If you are a tomato lover like me and are fortunate to have ample garden space right now you are being inundated with piles of ripe tomatoes, more than anyone could eat. Of course I have a dozen plants by design. I’m planning on having fresh tomatoes on my table past Christmas at least. Well at least fresh before I preserved them by cooking and freezing. If you don’t grow your own, grab a bushel full at a nearby farmer’s market and enjoy that fresh, sweet just picked taste well into winter.

I believe freezing is the best and easiest way for the home cook to preserve tomatoes for months to come. Canning works well too but make sure you learn from a veteran canner or really study. Many procedures used for years to can tomatoes may not work with today’s low acid varieties. Check out The National Center for Home Food Preservation, https://nchfp.uga.edu/. Freezing is simple and safe. First, peel the tomatoes. Cut a small X with a paring knife in the bottom of the tomatoes. Drop into simmering water. When you see the skin wrinkle (1-2 min.) remove with a slotted spoon and plunge into an ice water bath. When cool remove the skin and discard. Do this in the sink over a bowl to catch any errant juices. Core the tomatoes and quarter them. Fill quart size heavy duty freezer bags to almost the top. Fill with any extra juice. Squeeze out as much air as possible and carefully seal. Freeze flat. These tomatoes can be used in any recipe as you would use canned (equals approx. 28oz can). 

Fresh tomato sauce is delicious and since it is quickly put together and only minimally cooked it really keeps that fresh taste even after freezing. Take one quart fresh tomatoes, about 6-8. Peel and chop. In a large heavy skillet heat ¼ cup extra virgin olive oil. Add I cup finely chopped onion and cook for 4-5 minutes. If you would like a little spice in your sauce add ¼-1/2 tsp red pepper flakes, or do as I do and seed and finely chop a small jalapeno. I always have them in abundance in the garden. After the onions are soft add 4 cloves finely chopped garlic, 1 tsp dried oregano and cook for another 2 minutes. Add the tomatoes and simmer until the tomatoes give up their juice and collapse, about 10 minutes. Salt to taste, fresh tomatoes will need some salt but don’t overdo. Turn off heat and let cool. Pack in 16oz freezer containers leaving ¼ inch at the top for expansion. This sauce is delicious over any pasta especially angel hair spaghetti. Top with freshly grated Parmesan cheese. It also makes a great condiment for fish and chicken.

KATHLEEN WEAVER-ZECH & DEAN’S TEAM CHICAGO

Most buyers have to take out a mortgage in order to pay for a home purchase. While taking out a new mortgage with a lender is the more common approach to take, there’s another option: taking over the seller’s mortgage.

It’s called an ‘assumable mortgage’, and it’s named so because the buyer essentially ‘assumes’ the seller’s home loan. Rather than applying for a new mortgage from the lender, the buyer assumes the interest rate, current principal balance, repayment period, and all other terms of the existing mortgage. The buyer then promises to make all future payments on the mortgage, just as they would had they taken out an original loan.

Of course, the lender needs to approve such a scenario before the seller’s mortgage can be assumed by the buyer. While this arrangement might not be right for everyone, it can be beneficial for both parties in many circumstances. Assuming an existing mortgage can be easier and more affordable for the buyer compared to applying for a new mortgage.

Why Would Buyers Assume an Existing Mortgage?

One of the biggest reasons why buyers would consider taking over a seller’s mortgage is to benefit from a low interest rate. If current home loan rates are a lot higher than what the seller is currently paying on the existing mortgage, there’s plenty of money to be saved on interest payments. Even if rates are currently low, the buyer may not be able to secure a low rate based an unfavorable credit score.

Buyers can also save plenty of money on closing costs with an assumed mortgage. There are typically a lot of closing costs involved in a real estate transaction. For instance, no appraisals are needed, which typically cost a few hundred dollars. By assuming a seller’s mortgage,  closing costs like these can be significantly reduced, which means less money needed to close the deal.

Why Would Sellers Agree to Allow Buyers Assume Their Mortgage?

Considering the fact that there are fewer closing costs involved with an assumed mortgage, the seller can also benefit by potentially getting as close to the asking price as possible. After all, the buyer is saving a lot of money through cheaper closing costs and a lower interest rate. 

Sellers can also advertise the potential for an assumable mortgage at a favorable interest rate as part of the overall marketing strategy to sell the home. Since not all mortgages are able to be assumed, it could help the seller stand out from the competition.

Potential Drawbacks of an Assumable Mortgage

Before buyers decide to take over a seller’s mortgage, they will first need to find out if the entire price of the home will be covered by the assumable mortgage, and whether or not a down payment or additional financing will be required.

For instance, if the seller has an assumable mortgage of $200,000, and the home is being sold for $300,000, the buyer must come up with the additional $100,000. The remaining cost of the home will need to be borrowed from a lender at the current market rate, which will likely be higher than the one on the assumed mortgage, unless the buyer can come up with the rest in cash.

