Property Titles & Deeds • July 9, 2023

Help Deter Theft of your Property Title

by Karen Daugerdas

Real estate title fraud, also known as title theft, occurs when someone changes the ownership of your property to themselves, forges your signature on a deed & records it, leaving them free to sell your property.

You can’t prevent it, but you can make it more difficult by requesting an alert of any activity on your property.

Fraudsters typically target homes that are paid in full & have no mortgage. They file forged documents with a county recorder.
Once the document is recorded, it is up to you, the homeowner, to petition the court, at your own expense, to get a court order to have the fraudulent recording removed.

There are companies that offer “title protection services” for a fee to homeowners. These companies claim to protect property owners from criminals who forge a homeowner’s name on a deed, file the deed at the local courthouse, and then take out a mortgage against the home, or some variation on this theme. But this is more a notification service that there is recording activity on your property.

However, most counties offer a free Property Fraud Alert that will call or email you any time a document is recorded against your property, or the property of a loved one.

The websites for Cook, DuPage & Lake are listed below. This alert service is free to you. Sign up to be notified of activity on your property!

Karen Daugerdas, Coldwell Banker Real Estate Broker, 847.494.1102. #preventfraud #titlefraud #cookcounty #dupagecounty #lakecounty #protectyourhome

https://www.cookcountyclerkil.gov/recordings/property-fraud-unit

https://www.dupagecounty.gov/elected_officials/recorder/property_fraud_alert.php

https://www.lakecountyil.gov/2310/Message-from-the-Lake-County-Clerks-Office

Uncategorized • June 22, 2023

8 Strategies for Maintaining a Home as an Asset

by Karen Daugerdas

The Federal Deposit Insurance Corporation takeover of Silicon Valley and First Republic banks is a reminder of how critical it is to manage assets strategically. Homeowners also must manage their assets strategically to ensure long-term sustainability. Methods for good stewardship of a home include:

Conducting routine maintenance and increasing its value through renovations and upgrades
Evaluating insurance coverage to be sure the property is adequately covered for replacement costs
Tracking changes—local market conditions, interest rates, and property taxes—that affect the value

Companies, entrepreneurs and venture capitalists, who had more than $170 billion stored at SVB, were left scrambling to access their money for 72 hours until the Federal Deposit Insurance Corporation stepped in to ensure that depositors would be made whole.

Bloomberg reported that 97% of SVB’s deposits were uninsured because they were above the $250,000 limit which the FDIC insures. That fact should be a wake-up call for homeowners, who have seen the median price of homes increase 110% over the past decade, according to NAR data. Homeownership represents a significant investment of time and money and the biggest asset many people own. And just like bank owners and their depositors, homeowners must manage their assets strategically to ensure long-term sustainability.

Here are eight asset management and risk mitigation strategies that banks follow—and that also apply to good stewardship of a home.

