Chicago real estate market, thinking to buy...

[Drover]

Originally Posted by knitgirl

I would be very careful about condos, make sure the association is in really good shape, that there are no big special assessments pending, that there are no big repairs that will need to be done in the next several years. Associations are having trouble collecting assessments - you're tied to everyone else's financial woes to some extent.

pm me if you need a mortgage broker, I work for a great one!

Another thing is to be careful of a new building with a high vacancy/low rate of sold units. A lot of people have been stuck in not-yet-completed buildings that the developers basically abandoned so there's nobody to take care of maintenance issues (or even finish building the damn place), yet you're still stuck paying a mortgage on an essentially worthless condo. In short, I'd be very careful about buying new construction in the South Loop, which is probably one of the most overbuilt neighborhoods in America right now.

[Lookout Kid]

^^This is happening in Rogers Park too, albeit on a smaller scale. The Tribune had an article about a condo building with squatters and ferile cats roaming unoccupied units. Freaky stuff. A friend of mine owns a unit in an adjacent buidling, but luckily his was largely occupied before the bust--and they are able to collect enough assessments to maintain the building.

[GolfLover2]

hamh: Just want to point out that if you're a first-time buyer, time is of the essence for your purchase ... IF you are going to buy this year ... you will want to make sure you close on your loan before the end of November so you can take advantage of the First-time Home Buyer's Tax Credit coming your way. Loans are taking longer to close right now, so don't hesitate and lose out on this opportunity.
As a lender, I can tell you that loans need a minimum of 30 to 45 days from application to move through processing to closing safely. Just be mindful of the time element involved in your purchase.
Best of luck to you moving forward with your purchase!

[hamh]

yea thx GolfLover2.

In fact, I've purchased my home and already living in there ;-)

[hamh]

Speaking of the First time home buyer tax credit, do I need to file anything additional before my tax return in order to get the credit?

[kmurphychi]

Since the tax stimulus money ends this year, and won't be available for next year, and the odds are very high that interest rates will go higher, even if you save a couple of extra thousand dollars by waiting, you would still lose the tax credit and the low interest rates. I would do it now.

[WhaThe]

Originally Posted by hamh

Speaking of the First time home buyer tax credit, do I need to file anything additional before my tax return in order to get the credit?

No. You just cannot have bought a house in the last three years. You would have been renting the last three years.

I have a friend who filed an amended return and got his 8K already. I am going to wait until next year when I file my taxes.

Great link.

http://www.federalhousingtaxcredit.com/2009/faq.php (broken link)