncertainty and will seem somewhat
unnatural. Once eye contact is broken, gaze slightly to one side of his/her eyes. Do not focus on something or someone else suggesting disinterest in the person with whom you are speaking unless the conversation is about that person or thing.

* In a professional setting. Try to make eye contact for about half the time that you are speaking with someone: about five seconds on and five seconds off. Making more eye contact than this could seem overly familiar and inappropriate. Adjust according to your conversation partner’s reaction. Do not cut more than 50 % or you could appear unsure.

* With friends. Pay attention to how much eye contact each particular friend tends to make with you and try to do the same. This increases the odds that the friend will feel a bond with you.

* To build intimacy in a romantic relationship. Resume eye contact almost immediately upon breaking it. If the person you are speaking with does the same, the odds are very good that you have made a strong connection. Unfortunately, the opposite is also very true.

* Meeting with buyers/sellers, sales calls in general. Must look confident but not pushy; we also need to give the impression that we are “on the same page” as the client. One subtle-but effective way to accomplish both of these things is to alternate who breaks eye contact. Early in the conversation, notice how long the client tends to hold eye contact with you; then, strive to break contact first roughly half the time. Always breaking contact first seems unsure, while always maintaining eye contact longest seems overbearing. As we break and resume the eye contact, it will become more natural and nothing to worry about any longer.

* Public speaking. Do not try to make eye contact with everyone when speaking to large groups. It’s better to maintain eye contact with a single audience member for five to ten seconds or until you complete your thought before gazing to someone else. Don’t worry if you do not have time to make eye contact with everyone. Even audience members whose eyes you do not meet will sense that you are making connections and will feel closer to you because of it. If you are not comfortable with public speaking or not doing well on that session, make eye contact with only the members of the audience who are nodding in agreement.

* A showdown. If your goal is to prevail in an adversarial situation, maintain eye contact with your adversary for as long as possible. It does not weaken your position if you blink. Maintain a facial expression of extreme calm. An angry scowl or a tensed body lets your opponent know that he/she is not getting to you. The opponent is likely to back down from the confrontation if he/she repeatedly breaks eye contact by looking downward or stops making eye contact with you entirely.

Now that you know the basics, make it work for you in relationships, friendships and business meetings; we may or not have been aware of it but it has been taking place around us nonetheless any time two people talk to each other for whatever reasons.

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Economic resolutions for 2011 - Revisited..The Paul Paterakis Power Team of RE/MAX Showcase

2011-02-07T08:28:00.000-08:00

Some of our new year’s changes/adjustments are getting dusty already and we are only just over one month into the new year. Here are a few more thoughts to help us survive the economic recession and improve our economic status.

1. Assemble a personal financial statement. Create your own balance sheet, measure your assets and assess all your personal liabilities including credit card debt and short term loans. Get to your real net worth.

2.Analyze your liabilities. Divide you liabilities into two columns: current balances and what the same balances will be one year from now; use an amortization schedule for each loan. Be sure to include home mortgage(s), home equity loans, car loans and all credit cards. Include interest rate next to each loan type, balance and amount.

3.Analyze your short-term debt. Credit card balances and home equity loans; what principal payments can you make during the next 12 months to decrease the liability/balances. Can some of them be converted to lower interest/longer terms?

4.Create a monthly budget. It should already be a part of your household and
business plans; Assess your average monthly income and include realistic expenses for each week: groceries, utilities, car payments, mortgage payments, entertainment, medical and education costs. Keep an eye on your checkbook and bank statements for help in constructing your monthly budget.

5.Forecast your income. I know, it’s very hard but it should motivate you to prospect a lot more for new business! After you create your budget, take a hard look at it and do the best you can to have extra income available to pay down your short term debt. If you do this you will be, at a very minimum, fully aware of your weak and strong areas and you can go to work at it from that angle.

6.The credit card freeze. Open up your wallet or purse and pull out all those credit cards and lock them up somewhere out of your reach. Keep only one credit card for real emergencies and Starbucks is not one of them! Stick to your checkbook, debit card or cash: they remind you of actual balances as you try to use them. Just try it for 30 days and you will be amazed at how much less you will spend.

7.Show discipline. All of the above is totally meaningless unless you make a strong personal commitment to it. We are all guilty of financial waste and unnecessary expenses but we still need to be realistic at some point and end the needless costs. Try eating out less, buy only what is absolutely necessary, forget that bargain; only look at keeping money as your first real savings and there will always be bargains and “final sales.” Worst of all is to keep paying interest only on high credit cards balances, where will you be or go to next?

8.Save money. In an economic recession, along with our well known real estate pains, everyone is struggling to survive and talking about savings, retirement and plan contributions seems almost comical; however, it must remain a real part of every monthly budget. We must continue to contribute to all of our plans regardless of how little we can afford; as long as we put something in, it will add up. At the end of the day we all know that it’s not how much we make but what we get to keep that really matters.

A monthly/yearly financial statement and budget will accomplish three very important goals:
* Make you realize your real net worth
* Keep you focused on how much you are spending that you could do without.

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"Amazing Real Estate CyberTips" and Tricks - The Paul Paterakis Power Team of RE/MAX showcase

2011-02-03T11:46:00.000-08:00

We are pleased to be providing you our special Real Estate CyberTips E-Newsletter, which, in very concise form, will provide you with monthly Cyber tips and tricks along with our pointers to Internet places of special interest to real estate owners, investors and related professionals.

Please click here to access your copy of the February Issue of "Real Estate CyberTips"

www.REcyber.com/cybertips/PowerTeam

This month's special security issue includes the following Tips:

* VIEW TRENDS A NEW FUN WAY!
* PLAY THE MARKET AND NEVER EVER LOSE!
* SAVE HOURS SETTING UP YOUR NEW COMPUTER!
* TAKE THIS PLACE TO HEART!

We hope you enjoy "Real Estate CyberTips". Please let me know at any time if I may be of help with any of your real estate needs.

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Whats up with the Real Estate Market? - PowerTeamHomes.com

2011-01-17T12:36:00.000-08:00

New single family homes are getting smaller, and the trend is likely to last well beyond the recession, according to research from the National Association of Homebuilders (NAHB). The median size of a single-family home dropped from a peak of 2,268 square feet in 2006 to 2,100 square feet in 2009.

Homebuilders attribute the decline to consumers’ desire to keep energy costs down, the lack of equity in existing homes available to roll over into new ones, tighter credit standards, less interest in buying homes as investments, and a growing number of first-time buyers.

Despite the trend toward smaller homes, the average number of bathrooms and bedrooms has showed little change, while three-car garages, fireplaces, patios and decks have declined in popularity.

Recession is still on; the National Bureau of Economic Research finds that the economic recession technically ended in June 2009, but for 81 percent of Americans it isn’t over just yet, according to the American Pulse survey from BIG Research.

Many people are still feeling the pain of the recession; 78.6 percent report they have lost wealth in the past two years, compared with 21.4 percent who say they have not. Reasons for the perceived drop in wealth include a decline in their homes’ value, job loss and declining interest rates on savings accounts.

Looking at First-timers; spurred on by the now-expired homebuyer tax credit, first-time homebuyers accounted for a record 50 percent of all home sales in 2009, up from 47 percent in 2008, according to the “2010 NAR Profile of Home Buyers and Sellers.” The vast majority (93 percent) of first-time buyers took advantage of the tax credit, and 95 percent chose a fixed rate mortgage.

The median age of first-time buyers was 30, and the median income was $59,000. The typical entry-level buyer purchased a property with 1,540 square feet that cost $152,000 and most first timers say they plan to hold the property for 10 years.