If another loan needs to be taken out, the two mortgage lenders will have to contend with each other. Many times different lenders won’t want to cooperate, and for good reason. If the buyer is delinquent on one mortgage, that could be a real problem for the other lender. The benefit of an assumable mortgage is also significantly reduced if the buyer has to take out another mortgage to make up the difference.

For sellers, a potential drawback may be the potential risk of being held liable for the loan even after it’s been assumed. In this case, if the buyer defaults on the mortgage, the seller could be left responsible for the amount that the lender could not recoup. However, sellers can effectively avoid this risk by releasing their liability in writing when the assumption takes place.

It should also be noted that the majority of conventional loans typically cannot be assumed simply because many banks don’t allow it. On the other hand, Federal Housing Administration (FHA) and Veterans Affairs (VA) home loans can be assumed. 

The Bottom Line

An assumable mortgage can make sense, depending on the type of mortgage, the difference in interest rates, and the disparity between the purchase price and the amount of the assumed mortgage. Before you consider going this route, you’ll need to chat with your lender to see if it’s even possible. If it is, make sure all the numbers add up, and you’re not putting yourself in a financially vulnerable position.

NORWOOD PARK

Chicagoland is always humming with activity. Here with another social/promotional, I don’t know it just sounds fun, event Wintrust Bank at 6336 N. Milwaukee Ave. is throwing an Ice Cream Social  during lunchtime tomorrow, Friday 8/19. Take a break between 11:00a.m. to 2:00p.m. for ice cream and smiles. How cool and sweet of you, Gladstone Wintrust Bank!

LAKEVIEW

Rosencrance recovery treatment centers opened their newest location at 3701 N. Ashland Ave. in the beginning of the month. With campuses in suburban areas of Naperville, Rockford, and Frankfort this location will be easier access for City of Chicago residents in need of outpatient mental health and addiction recovery services.  But this isn’t your grandpa’s old rehab. This five-story building also houses a 12 Step structured residential program for young adults aged 18 – 29 sharing sober living with up to five adults per unit in 3 – 18 months-long programs. Alderman Tom Tunney, five community members and a representative of Rosencrance have committed to monthly Good Neighborhood Committee meetings for the next two years to ensure encouraging ties between the recovery center and neighbors. For referrals call 773-975-4047 or visit Rosencrance.org for more information.

EVANSTON

No better way to literally take a good gander at one’s neighborhood than from a rooftop. Relatively new  Five & Dime at 1026 Davis St. has a rooftop patio bar. Need I say more? Ping Pong, Foose Ball, Jumbo Jenga.. I’m gonna say that too.

WEST LOOP

West Loop Community Organization’s social night is next week for networking over dinner and drinks. Tuesday’s 8/23 West Loop Night will be catered by Eat Purely and hosted by WeWork Fulton Market (220 N. Green St. 2nd Floor) which offers membership-based shared office spaces for small businesses and individuals. Free for members of WeWork, $10 for WLCO members, and $15 for non-members includes dinner and your first drink, from 4:30p.m. to 7:00p.m.

LINCOLN SQUARE

It’s your lucky month, Lincoln Square, well the Western Ave. North TIF District in particular. Certain neighborhoods that generate more property tax revenue than others can take advantage of The Tax Increment Funding which are government subsidies to make structural improvements to properties owned or used by small businesses. Eligibility criteria requires your business to operate within the boundaries of the Western Ave. (North) TIF; employment of no more than 100 full-time employees; net worth less than $6,000,000 and $500,000 liquid assets; and no outstanding debt with the City of Chicago. This is seriously official stuff and the money’s out there for you to claim. Follow this link to the Small Business Improvement Fund (SBIF) to learn more and send your application in before August 31.

CATHY MALLERS & DEAN’S TEAM CHICAGO

One of the most important things to establish before school starts is their sleep schedules. Start at least two weeks before school starts. We all let bedtimes go to the wayside with parties and other activities that often end past usual bedtimes. Ensuring children get enough sleep contributes immensely to their ability to learn. Elementary all the way to high school students need at LEAST 8 preferably 10 hours of sleep at night. Each child should have their own alarm and have the responsibility of making sure it’s set each night. Encourage children to pick out their clothes for the next day. For girls especially this takes a lot of crazy out of the morning.

School lunches can be a rushed job in the morning. It’s a good idea to at least start the process the night before. Designate an area in the refrigerator for lunch fixings. Have juice boxes, yogurts, individually bagged fruit and veggies like grapes and carrot sticks. Help the kids make healthy choices but don’t forget a treat.

Homework can often be difficult and contentious. Provide a quiet, clutter free area for the kids to do their homework. Preferably out of sight from TVs or video games. Have pencils and other supplies handy and keep them organized. Set homework time. It can vary depending on after school and family schedules, but try to do as early in the evening as possible when children are still attentive and not too tired. Do set time for relaxation and play. Too often these go by the wayside with busy schedules.

In our busy lives it’s easy to miss something important. With even younger children having phones and tablets everyone seems to have their own calendar. Parents, set aside a few minutes later on Sunday to make sure everyone has their calendar synced up with the main family one. This is the time to designate where and when everyone needs to be and how they are going to get there. Better to work it out now than a ½ hour before an activity. 

