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60614 : Real Estate Advice

  • All72
  • Local Info2
  • Home Buying36
  • Home Selling8
  • Market Conditions4

Activity 58
Ryan Rahim e…, Real Estate Pro in Chicago, IL
Mon Jun 24, 2013
Ryan Rahim e-pro answered:
Hey,
Its usually 1.5-2 percent of the homes value. Taxes are also built off the community expenses cops, fireman, and teachers ect. This link below may help you out.

tax.illinois.gov/LocalGovernment/PropertyTax/taxbill.htm‎ ... more
0 votes 6 answers Share Flag
Ryan Rahim e…, Real Estate Pro in Chicago, IL
Mon Jun 24, 2013
Ryan Rahim e-pro answered:
Larry,
Understand the Rules and Regs, Bi-laws, and Minutes (Monthly Meetings) of that building. Call me for advise. Ryan Rahim 773-343-2160
0 votes 13 answers Share Flag
Andy Ogorzaly, Real Estate Pro in Chicago, IL
Fri Jun 7, 2013
Andy Ogorzaly answered:
Everything he/she recommends should be supported by data. He should show you the closed comps, local market data, and find out as much about the history of the listing you want to offer on as possible. Each listing is different, so sometimes it requires going in at asking price, but you should try to avoid it unless you have to. And since you won't have an appraisal done, it is even more important that your agent does his research..

Ask yourself... would you rather have discounted service or a discounted purchase price? An agent that does their research could probably save you thousands more than their 25% rebate.
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0 votes 40 answers Share Flag
Michael Vrie…, Real Estate Pro in Chicago, IL
Fri Mar 9, 2012
Michael Vrielink Team answered:
Looks like the MLS and Trulia are synchronized now, showing a 2003 construction year.

Small suggestions -- perhaps a floorplan and some outdoor space photos will help highlight your home's features for buyer's agents like I. What you have is really good, but could be great!

Best of luck,

Michael
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0 votes 5 answers Share Flag
Matt Laricy, Real Estate Pro in Chicago, IL
Sat Mar 3, 2012
Matt Laricy answered:
Chicago as a whole has been dropping at one of the highest rates for median home prices. But if you look at the immediate downtown area, Near North Side & even Lincoln Park, the values have been kind of holding firm and getting a lot of sales. ... more
0 votes 3 answers Share Flag
Decker Home…, Real Estate Pro in Skokie, IL
Mon Feb 27, 2012
Decker Home Services answered:
The largest area of water infiltration is through unflashed parapet wall coping. Water just pours in. There are very few problems with split faced block and CMU buildings that have sloped roofs, and therefore no parapet walls.

Other new developments include vented termination bar for the roof membrane, elastomeric paint sealing, vented copings (the 21st century version of clay coping tiles. Go figure!) and professional home inspectors who are really building scientists and can properly evaluate the buildings as a whole.

The next step in this problem is structural collapse of the trusses. See here: http://deckerhomeservices.com/Split_faced_block_update.htm

Hope this helps;
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0 votes 9 answers Share Flag
Mack McCoy, Real Estate Pro in Seattle, WA
Tue Feb 14, 2012
Mack McCoy answered:
Money. Pay them for every agent that registers at the keybox or leaves a card. Tell them that you'll verify with the agent that the house was presentable at the time of viewing.
1 vote 5 answers Share Flag
Michael Vrie…, Real Estate Pro in Chicago, IL
Mon Feb 13, 2012
Michael Vrielink Team answered:
Myke -- Were you purchasing a condo, or a single family home? If you are purchasing a condo often the building will hire an attorney to appeal on behalf of all units in the building, and be paid a share of the savings. If you're purchasing a single family, or a unit in a 2 - 6 unit building, then often the appeal is handled by the owner directly.

I generate CMAs and analysis' for my closed clients to help them with their appeals. you can ask your agent to provide this for you if you have already closed, hopefully he/she is willing to provide this service. If you are still looking to purchase a short sale in 60614, please reach out and let me know.

Michael Vrielink
Chicago Real Estate Artists
Managing Broker / REALTOR
312-970-9476
mvrielink@chicagorea.com
... more
0 votes 7 answers Share Flag
,  in
Sat Jan 28, 2012
answered:
This is called abandonment. Procurring cause is not based on who shows you the property first!! However, if you signed a buyers agreement you may be obligated under the terms of that agreement. If you didn't sign anything you can simply inform that Realtor's broker in writing about what has happened and your wishes for a new Realtor either from that brokers office or you can go to any other broker that you want. Please understand that this is not legal advice and I strongly recommend speaking to an attorney regarding this matter. If you need a few attorney referrals, just let me know.

Thank you,

Anthony DeSuno
Broker Owner
Red Door Realty
312-361-0867
... more
0 votes 26 answers Share Flag
Danny Lewis, Real Estate Pro in Chicago, IL
Sat Jan 28, 2012
Danny Lewis answered:
That property is no longer on the market. The 2 bed/2 bath condo was sold in March 2011 at $254,500. If you have any other questions regarding any available properties feel free to contact your local broker.