Maintain the Through regular maintenance and repairs, homeowners ensure their home continues to serve the intended purpose. Keeping up with routine maintenance tasks like cleaning gutters, inspecting the roof and servicing HVAC systems can help prevent costly repairs down the line and ensure that the home stays in good condition.
Increase value.  Renovations and upgrades not only improve an owner’s enjoyment but can increase the value of the home. Provided the owners have kept good records (see point 8, “Document everything”), they can also use improvement to increase the property’s tax basis. That’s important for sellers who have seen big run-ups in value and want to minimize their tax liability when they sell. The National Association of REALTORS®’ Remodeling Impact Reportshows which remodeling projects are likely to have the most value at resale.
Consider insurance options.Like deposit insurance, homeowner’s insurance has limits. Homeowners should reevaluate their coverage each year to be sure they’re adequately covered for replacement costs. They may also want to explore other risk-management options, such as security systems and impact-resistant roofing products that can reduce their insurance costs and further protect their home.
Have a contingency plan. Homeowners should have a plan in place in case of a fiscal crisis or unexpected event that could affect their ability to pay their mortgage. This includes having emergency savings, a budget and a plan for managing debt.
Communicate with lenders. When it comes to managing a mortgage, homeowners should make timely payments and consider refinancing if interest rates drop or their credit score improves. They should also maintain open communication with their lender and inform the lender of any changes in their financial situation that could affect their ability to make mortgage payments. Additionally, it’s important for owners to be aware of the terms of the mortgage and to avoid taking on too much debt or borrowing against the equity in the home without careful consideration.
Seek professional advice.In addition to working with a REALTOR® when they buy or sell, homeowners should seek professional advice from financial advisors, mortgage brokers and other experts to help them manage their asset and make informed decisions.
Keep track of your assets. A home is not just a place to live but also an asset that can appreciate over time. Homeowners should regularly assess the value of their home and keep track of any changes that could affect its value. This includes monitoring changes in the local housing market, interest rates and property taxes.
Document everything. Recordkeeping is core to the service that banks provide, and it’s essential for homeowners, too. From the moment of purchase, owners should keep all the documents, records and transactions from their home, including details and costs of renovations and upgrades that can be added to their tax basis (see point 2, “Increase value”).

Bank failures are a cautionary reminder of the importance of strategic asset management. Just like banks—and the companies, entrepreneurs and investors who park their money in banks—homeowners need to take a proactive approach to maintenance, upgrades and financial management. By taking these steps, owners help ensure that their home remains a source of long-term financial stability and security for themselves and their family.

Call me for more information & questions at 847.494.1102. Karen Daugerdas, Coldwell Banker REALTOR^®, PSA^®, SRES, SFR^®

Real Estate Sales • June 3, 2023

Page Turner of HGTV joins Coldwell Banker Exclusive

by Karen Daugerdas

Page Turner of HGTV’s Fix My Flip fame joined Coldwell Banker Exclusive, according to Lillian Dickerson of INMAN.

Turner is an executive producer, renovation counselor, real estate investment expert and TV personality with 20 years’ of experience in entertainment as well as being a licensed real estate agent across three states, including California, Tennessee and Georgia.

On Fix My Flip, which just premiered its second season on May 4, Turner assists homeowners who are struggling to flip their properties by offering her team, capital and know-how in exchange for a partnership and profit-share when the home sells.

“Early in my career, I was at a point where I was making money but I didn’t know what to do with it or how to diversify it,” Turner said in a statement. “Once I learned how to invest it into real estate, the passion for teaching others how to do the same began.”

At Coldwell Banker Exclusive, Turner will lead the brokerage’s newly created affiliate, iKONIC Sports and Entertainment, which will educate and empower clients in the sports and entertainment industries on how to build investment portfolios and intergenerational wealth.

Have a real estate question? Call a real estate professional like Karen Daugerdas, Coldwell Banker REALTOR, PSA, SRES, SFR, 847.494.1102.

Image by Coldwell Banker Exclusive & fotokraftwerk/Getty Images

Buying a Home • Seniors • April 11, 2023

Seniors’ Have Great Credit, But Can’t Get a Mortgage

by Karen Daugerdas

Older adults have higher credit scores than any other age bracket, yet studies have shown that they’re substantially more likely to be rejected for most kinds of mortgages. That raises barriers for older Americans hoping to renovate or retrofit their homes, or to extract home equity as a buffer against medical expenses, widowhood or other crises.

Much of older adults’ wealth is tied up in real estate. Among homeowners aged 65 to 74, home equity represented about 47% of their net worth, according to 2019 federal data. Among those over 75, it was 55%. For Black homeowners over 62, it accounted for almost three-quarters of their net worth.