First time home-buyer tax credit fraud; the IRS has reported it has suffered nearly $25 million in fraudulent credits from the first time or move up home-buyer credit. Approximately $9 million in credits were issued to prison inmates (they have more than plenty of time to figure that one out!). Other credits were issued to first time home-buyers who bought the property they already lived in from their relatives. No one moved in and no one moved out.

Homeownership Concerns; while 80 percent of Americans still believe buying a home is a good financial decision, concerns about job security remain a barrier to homeownership for many potential buyers, according to NAR and its “2010 Pulse Survey.” Seven out of ten Americans say job layoffs and unemployment remain big problems in their local areas, and eight out of 10 believe these issues are a barrier to homeownership.

More than two-thirds of respondents (68 percent) believe now is a good time to buy a home, down from 75 percent just a year ago, but up from 66 percent in 2008 and 59 percent in 2007. Respondents say the biggest obstacle to homeownership is having enough money for a down payment and closing costs (79 percent), lack of confidence in getting approved for a mortgage loan comes in at 73 percent.

Meanwhile, renters are warming up to the idea of homeownership. More than one-fourth of renters say they are thinking more about buying a home than they did a year ago. Nearly two thirds (63 percent) say homeownership is a priority in the future, and nearly 40 percent say it is one of their highest priorities.

It’s most definitely time for all the renters/potential home buyers to see how big of a home they can qualify them for in today’s market. If they had lost their home, they can become homeowners again for a lot less.

Your Voice: Hinderance or Charisma and Enthusiasm? - PowerteamHomes.com

2011-01-07T14:52:00.000-08:00

Successful people aren’t just lucky. They are charismatic. We most definitely can increase our ability to influence and motivate others by developing our charisma. It’s within us: energy, confidence etc. just waiting to be developed.

We can study, absorb, practice and master these skills; we can greatly improve our charisma and be all we’ve always wanted to be: assured, commanding, stimulating, energetic, go ahead and add a little pep in your step to increase sales.

Sales are based on transferring a positive, good, trustworthy feeling to others; without enthusiasm in your voice, there can be no real transference of any feeling, hence no sale. Enthusiasm is created in a number of ways and you can test yourself by realizing how you answer a simple: “how are you doing?”

You can also use words that actually “require” you to be enthusiastic:
• Great, fantastic, awesome, wow
• Magnificent, amazing, tremendous
• Unbelievable, wonderful, excellent

These words will make you sound enthusiastic and are hard to say with any conviction unless you are up to it. If you are not naturally enthusiastic, then you must focus on it and practice on it. If you act enthusiastic you will become enthusiastic!

It’s time to face a topic that may feel uncomfortable at first but it is so needed. In a time where face-to-face meetings are becoming less popular and more business is conducted by phone don’t let your voice hinder your success.

While we cannot change our voices, we can in fact train them; it’s a tool that can give you new business but can also cost business you thought you had. Laura Lake has five factors when it comes to having a successful voice:

Your tone
What does the tone of your voice sound like? Does it reflect confidence? Strength? Assurance?
Does your tone reflect fear? Be honest with yourself and work on your tone; when you call someone it’s show-time and you must sound believable.

Grab a close friend, co-worker or sign up for “Boot Camp” at RE/MAX Showcase for their honest opinion. It’s very important to find someone who will give you a true assessment. Listen to their criticism and make the necessary adjustments.

Voice inflection
When speaking and thinking about key points you want to bring out, be sure the inflections in your voice do just that. Inflection alone can change the meaning of a sentence either way.

Delivery Practice
Practice, practice. The delivery of your message when training your voice is key; don’t be afraid to rehearse a pitch/proposal or even just a phone call. You won’t always have to do this, just long enough to where a good delivery is natural and you can find confidence.

Sound
What do you sound like? Have you ever really listened to your voice? For example, when you record your outgoing voice mail message what do others hear? A smile? Joy? Don’t be afraid to use a tape recorder as you train your voice…hear what they hear!

Energy
Similar to tone but different, the energy in your voice allows people to feel like they are in the room with you. Does your energy make them want to be in a room with you? Check it out! Breathe, think about what you are going to say and fill it out with the right energy for the moment.

Most often the voice can be trained by just becoming aware of it; sometimes it may take a voice coach or some kind of outside help for whatever you may struggle with. If you assess that your voice may be hindering your success, then it’s time for you to take it to the next step.

Are you time blocking?
The vast majority of Realtors and other professionals have heard of time blocking as a form of improving their efficiency in their business, the problem is that few of them have really mastered the use of timeblocking. What is it? It’s the increase in the amount of time invested into direct income producing activities.

Most professionals associate time blocking with prioritization and the same mistakes are repeated,thus preventing improvements. Let’s attack the issue of time management from the right
perspective:

• Create a schedule of similarity to raise the probability of success, build it to be a carbon
copy of each day. It’s all about repetition.
• Don’t get sucked into interruptions just because you are so available; stay focused and limit your availability to pre-designated times. A real winner will minimize distractions
by being booked.
• We are the most interrupted professionals in the world; we can’t allow the phone, email, other Agents, clients and other things to become distractions from us fulfilling our objectives. When you need to focus, turn it all off!
• Through time blocking you can drive prospects into your appointment book; that’s
exactly what our doctors, attorneys or accountants do. Why not us?

Total access does not equate to a higher level of customer service, it only means we don’t control our time. There is a direct connection between time blocking and income.

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Change - PowerteamHomes.com

2011-01-06T14:33:00.000-08:00

Change, per Wikipedia, is the process of becoming different. Change can be something really simple like changing your clothes or your hair color or the leaves changing. BUT usually when we think of change – it can bring about anxiety and sometimes, it’s also very exciting.

We all know change is inevitable. If we stop fighting change and accept change- we may be surprised at the outcome. The story below is something I have shared before but it’s been so long, it’s definitely worth repeating. The moral of the story … accept who you are and where you are as it is exactly where you are supposed to be at this moment…enjoy.

The River – excerpt from ‘Peace is Every Step’ by: Thich Nhat Hanh

Once upon a time there was a beautiful river finding her way among the hills, forests, and meadows. She began by being a joyful stream of water, a spring always dancing and singing as she ran down from the top of the mountain. She was very young at the time, and as she came to the lowland she slowed down. She was thinking about going to the ocean. As she grew up, she learned to look beautiful, winding gracefully among the hills and meadows.

One day she noticed the clouds within herself. Clouds of all sorts of colors and forms. She did nothing during these days but chase after clouds. She wanted to possess a cloud, to have one for herself. But clouds float and travel in the sky, and they are always changing their form. Sometimes they look like an overcoat, sometimes like a horse. Because of the
nature of impermanence within the clouds, the river suffered very much. Her pleasure, her joy had become just chasing after clouds, one after another, but despair, anger, and hatred became her life.

Then one day a strong wind came and blew away all the clouds in the sky. The sky became completely empty. Our river thought that life was not worth living, for there were no longer any clouds to chase after. She wanted to die. “If there are no clouds, why should I be alive?” But how can a river take her own life?

That night the river had the opportunity to go back to herself for the first time. She had been running for so long after something outside of herself that she had never seen herself. That night was the first opportunity for her to hear her own crying, the sounds of water crashing against the banks of the river. Because she was able to listen to her own voice, she discovered something quite important. She realized that what she had been looking for was already in herself. She found out that clouds are nothing but water. Clouds are born from water and will return to water. And she found out that she herself is also water.

