Can I offer less for the property I want?
YES. Our ads generally state an asking price along with a down payment and a monthly payment amount. These amounts are suggested, and we will consider any reasonable offers.
How do I know what to offer?
First, one should ask themselves these questions: Am I currently renting or buying a property? Do I have a car payment? Am I current on all other loan payments? Is the home or apartment I am living in well kept? If the answers to these questions are favorable, then you may be considered a lower selling risk and therefore, may have more bargaining power. Another plus would be the ability to offer a larger down payment thereby affecting the overall price and/or the monthly payment amount you would offer.
If I have no credit and/or less than perfect credit and buy a home and do well, might I receive a break on my interest payments?
YES. If you are paying well and taking care of the property, we will strongly consider a reduction in your rate when the contract is up for renewal. When determining a potential reduction in rate, the following factors are among those considered: 1) What was the interest rate at the beginning of the contract? 2) Has the interest rate been reduced for any reason in the past? 3) Has this individual ever been named a “Top 10” Awardee (explanation to follow)? 4) What is the current Wall Street APR?
If I want to pay my contract off, can I do so at any time?
YES. You can always pay your contract off early; there is NO prepayment penalty. Remember, as you make payments on your contract, you create a payment history that can greatly benefit you and create future opportunities to refinance your home. A good payment history makes you less of a risk for financial institutions.
Real Estate Taxes
Do I have to pay real estate taxes?
YES. You are buying the property and you are responsible for paying the associated real estate taxes. Unless negotiations have led to a different result, taxes are generally prorated to the closing date. That means, for example, if you close on 7/1/2017, you will owe ½ of the taxes when the 2017 tax bill comes out in 2018.
Am I eligible for tax exemptions on the tax bill?
YES. You may qualify for the following exemptions: Owner Occupied, Senior Homestead, Senior Assessment Freeze, Disabled Persons, Disabled Veterans, Returning Veterans. Please note, in most cases, you have to be living in the property for the entire year to receive the exemption for that year. For example, if you purchased the home on 7/1/2017, you would not qualify for the deduction until the 2018 tax year.
With the completion of the necessary paperwork, you may qualify for the Owner Occupied exemption. In addition to the requirement to have lived in the property for the entire year, you must also make sure to have recorded your Agreement for Deed with the county and your Driver’s License or Illinois State ID must list that property address for your residence. Taking the time to complete these simple steps can result in a huge savings for you. Please know that you can always contact our office for assistance and clarification if needed.
Included is an example of a before/after Home Owner’s Exemption tax bill for 2017 real estate taxes. Before receiving the exemption the tax owed was $1,417.86 and after receiving the exemption, the tax was reduced to just $424.16. This is a savings of $993.70! Is there any reason why it wouldn’t be worth your time to take the steps necessary to obtain this exemption?
Can I see example of the property tax bill?
YES. Click the picture below.
Top 10 List
Each year, for the last four years, we have given a Top 10 Award to 10 of our best customers. This is our way of rewarding our clients for “taking care of business”. The top 10 Payers are selected each year to receive a 2% reduction in their interest rate. This reduction is for the life of the loan! Everyone who buys a property from us on an agreement for deed is an automatic participant. To be considered for the award, your account must be in good standing, your home kept in good condition and have been paying on your loan for at least one year. A customer may receive this award only one time.