If you or someone you know is in need of service, call Karen Daugerdas, your local Seniors’ Resource Specialist (SRES). Not only can she assist with your real estate needs, but through her connections she can act as a referral to other services. Karen Daugerdas, Coldwell Banker Real Estate Broker & SRES, 847.494.1102. #coldwellbankerrealty

Uncategorized • March 22, 2023

Break Spring Cleaning into Manageable Tasks for Best Results

by Karen Daugerdas

Eager to get your home in tip-top shape this Spring? It doesn’t have to be overwhelming! Start small, a little by little at a time, with these quick tips:⁣

*Clean out closets, one at a time. Go through each item and sort it into three piles: keep, trash, and donate.⁣

*Your pantry takes a beating day after day. Show it some love by throwing away misfits and checking expiration dates.⁣

*Going batty over cords, chargers, and devices? Invest in a charging station for multiple devices to keep gadgets (new and old) under control.⁣

*Stay on top of clutter little by little. When you have a few minutes, clean out a drawer here and a cabinet there.⁣

*Books doing nothing but collecting dust? Donate gently loved classics to your library’s used book sale or Goodwill.⁣

*Cut down on paper clutter by unsubscribing from junk mail and signing-up for electronic billing.

If you need resources or assistance for cleaning, organizing or getting your home ready to sell, contact me for my list of local area businesses! Karen Daugerdas, Coldwell Banker Real Estate Broker, 847.494.1102, karen.daugerdas@cbrealty.com.

Foreclosures • Short Sales • March 12, 2023

Struggling with Mortgage Payments?

by Karen Daugerdas

I know many people are struggling right now to pay bills, living paycheck to paycheck and could be struggling to pay their mortgage. It’s times like these we start figuring out where to cut out things so we can make ends meet.

If you are struggling with your mortgage and are past due with bills, call me. Rather than see you go into foreclosure, let me talk with you about all the things we can do before you get to that point. Worse case scenario, you walk away with your credit in check and the equity that you earned will be cash in your pocket for your move. And did I mention my designation as a Short Sale/Foreclosure Resource?

At the end of the day, my job is not to just help people sell and buy homes. My job is to help give you guidance in those not so great times, so I can help make it a bit brighter!! Karen Daugerdas, REALTOR^®, PSA^®, SRES, SFR^®

Buying a Home • January 19, 2023

What should be your first step when buying a home?

by Karen Daugerdas

One of the first steps in your homebuying journey should be getting pre-approved for your mortgage. To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you.

A preapproval involves a mortgage lender advising you on what types of loans you qualify for, how much you may be approved to borrow, and what interest rate you might pay.

Basically, pre-approval gives you critical information about the homebuying process that will help you understand your options.

How does it work? As part of the pre-approval process, a lender will look at your finances, credit and other financial information to determine what they would be willing to loan you. They calculate in the current mortgage interest rates and give you a pre-approval letter to help you understand how much money you can borrow. When you begin to search for homes, you’ll know what you can afford and be able to adjust your search appropriately. With higher mortgage rates impacting affordability for many buyers today, a solid understanding of your numbers is critical.

Another added benefit is that a pre-approval helps a seller feel more confident in your offer . It shows you are serious about buying their house.

“From the seller’s perspective, a preapproval letter from a reputable local lender often can make the difference between accepting and rejecting an offer,” according to a recent Forbes article.

Even though you may not face the intense bidding wars you saw if you tried to buy during the pandemic, pre-approval is still an important part of making a strong offer. In fact, Christy Bieber, Personal Finance Writer at The Motley Fool, stated that it may be the most important part of making an offer.

“Pre-approval maximizes the chances you’ll be able to actually close the deal, and sellers want to see that. The fact that a pre-approval gives you a better chance of getting your offer accepted is undoubtedly the most important reason to complete this step … ”

The bottom line is that getting pre-approved is an important first step towards buying a home. It lets you know what you can borrow and shows sellers you’re serious about purchasing their home. Connect with me to begin creating your home-buying plan and for a free copy of my Buyer’s Guide for more tips on getting you home! Karen Daugerdas, Coldwell Banker REALTOR^®.

First Time Buyer • December 26, 2022

Is Buying your First Home on your New Year’s List?

by Karen Daugerdas

Is buying your first home on your list for the New Year? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are a few financial fundamentals to focus on.