The next morning when the sun was in the sky, she discovered something beautiful. She saw the blue sky for the first time. She had never noticed it before. She had only been interested in clouds, and she had missed seeing the sky, which is the home of all the clouds. Clouds are impermanent, but the sky is stable. She realized that the immense sky had been within her heart since the very beginning. This great insight brought her peace and happiness. As she saw the vast wonderful blue sky, she knew that her peace and stability would never be lost again.

That afternoon the clouds returned, but this time she did not want to possess any of them. She could see the beauty of each cloud, and she was able to welcome all of them. When a cloud came by, she would greet him or her with loving kindness. When that cloud wanted to go away, she would wave to him or her happily and with loving kindness. She realized that all clouds are her. She didn’t have to choose between the clouds and herself. Peace and harmony existed between her and the clouds.

That evening something wonderful happened. When she opened her heart completely to the evening sky she received the image of the full moon – beautiful, round, like a jewel within herself. She had never imagined that she could receive such a beautiful image. There is a very beautiful poem in Chinese: “The fresh and beautiful is traveling in the utmost empty sky. When the mind-rivers of living beings are free, that image of the beautiful moon will reflect in each of us.”

This was the mind of the river at that moment. She received the image of that beautiful moon within her heart, and water, clouds, and moon took each other’s hands and practiced walking meditation slowly, slowly to the ocean.

There is nothing to chase after. We can go back to ourselves, enjoy our breathing, our smiling, ourselves, and our beautiful environment.

Quick access to wellness information - PowerteamHomes.com

2011-01-05T13:25:00.000-08:00

A new website, www.Sharecare.com has been created by using advice from top hospitals and physicians nationwide. Click on one of the 48 topics and you’ll see a list of commonly asked questions with responses from health and wellness professionals and research experts.

On January 1, 2011 site users will be able to create a Facebook page and arrange to have customized updated content from various surgeons and doctors. You can also search by expert’s name, hospital, organization or disease.

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New IRS 1099 Requirements for Landlords - PowerTeamHomes.com

2010-12-27T09:07:00.000-08:00

Pass this on to your database: starting in 2011 there is a new tax requirement for all landlords
who receive $600 or more in rent for the year. The 1099 goes from the landlord to any service provider such as plumbers, carpenters, yard services and repair people.

The new requirement applies to owners of both residential and commercial property. Prior to 2011, this requirement had only applied to those involved in full-time property management now it covers all types of landlords.

Landlords will need to gather federal tax ID numbers from service providers in order to file the 1099’s. Failure to file the 1099’s with the IRS can result in fines of $50 per 1099 not filed with the IRS. In 2012 these requirements will expand to cover providers of goods to landlords.

NAR opposed this new law and is continuing efforts along with others in trying to get the new law repealed or modified. Congress took this action in order to assure that income paid to contractors can be verified through a section 1099.

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VESTING - Who is in Title to the Property? -PowerTeamHomes.com

2010-12-06T11:42:00.000-08:00

•Vesting is determined by the last deed of record
• Many different forms of ownership
• The agent needs to make sure that the listing is signed off by the actual owners of the property

o Single: A sole person owning the property.
Watch out for Homestead!

o Tenants in Commons: undivided interest in the property by 2 or more people.
Can be equal or unequal shares of the property
No right of survivorship
Creditors can attach a claim against the entire property

o Joint Tenancy: undivided interest in the property by 2 or more people
Equal shares of the property
Right of survivorship
Creditors can attach a claim against the entire property

o Tenants By The Entirety: Husband and wife own the entire property.
Equal shares of the property
Must be their primary residence
Limited protection against credit

o Land Trust: The trustee is a bank or a trust company. The trustee executes the deeds
and mortgages upon the written direction of the beneficiary
If you sell a property where a Land Trust is in title you must have the following:
• Certified copy of the original trust agreement
• The Trust Department must execute any recordable documents

o Living Trust: The trustee is usually one of the individual owners of the property. The
living trust allows the property to pass in accordance with the trust without probate.
If you sell a property where a Living Trust is in title you must have the following:
• A properly certified copy of the original trust agreement

o Corporation
If you sell a property where a Corporation is in title you must have the following:
• Letter of Good Standing from the state: www.cyberdriveillinois.com
• Copy of the Articles of Incorporation and ByLaws
• Resolution Authorizing Sale

o LLC: Limited Liability Corporation
If you sell a property where a LLC is in title you must have the following:
• Letter of Good Standing from the State
• Copy of the Articles of Organization
• Copy of the Operating Agreement

o Partnership
If you sell a property where a Partnership is in title you must have the following
• Copy of the Partnership Agreement
• Affidavit/Certificate that the Agreement has not been further Amended

Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011 - PowerTeamHomes.com

2010-11-29T08:49:00.000-08:00

Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011.The U.S. Department of the Treasury recently announced an initiative designed to increase the number of electronic transactions and reduce the amount of paper processing done by the agency.

The new program will reduce dependency on paper in several ways, one of which impacts Form 8109.

Electronic Federal Tax Payment System Businesses currently permitted to use Form 8109 federal tax deposit coupons for deposit of payroll tax liabilities will be required to use the IRS Electronic Federal Tax Payment System (EFTPS) beginning in 2011.

The only exception will be very small employers whose tax liability is less than $2,500 quarterly.

These employers will be able to deposit taxes with a timely filed Form 941.
Along with the obvious cost-saving benefits of this program, there are additional security and
convenience features associated with electronic payment options. According to IRS research, businesses using EFTPS for tax deposits are 31 times less likely to make a deposit error, and this change is expected to save an estimated $65 million in the first five years.

Businesses that make federal tax deposits using a paper 8109 coupon should be aware that this form of payment will cease beginning in 2011. Failure to make payments using EFTPS could result in a 10% failure-to-deposit penalty.

Details about EFTPS enrollment can be obtained at www.eftps.gov or by calling 1-800-555-4477 or calling the Paul Paterakis Power Team at 847-366-3455 begin_of_the_skype_highlighting 847-366-3455 end_of_the_skype_highlighting today!

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New must see CPR video - PowerTeamHomes.com

2010-11-22T10:39:00.000-08:00

If you haven’t seen this video, you should. This is a new CPR technique which is much simpler;
please watch and forward the link below to your database, friends and family.
http://tinyurl.com/2fx8r59

You may just save a life by doing so and never know about it!

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The Foreclosure Freeze: What Happened And What Should We Do About It? - PowerTeamHomes.com

2010-11-15T11:37:00.000-08:00

Whether it is the lender, real estate agent or the title company, every player in the real estate market has asked themselves the same question in the last month: How am I at risk when it comes to the halt in foreclosures?

Here is quick overview of what recently went down that led to everyone asking that same question:

Bank of America and other mortgage companies have been under pressure to review their paperwork after employees and contractors said in sworn depositions that because of the enormous volume, they hadn't had time to read the documents, much less check them for accuracy. A Bank of America executive said in a February deposition in Massachusetts that she signed as many as 8,000 foreclosure documents a month without reviewing them. The deposition is similar to others taken from document processors at J.P. Morgan Chase and Ally Financial. The statements were taken by lawyers for homeowners contesting the seizure of their homes. Once this information was caught on by the general public, major lenders such as Bank of America, GMAC, and J.P. Morgan Chase all put moratoriums on foreclosures until their review processes could be completed.

By the end of October, we saw lenders already taking action, determined to get back to business even with state attorney generals investigating their foreclosure practices. For example, Wells Fargo announced that it was planning to submit supplemental affidavits for 55,000 foreclosures pending in the 23 states with judicial review of foreclosure proceedings. Bank of America already reopened over 100,000 foreclosure actions, stating that it had found no major problems in its foreclosure procedures. GMAC Mortgage also moved forward with an unspecified number of foreclosures.

