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Insurance protection for specified losses due to
natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of
God"
Heir
An individual who will potentially inherit an
interest in land from someone who dies
Hiatus
A gap or space between two parcels of lands that
is not included in the legal description of either parcel
Home equity line of credit, or Home equity
loan
A mortgage loan (usually not the primary
mortgage) or line of credit which gives the property owner the option to obtain
cash advances from the loan proceeds, using his or her residence as collateral,
but which is not to exceed a pre-arranged amount of the owner's total equity in
the property
Homeowners' association
A nonprofit association of individual owners of
units in a multi-unit structure (either a planned unit development, or a
condominium) that manages the common areas of that structure. In a planned unit
development (PUD) project, the association holds title to the common elements,
whereas in a condominium project, it holds no title to the common
elements
Homeowner's insurance
An insurance policy available to residential
real estate owners that protects homeowners against financial loss from fire,
theft, public liability, and other risks
Homestead
Real estate that is owned and utilized as the
primary family residence, protected in some states as exempt from the claims of
creditors
Homestead deed
A document filed in the land records asserting a
homestead exemption, protecting a variable amount of his assets (depending on
which state) against the claims of creditors
Housing ratio, or Debt-to-income
ratio
The percentage that results from dividing a
borrower's housing expenses by his/her gross monthly income, used by the lender
to evaluate an applicant's qualification for a loan
HUD-1 statement
The document used in closing a real estate
transaction (also known as a "closing statement" or a "settlement sheet") which
itemizes the funds that are payable at closing, including broker commissions,
loan costs, and escrow amounts, and which provides a summary of the seller's
net proceeds and the buyer's net payment at closing. It is required by the US
Department of Housing and Urban Development (HUD) whenever federally-related
mortgages are being made on residential properties
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Steve Scheuring Baird & Warner 1037 Chicago Ave. Oak Park IL 60302 Office: 708-697-5946 Fax: 708-383-0790 Steve@OPRFHouse.com
My clients choose me because I am committed to serving their needs. My actions are timely. My advice is objective. My assistance is un-intimidating. My service is complete. My drive is your success.
It is a well-known fact that I utilize more technology-based marketing tools than any other area agent or firm! Digital photography, website advertising, and 24-hour availability are key elements to getting a home sold in today’s market. When you begin your search to buy a home or prepare to list a home, it makes sense to have somebody help you that knows homes. My wife Julie and I have fully restored two homes. Our first was a Chicago Bungalow on the North Side; in 2000 we complete and sold our English Cottage on the 900 block of Marion in Oak Park. These homes were not quick rehabs to make money. They were our homes filled with hard work (more than 50% of the labor was our own), fun memories, and quality finishing. We have recently embarked on a restoration that will (hopefully) be our last. We purchased a Victorian at 320 N. Euclid and estimate a restoration process of more than seven years. Taking care of my customers’ needs is job #1 and leads to long workweeks. This is all I do, everyday, seven days a week. Let me help you learn what to do and what NOT to do in order to get your home sold. If you are buying a home, your job is just as rigorous. I can help you with everything from home inspectors to mortgage brokers. Selling or buying… I help you with every detail to get you to that closing date.
www.OPRFHouse.com is
brought to you by Steve Scheuring NUMBER1EXPERT™ in real estate
for Oak Park and River Forest, Illinois, Vintagevictorians,
Colonials
- NUMBER1EXPERT™ 