Your credit rating is critical, since it helps determine the type of home loan you will be able to get as well as your mortgage interest rate. While there are many factors that go into your mortgage application, a higher credit score could lead to a lower monthly payment in the long run.

So how do you make sure your credit is in the best shape possible when it’s time to buy? A recent article from NerdWallet lists a few tips you can use as you work to build and strengthen your credit. They include:

Tracking your credit and disputing any errors that show up on your reports.
Paying your bills on time. This includes making loan payments and paying down any open lines of credit.
Keeping your credit card balances low. Paying more than your minimum monthly balance when you’re able.

You might also be wondering how you can achieve your down payment savings goals. Bankrate provides buyers with a number of tips to help you save, including searching for down payment assistance programs and ways you can save more, faster. As the article says:

“One of the best ways to save for anything, including a down payment, is to set it and forget it. If you receive a regular paycheck, ask your employer to direct a portion of that payment into a savings account. If you’re a freelance worker or independent contractor, set up a recurring transfer from a checking account to a savings account to establish the routine.”

As you prepare for your purchase, you’ll also need to have a good grasp on your budget and how much you’ll be able to borrow for your home loan. That’s where the pre-approval process comes in.

Pre-approval from a lender lets you know how much money you can borrow for your home loan, in other words, how much you have to spend for your purchase. And having that knowledge, plus an understanding of your savings, can help you decide on your target price range for a house.

From there, you can start browsing for houses in the areas you’d like to live to see what the prices are and what is available in your price range. This can help you really understand your options so you can start to picture your future home.

Call me so we can set up a plan and begin to build your team for your home buying purchase. It’s never too early! Karen Daugerdas, Coldwell Banker Real Estate Broker, 847.494.1102.

Seniors • December 15, 2022

Your Real Estate Needs in Retirement

by Karen Daugerdas

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was six years. But according to the National Association of Realtors (NAR), that number is rising today. Homeowners are staying in their houses even longer.

If you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it is to have grown in value due to home price appreciation.

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.

Whether you’re looking to downsize, relocate to a dream destination, or move so you live closer to loved ones, that equity can help you achieve your homeownership goals. NAR states that for recent home sellers, the primary reason to move was to be closer to loved ones. Plus, retirement played a large role for those moving greater distances.

Whatever your home goals are, as a Senior Real Estate Specialist (SRES®) I can work with you to find the best option. I can help you sell your current house and guide you to the home that’s right for you and your lifestyle today. #retirementliving #sellyourhome #yournextmove #karenisourfamilyrealtor #coldwellbankerrealty

Buying a Home • December 6, 2022

Buyer’s Need to Make their Wish List

by Karen Daugerdas

There is no doubt that mortgage rates are higher now than they were last year. If you’re a buyer, the key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead. Don’t be tempted to stretch your budget, according to Danielle Hale, Chief Economist at realtor.com.

In other words, be aware of what’s a necessity for you and what’s a nice-to-have when searching for a home.

The best way to determine this is to put together a list of desired features, your Wish List,for your home search.

The first step is to get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp of your budget, you can begin to list and prioritize all the features of a home you like:

• Must-Haves – These are your absolute necessities. If a house doesn’t have these features, it won’t work. These could be things like the distance from work or family, number of bedrooms or bathrooms.

• Nice-To-Haves – There are things you’d love to have but can live without. They aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender, like a home office, two-car garage, or a fenced-in yard for the dog.

• Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner. Examples would be the modern farmhouse look or mid-century modern that you love, or multiple walk-in closets.

Finally, once you’ve created your list and categorized it in a way that works for you, give me a call. I’ll be able to help you refine the list further, coach you through the best way to stick to it and find a home in your desired area that meets your needs.

Karen Daugerdas, Coldwell Banker REALTOR®, 847.494.1102. #homebuying #realestate #coldwellbankerrealty #karenisourfamilyrealtor