Applying a Cash Gift to Your North Shore Home Purchase

Is it better to give than receive? If you are looking to buy a North Shore home, a cash gift from family could help you fund the down payment. It would certainly be good to receive! But there are a few points that you and the gift-giver need to know. Here’s the latest on the subject, quoted from the New York Times:

“If you are giving a cash gift for a down payment, the giver must remember that under Federal law, each individual is permitted to give away money/valuables worth up to $13,000 to a single recipient in a calendar year. A married couple could jointly bestow up to $26,000 to a recipient in a calendar year. Anything above the annual maximum could be considered a taxable gift, and must be reported to the IRS.”

In other words, consult your tax preparer before moving any funds around!

Cash gifts are a hot topic in Newsday as well. Here’s a quick look at how different mortgage types treat cash gifts:

FHA – the entire 3.5% down payment can consist of gifted funds. Because of the loan amount limits on FHA-backed mortgages, you’ll want to ask your lender if an FHA loan would be an option for the price range you’re in.

Freddie Mac – if 80% of the property value is being financed, the buyers would have to produce at least 5% of the down payment from their own funds; the rest could come from gifts.

Fannie Mae – the entire down payment may be from gifts.

Speak to your mortgage lender in advance of receiving gift funds from family. Each mortgage type has conditions about the documentation needed for cash gifts. Knowing the underwriting criteria in advance will help you satisfy the paper trail.

Home ownership is truly the gift that keeps on giving! As your North Shore Real Estate agent, I’m happy to share industry news and information about the Chicago North Shore Real Estate market.

Our North Shore communities are a wonderful place to live! If you would like to buy or sell a home in Deerfield, Glencoe, Highland Park, Northbrook,Winnetka or nearby locales, Contact me for North Shore market expertise. You can trust my 25 years of experience for all your real estate needs.

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
View North Shore Listings
Visit My Website

Simplify Your North Shore Home Search!

Overwhelmed by information? You’re not alone! As a North Shore Real Estate agent, I see firsthand the ton of real estate information that floods the media. It can sidetrack a home search and cost you valuable time.

If you’re looking for homes in the North Shore Real Estate market, you can simplify your search with these tips from RISMedia:

List the important must-haves; school district, number of bedrooms and baths, ect.

Obtain a mortgage pre-approval and know your purchase power. This is essential in our current market.

Now that you know your priorities and price range, use the criteria to narrow your home search. Start with my Featured Listings to see examples of beautiful North Shore homes. Personalize your search according to your own criteria on the “Search All Listings” page.

Stay focused on the priorities! Interior photos may not do a home justice, and décor can always be changed. Make a list of the homes that meet your needs and price, in the location you most desire.

Contact me for North Shore market expertise! Having an experienced North Shore Real Estate agent on your side will make for a smooth home buying process.

Whether you’re looking for a home in Deerfield, Glencoe, Highland Park, Northbrook,Winnetka or any of the North Shore communities, I can help you find the perfect home. Contact me to arrange a personal showing of any home in the North Shore area!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
View North Shore Listings
Visit My Website

Home Remedies for Cleaning Your North Shore Home

It happens to all of us: A carpet stain right before expecting guests at your North Shore home. What do you do when you’re in a bind without any carpet cleaner? This is when home remedies for general upkeep around the house come in handy! Luckily, there’s a good chance you have something to fix (or at least disguise) problems like this that come up in your North Shore home.

1.) Carpet stains
There are several ways to remove a carpet stain, but arguably the easiest is to mix dish washing detergent with water and blot out the stain. White vinegar is great for getting coffee stains out of carpet, and white wine can help remove an old red wine stain. No carpet cleaner needed! Try these tips the next time you find yourself in a rush to tidy up your North Shore home.

2.) Streaky windows
Sometimes no matter how hard you try, traditional glass cleaners will leave streaks on your windows and mirrors. When you want to impress North Shore home buyers visiting your home, try mixing 1/4 cup of white vinegar, 1 tablespoon of cornstarch and 2 cups of warm water. Spray onto any glass surface and clean with crumpled up newspaper instead of a paper towel for a lint-free finish.

3.) Carpet dents
When staging your North Shore home for an open house, it’s likely you’ll need to rearrange some furniture. What about those dents heavy furniture leaves in your carpet? Banish them quickly with an ice cube. Simply place an ice cube in the indented part of the carpet. Once it melts, blot dry and vacuum over the area. When the carpet fibers absorb the water, it makes them full again. The vacuum will pull the carpet fibers back to an upright position.

4.) Dusty furniture
As the weather gets warmer and you keep your North Shore home’s windows open, it can be difficult to keep up with dusting the furniture. Keep your Glencoe, Winnetka, Highland Park, Northbrook or Deerfield home looking fresh with a dust repellent. Mix one part vinegar with two parts water and use it to clean dust off of almost any surface area.

The next time you’re in a bind and need a quick, inexpensive remedy for home upkeep, look in your kitchen cabinets! Any of these tips will be great last minute fixes before an open house if you’re selling your North Shore home. If you’re leaving the North Shore or are planning to relocate here, please contact me to help make the selling or buying process go smoothly. As a North Shore real estate expert, I’m always here to help!

Janie Bress
Your North Shore Real Estate Expert

North Shore Real Estate
View North Shore Listings
Visit My Website
Email Me