Attorneys for both title companies and real estate brokers have been looking closely into what defenses are available to assure the continued ownership of the property. Some of the best possible defenses include:

The alleged deficiency in the lender’s foreclosure process may not have harmed the previous owner.
The foreclosure judgment is a final court order. It is too late for an objection on a technicality of the foreclosure process to be raised by the previous owner.
Because the new owner purchased in good faith, he or she may be protected under the law.

Fidelity National Title, the underwriter for Republic Title, has already entered into a master indemnity agreement with Bank of America and is working on similar agreements with other lenders. As for RE/MAX Showcase, please make sure that you have your clients sign the Addendum/Disclaimer for all REO/Foreclosure deals. I know the last thing you want is another document that must be explained to your client, but that piece of paper may be a big help to you months after the deal has closed.

Remember, you can’t fix what happened in the past, but you can learn from it and take measures to minimize your liability in future transactions.

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Real Time..Housing Trends NOVEMBER - 2010 Newsletter by The Paul Paterakis Power Team

2010-11-15T09:51:00.000-08:00

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the Housing Trends November - 2010 Newsletter http://powerteam.housingtrendsenewsletter.com

The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.

Housing Trends eNewsletter is filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, consumer videos, blogs, real estate glossary, mortgage rates and calculators, consumer articles, and REALTOR.com local community reports.

If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:

http://powerteam.housingtrendsenewsletter.com/dispContent.cfm?loadid=2&loadtype=0

Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

Sincerely yours,

The Paul Paterakis Power Team RE/MAX Showcase 7159 RFD Long Grove IL 60060 847-388-7551 | Info@PowerTeamHomes.com

Moving toward a better future - PowerTeamHomes.com

2010-11-15T09:15:00.000-08:00

Forbes Magazine Publisher Rich Karlgaard did a great “Entrepreneurial Excellence Presentation”

comparing our current environment from others in the past. He pointed out how from the “ashes” we

always have new “diamonds” and all we need is creativity and guts to improve, never give up when it
would be so easy to.

Today, there are indicators that point to a more positive future, such as global economic growth and
strong balance sheets for U.S. companies. Consequently, it’s a good time for individuals and
organizations to position themselves for the turnaround by exploring fresh approaches to how they do
business, Karlgaard said.

“The ones that are doing the right stuff now will prevail, and the ones that act defensively will not,” he
explained. Here’s some of the “right stuff” that you can do to prepare for future success, according to
Karlgaard:

1. Great design, whether it’s in retail spaces or on Web sites, can simplify systems
2. Speed, entails being in the right place at the right time with the right services
3. Intelligence, which means coming across as the smartest, most capable provider
4. Engagement, participating in conversations and, just as important, listening
5. Internal communication, set yourself up as a high-performing organization
6. External communication, organize people who support you on their own
7. Brand, three-dimensional that fulfills promises at every touch-point
8. Purpose, it provides a strong moral foundation under everything you do

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Be Your Transformation..PowerTeamHomes.com

2010-11-10T10:10:00.000-08:00

We all know change is inevitable. If we stop fighting change and accept change- we may be surprised at the outcome. The story below is something I have shared before but it’s been so long, it’s definitely worth repeating. The moral of the story … accept who you are and where you are as it is exactly where you are supposed to be at this moment…enjoy.

The River – excerpt from ‘Peace is Every Step’ by: Thich Nhat Hanh

Once upon a time there was a beautiful river finding her way among the hills, forests, and meadows. She began by being a joyful stream of water, a spring always dancing and singing as she ran down from the top of the mountain. She was very young at the time, and as she came to the lowland she slowed down. She was thinking about going to the ocean. As she grew up, she learned to look beautiful, winding gracefully among the hills and meadows.

One day she noticed the clouds within herself. Clouds of all sorts of colors and forms. She did nothing during these days but chase after clouds. She wanted to possess a cloud, to have one for herself. But clouds float and travel in the sky, and they are always changing their form. Sometimes they look like an overcoat, sometimes like a horse. Because of the

nature of impermanence within the clouds, the river suffered very much. Her pleasure, her joy had become just chasing after clouds, one after another, but despair, anger, and hatred became her life.

Then one day a strong wind came and blew away all the clouds in the sky. The sky became completely empty. Our river thought that life was not worth living, for there were no longer any clouds to chase after. She wanted to die. “If there are no clouds, why should I be alive?” But how can a river take her own life?

That night the river had the opportunity to go back to herself for the first time. She had been running for so long after something outside of herself that she had never seen herself. That night was the first opportunity for her to hear her own crying, the sounds of water crashing against the banks of the river. Because she was able to listen to her own voice, she discovered something quite important. She realized that what she had been looking for was already in herself. She found out that clouds are nothing but water. Clouds are born from water and will return to water. And she found out that she herself is also water.

The next morning when the sun was in the sky, she discovered something beautiful. She saw the blue sky for the first time. She had never noticed it before. She had only been interested in clouds, and she had missed seeing the sky, which is the home of all the clouds. Clouds are impermanent, but the sky is stable. She realized that the immense sky had been within her heart since the very beginning. This great insight brought her peace and happiness. As she saw the vast wonderful blue sky, she knew that her peace and stability would never be lost again.

That afternoon the clouds returned, but this time she did not want to possess any of them. She could see the beauty of each cloud, and she was able to welcome all of them. When a cloud came by, she would greet him or her with loving kindness. When that cloud wanted to go away, she would wave to him or her happily and with loving kindness. She realized that all clouds are her. She didn’t have to choose between the clouds and herself. Peace and harmony existed between her and the clouds.

That evening something wonderful happened. When she opened her heart completely to the evening sky she received the image of the full moon – beautiful, round, like a jewel within herself. She had never imagined that she could receive such a beautiful image. There is a very beautiful poem in Chinese: “The fresh and beautiful is travelling in the utmost empty sky. When the mind-rivers of living beings are free, that image of the beautiful moon will reflect in each of us.”

This was the mind of the river at that moment. She received the image of that beautiful moon within her heart, and water, clouds, and moon took each other’s hands and practiced walking meditation slowly, slowly to the ocean.

There is nothing to chase after. We can go back to ourselves, enjoy our breathing, our smiling, ourselves, and our beautiful environment.

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“Playing” with the IRS code to stimulate the economy won’t be easy - PowerTeamHomes.com

2010-11-08T15:25:00.000-08:00

The top earning 10% of households pay 73% of all federal income taxes. That’s the exclusive club we are in as tax payers!Consider the fact that a full 47% of U.S. households currently do not pay any income taxes at all. The bottom 40% of nearly half of the taxpayers actually make a profit on federal taxes—they pay no tax and get a check from the government.

With the economy in the doldrums and house prices stalled, short sales boom - PowerTeamHomes.com

2010-11-08T15:05:00.000-08:00

The federal government’s massive HAMP rescue program failed when lenders balked at any reductions in mortgage principle. Lowered interest rates and longer terms reduced monthly payments somewhat but not nearly enough, many borrowers re-defaulted.

That was then. With the home market possibly poised for another slip downward, lenders are more willing to deal. CoreLogic says short sales have tripled since 2008 with 400,000 likely to close in 2010.

A recent Washington Post story tells us it’s happening as well in the D.C. metro area, a region envied everywhere for its many thousands of well-paying government jobs. Fannie Mae says it did 36,534 short sales in this year’s first half.

