Hardwood Floors: How to Clean and Care for Them

After purchasing a home after over a decade of living in various crappy rentals, I realized that I might be a bit in over my head.  While viewing houses on the market in anticipation of buying them, wood floors stood out as classic, beautiful, and charming.  Fastforward to a month after move-in and oh-my-goodness-I-don’t-know-what-on-earth-I’m-doing.

So research I did.

In my rentals, I had used a Roomba vacuum on both carpet and laminate, with great success. I love that it uses the little weed-eater-type-dust-flicker to really get into the corners and edges of the room, preventing me from having to use the hose-attachment to the regular vacuum and 20 minutes per room that I don’t want to spend vacuuming.  It also gets under the beds, a plus for keeping dust to a minimum.

Right before moving in, after a solid year of happiness with my Roomba, I invested in a swiffer-type robot that is designed to pick up crumbs, pet hair, and some dirt.  The Braava is a lighter duty and much quieter version of the Roomba, and it swiffers automatically, also getting under the chairs and couch with ease.  It keeps the floor barefoot-walkable without any extra work from me.

On my rental laminate floors, I had used a steam mop happily for years.  I loved the hiss of the steam coming out and assuring me that any bacteria on my floor would be quickly boiled beyond harm, that the mop easily picked up even old spills with a few quick strokes, and that the pad were washable.  To clean laminate flooring, I would go around and spray any spots with a 50/50 vinegar solution, drop a few drops of tangerine essential oil on my steam mop, and go to town, finishing the job in less than 10 minutes.

WOOD FLOOR CARE

I wasn’t sure if steam was okay to use on hardwood, though, so I checked with some experts to find out. Even though most brands of steam mops claim that they can be used on hardwood floors, it turns out that experts recommend NOT using them.  The heat used is hard on the finish, causing your floors to need to be refinished more often and wear quicker. In addition, if your floors are not completely sealed, especially in high traffic areas where the seal may have been worn off, the steam will be absorbed by the wood and will cause damage to the wood floor, and even the particle board subfloor underneath.

WITHOUT STEAM MOPPING, HOW ARE WE TO CLEAN OUR FLOORS?

If your floor is well finished with a polyeurethane sealer, you can use a water-based cleaner on it. Woodwash is recommended for this well-cared for floor. The steps for cleaning are to vacuum well, swiffer up any remaining dust or crumbs, and then spray woodwash on an area that you can reach (approx 4 ft x 2 feet) and use one rag to wash with the cleaner, another dry rag to dry immediately after.

You can also use just plain water to wash, using the same 2-rag method to clean and dry. To preserve the life of your finish, using a cleaner that is closest to a neutral phas possible is recommended. If you get either an alkaline or acidic cleaner, it will cause more wear on your floors.

If your floor has some worn spots, as I noticed mine did as I was sitting on the floor stocking the bookshelf upon movein, you can test the floor using a water test.

To test, drop a couple drops of water on the most worn part of the floor. If they stay beaded up over the next couple minutes, you can use water-based cleaners as described above. If the water soaks in, you can use odorless mineral spirits to clean until you get a chance to refinish the floor.

To clean using odorless mineral spirits: vacuum the floor well, swiffer or sweep to pick up any excess dust or crumbs. Next squirt a small amount of mineral spirits on the dirty parts of the floor, and wipe clean with multiple rags until all the mineral spirits are picked up.

DAILY MAINTENANCE

If you’re like me, there’s nothing as annoying as coming down with bare feet to get the coffee started and having crumbs, dirt, or pet hair cling to your feet. Ick.

To keep my floors barefoot friendly in less than 5 minutes a day, I follow the following routine:

1. Remove shoes at the door. I don’t ask my guests to, but most people will when they see a couple pairs of shoes lined up next to the door.
2. Vacuum under the table and/or in the kitchen daily (2 minutes)
3. Before bed, or while watching TV at night, set the Braava to run with a reusable microfiber cloth or swiffer pad.
4. Once a month, or once a week if you have pets or children in your house often, spot clean the floor, on hands and knees preferably while the sun is directly shining on your floor so you can easily see any spots.

--from singlewomanhomeowner.com/

If you're interested in finding a home with beautiful hardwood floors -- and there are plenty of them out there -- call or text Adam at 630-697-4500. Or visit our website at www.MyHappyHomeSolutions.com to see our currently available homes. 

Are You Ready to Rent to Own?

We get calls every day from people who want to Rent to Own their next home. Some are really motivated, and some are just trying to learn how Rent to Own works. We're happy to help either person understand how Rent to Own works, and to decide if they are ready to look for a Rent to Own home now, or if they need to set Rent to Own as a goal for the near future.

Why You Should Consider Rent to Own, or Owning a Home in General

Home ownership is one of the key aspects of the American Dream. The pride of ownership is a tangible feeling, a good feeling you truly do have when you own a home, instead of just renting it. It does feel good to fix up a home for your family, knowing that you own it. It does feel good to landscape a property so it has "curb appeal."

It is a pride thing. It does make you feel good. It makes you feel more accomplished, more stable, and more secure. It can even start you and your family on a path toward higher expectations for yourself, bigger achievements, loftier goals.

Home Ownership Isn't Always Easy

There's no doubt owning a home gives you stability and security that you simply do not have as a renter, but home ownership isn't always easy. But then nothing worthwhile in life is easy. Some times you have to push yourself a little harder for the good things in life.

Overspending on Doodads...

If you're regularly spending money on doodads -- you know, stuff -- you're probably never going to get out of the rental rat trap. If you really think you have to have those $100 gym shoes, or that big screen TV, or a brand new car, but you don't have any money saved up to put toward a down payment on a home, well, you're probably never going to get there. You don't need more stuff.

