Home Buying in Naperville>Question Details

Salabat Mir, Home Buyer in Naperville, IL

Looking for a home to buy in the areas of Naperville, IL or Bolingbrook, IL with a budget of about $350K.

Asked by Salabat Mir, Naperville, IL Wed Jul 25, 2012

Would prefer foreclosures, but resale would also work.
At least 2700 sq ft.

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John Bates’ answer
Be careful when purchasing foreclosure homes. Take note of the taxes. You will find more likely than not a home in Naperville will have taxes of approximately 2 - 2.5% of the purchase price. While homes in Bolingbrook will have higher taxes. It is not because of big differences in tax rates, but in the assessed value of the home. Naperville home values have not declined as much as other nearby communities. I have been very actively pursuing homes in the same price range you are looking at. My buyer has narrowed the search to 2 homes. One in Bolingbrook price of 300k with property tax of 11,900. While the one in Naperville is priced at 300 k with property tax of 7,300. I called the tax assessor to inquire if taxes would be adjusted once closed at the new sale price. The response was that tax is determined by value, and not by a short sale, foreclosure or other distressed sale. Tax is averaged over the last three years and that the buyer should not look at any huge reduction in the tax bill any time soon. The payment for my buyer varies from $1500 in Naperville, to $1900 in Bolingbrook! I would add the original sale price of the home in Bolingbrook when originally purchased was $495k. The original price of the home in Naperville was $350,000.
0 votes Thank Flag Link Mon Jul 30, 2012
Wanted to throw out a few more ideas for you that I have told to my current buyers looking in either of those two areas.

If you buy in Naperville feel comfortable buying any type of property, meaning, foreclosure, short sale (if you have the time) or regular sale. Reason being the market is stronger and will recover quicker than Bolingbrook.

If you purchase in Bolilngbrook I would tell you to purchase a foreclosure or a short sale. Reason being there are more "distressed" properties in Bolingbrook which means there is a great chance of further depreciation ahead. If you buy a regular home for $350K it might be like driving a new car off of the lot...it might be worth less the next day, week or month.

If you purchase a foreclosure or short sale at $350K when true market value is $375 or possibly more then you create what I call the "buffer". If prices continue to come down you would hope that they would not come down any further than what you purchased the home for when you got a "good price" buying a foreclosure. Make sense?

It does not mean Bolingbrook is the wrong choice...it just means you have to know the areas and work with someone who knows the areas and can give this kind of advice. Buying a home and working with an agent is more than driving around in the same car and opening doors. Sound financial advice and expert opinions is the true value of finding a local agent who is there to help you long term instead of looking for their next commission check.

Feel free to do with this advice what you would like and if you have not hired an agent and are looking for someone that will take good care of your before, during and after your purchase don't hesitate to contact me. Best of luck!!

Mike Long
Realty Executives Premiere
(630) 446-0289
0 votes Thank Flag Link Fri Jul 27, 2012
By the way, a foreclosure is a court action which is recorded at the county. This information is public. There is no "private list". These are bank assets whose prices will, ultimately, be determined on the open market...not on somebody's "private list".

And, honestly, Home_buyer935, everybody starts out wanting to "look at foreclosures", until they start seeing them. Resale homes that aren't "as/is" are, generally, pricing themselves competitively with REO's and short sales.

Ken Gerrans
john greene, Realtor
0 votes Thank Flag Link Thu Jul 26, 2012
Good Morning Home Buyer935,

Thanks for using Trulia.com for getting answers to your questions.

There are many options which fits your criteria, including REO "Bank Owned", Foreclosure, Short Sale and resale, please contact me today for a private list of these homes. Thanks.

Best Regards,
Inaas Arabi
Option Realty Group
Direct: 630-329-5000
E-mail: Inaas@hotmail.com
0 votes Thank Flag Link Thu Jul 26, 2012
I would be honored to help you find a home you love. Do you have a school district preference? Anything special you must have in your home? I have worked the Naperville, Bolingbrook, Lisle areas for over twenty years.

Marianne Hofmann
Charles Rutenberg Realty
Naperville, IL
Web Reference: http://MarianneHofmann.com
0 votes Thank Flag Link Thu Jul 26, 2012
Congratulations on making the decision to buy a home NOW with interest rates at a record low and home prices so low also. I am very knowledgeable about Naperville and Bolingbrook as my son lives in Napeville and my daughter lives in Bolingbrook. I can get you approved with the great loan officers I work with FREE even over the phone, for your convenience. I also have an awesome email program I can set you up on that sends you AVAILABLE homes right to your email, so that you don't have to search and waste time finding homes that are under contract or no longer available. I am very good at negotiating and can always get the seller to pay the closing costs with creative financing. Oh, and did I tell you that my services to you are FREE? Yes, please call me, 708-533-0515. I am available 24/7. I pride myself on answering my calls. I love finding and selling WOW homes to my buyers at a great deal! I promise you won't be sorry! Call me today!

