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Welcome > For Buyers > First Time Homebuyers ...

Buying Your First Home? Real Estate Agents Are Your Professional Guides. Make Sure You Choose a Top Expert.

You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Grayslake, Libertyville and Northern Illinois real estate expert, it's my job to guide you, from beginning to end.

I will take the time to go through each and every step of the buying process. There are no dumb questions!

Together, we will consider:

- How much can you really afford?

- How to qualify for a mortgage.

- How much cash you should put down.

- How to buy a home with little or nothing down.

- What it takes to get approved for financing. What banks and other financial institutions are looking for.

- How much your payments will be.

- The tax advantages of buying.

- Is renting or buying better for you?

Tell me a bit about your situation below. I'll get right back to you. There is absolutely no charge, and I offer this to you with no strings attached.

New to the home buying process? Tell me your concerns. Ask me questions. It's my job to help! There's no obligation, and I promise to get back to you quickly...

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School Reports in Grayslake, Libertyville and Northern Illinois, Illinois

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Illinois Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.

Schools in Grayslake, Libertyville and Northern Illinois

Tax Considerations >New 1031 Exchange Rules

One of the most popular "tax deferring" strategies for real estate owners who are selling one property and acquiring another is the use of Section 1031 of the Internal Revenue Code. It is an effective way to defer paying income tax on capital gain generated by the sale of a property when you intend to reinvest the proceeds in a similar, "like-kind" property. Almost any kind of real property is considered "like-kind" with any other real property.

A recently enacted law closes what was considered a loophole in the Section 1031 rules. In some cases, owners of investment real estate have used the 1031 Exchange to swap their investment property for real estate that could be readily converted to an owner-occupied residential property. After the exchange, they made the property into their principal residence, lived in it for a couple of years, then sold it. Now the American Job Creation Act of 2004 has ruled that properties converted from a 1031 exchange property into a residence must be held and used as a principal residence for at least five years to qualify for the tax exemption. Otherwise, the basic tax-deferring benefits of 1031 exchanges remain the same.

Consult your tax advisor for more detailed information.

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Q	The smallest of Canada's 1000 Islands shares a name with a fairy tale hero. What is it?
A	Tom Thumb
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Elizabeth Splitt, REALTOR®, real estate agent and broker for Grayslake, Libertyville and Northern Illinois, Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Elizabeth Splitt
Keller Williams
410 Peterson Road
Libertville, IL 60048
Direct: 847-987-4941
Fax: 847-572-0894
Elizabeth@ESplitt.com
Welcome to the Lake County area of Illinois. Team Splitt continues to grow to offer our clients the very best quality service. Our team believes in staying on the cutting edge of technology to help you find a home or sell your home in any real estate market! Elizabeth has also been a lifetime resident of the area and is ready to help you with all of your real estate needs.

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