Putting Money Aside...

It isn't easy to accumulate the money needed for a down payment on a home. A traditional mortgage lender (ie., a bank or mortgage broker), usually looks for you to have 10 or 20 percent of the cost of the home as a down payment. Unless you're making thousands more in salary every month than your total monthly expenses -- and not very many people are -- you're looking at a long road to save up that down payment.

But if you can find a way to cut some of your expenses, and possibly improve your earning situation -- maybe by going back to school or learning a new skill -- you can start putting money aside. And once you get going toward that goal, you'll be surprised how excited you'll become as your savings grow. This by itself will give you a great feeling of accomplishment.

How You Can Rent to Own 

Rent to Own homes typically don't require as much money down as a traditional bank loan style mortgage. You won't have to save up as much, but you will need to have some money available. The typical Rent to Own home requires approximately 3 to 5 percent up front. This is called "Option Fee." It gives you the option to purchase the home in the future at a price you can lock in today.

Most of the homes we have available as Rent to Own require a minimum of $5,000 option fee plus the first month's rent. More expensive homes will require more option fee. Every home is different, and everything is negotiable.

If You're Not Ready To Rent to Own Yet

Maybe you need more time to build up the required option fee for a Rent to Own home. If so, that's OK, we can help you find a regular rental and advise you on getting into a Rent to Own home in a year or two. While you're increasing your savings, you'll also have time to improve your credit score, which will also help your situation.

Let Us Know What Kind of Home You're Looking For

Whether you're ready for Rent to Own or not, let us know your situation and we'll find you a nice rental, or a Rent to Own home you will eventually purchase and call your own. You can start by completing our application (CLICK HERE) or by calling Adam at 630-697-4500.

We'll let you know what homes we have available now as Rent to Own, or we can set up an MLS search of regular rental properties that meet your specific criteria.

Visit our website for more information: MyHappyHomeSolutions.com

Credit Scores 101 -- Understanding Your Credit Score

Understanding how your credit score is calculated can help you improve your credit score, and pay less money in interest on the credit you are offered. A lot of people treat their credit as if it doesn't matter. That's like telling the grocery store clerk, I know it's only $100 worth of food, but I want to give you $200 instead!

Your credit score is important, and a bad credit score will cost you thousands, possibly tens of thousands, of dollars over just a few years time if you don't maintain a good credit score.

Three Major Credit Repair Bureaus

These are the three major credit bureaus (aka credit reporting agencies): Equifax (EQ), Experian (EX), and TransUnion (TU). You’ll need to find out all three of your FICO scores to properly grasp your overall credit picture.

What is the range of FICO scores?

FICO (aka Classic or BEACON) scores can range from 300 to 850, but the majority of scores usually fall within the 600s and 700s.

FICO, FAKO, HUH?

FICO, FAKO, Credit Score, PlusScore, ScoreX, Vantage are all the same right? WRONG!

FICO = The score lenders use and the only score you care about.

FAKO = Any score that isn't a FICO. Most people like to buy the ScoreWatch product because you can quite often get updates as to your current EQ FICO score. myFICO Identity Theft Security Deluxe is similar to Score Watch except that is monitors TU. There is no FICO monitoring service for all three credit reporting agencies.

ScoreWatch

myFICO Identity Theft Security Deluxe

www.myfico.com sells FICO scores for EQ and TU.

**Update** July 2013, EX FICO scores are now available too.

www.truecredit.com or www.transunion.com sells FAKO scores only.

www.transunioncs.com used to sell FICO (TU score only) but no more.

Two Reasons You Can't Get a Score from MyFico

There are generally two reasons why you might not be able to get a score from MyFICO. Your score does not contain enough positive data to calculate a score, or there is a fraud alert on your file.

• Classic or BEACON FICO scores are generally the best indicator of credit-worthiness and a good overall indicator of where your credit (mortgage, credit card, auto,etc.) stands.
• Credit card enhanced (or bankcard enhanced scores) are specific indicators of credit worthiness with regards to credit cards only (not mortgages, auto, loans, etc.).
• Auto-enhanced scores are specific indicators of credit worthiness with regards to an auto loan. Consumers cannot purchase auto-enhanced scores.

Your actual FICO score ranges from 300-850, remember you have three separate FICO scores for each credit reporting agency EQ, EX, and TU.

Scores higher than 720-750+ are ideal. Any higher really doesn't matter. Once you get this high, you have excellent scores regardless.

Also, just because you have your score today doesn’t mean you can walk into the car dealership tomorrow and say “I have an 800+ FICO please give me the APR I want on my loan”, the lender may calculate a completely different FICO score and if you were to pull your FICO score again that day it may be different for you.

Remember, a FICO score is a quick look at the overall status of your credit. It may mean getting a better APR on the credit card you want, but it likely won’t determine whether you get the card or not (your credit report(s) will!).

                                                                                                     -- from http://ficoforums.myfico.com/

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Adam at 630-697-4500. We always have Rent to Own homes available!

Women as Homeowners: Why Women Buy Homes (It's Not the Same Reasons as Men)

While both genders are attracted to the idea of owning a home, their reasoning is often slightly different.  It’s important to understand this, so when you are talking to your dad, brother, or male friends about your decision to purchase a home, you aren’t offended when they say, ‘that’s not a good reason to own a house’.

It’s not that your way is wrong, it’s just that the two genders tend to think about home ownership for different reasons.

Single women are buying homes at twice the rate single men are, we are responsible for 1/5th the housing purchases in the united states this decade.  We buy as an addition to our investment portfolio, to secure a place in a safe neighborhood, to get the size (bigger or smaller) that we need, and to be close to work.