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SHORT SALES-REO/FORECLOSURES-MORATORIUM WHAT’S NEXT?

2010-11-01T09:58:00.000-07:00

Realtors can never get old or outdated, our industry changes so fast that it leaves us no time or choice:

always moving forward and always learning new models and how to deal with a crazy and non-stop real
estate environment. If that wasn’t enough, Illinois is requiring all Realtors to move up to Broker status
by 2012 at the tune of many more hours of class time and studying!

As the national/global meltdown began we found ourselves selling homes with no equity and in most
cases way below the even mark. Besides retooling ourselves, it was not an easy task to sit with sellers
and tell them the value of their homes had gone south, they were up-side-down and yes, we’ll need
your check book at the closing table.

So we transacted higher numbers of short sales by spending countless hours negotiating with lenders
who were not happy to take less, tax issues and homeowners associations just to mention a few. Along
with that we usually have one or more junior liens just to spice up the equation and they will kill a deal
for just a few hundred dollars, just because they can in a short-sale scenario.

The fine printing was hiding the other eight hundred pound gorilla: deficiency judgments; just when you
thought you had it all covered, the lender wanted to recover the unpaid part of the short sale from the
homeowner after the fact. Some lenders packaged the unpaid balances/individuals and “sold” them in
“bundles” (here we go again with bundles) to collection agencies who will tie you up in knots for the
next several generations.

If the short sale didn’t do the homeowner in, then foreclosure came in from the back side and put the
homeowner out on the street. Now Realtors are doing BPO’s and watching vacant properties fall apart
for months/years while the lender/new owner follows the due process to regain possession, along with
ownership, of the same home.

Three to four months after the judge awarded the property, on the conservative side, the home comes
out of redemption and the real work begins for the needed repairs. Now the home is ready and a buyer
buys it in good faith. This should be a happy beginning for a new homeowner who got in at a nice
reduced price and has a growing family.
Not so. That final judicial deed could in fact be tainted. As the homeowner’s loan was sold a few times
from one holder to the other via “securitized bundles” the paperwork did not necessarily follow as it
should have. The big guys were too busy making huge money on each bundles’ turn that there was no
time for the paperwork. Now the final note holder may not have the “paper right” to foreclose on the
non-paying borrower/homeowner.

Realtors are still in all of this and left watching out for their clients as well as their very own survival. As
they submitted offers on foreclosed homes, on line or in hard copy form, the lender/seller would require
them to fill in certain blanks assuming all liabilities on the property from general conditions to possible
title problems the lenders created.

The Paul Paterakis Power Team and RE/MAX Showcase quickly brought liabilities back on the lenders’ laps where they belong with our own Addendum/Rider which allowed us to submit all offers and prevented us from assuming the lender’s liabilities via their required fields. Imagine a seller, other than lenders/sellers, who tell the world, including Realtors: when you submit an offer and purchase this property you are taking on all the past liabilities on the same property including clean title to it! Is this not absurd? Look out, it’s very real and lawsuits are going on right now in various parts of the country on this very issue.

Currently we are in a moratorium phase with only a handful of lenders closing transactions, but not
really resolving title issues. We are looking at a future full of lawsuits and if the national/global economic
meltdown didn’t shut a company down, these kinds of lawsuits will. The damages and legal fees will be
unbelievable.

Very sad and painful to accept the fact that entities outside of real estate made billions on the way up
with all that “bundling”; they are now making as much money on the way down and we are left holding
the bag and paying for their careless quick money turnovers. Inflated home prices going up, blow out
home prices going down and a few more years needed to “stabilize” the market.

On the positive side just under ninety percent of homeowners with a mortgage remain current while
more than a third of all homes in the U.S.A. have no mortgages on them at all. The good numbers are
huge compared to the distressed mortgages and homeowners. Going forward changes will be needed to
assure ourselves and future generations that this misery will not be repeated again.

When we talk about low accident rates or any kind of low statistics it is very easy to accept them on
their face value; however, we must keep in mind that even a small one percent foreclosure rate is
everything to that one individual who is now on the street while the other ninety nine individuals are
just fine.

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Deep Thoughts on the National Moratorium on REO/Foreclosures - PowerTeamHomes.com

2010-10-25T09:35:00.000-07:00

The magnitude of the moratorium on REO/Foreclosure properties and how it came about is national and Congress or President Obama will have to address it quick. The best way out of it is to stop all lawsuits, let the foreclosure judgment stand and let the lenders do all the necessary paperwork through the various “bundles”. Be sure that the last lender who is holding the mortgage note and foreclosing on a non-paying-homeowner has the “paper right” to do so. Every coin has two sides…Suspension of REO/Foreclosures opens up a much larger window for short sales. Buyers and sellers now have more time to take advantage of a short sale. Those pasty junior liens, besides the first position lender, debate and mess us up in a transaction right up to the closing table but, once closed, it’s a done deal. Unless the RESPA did not match the disbursement sheet or some “side deals” were made at the closing table by unscrupulous attorneys.

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New Inductee into the RE/MAX Hall of Fame! - PowerTeamHomes.com

2010-10-20T15:48:00.000-07:00

Congratulations! to Paul Paterakis of The Paul Paterakis Power Team -RE/ MAX Showcase of Long Grove, Illinois on being inducted into the RE/MAX Hall of Fame. This is RE/MAX's highest honor given to an agent.

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Exercise is no fun, how about just not sitting? - PowerTeamHomes.com

2010-10-19T14:31:00.000-07:00

My friend’s grandmother, born in a small town in Italy, grew up in a family that could not even afford a horse and buggy. She walked to school, church, the library etc. Walking was a way of life. Due to the time involved in walking from place to place and because there were always chores to do around the house, there was very little time for sitting down. If she were alive today she would most definitely wonder why people spend so much time sitting during the day!

According to research from the Cancer Research Center at University of Queensland, prolonged sitting is very bad for our health. Absence of whole body movement is associated with obesity, abnormal glucose metabolism and the metabolic syndrome, researchers looked at breaks in sitting time and how this corresponded with biological markers of metabolic risk such as weight, height, HDL cholesterol, waist circumference and resting blood pressure. This study provides evidence of the importance of avoiding prolonged uninterrupted periods of sedentary or primarily sitting time. They explained that when the large muscles in the legs and buttocks, which are designed to be standing and maintaining posture, are immobilized for long periods of time, there is a failure to activate an enzyme called lipoprotein lipase, which is responsible for reducing the above mentioned risks.

A follow up study by the same researchers found that television viewing time was associated with increased risk of all-cause and cardiovascular mortality. “In addition to the promotion of exercise, chronic disease prevention strategies could focus on reducing sitting time, particularly prolonged television viewing” says Dr. Hunter Yost, M.D. The most serious and well known complication of prolonged sitting is venous thrombo-embolism (VTE), a condition in which blood clots occur and travel through the veins. When a blood clog forms in the deep veins of the legs, thighs or pelvis, it is known as deep vein thrombosis (DVT). When this blood clot breaks off from its original location and travels through the venous system, it can become lodged in the arteries leading from the heart to the lungs: a very serious condition.

For the majority of people who don’t want to engage in “formal exercise,” follow my grandmother’s advice who would come to us kids sitting around and after looking right in our eyes…we knew, we better get up and do something. She would send us across the farm to pick up a tomato for her when she had hundreds of them in the next room! Today I fully understand what she was doing and why. As we go through our day to day activities let’s make it a point to get up and walk at least every hour.

Maybe when at our desk and need a form we’ll get up and get it instead of calling staff to email it to us or looking for a quick answer by just calling out to someone across the office. We forget that the body we currently are in is the only one we have: no returns or exchanges; let’s do our part to protect and preserve it any way we can.