Carve out family time during the week. Even if it is only an hour to watch a program together that is still beneficial. If you can do a longer activity let kids take turns choosing the activity. Bike riding, playing basketball or table games are possibilities. Museums and historical sights are also great for family bonding time and learning too!

Go through their backpacks daily if possible. Check their work. Ask them what needs attention like permission slips or sign offs on reading times, etc. Kids will inevitably forget items that need to be taken care of and it makes morning chaos manageable. The one thing that kids need to be responsible for is their lunch box! Nobody wants to smell yesterday’s yogurt container or sandwich leftovers.

A little planning and forethought is all it takes to make your kids’ school life more productive and successful and at the same time ease much of the stress on parents. Even children as young as 5 or 6 can learn to stick to a schedule and do simple tasks like putting their lunch box in the kitchen and prepare their outfits for the next day.

KATHLEEN WEAVER-ZECH & DEAN’S TEAM CHICAGO

To successfully sell a home, sometimes you’ve got to pull a few tricks out of your hat. One way that many sellers are trying to sweeten the deal for buyers and speed the process along is to offer buyer incentives.

There are a variety of ways to make a listing and the overall deal more attractive to buyers, but sellers should use incentives appropriately. Not every type of incentive will necessarily work with every deal. You want to make sure that you’re not wasting your time and money. For that reason, it’s important to determine what type of incentive would work for the types of buyers that are looking in your area to make sure it works in your favor.

If you’re not getting the offers you expected despite your best efforts to stage your home and price it right, throwing in an incentive can be the link that makes the deal happen. Just make sure to keep these pointers in mind when offering homebuyer incentives so they work exactly the way you need them to work.

Make Sure What You’re Offering is Legal

There are plenty of perfectly legitimate offers that you can entice buyers with: covering closing costs, buying down interest points, throwing in the furniture, and so on. But there are others that border on illegal.

Your real estate agent and lawyer will be able to help you determine what may be considered against the law. Take their advice before you choose what type of incentive to offer, and whether or not to use an incentive at all.

Use Incentives to Make Your Home Stand Out From Other Listings in Your Area

Unless it’s a super slow market in your area, you’ll likely be competing with other listings. Part of an effective marketing strategy is to make your home stand out from the rest. If you’ve done everything else to make that happen – such as having the home professionally staged inside and out – you might have to take an extra step to make buyers look in your direction.

Use Incentives to Compensate For Any Pitfalls in Your Home

It’s never OK to deliberately hide or conceal flaws in your home to buyers. That’s not only dishonest, it could also land you in legal hot water after the deal has been sealed. Sellers are encouraged to disclose any major flaws in the home before buyers put in an offer and agree to purchase at a certain price.

Flaws in a home can range in degree. They could be as minor as a cracked tile or peeling paint on the window sill. They could also be more expensive to rectify, such as an old roof or a furnace on its last legs. Whatever the case may be, you should be upfront about these flaws, and consider compensating for them through an incentive. That’ll help ease the sting of having to deal with such issues after the buyers move in.

Don’t Come Across as Desperate

The last thing you want to do is seem overly eager and motivated to sell. In some cases, offering an incentive might make you come across as desperate to get your home off your hands as quickly as possible. Buyers will pick up on that, and will act accordingly.

Maybe they’ll think that there’s something wrong with your home, and may avoid putting in an offer at all. Or perhaps they’ll think they’ve got the upper hand in the transaction, and will throw in a low-ball offer. Sometimes the offer of an incentive can backfire on you, so make sure you use caution before you decide to use them.

Don’t Offer an Incentive Coupled With a Price That’s Too High

Every seller wants to get the most money upon the sale of their home, but that doesn’t mean it’s OK to overprice the property. Not only is this greedy, it’s also unethical. It’s always a good sales tactic to price your home according to what the current market dictates. That way, you’ll be able to sell quickly and for as close to what your home is worth as possible.

If you’ve overpriced a home, don’t offer an incentive to offset the inflated price that you’ve listed your home at. Buyers these days are well-informed before they begin their house hunt, and with the advice of their real estate agents, they’ll know right away if a home is priced well over what it should be. By throwing an incentive into the mix, savvy buyers may quite simply be insulted, and gloss over your home altogether.

In addition to this being shady practice, it can also be dangerous for the overall market. Buyers who receive cash offers to pay for an overpriced home would then use that extra cash to get approved for a larger mortgage that they would otherwise not be able to obtain. Some experts have gone so far as to claim that such tactics like these were partly responsible for the housing crash.

Regardless of whether that’s true or not, it’s sound practice to list according to true market value.   

The Bottom Line

Incentives can work wonders at selling a home. In fact, they often can mean the difference between a sale and a stale listing. However, careful consideration needs to be made before you arbitrarily choose what to offer buyers. Along with all other aspects of selling a home, the decision to use a homebuyer’s incentive should be made with caution.