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60136 : Real Estate Advice

  • All8
  • Local Info0
  • Home Buying5
  • Home Selling3
  • Market Conditions0

Activity 8
Sgabl, Home Buyer in Nashville, TN
Sun Oct 2, 2016
Sgabl asked:
Michael Decm…, Real Estate Pro in Bolingbrook, IL
Thu Nov 13, 2014
Michael Decman answered:
1 Quick ?, did you lose your job or face a loss of pay due to your malady?
Mike Decman
Cherry Creek Mortgage Company
6440 Main Street, Suite 320
Woodridge, IL 60517
Loan Officer NMLS # 847074
Office 630-427-4668
Cell 239-633-6323
e-Fax 800-863-5473
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0 votes 4 answers Share Flag
Barbara Q., Other/Just Looking in Bergen County, NJ
Wed Apr 14, 2010
Barbara Q. answered:
Priscilla - I am not an agent and I have no objection to Sellers who opt to go FSBO. If you are offering 4% to a Buyer's agent and you paid a Flat Fee service...are you paying for your own ads? holding your own Open Houses? following up with the agents who do show your home?

Many listings in our area are at 5% total commission...some are at 6 and others (mostly new construction) are at 4%. I know that R.E. Commissions are negotiable, however, what's the "going rate" in your area?
May I ask, how much do you hope to save?
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0 votes 19 answers Share Flag
Amy Foote, Real Estate Pro in Carpentersville, IL
Mon Apr 5, 2010
Amy Foote answered:

We just had the Kane Country Treasurer in our office the other day about just this subject. In Kane County, as I'm sure it is in most counties, the taxes get sold 1ce a year at an auction. In effect, you are paying the taxes for that person and they will owe you interest on those taxes if/when they pay you back. As part of the auction, you bid on the interest rate for those taxes...lowest bidder wins.

That homeowner has the right to redeem those taxes...i.e., pay you for the taxes and the interest they owe any time up to 30 months after the tax sale (you may want to check with your local county office to see what their redemption period is). In subsequent years during that 30 month redemption period, if they continue to not pay taxes, you have a right of first refusal on subsequent years' a preset, high interest rate.

If and only if they don't redeem will you get the property after the 30 months. Then, there may be legal evictions, etc., that have to take place (which you pay for) before you take possession. And the Kane County Trasurer claims this only happens in an infinitessimal percentage of the cases...almost all are just investments that make interest and receive interest income.

Anyone wanting to invest in tax sales needs to approach it with a mindset that they are going after the interest income they'll receive on the tax money rather than being able to "buy" properties just for their taxes.

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0 votes 1 answer Share Flag
Michelle Law…, Real Estate Pro in Gilberts, IL
Mon Sep 28, 2009
Michelle Lawler answered:
Hi Michelle!

Great question!! Commissions are ALWAYS negotiable! It is illegal for a real estate agent to "set" a commission rate. Typically buyer's agents receive anywhere from 2.5% to 3%, however, there are some sellers that offer a flat fee and some sellers that offer a higher commission or even bonuses (2.5% plus $1000) in an attempt to obtain more buyer traffic. That being said, if your home is a home that a buyer desires and an agent is working with that buyer, the agent should approach you (just as Nichole mentioned) with a proposal for an agreed commission. You can agree or disagree with the request and negotiate a rate that you are willing to pay.

But beware!!! Many real estate agents use this tactic to get in the door and will then solicit you for the listing!

Have you been approached by a Realtor? Did they schedule an appointment with a qualified buyer?

Please feel free to contact me if you have any further questions or need assistance. I have work for Prudential Starck on Randall Road and I too live in Gilberts! I have some great FSBO information that may help you!

Good luck!!!

Michelle Lawler
Prudential Starck Realtors
Cell: 630-404-2646
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0 votes 7 answers Share Flag
Pete, Both Buyer and Seller in Aurora, IL
Mon Jul 28, 2008
Pete answered:
I have just done what you ask here.(after you find the parcel #.) I first got the " story of the property from the owners",
then I called the Tax Collectors/ Assesors ( Kane County) the girls are a joy to work with, and if you explain what you are doing they will help on that end.back taxes and taxesales on the property. I found in the Assesors office, that there was a forfeiture, and the amount of that, and the . Read the part of the forfeiture again, I got nervous on that word.....Its only more money. due.
Now the recorders office can help you. they can give you records and posted document numbers ( most is available on the internet for free) to aid your search for encumberances, like an old mortgages or loans against the property that should have/ might have been settled but never recorded, and leins like city bills water or sewer or other leins.
This will give you an idea of what your up against. * Financial wise if you choose to address it *
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0 votes 3 answers Share Flag
Laura Karamb…, Real Estate Pro in Downers Grove, IL
Mon May 19, 2008
Laura Karambelas answered:

I did a little research on this property for you. As far as I can see it has never been under contract according to our MLS (MRED, LLC).

The property went on the the market December 17, 2006 with a list price of $359,900. December 19, 2006 there wa a price change to $354,900 and was cancelled January 6, 2007.

March 31, 2007 it was re-listed at $337,900 and cancelled out August 21, 2007.

February 1, 2008 it was re-listed again at $245,000 and is currently active. It has been on the market for 337 days altogether. It is listed as a short sale, pre-foreclosure with 3rd party approval needed.

There are currently 22 active listings in Timber Trails & 2 under contract. The homes are priced from $244,900 to $419,900.

The market in Gilberts used to move quickly in part because it is more convenient to I90 compared to Algonquin, Lake in the Hills & Crystal Lake. Especially with all of the new retails stores along Randall Road. When I moved out there (1992)...Randall Rd. was one lane going North & one lane South, only farmland & stop signs. The only retail was located at Randall & Algonquin and it was a gas station.

I hope this information helps!
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1 vote 1 answer Share Flag
Top Notch Re…,  in Barrington, IL
Fri Apr 18, 2008
Top Notch Realty Team answered:
Nope! I don't have the "dirt" on this property. But as an Active Realtor in the area, who also lives in the area, I can tell you it is well priced! Similar homes with 11 rooms or less, 4 bedrooms and 2 plus bathrooms in this area are currently listed at 30k to 55k over the listed price of this property. Timber Trails is a fabulous community; excellent for everybody. Love the bike/running path, ponds, parks, and the community itself brings a perfect balance with its diverse demographics and ethnicities. In addition, the School District 300 is a great school district, for those having kids in elementary school prepare to join an awesome brand new school with a great Principal, Mr. King, and fantastic teachers, like Ms. Hoffman!

Good luck in finding your new home. To search for thousands of homesinstantly on the MLS, an for free, access my website at

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0 votes 1 answer Share Flag
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