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Deep Thoughts on Election Madness - PowerTeamHomes.com

2010-10-18T09:34:00.000-07:00

As we enjoy our second “late summer” I could not help but to take a moment and remember Nat King Cole singing about those “lazy, hazy, crazy days of summer.” It may have been the last quiet moment as Nat was obviously not thinking about the 2010 primary election season in Illinois and all over the country.

There has been no “down time” as negative TV commercials, flyers, letters and hit pieces are crowding our mailboxes and roadside signs are jockeying for positions on street corners. Live and recorded telephone calls and campaign workers knocking on doors: it’s all a regular feature of the campaign cycle. The November 2nd election is fast approaching, it will be one for the record books as far as the most governors (37), the most U.S. senators (37) since 1962 and who controls Congress. Over 150 measures are on ballots in 35 states; reapportionment changes will shape state and local politics for a decade in 88 of the 99 state legislative chambers. It was not until 1920 that women were granted the right to go to the polls and vote after 33 of them were wrongly convicted of “obstructing sidewalk traffic” by demonstrating back in November 1917.

One of their leaders, Alice Paul, made sure that the men of her time understood that “courage in women is often mistaken for insanity”. Today we need the women’s vote more than ever before. Whatever you do, please take time to understand the real issues; don’t focus only on their accusations: based on them no one should be elected! Dig in and find out more on which candidates, regardless of their affiliation, deserve your vote.

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Near Complete Stop to Foreclosures Nationwide - PowerTeamHomes.com

2010-10-11T10:05:00.000-07:00

What started out within a few lenders has now turned into a major halt to the nation’s REO and foreclosure business by Freddie Mac, Fannie Mae, Bank of America, GMAC, JP Morgan Chase, Wells Fargo and many other large and small lenders.

For HomeSteps a foreclosure program,Properties with Sales Pending: Per Freddie Mac, buyer must be notified,through the buyer’s attorneys and buyer’s agents, that all buyers who are under an executed, approved contract, may keep their contracts in place while the issue is being addressed and resolved. However,should any buyer wish to terminate his or her contract, Agents must work with the assigned closing agent to terminate the contract of sale and promptly return the earnest money deposit.

Buyers must be notified, through the buyer’s agents per Freddie Mac, with which Freddie Mac has only accepted verbal offers but have not executed a written contract, that the property is being taken off the market temporarily to address title related issues. Once the property is available, Agents must notify all listing agents affected, and reach out to the buyer's agents to resubmit their offer, with direction from Freddie Mac.

How did it happen? Some bank employees in multiple unrelated cases
around the country testified in court that they could not “verify the accuracy of every foreclosure” put in front of them as they were receiving between 10,000 and 18,000 cases per month. This brought into question the validity of some completed and ongoing foreclosure actions. If the foreclosure was defective because the lender bringing the foreclosure action did not have the legal authority to foreclose, then the buyer at the sheriff’s sale, along with successive purchasers, could be challenged on the validity of the title they are holding. As Wall Street was “re-packaging” loans prior to the meltdown that started in 2007 the actual“final” owner may or not have had legal title to the promissory note and mortgage therefore creating the gap causing the current issues.

If the mortgage holder who brought the foreclosure action did not have the authority to bring the action or otherwise failed to comply with the requirements of the foreclosure statues, then the court has the power to vacate the foreclosure judgment(s) for an ongoing transaction as well as prior closed ones. Lenders will not resume foreclosures until the flaws in the process are resolved, they need time to confirm that the foreclosure was properly initiated by a legally authorized party and that the due process was completely followed.

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Newest Credit Card Restrictions Take Effect - PowerteamHomes.com

2010-10-04T08:27:00.000-07:00

By now, most of us have already noticed that our credit card statements have taken on a more reader friendly look than they have in prior years. Information such as when payments are due, the amount owed, the consequences of making late payments and how much we are paying in fees and interest on different types of accounts are now easier to find. The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 was passed by Congress with the intent to protect credit card users from unfair rate hikes and hidden fees. The bulk of this new Act has already taken effect, but the final phase came into force on August 22, 2010.

Here is a breakdown of some of the most important provisions of the law:

Credit card statements must clearly disclose the following:

How long it would take to pay off a credit card balance if the cardholder makes only the minimum payment each month.
The total cost in interest and principal payments if a cardholder makes only the minimum payment each month.
The late payment deadline and postmark date.

Credit card companies must give the consumer advance notice of forty-five days prior to significant changes to credit card terms. This includes change of interest rates and the benefits/rewards structure of a credit card.
Bills must be sent out no later than twenty-one days before the due date.
Retroactive interest rate increases are banned except when a cardholder is more than sixty days late paying a credit card bill.
The interest rate cannot be increased within the first twelve months and promotional rates must have a minimum of six months in duration.
The practice of double-cycle billing is no longer allowed. This is a practice by which credit card companies would use their customers' average daily balance from the current and previous month to calculate finance charges.
Over credit limit fees are prohibited unless consumers specifically agree to allow the transaction to go through instead of being denied.
Payments must be considered on-time if the payment is received by 5 p.m. on the due date.
Credit cards cannot be issued to people under the age of twenty-one unless they have an adult co-signer or show proof that they have the means to repay the debt.

The newest provisions that recently took effect on August 22, 2010 cover the following:

Credit card companies can no longer charge more than $25 for late payments except in extreme circumstances. A consumer may be charged more than $25 if the credit card company can show a pattern of repeated violations or if a card issuer can show that a higher fee reasonably offsets its own costs in dealing with the violation that spurred the penalty.
Customers may not be charged for not using their cards.
Penalty fees cannot exceed the dollar amount incurred by the consumer’s violation that spurred the fee. For example, if a customer is late making a $10 minimum payment, the fee can’t exceed $10. Or, if a customer spends $5 over his or her credit limit, the credit card company may not charge more than $5 as a penalty fee.
Credit card companies may only charge one fee per infraction.
If a credit card company increases the Annual Percentage Rate (APR), it must explain to the customer why.
The credit card company must review the cardholder’s account six months after increasing the interest rate, and return the APR to the previous lower level if the cardholder has been on-time with payment.

These provisions were enacted to put a stop to unfair and deceptive credit card practices, but consumers must also analyze their own financial habits to make sure that they are not building up a credit card balance by paying off their monthly credit card balances and spending only what they can afford.

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A Front Row Seat to a Real Life Changing Experience - PowerTeamHomes.com

2010-09-27T10:22:00.000-07:00

By Piero Orsi RE/MAX Showcase

About 18 months ago an employee of a law firm, let’s call her Jane Doe, manage to steal over $1.2 million from my company Republic Title; my underwriter, Fidelity National Insurance, gave me the customary 24 hours to replace the money and so I did. Business went on as usual, no disruptions to our clients of any kind.

Months went by, legal proceedings and court appearances followed each other until on June 11, 2010 the U.S Attorney General indicated 485 individuals in a national operation called “Operation Stolen Dreams” and Jane was among 47 in the Chicagoland area who had taken money from loan pay-offs and other fraudulent mortgage activities via a very complicated scheme.

United States of America vs. Jane Doe was the complaint filed by the Justice Department and it made me realize that we were navigating in very serious waters; nobody wants a lawsuit but can you imagine having the U.S.A chasing you down? The majority of the others entered a no guilty plea and went back home after placing a bond. My evidence against Jane was so solid and well coordinated, thanks to my attorney Mark Belongia, that left her no choice but to pursue a guilty plea hoping for a reduced jail sentence.