Carmen M. Keslin E-Pro
ReMax 10 In the Park
708-533-0515 cell
0 votes Thank Flag Link Thu Jul 26, 2012
You will want to pick a realtor to help you with the home buying process. Your realtor can help you in the selection and the showing. Good luck with your house hunt and if you need any assistance , here to help. Shahzana Ripp. 815-483-7773
0 votes Thank Flag Link Thu Jul 26, 2012
There are many homes in these areas that may work for you. Please feel free to give me a call or shoot me an email. I am available Monday - Sunday at any time.

Lola Jefferson
(630) 420-1220
0 votes Thank Flag Link Wed Jul 25, 2012

Housing at this price point in the Naperville area is moving at a very brisk pace.

Contact me and we'll search what is currently on the market rather than wasting time chasing homes already under contract.

The good ones are going fast.


Ken Gerrans
John Greene, Realtor
0 votes Thank Flag Link Wed Jul 25, 2012
In the whole city of Naperville there are only 7 foreclosures which gives credit to the shape of the Naperville market and I would be happy to show these homes. I recommend to stay out of Bolingbrook unless it feeds into district 204 (Naperville) or district 202 (Plainfield) because those are great districts for schools and the homes hold their resale value better than the rest of Bolingbrook.

I love Naperville and if you are not from the area I would be happy to give you the ins and outs of the different parts of Naperville and what it has to offer. If you are from here then you know how great it really is.

Please call or email me if you need anything and I will be happy to help you.

George Meredith Jr.
0 votes Thank Flag Link Wed Jul 25, 2012

Enjoy the house hunt. You couldn't ask for a better combination of low prices and low rates. I work with a number of realtors in the area who can provide you with excellent assistance, including Michelle Tangorra who already responded to your post. Let me know if you would like some recommendations.

Also, have you been pre-approved? If not, please let me know if I can be of assistance. Avenue Mortgage is located in Naperville and we have been in business for 23 years. We are a mortgage banker which means we lend our own funds which is a huge advantage over a mortgage broker when it comes to purchases. By being local I'm able to do all my doc signings in person and I attend all of my closings. Also, the appraisers we use are local and understand the nuances of the various neighborhoods much better that many of the out-of-area appraisers that mortgage brokers and larger banks tend to use.

Thank you,
Jeff Kincaid
630-470-6722 office
630-605-3694 cell
0 votes Thank Flag Link Wed Jul 25, 2012
No problem, I can find you a suitable place within your budget! Let me know what your priorities are & how soon you want to move in. I will assist you all the way till the closing day. I have been in the Naperville for long time & also sold quite a few in Bolingbrook. Call me or email whenever you are ready, I will get you the best deal in town.
Nutan Bansal (Nootun) Real Estate Professional
ABR® | e-PRO®| BPOR® |SFR®|Broker®
Certified in Short Sale & Foreclosures
Charles Rutenberg Realty
0 votes Thank Flag Link Wed Jul 25, 2012
You will want to pick a agent to help you through the home buying process. They can help you find homes that match your criteria. I'd be happy to help.

Michelle Tangorra
0 votes Thank Flag Link Wed Jul 25, 2012
Hello ,

Sure would love to help you- important things to know would be what are your criterion - number of rooms, baths, basement-yes/no. What is the preference in location, schools and commute.

I live in Naperville and i am very familiar to Bolingbrook too,
You can call me or email me and we can discuss in details and start you on a search.

Warm wishes,

Sunita Tandon
Baird & Warner, Naperville
0 votes Thank Flag Link Wed Jul 25, 2012
Is there a particular reason that you prefer a foreclosure? You can often find great bargains, but there are things to be careful of as well. I would be happy to help you figure out which area and type of home would suit you best. Feel free to call me directly at 630-345-7767.
0 votes Thank Flag Link Wed Jul 25, 2012
Do you have a preference for area? Commute? Is the train or access to I-88 important?

I'd be happy to help you find your next home. I live and work in Naperville and have seen it change and grow over the past 35 years.

You can contact me either by cell or email. I look forward to helping you!

Michele Nixon
0 votes Thank Flag Link Wed Jul 25, 2012
What are your plans for finding/interviewing agents? Let me know if you want to talk about best way to purchase in this market? You can also ask any questions about myself or my experience.

Mike Long
(630) 446-0289
0 votes Thank Flag Link Wed Jul 25, 2012
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