New Construction Home In Illinois

Hi there,

I am looking to purchase a new home. In Illinois the market is not very good with buying and selling homes. Some home builders are offering 50000 in upgrades, low interest rates plus 10% off on further options, others are saying "whatever you want" others are offering 35-40k off on spec duplexes, another is offering free land. I am looking at a single family home for 195$ base price. This is the builder offering incentives in however I'd like them, just no set incentive.

So, my question. Is it feasible to ask for 10% downpayment paid, closing costs paid and 10k in options?

absolutely, with all the incentives they are throwing at you, you will be fine

2008-01-25 10:28:50 by Mindy

www.homechanneltv.com Bryn Mawr in Crystal Lake, IL by Ryland Homes features award winning Executive Series homes from the upper $200's in a ...

Hi,I am a single mom and recently took a leep into opening my own business.I am a cleaning service and I clean new home construction after all the contractors are done.It is my job to make it clean and presentable.I am having issues with under bidding and I am loosing my ars or just breaking even.Can someone out there give me some advice on how to profit with this business.I really want to be successful at this and put my 6 year old daughter threw college and live a comfortable life.I am not afraid of hard work.I am just afraid of working for nothing.Please help I am in Frankfort,Orland Park,Naperville,Illinois.I would forevr be greatful.Susanna

In new home construction, I don't think anyone makes much money.

2007-01-23 08:57:55 by Susanna W

Price: $5.95 $5.95

Details: Having home built on empty lot now (Illinois metro area St. Louis, Madison country IL, be finished in Aug 2007. Question; what would I have to pay in property tax in that first year?

Estimated taxes to be $600/m. My payment principle and interest is $1700/m. We can say in theory my payments each month would be $2300.

I have someone who went through this two years ago, saying because the value of the land was basically nothing on the last assesment 2007, you will be paying like $50/m property tax until the tax assessor comes out the next year.

Assume the assessor comes in June/July. They said in Aug 07 we will pay $50/m (as a guess) until the following 2008 June/July when the assessor values the lot now with a home. We wouldn't have to go up to $600/m until July/Aug 2008.

We wouldn't owe anything for property tax at closing, but another person is saying you will have to come up with 7,200 in Aug 2007 closing for next year.

How is right?

In IL taxes are paid in arrears, meaning you are paying last years taxes this year. Your taxes for the 1st year on new construction will be low and will not adjust until the following year. You never have to pay for property taxes at closing when you purchase a new home or new construction. The only time they would collect anything would be to set up an escrow account.

2007-03-16 11:10:50 by simmsdanjen

Price: $19.95

I am a first time home buyer (in Illinois) buying a newly constructed townhome directly from the building company. I am doing everything through the builder (using their mortgage/loan company, insurance company, and title company). Is it really necessary to get my own lawyer as well? Also, since I am buying new construction, I never had a realtor. Everyone I'm in contact with about this purchase is from the company I'm buying from.

I would always suggest getting your own realtor but since you ave already done otherwise I would say that you should have a lawyer present at closing if for nothing else but to be sure your not getting s****ed. No if they have a licenced realestate closer from their title company you do not have to have a lawyer there but I wouls suggest it. Good luck and congrats.

2007-04-09 16:02:46 by Andrea

Ok here's whats going on, My husband and I bought a house in Illinois last year (oct) we are both young (early 20's) therefore we don't really have any friends to go to because none of them own houses. Ok we bought the house it was a new construction home (built in 07) so taxes were not accessed yet on the home. Well fast forward to tax paying time.. The taxes I guess were accessed because a couple months ago we got a letter with a payment plan to pay the property tax. Ok, so I go to our mortgage guy at my bank and the jackass acts like he's to busy to talk to me and says he will have to call my cell later to answer my question (which was going to be.. are we supposed to pay the taxes or do we give you the tax paper and you pay it out of our escrow account) ok well, Ass never calls and we payed the first 2 installment payments by our personal checks because we don't what what were supposed to do. Well this morning we get an escrow check in the mail.. and we don't even know what it is or why we got it but it says escrow check?? SO Question is.. Are we supposed to still pay the property tax or does the escrow check we got mean that our mortgage guy already payed it.. what do we do..? SO CONFUSED!!
Yes we do have an escrow account.

Contact your escrow if you received a check from them and ask if it was in the file that you pay the taxes or if they're included in the loan. You decided this when you purchased the home. I know, it's a lot of paperwork and very confusing. But can save you money too.

Usually it says it on the tax bill as well, since they only mail you a statement for reference purposes (it should be noted, but I don't live in IL).

The background on new construction and taxes: The land has a main tax id number and when the tract maps are recorded (to assign the home lot lines), each lot then gets assigned it's own apn (assessors parcel number) for taxation purposes. Once the sale occurs, the property again is reassessed to include the improvements and this is called a supplemental tax bill along with the regular tax bill. Next year, they'll roll all of the taxes due into the main apn for your property.


Good luck.

2008-10-18 11:39:35 by ☆**•¸Hey! You asked!¸•**☆