Men tend to buy thinking in the immediate future, planning on being in the home for less than 5 years before moving up.  Women, on the other hand, look more long term and into a place where they intend to stay for over 5 years.  Single women choose sububurbs over cities, and for single moms, school district quality is a big determinant in where she buys.

-- from SingleWomanHomeOwner.com

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Diane at 312-213-8137. We always have Rent to Own homes available!

How Do I Go About Building My Credit History?

If you are new to credit and are trying to build a credit history, here are a couple of ways you can get started:

• Apply for, and open one new credit card. Because you have little or no credit history, you may not get very good terms on this credit card – such as a high APR. However, if you charge small amounts and pay off the balance each month, you won't be paying interest each month so the high APR won't affect your bottom line.
• Open a secured credit card. If you are unable to get approved for a traditional credit card, a secured credit card can help you build your credit history. This type of card requires you to deposit money with the credit card company. You can then make charges on the secured card up to the amount you have deposited.

Whether you obtain a traditional credit card or a secured credit card, it is important to keep low balances and pay off your balance each month and never miss a payment. This will help build a positive credit history.

                                                                                                                   -- from http://www.myfico.com/

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Adam at 630-697-4500. We always have Rent to Own homes available!

10 Reasons to Buy Instead of Rent

With rents going up and interest rates at an all-time low, renters should consider taking the plunge.

Home buying has earned a bad rap in recent years: The subprime mortgage crisis and ensuing economic meltdown left many homeowners underwater, unable to pay their mortgage, and even facing foreclosure. Home ownership rates fell throughout the recession, and are currently around 63 percent, compared with almost 70 percent in 2004, according to the Census Bureau. That's the lowest level since 1967.

But the great American dream of owning a home appears poised for a comeback. Real estate company Trulia reports that in many parts of the country, rents are rising while housing prices are falling, making buying a home more affordable. Trulia found that in 98 out of 100 major metropolitan areas, including Detroit, Atlanta, and Cleveland, buying has become more affordable than renting.

If you're struggling with whether to buy versus rent, consider these 10 reasons to take the plunge into home ownership:

1. You can ramp up energy efficiency.

Energy-efficient improvements, from adding insulation to upgrading your air conditioning unit, can reduce your monthly utility bill, says Jane Hodges, author of the new book Rent Vs. Own. While renters can make plenty of green improvements on their own, from unplugging appliances to turning off lights, homeowners can make bigger changes, such as adding solar panels or installing an energy-efficient roof. (Of course, a renter living in a one-bedroom apartment likely uses far less energy than a homeowner in a three-bedroom house, so size can trump energy improvements.)

2. You can customize your space.

Whether you need to knock down a wall to make a larger master bedroom or redo the bathroom to reflect your Art-Deco tastes, owning the space you live in means you have the freedom to do so, without worrying about losing your security deposit.

3. Homeowners buy less furniture.

"Often when you're renting you need custom furniture that fits the space," says Hodges, such as room dividers for a loft or miniature furniture to fit into a basement apartment. "When people move a lot, they can end up buying a lot of furniture," she says. If you buy a home and settle in for the long haul, you can likely purchase a few pieces that will stick around.

4. Owning a home forces you to save.

The so-called "forced savings" argument is a widely-held one: Since homeowners have to pay their mortgage every month, they are routinely putting money away (and into their house, which they own), instead of squandering it on new shoes or fancy meals. Then, if you eventually sell your home after the mortgage is paid off, there's a good chance that "you'll walk away with a payoff," even after subtracting the costs of ownership, says Hodges. (Of course, homeowners who face foreclosure or declining home values often find themselves without such equity to show for their monthly mortgage payments.)

5. Home ownership allows you to build a second income stream.

From taking in a renter in a spare bedroom to renting out driveway space to commuters, Hodges says homeowners are increasingly finding ways to monetize their homes. In cities with scant green space, some homeowners even rent out small patches of grass for people who want to grow vegetables.

6. No landlord can kick you out.

Renters can face an unexpected eviction notice if their landlord suddenly decides to sell the home, rent to someone else, or otherwise end the lease. That's one reason Boston University economics professor Laurence Kotlikoff says that for older people with a fixed income in particular, he recommends home ownership (and a paid-off mortgage). "It's important for older people to be in a home that they own as security against a landlord," he says.

7. In fact, you don't have to speak to a landlord, ever again.

Landlords can take ages to fix a broken dishwasher, let the air vents fill with dust and particles, or leave pesky messages about repairs. If you're the homeowner, then you're in charge—which means you have to be home when the plumber calls, but the plumber reports to you. (And, of course, you also have to pay the plumber.)

8. Unlike rent, a fixed mortgage can't go up (even if inflation does).

Fixed mortgage rates don't go up, even if the cost of everything else does. To protect yourself, Jack Otter, author of Worth It… Not Worth It? suggests making a 20 percent down payment and taking out a 30-year fixed mortgage to lock in today's low interest rates. "Mortgage rates haven't been this low since GIs were heading home from France. Lock in a low monthly payment, and you've just taken a huge step in protecting your family against inflation," he writes.

9. Homeowners can take tax deductions.

The chief tax benefit of home ownership is the ability to deduct mortgage interest payments, but the perks don't stop there. Homeowners can also deduct eligible expenses (certain energy-efficient improvements, for example) and in some cases can avoid federal taxes on earnings from the sale of a home.

10. You can take advantage of currently low interest rates and prices.

Interest rates remain at historical lows, and at the same time, home prices in many areas remain soft. Trulia points out that deals are especially appealing in suburban areas, compared with the more expensive cities. Overall, Trulia says, asking prices on homes went down 0.7 percent over the last year, while rents went up by 5 percent.

