Hi Liz. The earnest money is something you and your agent should come up with. There is no set number to put down. While the earnest money does go toward your down payment it does not have to be the full amount of your down payment. It really shows the seller how interested you are in purchasing the home. Now to protect yourself you should know that if things turn ugly with the transaction earnest money can be lost or be held up in mediation for a while before you get it back.... more
Does Trulia pull old posts? Why does John Walin propose pulling this post? How old constitutes an old post? I've had buyers and sellers contact me on responses to posts made years before - grateful for my response, too. Isn't that what this site is all about???... more
250k house in deerfield must be pretty tore up and needing a lot of work. like Kathy said, the 203k model could work but check with your preferred lender. Also realize that in 60015 that market is swarming with investor class buyers aquiring rental properties. You will lose out against an all cash buyer with a 203k. Best to consider Fannie Mae Freddie REO's that expect a buyer to need to improve to make it habitable and buyers get a "first look" preference for first 15 days of listing period.
best of luck!... more
The propery next door will have a serious impact. Not only will it cause some potential buyers to rule out your home before they've even had a chance to consider it, it will also impact the price a buyer is willing to pay. We have seen in the past the effect a neighboring home that has not been maintained can have on the perception of potential buyers as to what life will be like with their neighbors. We would urge you to contant the municipalities where the property is located to see if there is not something that can be done to remedy the situation before getting ready to put your home on the market.... more
This question gets asked all the time. Buyers think there's some "formula" for how much to offer or not offer on a house? In general terms, not in this specific case - There is no formula. If the house is Underpriced, there may be multiple offers, over & above the asking price. And if so, be ready to lose if you think you can pay "X percent" of the listing price and win the property if this in the case. Someone who knows the market, and knows a property is underpriced, will overbid and win the case. This Just happened in my area, where a 1/2 acre lot with an older home on it sold for about 50-75K under value. There were 12 buyers lined up to purchase it. It went for the asking price and closed in 3 days.
If the property is Overpriced, then all you need to know is what is the trigger point or fair market value for the property, and this will best be culled by a seasoned full time agent working the market that you're looking in.... more
Ideally you will always use comps from the same subdivision, same village, etc. When you get into some areas that have more limited comps, you need to use the best comparables which may be from another village/zipcode. The comps that you are most likely seeing will be Riverwoods which shares Deerfield's zip 60015 & can be very similar to Lincolnshire.
Like Kathy said, you really need to get an agent to represent you on the buyside. Just because you went into an Open House does not mean that you have to use the Listing agent as a Dual Agent....to do a dual agency, there are numerous disclosures that both buyer & seller have to sign so everyone is very clear that the agent is representing both the buyer & seller.... more
If the home is in a marginal location, It shouls sell accordingly. While it might seem to be a good deal compared to other homes on the market in better locations, It will be discounted again when you eventually sell.... more