 "Eric went above and beyond..." Eric went above and beyond his responsibility in making sure that we were satisfied. We highly recommend using Eric Nurmi as our real estate agent. ~ Ryan & Joanna |
 
| Mortgage Rip-Off Scheme The Chicago Tribune reported on a new scam targeting home owners tricking them out of a few months of mortgage payments. The "hand off rip-off" scheme sends a letter stating that the management of the loan has been transferred to a new company. There are mortgage transfer rules that you should be aware of so that this doesn't happen to you:
1) The mortgage servicing company should provide you a "goodbye" letter referencing a specific date your payment should be sent to a new company.
2) A few weeks later, a second letter will arrive from the new service provider that shows details of your loan (principal, interest, and escrow).
3) Both letters should include the loan number.
Still concerned? Call your lender to verify the authenticity of the letters. Source: Chicago Tribune 6/19/11
| STUDENT RENTAL POTENTIAL:
Capstone Quarters: Foreclosure
2 bedroom unit, bank owned.
Price: Under $80,000
Potential Gross Rents: $1,200 MO
NOI Potential: $8,934
FORECLOSURES:
There are currently two foreclosed luxury homes in the Trails Edge and Wills Trace Subdivision. Asking price $289,900 and $319,900.
FIXER:
An historic 1960's estate home in Champaign had a water pipe burst this winter. The home sits on a cul-de-sac with similar style homes. Repaired it could have a market value in the lower to mid $300,000's. | |
Eric's Notes I was listening to the radio a few weeks ago and heard a quote from an economist stating that home values have dropped more nationwide than they had during the great depression. As we know, the country has seen a major drop in home values. However, with his comment I wondered how the housing increase compared in the 1920's with the increase in the early 2000's. I know in many areas specifically in California and Hawaii, properties were increasing in value 20%+ per year for nearly six years.
Champaign County is not in a bubble, but our property values have not seen the major decline that other areas of the country have seen. The News Gazette sourced Zillow showing that our area has dropped only 6% on average from the peak a few years ago. When I work with Buyers relocating to this area I have to educate them on the stability of the housing here; and that 10-20% offers off of list (common in the Chicago area) just don't happen here. It does feel good to live in an area that bucks the trend a little. The number of homes sold is another story. The tax credit had a big impact on the number of homes sold last year. From January to June 2010, home sales jumped 12% in Champaign-Urbana and 15% for our entire MLS area compared to sales in 2009. So far this year we have seen a 20% decrease in the number of sales in Champaign-Urbana from 2009. However, total 2011 sales for the area are up 2.4% from 2009. One factor for the increase in sales outside of Champaign-Urbana could be due to the continuation of 100% financing available with HUD rural development loans. Rural Development includes all locations in the area except Champaign, Urbana, Savoy, and Rantoul. Hope you had a great 4th of July weekend. Please feel free to share this newsletter with friends and family. |
|  | Closed in
June, 2011 | For Sale in
June, 2011 | | Champaign-Urbana:
129 Homes
24 Condos
1 Land  Mahomet:
19 Homes
2 Condos
0 Land | Champaign-Urbana:
827 Homes
269 Condos
166 Land  Mahomet:
108 Homes
15 Condos
78 Land | Information from CCAR MLS Innovia | ERIC NURMI REALTOR
RE/MAX Executive Club 2010 Short Sale & Foreclosure Resource (SFR) Direct: (217) 898-3803 Office: (217) 355-0700 Sales Partner with Russ Taylor Team
2009 Fox Drive, Champaign, IL 61820 116 S. Lombard, Mahomet, IL 61853 | |
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