Of course, buying isn't for everyone. If you might move soon, or you want the flexibility to upgrade your digs with just a month's notice, or your job outlook is uncertain, then renting can be ideal. Hodges says potential buyers should first consider the transaction costs of home ownership, which can add up quickly, especially if a buyer doesn't plan to stay put for very long.

"During the bubble, people were looking at homes as a tool to make money," says Hodges. Now, they just see it as a place to live.

By Kimberly Palmer

from Money.USNews.com

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Adam at 630-697-4500. We always have Rent to Own homes available!

Fixing Credit Report Errors -- What To Do

Fixing errors on your credit report can be time consuming, and frustrating. But it can also save you a lot of money that you would have paid in the form of higher interest rates -- on everything from credit cards, to store credit cards, to buying a car or house. If you think you can remove a bad mark on your credit report that is actually factual, you'll probably be wasting your time trying to remove it, and should instead focus on improving your credit score other ways.

But if you feel there is something on your credit report that legitimately does not belong there, getting it removed can potentially save you thousands of dollars over the next few years of your life.

Fortunately, in this online world we live in, fixing credit report errors is getting easier.

To insure that the mistake gets corrected as quickly as possible, contact both the credit bureau and organization that provided the information to the bureau (the company that says you owe them money). Both these parties are responsible for correcting inaccurate or incomplete information in your report under the Fair Credit Reporting Act.

First, tell the credit bureau what information you believe is inaccurate.

The credit bureau must investigate the item(s) in question – usually within 30 days – unless they consider your dispute frivolous. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should:

• Clearly identify each item in your report you dispute.
• State the facts and explain why you dispute the information.
• Request deletion or correction.

You may want to enclose a copy of your report with the items in question circled. Your letter may look something like this sample. Send your letter by certified mail, return receipt requested, so you can document that the credit bureau received your correspondence. Keep copies of your dispute letter and enclosures.

Second, write to the appropriate creditor or other information provider, explaining that you are disputing the information provided to the bureau.

Again, include copies of documents that support your position. Many providers specify an address for disputes. If the provider again reports the same information to a bureau, it must include a notice of your dispute. Request that the provider copy you on correspondence they send to the bureau. Expect this process to take between 30 and 90 days.

In many states, you will be eligible to receive a free credit report directly from the credit bureau, once a dispute has been registered, in order to verify the updated information. Contact the appropriate credit bureau to see if you qualify for this service.

NOTE:

All 3 of the credit bureaus now accept filing of disputes online, with Experian only accepting online submissions. To find out how to initiate a dispute online, click here.


                                                                                                               -- from http://www.myfico.com/

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Adam at 630-697-4500. We always have Rent to Own homes available!

Sample Credit Report Dispute Letter of Explanation

Sample Credit Report Dispute Letter of Explanation

Below is a sample of a letter you can send to the three major credit reporting bureaus, and the creditor with whom you wish to dispute an item on your credit report.

Tell the credit bureau in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position.

You may want to enclose a copy of your credit report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document that the credit bureau received your correspondence. Keep copies of your dispute letter and enclosures.

NOTE:

All 3 of the credit bureaus now accept filing of disputes online, with Experian only accepting online submissions. To find out how to initiate a dispute online, click here.

Sample Letter:

Date
Your Name
Your Address
Your City, State, Zip Code

Complaint Department
Name of Credit Bureau
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. The items I dispute also are encircled on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,

Your name

Enclosures: (List what you are enclosing)


                                                                                                                  -- from http://www.myfico.com/

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Adam at 630-697-4500. We always have Rent to Own homes available!

How Do I Correct Errors On My Credit Reports?

To correct errors on your credit report, you need to contact the credit bureau that is showing erroneous information. Inaccurate or incorrect information on your credit report can hurt your score.

Use the following contact information to reach each bureau:

Equifax
Equifax Disputes
All disputes with Equifax are handled online.

Experian
Experian Disputes
All disputes with Experian are handled online.

TransUnion
1-800-916-8800
TransUnion Disputes
2 Baldwin Place, P.O. BOX 1000
Chester, PA 19022
TransUnion Disputes

Your File Identification Number (FIN) is no longer needed by TU's system. TU's automated system may ask you for a FIN, but it is not needed to move the call forward and speak to a live agent.

Here are your rights regarding information on your credit report:

The Fair Credit Reporting Act (FCRA) is designed to help ensure that credit bureaus furnish correct and complete information to businesses to use when evaluating your application.

Your rights under the Fair Credit Reporting Act:

You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request. You have the right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment
purposes.

Any company that denies your application must supply the name and address of the credit bureau they contacted, provided the denial was based on information given by the credit bureau.

You have the right to a free copy of your credit report when your application is denied because of information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.

If you contest the completeness or accuracy of information in your report, you should file a dispute with the credit bureau and with the company that furnished the information to the bureau. Both the credit bureau and the furnisher of information are legally obligated to investigate your dispute.

You have a right to add a summary explanation to your credit report if your dispute is not resolved to your
satisfaction.

                                                                                                               -- from http://www.myfico.com/

If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Adam at 630-697-4500. We always have Rent to Own homes available!

What Types of Homes Are Available as Rent to Own?

This gorgeous, high-end home in Lisle, IL, was a recent

Rent to Own property we were showing. Sorry, this one's taken.

There are many types of homes available as Rent to Own. At any given time we typically have a range of homes from low-end fixer-uppers to immaculate homes in the million dollar range.

We have had tenant-buyers complete the purchase on beautiful homes with acres and acres of land, and we've done Rent to Own with condos and townhomes. We've placed Rent to Own tenants in exquisite 7,500 square foot homes on golf course lots, and we've done Rent to Own deals on properties that needed gut rehabs.