August 31, 2010 in federal court, Jane is in the court room with her mom. The judge enters: Jane her attorney and her case worker approach the bench. For the next 50minutes or so the judges goes over the 19 page guilty plea agreement making sure that everything was in fact what had been agreed to by both sides prior to signatures.

“Ms. Jane” the judge said, “you are fully aware that the minute I accept this signed guilty plea from you I will take your passport, you will no longer be a free U.S citizen and you will lose all your right as a free U.S citizen. Based on the crimes you committed I can sentence you up to 20 years in prison and to $750,000 in fines…” the list went on.

It hit me that what I was witnessing, while great for my case to recover the money, was actually the end of a free human being. The end of what we have and so take for granted on a daily basis. Jane had committed crimes and should pay for them, we see it and hear it on the news every day but I guarantee you that until you see it live in front of your very eyes, until you feel it happening, right there it may not fully register in your mind.

As the judge was talking I could not help but look at Jane’s mom and try to understand how she felt deep inside; about the two teenage daughters from Jane’s first marriage and her 6 yr old son from her second marriage? A real life changing experience was taking place right before me and Jane’s life, along with that of her family, will never be the same from the minute she said: “I wish to enter a guilty plea on all counts.”

Why did I write about it? Knowing all the consequences, today, right now, many people are doing the same thing that Jane did thinking it’s no big deal; whatever their motive is, it’s justified to them. Then you end up in front of a judge, the whole world as you have known it comes crashing down on you: no reverse and no re-write of your life story.

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Real Estate Scams You Need to Know About - PowerTeamHomes.com

2010-09-21T09:44:00.000-07:00

Foreclosure Rescue Scam

“Rescuers” promise home owners who are in financial trouble that they can save their home from foreclosure.

Their goal is to make a quick profit through fees or mortgage payments they collect.

Red Flags:

• The “rescuer” guarantees to stop the foreclosure process – no matter what the

circumstance.

• The borrower is instructed not to contact his/her lender or lawyer.

• The “rescuer” collects a fee before providing any service.

• The borrower is encouraged to deed the property over to the “rescuer,” lease it, and

buy it back over time.

• The “rescuer” tells the borrower to make the mortgage payments directly to it instead

of the lender.

How to prevent this type of fraud:

• Remember that there is no quick fix for someone who has defaulted on their mortgage

payments for a long period of time.

• Borrowers should NEVER send their mortgage payments to anyone other than the

lender or per the lender’s direction.

Short Sale Flipping Scams

Borrowers owe more than the current value of their home so they fake financial hardship and no longer make

their mortgage payments. An accomplice of the borrower then submits a low offer to purchase the property

via short sale. The lender agrees to the short sale, unaware that it was premeditated. The property is then

resold at the home’s actual value for profit.

Red Flags:

• The borrower suddenly defaults on the mortgage with no workout discussions with

the lender.

• An immediate offer is made to the lender at a short sale price.

• Cash back is offered at closing to the seller (disguised as repairs or other payouts).

How to prevent this type of fraud:

• DISCLOSE!! If the property is going to be resold, the short sale lender should be

informed of this in writing by both parties and must agree to it.

• If the property is to be resold, the sales must be 2 separate, arms-length transactions.

IRS also looks into that.

• Most short sale lenders require buyers and sellers to sign statements affirming that

the transactions are arms length and there are no agreements in place to resell the

property.

• If you are the listing agent on a short sale, do your due diligence to make sure you are

getting the best offer.

• Watch out for cash back to the seller on short sales. Most short sale lenders do not

allow the sellers to receive any money back.

• Under HAFA, the buyer agrees not to sell the property within 90 days of closing.

Straw Buyer Scam

A straw buyer allows someone else to use their credit profile to obtain a mortgage they are unable to secure

on their own. The lender then qualifies the straw buyer and the loan closes in the straw buyer’s name, but he

never makes a mortgage payment and the property goes into foreclosure. In other words, the money

disappears, leaving the lender with a huge loss.

Red Flags:

• A quit claim deed is recorded right before the loan closing.

• Investment property is represented as owner-occupied.

• Someone signed on the borrower’s behalf.

• Names were added to the purchase contract.

• Sale involves a relative or a related party.

How to prevent this type of fraud:

• Know your clients, always verify their identity.

• Check with the title company to see if any quit claim deeds were recorded right before

closing.

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Power Team Homes Market Update

2010-08-23T11:11:00.000-07:00

INFO THAT HITS US WHERE WE LIVE

Housing starts were UP 1.7% for July to a 546,000 annual pace, but this was below expectations and all the gain came from a big boost in multi-family starts. Single-family starts were off 4.2%, declining for the third straight month. Looking at the market further out, we saw new building permits down 3.1% for July to a 565,000 annual rate. Foreclosures and Short Sales were at a rise this quarter.There is no denying that these reports reflect a softness in the home building market. But some experts see the data as part of a temporary housing market hangover following the expiration of the tax credits. You may remember how the government cash-for-clunkers program pushed a ton of auto sales into July and August last year. This resulted in a dip in sales immediately afterwards. But that was followed by a pretty nice recovery, with auto sales now up 20% from the first half of 2009. Stay tuned for housing.The Mortgage Bankers Association's weekly survey showed purchase loan applications down from the week before, but refinance applications soared, equaling their May 2009 level. Mortgage rates, of course, continue at historically low levels.
>> Review of Last Week
NOT SO BAD... Really???!!! Listening to the pundits who were fixated on last week's negative economic news, you might think things were awful. But as usual, the situation actually wasn't so bad, with the markets closing Friday with mixed results. The Dow and the S&P 500 dropped for the week, but far less than the week before. And the third major index, the Nasdaq, was UP 0.3%, so there are plenty of investors not paying that much attention to fretful pundits.Make no mistake, the week did have its disappointments. The housing starts and building permits covered above were not cheered on Wall Street. Then, initial weekly jobless claims came in at 500,000, a bit over estimates and higher than they've been for a while. On top of that, the Philadelphia Fed index of manufacturing was down for the month, instead of up as expected, indicating a souring of the outlook in that region. But wait just a minute. Mortgage refinancings took off, helping consumers and lenders. The Empire State index showed manufacturing in the New York region UP to 7.1 in August from 5.1 in July and suggesting more rapid growth to come. July Industrial Production and Capacity Utilization moved up nicely. Corporations continued to deliver strong profits and we even had renewed M&A action, with Intel buying McAfee for a cool $7.7 billion in cash. None of these are bad economic signs.Yet for the week, the Dow ended down 0.9%, to 10213.62; the S&P 500 was down 0.7%, to 1071.69; but the Nasdaq was UP 0.3%, to 2179.76.The bond market had a generally decent time of it, with the less encouraging economic data bringing in safe haven investors. Treasuries did well, while the FNMA 30-year 4.0% bond we watch ended down 13 basis points on Friday, closing at $102.15. Freddie Mac's weekly survey of conforming mortgage rates showed national average rates at historically low levels for yet another week.
>> This Week’s Forecast
JULY HOME SALES, ANOTHER LOOK AT Q2 GDP...This is the week for July housing. Tuesday's Existing Home Sales are expected to be down from June, coming off the end of the home buyer tax credits. But Wednesday's July New Home Sales could be a tick above June. Friday we get the Q2 GDP Second Estimate. This should reflect the economic soft patch we're going through, as growth is expected to slow to the 1.5% territory.
>> The Week’s Economic Indicator CalendarWeaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.Search for homes for sale in Lake Zurich,Gurnee, Grayslake,Long Grove and all Illinois Suburbs - Click Here

Feds announced a significant increase in the amount of Mortgage Backed Securities that they intend to buy!