What Do You Need in a Home?

What are you looking for in a home? Do you need a lot of space for a growing family, or will a smaller home do just fine? Are you looking for something that has just been completely rehabbed and looks like the finished product we all see on those "Flip This House" TV shows, or are you OK with doing some work on the home yourself?

Does the home have to have the latest and greatest of everything (you'll pay more!) or are you more concerned with being in a nice neighborhood or school district, and not concerned if the home doesn't have granite counter-tops and stainless steel appliances?

How Does Condition Reflect The Price?

We've got all types of homes available as Rent to Own, including some that are sparkly-new, some that could use a little paint and cleaning, and even some that really would benefit from a major re-do. The prices of the homes will obviously reflect what state they are in.

You can definitely get a better deal on a Rent to Own home that needs a little work. If you're handy, or have a friend or family member who can help you fix up the home, you can really get a lot more home for your money if you're willing to take a property that wasn't just rehabbed.

Rent to Own Homes Aren't Available Long

Most of the time, homes that are available as Rent to Own don't sit vacant very long. If you know you're ready to move toward home ownership, and you're interested in a home we have available, set an appointment to see the home and -- if you like it -- make an offer on the home before someone else claims it.

Call or text Adam at 630-697-4500 or email Adam@MyHappyHomeSolutions.com for our current list of homes, to set up a showing, or to learn more about Rent to Own.

Visit our website at www.MyHappyHomeSolutions.com and join our mailing list for free to receive updates on available Rent to Own homes.

Why You Shouldn’t Pay Rent to Own Websites For Their Lists

A recent Rent to Own home in the Chicago suburbs

If you Google Rent to Own, you’re sure to come up with search results that include ads and other links to sites that offer to give you lists of Rent to Own homes for a one-time or monthly fee.

Some of these websites charge hundreds of dollars up front, or a hefty monthly fee. 

We’ll put it bluntly: Don’t fall for their BS.

These websites are in the business of making money off the Internet. They are not in the Real Estate business. They are usually not affiliated with any local agents or Realtors or Rent to Own specialists who can actually take you inside a home to take a look. 

You may recognize some of these websites: iRealtyEdge.com, YourRent2Own.com, ViewRentToOwnHomes.com, HousingList.com, and many others.

For the most part, they’re just selling you lists of addresses. And in many cases, those lists are either outdated, or the homes they are listing as Rent to Own aren’t actually verified as available under a Rent to Own contract. 

Let me explain

As Rent to Own specialists in the Chicago area, we have, at various times, subscribed to many of these websites ourselves, because we hoped they would turn up some good leads for us -- maybe a property we could do a deal on. For the most part we found out the homes had already been sold or rented by the time we got the list. 

We have even found many of the homes we have personally owned or managed on the lists -- years after those homes were sold to one of our successful Tenant-Buyers. But that website that charged us for monthly access to their list never removed it from their list after we sold it. And even if we contact them to let them know, they don’t remove it.

And what’s more, while these Internet companies may have some actual Rent to Own homes in your area on their list, you probably could have found those same homes elsewhere on the Internet for free, and could have saved yourself the $199 one-time fee, or the $29.95 per month, or whatever they want to charge you. 

Start Your Rent to Own Search on Craigslist

Most homes that are offered as Rent to Own in your area can be found listed on Craigslist, Postlets, Hotpads, etc. These are all free websites that homeowners, landlords, and especially Rent to Own specialists like us make use of to let you know about Rent to Own homes.

We post all of our available Rent to Own homes either on our website (www.MyHappyHomeSolutions.com) or on Craigslist under both the "For Rent" and "For Sale By Owner" real estate categories. We also post on Postlets, HotPads, Zillow, and many other similar sites. So do many of our fellow Rent to Own real estate experts nationwide.

This Plainfield, IL home is available as Rent to Own as of 12/2015

We also send out emails to our mailing list -- which you can subscribe to for free on our website -- letting you know about all the homes we have available as straight rentals, as Rent to Own, or for sale. 

We have Rent to Own homes available now throughout the Chicago area -- and we’ll give you a list of them for free!

Call Adam at 630-697-4500 or email AdamRE2014@Gmail.com to find out more.

You can see pictures, videos, and more information about the homes we have available for Rent, Rent to Own, or for Sale on our website at www.MyHappyHomeSolutions.com. Sometimes we end up renting these homes out before we even post them on our website, so subscribe to our list to find out about Rent to Own homes before the general public even knows they’re available!

What Are the Requirements for Rent to Own?

Rent to Own homes don't have to be small.

This is a 7,500 Sq foot Rent to Own home we've represented.

We're often asked what the requirements are for Rent to Own. Every situation is different, every home is different, and of course, everything is negotiable -- but here are some basic criteria:

Challenged Credit is OK

Many people who would like to own a home feel that they can't because their credit score is not high enough. But with Rent to Own, you have the opportunity to begin earning equity or paying down the purchase price of a home while you're renting -- even before your credit score is high enough for you to qualify for a mortgage. Rent to Own is the perfect option for someone who is rebuilding their credit.

Income Three Times the Monthly Payment

Typically you'll need income at least three times the monthly rent payment to qualify. This is true whether you're doing Rent to Own, or just a straight rental. Most landlords will not accept an applicant who does not have income of at least three times the monthly rent or mortgage payment. The same goes for banks and mortgage lenders -- they will only lend you money at approximately this same multiplier of three times your income.

As experienced landlords and property managers, we know there is a very good reason for this. In general, when the rent or mortgage payment is more than one-third the household income, and things come up in life, you start falling behind in payments -- credit cards, car loans, utility bills, rent... Believe it: One-third is the limit for your housing expenses or you'll soon end up in financial trouble.

The Option Fee

This Rent to Own home in Bolingbrook was purchased
through our program.

The option fee is the money you pay to lock in the option to purchase the home, and usually you're locking in an agreed upon price right from the start. Usually, you're also earning the right to build up rent credit toward the purchase price of the home. Are you getting rent credit toward the purchase where you're renting now?

Option fees give you the sole right to either purchase the home, or not, during the option period, which usually lasts one or two years. Option periods can often be extended if necessary. During the option period, the homeowner cannot sell the home to anyone else -- you are controlling the destiny of that piece of property -- you have paid for the exclusive right to purchase the home during that period. For this reason, option fees are non-refundable.

Typical option fees are in the 3 to 5 percent range (of the purchase price of the home). So for a $100,000 home, you should expect to pay approximately $5,000 in option fee, in addition to your first month's rent, before moving in. For a home in the $150,000 range, budget approximately $7,500 for option fee. For a $200,000 home, plan on approximately $10,000. You get the idea.

Of course every home is different, and every situation is different. If you're going to do a Rent to Own on a home, you should expect to make a fair and reasonable offer of option money. If you've only got the first month's rent, and an equal amount in addition to that (as in, one month's security deposit), you're probably not ready to move toward home ownership just yet.

These Are The Basics

These are the basic requirements of Rent to Own, although some other criteria can come into play. Most sellers will not enter into a Rent to Own contract -- or any rental contract -- if you've had an eviction, or if a landlord has a judgement against you. This will show up on your credit report.

Also, if you've just started a new job and don't have a track history of solid employment, you might need to wait until you are more "seasoned" at your job.

Again, every home is different, every situation is different, and everything is negotiable.

If You're Ready to Rent to Own

We always have Rent to Own homes available.

If you're ready to Rent to Own, call or text Adam at 630-697-4500 or email Adam@MyHappyHomeSolutions.com.

Homes for Rent in Woodridge, Downers Grove, Bolingbrook Area

Rentals come and go fairly quickly in nice Chicago suburbs such as Woodridge, Downers Grove, or Bolingbrook.

We can show you any of these homes and help you sign a lease to rent them. Call Adam at 630-697-4500 or email Adam@MyHappyHomeSolutions.com 

Here are a few available properties right now, as of 12/4/2015

Woodridge

There are 19 homes for rent through the MLS in Woodridge, including condos from $950 to executive homes in the $3,500 range.

Downers Grove

There are 29 homes for rent through the MLS in Downers Grove, including a one-bedroom apartment for $790 to homes of 5,000+ square feet in the $6,000 range.

Bolingbrook

There are 42 homes for rent through the MLS in Bolingbrook, from condos from $995 to 4 bedroom homes in the $2,800 range.

How Rent to Own Homes Work

A Rent to Own home in Woodridge, IL

Risks and Benefits to Buyers

For many people, a home will be the biggest purchase they ever make. Both buyers and sellers should carefully weigh their options before agreeing to any binding contract. Let's look at some advantages and disadvantages of a Rent to Own agreement for buyers:

• Buyers can move toward home ownership and exit the rental “Rat Trap” even before they can qualify to buy a home in a traditional sale.
• Buyers can lock in the price of the home a year or more ahead of their actual purchase. If the market goes up, the buyer earns instant equity in the home, sometimes significant amounts of equity.
• Buyers have time to build income and repair their credit history as they rent the house.
• Depending on the agreement, renters can walk away if they find something seriously wrong with the house. Although the renter will lose the option fee and the rent credit they earned toward the purchase price, that amount will be much less than if the renter had bought the house outright and tried to leave it later.
• Buyers still have to pay the upfront option fee. It's usually a percentage of the agreed-upon selling price of the home and is often thousands of dollars. Although this money will go to the down payment should the renter decide to buy the house, it can still be difficult to accumulate that much money before renting.
• The buyer can earn "Rent Credit" toward the purchase price while they're renting the home. This credit can substantially reduce the amount they eventually borrow when they finalize the purchase of the home. 
• At the end of the rental period, the buyer still may not be able to buy the home for the same reasons they couldn't buy at the start of the lease: bad credit, insufficient down payment, not enough income. Usually, a Rent to Own contract can be extended to give the buyer more time to get qualified for a mortgage so that they can complete the purchase of the home, but it is the buyer's responsibility to take steps toward that goal. This is why many Rent to Own agreements include clauses about working with a credit repair specialist or mortgage broker chosen by the seller.
• Minor repairs that were handled by the landlord in a rented apartment often become the responsibility of the new buyer, even during the rental period. Typically the landlord will still be responsible for major repairs -- such as a leaky roof or installing a new furnace -- but the tenant-buyer will often be responsible for taking care of minor repairs. Whether it means climbing on a ladder to unclog the gutters or having to pay for a new washing machine when the original washer breaks, the renter has to take care of it.



Many Rent to Own homes are newly rehabbed

• Buyers can experience “Pride of Ownership.” This is not just another rental for you. You are on your way to owning your own home!

We have Rent to Own homes available now throughout the Chicago area. Call Adam at 630-697-4500 or email AdamRE2014@Gmail.com to find out more. You can see pictures, videos, and more information about the homes we have available for Rent, Rent to Own, or for Sale on our website at www.MyHappyHomeSolutions.com. Subscribe to our list to find out about Rent to Own homes before the general public even knows they’re available!

                                                                                     -- from http://home.howstuffworks.com/real-estate

llinois home prices climbed in October; Sales lower amid tighter inventory

SPRINGFIELD, Ill. — The Illinois statewide median price experienced a 6.3 percent annual gain in October. Sales declined slightly as available housing inventory tightened, according to the Illinois Association of REALTORS®.