2009-03-18T17:20:00.000-07:00

3/18/09 Feds announced a significant increase in the amount of Mortgage Backed Securities that they intend to buy. In addition to the earlier pledge to buy $500 billion between now and June, they indicated that they are intending to purchase an additional $750 billion in MBS. Moreover, the Feds also indicated their plan to buy $300 Billion in Long Term Government Treasuries (something that they have been hinting at for 2 months)

On the news, MBS prices improved 125 basis points. Given this improved pricing, watch for improved rates this afternoon and tomorrow. In my opinion, once this action has been fully priced in during the next couple of days, you or your clients will want to seek your rate and have me lock it in. I believe this is the final push that we have been hoping for.

Of EQUAL importance is this caution...

This will totally overwhelm all areas of the mortgage industry. Please take this into consideration when establishing closing dates and financing commitment dates.

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From The IRS: The First Time Home Buyer Tax Credit Form!

2009-03-16T12:13:00.000-07:00

As part of the American Recovery and Reinvestment Act of 2009, the IRS has officially released Form 5405 -- better known as the First-Time Homebuyer Credit Form.

True to tax code standards, the 10-field form is accompanied by 3 pages of instructions.

Form 5405 is a helpful, go-to resource for home buyers with questions about the tax credit.

For example, the form distinguishes tax consequences for homes bought in 2008 versus 2009, and clearly defines the term "first-time home buyer".

In addition, Form 5405 highlights the math behind the tax credit. In general, the First-Time Homebuyer Credit is equal to the lesser of:

$8,000 for homes bought in 2009
10 percent of the home's purchase price

Married couples filing separately are entitled to half of the expected credit, and homes sold within 3 years are subject to a credit repayment in the year the home ceases to be the "main home".

Form 5405 is a comprehensive reference . However, be sure to check with your accountant for specific questions about your personal returns and how the First-Time Homebuyer Credit may impact your finances. There is no substitute for professional, paid advice.

The Truth on the New Home Buyer Tax Credit (Part 2)

2009-03-07T15:09:00.000-08:00

With Congress reaching agreement on a $789 billion stimulus package for Americans, the clock is ticking for this year's home buyers and homeowners.

The package contains important benefits related to housing.

One provision gives first-time home buyers an $8,000 tax credit provided they purchase a home between January 1, 2009 and December 1, 2009.

IMPORTANTLY, THE FINE PRINT CONTAINS THE FOLLOWING FEATURES THAT COULD MAKE A BIG DIFFERENCE WITH YOUR FIRST TIME BUYERS!!

1. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Qualified prospective home buyers who believe they are going to purchase are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment when they eventually buy within the time period allowed.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

2. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

3. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Be sure to discuss your plans with a qualified accountant before committing to a plan.

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Improve your credit score quickly !

2009-03-03T17:21:00.000-08:00

If you are looking to improve your credit score quickly, now is the time to get started. Here are some great strategies you can utilize right away to give your score a little boost.

Create Some Balance: While paying down installment debt (car, school, mortgage, etc.) will definitely boost your credit score, paying down or paying off revolving debt, such as credit cards, can cause a quick jump in your credit score. The trick is to get and keep your balances below 30% of your credit limit on each card. For faster results, attack those cards with balances closer to their respective credit limits first, as opposed to those cards with simply the highest debt. Remember, if you pay off any credit cards completely, do not close your accounts without discussing it with your mortgage professional first. Cancelling those cards may inadvertently undo all of your hard work.

Know Your Limits: Make sure that your credit card issuers are reporting the correct limits on your accounts to the three major credit bureaus. Without an available limit, your account will appear to be maxed out at its highest reported balance each month. This could cost you up to 80 points in certain instances. Some creditors, such as American Express® and certain cards issued by Capital One®, actually have a policy of not reporting available credit. However, most companies will report your credit limits if you ask them in writing.

Take Some Credit: If you have a credit card account in very good standing, make sure that all three credit bureaus know about it. Just like your credit limits, some creditors don’t report your information to all three credit companies - this is why credit scores often vary between bureaus. If this is the case, give them a call to find out why. Correcting this oversight could provide a significant boost to your score. Also, if you’re in very good standing, ask your creditor for a lower rate or higher credit limit. This will increase the gap in the debt you owe versus the credit you have available. Sometimes hinting about closing an account can suddenly bring out the generous spirit of certain card issuers. Give it a try. The worst they can say is no.

Protect Your Interests: Your credit is calculated based solely on the information available to your creditors. If you have a HELOC, make sure it’s listed as a mortgage or an installment account on your credit reports and not a revolving debt. If you had a bankruptcy, be sure that all items associated with the bankruptcy are being reported correctly, that is with a zero balance. This action could increase your score by 50-100 points. Because simple mistakes like these can wreak havoc on your credit score, it’s important to monitor your credit every four to six months.

Even the Score: If you find information on your credit report that you believe is inaccurate or incomplete, then you have the right to dispute it free of charge. For the fastest results, visit the appropriate credit bureau’s website and file a complaint online. If supporting documents are necessary, you have to file your dispute by mail.

The Truth on the New Home Buyer Tax Credit

2009-02-18T14:09:00.000-08:00

While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar--albeit smaller--measure designed to help revive our real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.

1. $8,000 for new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000.00 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability. In other words...unlike the $15,000 tax credit, this tax credit will be refunded to a buyer, if his year end tax liability is less than the credit.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

7. Click Here to start searching Lake Zurich,Long Grove,Grayslake,Gurnee,Illinois and Northern Illinois homes to take advantage of this credit now! It Free,Easy,No Obligation!

Lake Zurich - cited by Frommer’s as one of the top 100 “Best Places to Raise Your Family”

2009-01-10T18:06:00.000-08:00

The Village of Lake Zurich is located in southwestern Lake County approximately 37 miles from downtown Chicago. The Village is an established residential community, which traditionally served as a market center for surrounding rural areas and, earlier in the 20th century, as a popular summer resort.
The population has more than quadrupled since 1960, as the Village has shared in the economic growth that has come from an expanding Chicago metropolitan area. Lake Zurich has developed into a community with above-average wealth and housing values, and has a balanced tax and revenue base.

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Community Profile

Census

Population	18,104
Projected population for the year 2010	20,010
Land Area	6.8 square miles
Government	Village Board/Administrator
Altitude	850 feet above sea level
Median Age	34.7
Average Number per Family	3.12
Median Family Income	$84,125
Tax per $100 (2001 rate)	7.1050
Number of Housing Units	5,804
Median Value (owner-occupied units)	$225,100

Long Grove,Illinois -Yesterday's Charm,Today's Lifestyle

2009-01-07T15:19:00.000-08:00

Long Grove may be best known for its specialty shops and special dining. Visitors travel long distances by car and chartered bus to spend a day in our Historic Business District. Downtown Long Grove contains some 120 businesses. With few exceptions, all are open seven days a week, all year long.

The success of our turn-of-the-century shopping environment is not just luck. After World War II, when the Village as we know it today began taking shape, a need to preserve the historic value and flavor of the district was recognized. As a result, the first historic district in Illinois was created in 1960 by Village ordinanceLong Grove is a charming four-season village with more than 80 shops, galleries, and restaurants located 35 miles northwest of Chicago in southern Lake County. Stroll our cobblestone sidewalks and enjoy the relaxed shopping atmosphere all year around. Click Here to Search for Long Grove Homes for Sale