Statewide home sales (including single-family homes and condominiums) in October 2015 totaled 12,881 homes sold, down 2.8 percent from October 2014 when 13,253 homes sold.

The statewide median price in October 2015 rose to $168,000, a 6.3 percent gain over October 2014’s statewide median price of $158,000. The median is a typical market price where half the homes sold for more and half sold for less.

"A substantial decrease in the number of homes on the market is having an impact on sales," said Mike Drews, GRI, president of the Illinois Association of REALTORS® and a broker-associate with Charles B. Doss & Co. in Aurora. "While there typically is a drop-off in inventory this time of year as potential sellers become immersed in holiday activities, the decline this month was particularly steep. The result is strong median price gains and a decrease in the number of days to sell a home."

The time it took to sell a home in October averaged 68 days statewide, down from 74 days a year ago. Available housing inventory remained tight with 68,302 homes for sale, a 10.4 percent decline from October 2014 when there were 76,205 homes.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central Region was 3.78 percent in October 2015, down from 3.90 percent the previous month, according to the Federal Home Loan Mortgage Corp. In October 2014 it averaged 4.03 percent.

In the nine-county Chicago Primary Metropolitan Statistical Area, home sales (single family and condominiums) in October 2015 totaled 9,155, a decrease of 2.0 percent from the 9,344 sales in October 2014. The median price in October in the Chicago PMSA was $200,000, up 8.1 percent from $185,000 in October 2014.

“The housing market appears to have returned to its longer-run annual pattern,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois.  “Distressed housing sales have declined to levels last seen in 2009 as prices continue to move upwards at modest rates.  The consumer sentiment indices are once again moving in opposite directions suggesting that there is uncertainty in the way consumers view future prospects.”

According to the data, thirty-seven (37) Illinois counties reported sales gains for October 2015 over previous-year numbers, including Rock Island County, up 18.3 percent with 142 units sold; Madison County, up 10.6 percent with 302 units sold; Sangamon County, up 7.1 percent with 257 units sold; Will County, up 3.1 percent with 925 units sold; and DuPage County, up 1.5 percent with 1,134 units sold.

Fifty-five (55) counties recorded median price gains in October 2015 over previous-year numbers, including Lake County, up 20.3 percent to $216,500; Peoria County, up 14.9 percent to $134,450; and Cook County, up 5.4 percent to $200,350.

The city of Chicago saw sales of 2,109 homes in October 2015, down 0.9 percent from last year when 2,128 homes were sold. The median price of a home in Chicago was $240,000, up 1.7 percent over October 2014 when the median price was $236,000.

"The start of the final quarter of the year was marked by plunging inventories, and that's having a corresponding impact on sales and prices," said Dan Wagner, president of the Chicago Association of REALTORS® and senior vice president for government relations for the Inland Real Estate Group. "What's crystal clear is there is still very keen interest in buying this late in the selling season, and there's no indication that the zeal to own a home is diminishing."

Sales and price information is generated by Multiple Listing Service closed sales reported by 29 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC as of Nov. 7, 2015 for the period of Oct. 1 through Oct. 31. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will. (Note: Due to a technical difficulty with the multiple listing service upload, data for the Mid Valley Association of REALTORS® is not included in the October report.)

The Illinois Association of REALTORS® is a voluntary trade association whose 43,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation to safeguard and advance the interest of real property ownership.

Find Illinois housing stats, data and the University of Illinois REAL forecast at www.illinoisrealtor.org/marketstats.

The Housing Market – Forecast and Future Condition

The Housing Market – Forecast and Future Condition

The median price forecast indicates moderate annual growth in both Illinois and the Chicago PMSA for November, December and January. In Illinois, the median price is forecast to rise by 5.8% in November, 7.4% in December and 4.3% in January. For the Chicago PMSA, the comparable figures are 7.7% in November, 9.5% in December and 8.3% in January. (Reference: Forecast for November 2015 report table.)

As a complement to the median housing price index (HPI), the REAL HPI (4) also forecasts moderate growth for Illinois and the Chicago PMSA. In Illinois, the REAL HPI (Jan 2008=1) is forecast to rise by 6.8% in November, 9.0% in December and 3.2% in January. The comparable figures for the Chicago PMSA are 5.8% in November, 8.1% in December and 3.4% in January. REAL HPI takes housing characteristics into account and constructs comparable “baskets” of homes for each month. (Reference: Housing Price Index)

The sales forecast for November, December, 2015 and January 2016 suggests negative and positive growth respectively on the monthly and yearly basis. Annually for Illinois, the three-month average forecasts point to a change between 4.1% and 4.8%; for the Chicago PMSA, the change will range from 5.4% to 6.3%. On a monthly basis, the three-month average sales are forecast to decrease by 12.0%-14.0% for Illinois and 11.6%-13.6% for the Chicago PMSA. (Reference: Forecast for November 2015 report table)

The pending home sales index (5) is a leading indicator based on contract signings. This October, homes put under contract were more than last year but less than last month. The pending home sales index is 135.5 (2008=100) in Illinois, down 12.7% from last month and up 1.1% from a year ago. In the Chicago PMSA, the comparable figure is 159.1, down 9.6% from a month ago and 7.1% from a year ago. (Reference: Illinois and Chicago PMSA Pending Home Sales Index figure)

In October 2015, 2,189 houses were newly filed for foreclosure in the Chicago PMSA (down 37.7% and up 29.6% respectively from a year and a month ago). 1,476 foreclosures were completed (6) (down 52.9% and 7.0% respectively from a year and a month ago). As of October 2015, there are 36,079 homes at some stage of foreclosure — the foreclosure inventory. The average inventory change rates (7) were 1.3% in the past 6 months, 0.9% in the last 12 months and -2.0% in the last 24 months. Given the 24-month rate of change, the foreclosure inventory would return to the pre-bubble levels (8) by November 2020.

According to the positive 6-month rate and almost unchanged 12-month rate, the inventory would increase (Reference: Chicago PMSA Foreclosure Activity and Inventory figures).

4 REAL HPI was developed by Esteban Lopez and Minshu Du. Contact us for further details.
5 The base level (100) of pending home sales is the average pending home sales of year 2008. 
6 Including estimated foreclosure completions that are missing in the data. 
7 The range of months used for calculating the average change rates are modified from the 6/12/24 months’ scenarios to 3/6/9 months’ scenarios since Aug 2014. 
8 Average foreclosure inventory from 1997-2005 Housing Forecast October 2015 5 

How To Repair Your Credit and Improve Your FICO Scores

How to repair my credit and improve my FICO Scores

It's important to note that repairing bad credit is a bit like losing weight: It takes time and there is no quick way to fix a credit score. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast. The best advice for rebuilding credit is to manage it responsibly over time. If you haven't done that, then you need to repair your credit history before you see credit score improvement. The tips below will help you do that. They are divided up into categories based on the data used to calculate your credit score.

3 Important Things You Can Do Right Now

Check Your Credit Report – Credit score repair begins with your credit report. If you haven't already, request a free copy of your credit report and check it for errors. Your credit report contains the data used to calculate your score and it may contain errors. In particular, check to make sure that there are no late payments incorrectly listed for any of your accounts and that the amounts owed for each of your open accounts is correct. If you find errors on any of your reports, dispute them with the credit bureau.

Read more about Disputing Errors on Your Credit Report

Setup Payment Reminders – Making your credit payments on time is one of the biggest contributing factors to your credit scores. Some banks offer payment reminders through their online banking portals that can send you an email or text message reminding you when a payment is due. You could also consider enrolling in automatic payments through your credit card and loan providers to have payments automatically debited from your bank account, but this only makes the minimum payment on your credit cards and does not help instill a sense of money management.

Reduce the Amount of Debt You Owe – This is easier said than done, but reducing the amount that you owe is going to be a far more satisfying achievement than improving your credit score. The first thing you need to do is stop using your credit cards. Use your credit report to make a list of all of your accounts and then go online or check recent statements to determine how much you owe on each account and what interest rate they are charging you. Come up with a payment plan that puts most of your available budget for debt payments towards the highest interest cards first, while maintaining minimum payments on your other accounts.

More Tips on How to Fix a Credit Score & Maintain Good Credit

Payment History Tips

Contributing 35% to a FICO Score calculation, this category has the greatest effect on improving your scores, but past problems like missed or late payments are not easily fixed.

1. Pay your bills on time.

Delinquent payments, even if only a few days late, and collections can have a major negative impact on your FICO Scores.

2. If you have missed payments, get current and stay current.

The longer you pay your bills on time after being late, the more your FICO Scores should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your FICO Scores fades as time passes and as recent good payment patterns show up on your credit report. And good FICO Scores weigh any credit problems against the positive information that says you're managing your credit well.

3. Be aware that paying off a collection account will not remove it from your credit report.

It will stay on your report for seven years.

4. If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.

This won't rebuild your credit score immediately, but if you can begin to manage your credit and pay on time, your score should increase over time. And seeking assistance from a credit counseling service will not hurt your FICO Scores.

Amounts Owed Tips

This category contributes 30% to a FICO Score's calculation and can be easier to clean up than payment history, but that requires financial discipline and understanding the tips below.

1. Keep balances low on credit cards and other "revolving credit".

High outstanding debt can affect a credit score.

2. Pay off debt rather than moving it around.

The most effective way to improve your credit scores in this area is by paying down your revolving (credit cards) debt. In fact, owing the same amount but having fewer open accounts may lower your scores.

3. Don't close unused credit cards as a short-term strategy to raise your scores.

4. Don't open a number of new credit cards that you don't need, just to increase your available credit.

This approach could backfire and actually lower your credit scores.

Length of Credit History Tips

If you have been managing credit for a short time, don't open a lot of new accounts too rapidly.

New accounts will lower your average account age, which will have a larger effect on your scores if you don't have a lot of other credit information. Also, rapid account buildup can look risky if you are a new credit user.

New Credit Tips

1. Do your rate shopping for a given loan within a focused period of time.

FICO Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

2. Re-establish your credit history if you have had problems.

Opening new accounts responsibly and paying them off on time will raise your credit score in the long term.

3. Note that it's OK to request and check your own credit report.

This won't affect a score, as long as you order your credit report directly from the credit reporting agency or through an organization authorized to provide credit reports to consumers. One of the best places to get a free credit report is www.AnnualCreditReport.com, the site authorized by the U.S. government.

Types of Credit Use Tips

1. Apply for and open new credit accounts only as needed.

Don't open accounts just to have a better credit mix – it probably won't raise your credit score.

2. Have credit cards – but manage them responsibly.

In general, having credit cards and installment loans (and paying timely payments) will rebuild your credit scores. Someone with no credit cards, for example, tends to be higher risk than someone who has managed credit cards responsibly.

3. Note that closing an account doesn't make it go away.

A closed account will still show up on your credit report, and may be considered by a score.

Where Do You Go From Here?

To summarize, "fixing" a credit score is more about fixing errors in your credit history (if they exist) and then following the guidelines above to maintain consistent, good credit history. Raising your scores after a poor mark on your report or building credit for the first time will take patience and discipline.

-- from www.MyFICO.com