Hope that helped!
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0 votes 3 answers Share Flag
Carl Heldmann, Real Estate Pro in Charlotte, NC
Thu Dec 1, 2011
Carl Heldmann answered:
Based on 1906 sq. ft of living area in the Kankakee, IL area I came up with an approximate cost of $301,986.
This includes permits, insurance, home plans, and a General Contractor markup of $37,028. It does not include land or land development costs. This is not a cheap home to build due to the steep roof pitch...
Carl Heldmann
... more
0 votes 5 answers Share Flag
John Potter,  in Cook County, IL
Wed Nov 2, 2011
John Potter answered:
Well then stay away from the ones that back up to the EL. City life and density seem to match. The "Green" people are all for density. Ride your bike, take the El. Although it is interesting to note, SFR have been replacing Multi-family or denser buildings and the values have actually gone up with less density.

Saturday's are tough driving in those areas and even worse on a Saturday than a weekday.

Buy a lot with a Multi family tear down and build a house with no windows on the sides, just a glass roof.
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0 votes 16 answers Share Flag
Robert Nowak, Real Estate Pro in Chicago, IL
Mon Aug 22, 2011
Robert Nowak answered:
The $7,000 tax bill sounds reasonable for a $400,000 listing, although it depends on what the taxes are on comparable listings. Taxes are calculated as a percentage of assessed value. The assessed value can be appealed if the property sells for less than assessed value or comparable properties are assessed lower. We pay taxes on unrealized gain because the money is needed to support local schools, libraries, and parks. ... more
0 votes 12 answers Share Flag
Jack Schlenk, Real Estate Pro in Chicago, IL
Tue Aug 9, 2011
Jack Schlenk answered:
Know the subject and market sale historys. There are hypothetical scenarios that can be used to form a reasonable value opinion. Review Jack Schlenk's Blog.
0 votes 10 answers Share Flag
Matt Laricy, Real Estate Pro in Chicago, IL
Wed Jun 8, 2011
Matt Laricy answered:
Nice location, nice upgrades, attractive layouts. Bad is it is a newer building that a lot of people overpaid for their units. (like most buildings) This could result in a lot of short sales in the future, affecting property value.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
... more
0 votes 6 answers Share Flag
Ross Neag, Real Estate Pro in Chicago, IL
Sat May 14, 2011
Ross Neag answered:
JLS,

I had a friend who did some of their architect drawings for their build outs and it seemed like they ran a pretty legit operation. What you are paying for is their marketing, overhead, and care of their employees. Its just a larger operation with increased costs. We always recommend to our clients that are building out or undertaking a similar project, hire someone to do the QA or phased inspections. It is SO MUCH EASIER to stop or correct problems before everything is buttoned up. It is truly pennies on the dollar and money well spent, in my opinion and not a plug, to nip any issues in the bud. Projects run smoother, last longer, perform better. ... more
0 votes 4 answers Share Flag
Christopher…, Real Estate Pro in Chicago, IL
Fri Jan 21, 2011
Christopher Thomas answered:
Dear Kalopedi,

Before I'd offer you any "answers" I have a few "questions" about your question before I just make assumptions.

If you must do an FHA loan, then this doesn't sound like the building for you. If you're not sure about non-FHA loan options available to you, then feel free to email me and I can send you a list of lenders that I'd suggest you call to investigate your lending options.

If you're committed to Burr Ridge, must you buy condo or are you also considering other property types (single family homes, townhomes, etcetera)? If you're open to other property types, then you might want to begin investigating short sales or foreclosures of different property types that might be priced very similarly to condominiums in the same area. And these other property types might not have some of the same lending and/or ownership obstacles as the condominium complex you're describing.

If you'd like to discuss your options generally or get a referral to an agent who specializes in that particular geographic area, then feel free to contact me at any time.

Sincerely,

Christopher Thomas
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
cthomas@kw.com
http://www.myagentchris.com
... more
0 votes 7 answers Share Flag
Harold Arnold,  in Chicago, IL
Wed Dec 23, 2009
Harold Arnold answered:
Dear HomeBuyer:

I am a Realtor and not a Lender. However, I know quite a bit about lenders and lending!! Too often people are using internet to get an answer when they should use it for basic research. You are at the stage where you want to purchase a specific property and one lender told you what was needed.

However, that is one lender. I also noticed that you haven't indicated your entire situation which includes whether you have steady employment and how long you have worked with the same employer, inclusive of your income and debt to loan ratios. Some lenders want more "skin in the game" from those who work for themselves/ have their own businesses. I would advise you to use the internet to find various lenders and then set up appointments to meet with several lenders. Bring your paperwork regarding your credit scores, W-2's, tax papers etc. and then obtain their mortgage requirements and possibly negotiate some terms.

Meet personally with various lenders and get the loan that you need to purchase the property!!

If you are serious, contact me and I will give you the name and phone number of a reliable lender who can tell you how he can service you. His company upon closing, will issue your favorite charity a donation also!!

Look forward to hearing from you!!

Contact me at 312.523.8174
Harold Arnold
Amer. Invsco Realty
http://ChicagoCityHomeSales.com
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0 votes 16 answers Share Flag
Joe Zekas, Real Estate Pro in Chicago, IL
Thu Oct 29, 2009
Joe Zekas answered:
The first answer is laughably wrong. Just look at values in any condo building that has both 2/1 and 2/2 units to verify that.

The remaining answers are dead on: you can't generalize about this. ... more
0 votes 4 answers Share Flag
Edith Karoli…, Real Estate Pro in Winnetka, IL
Thu Oct 15, 2009
Edith Karoline Jasser answered:
Just a quick question, when the tenants moved in, did you take a security deposit from them, like one month rent or even two, if they had pets did you take an additional amount....
Usually that should cover normal wear and tear and the tenant should be aware when moving in of the fact that if they do not leave the unit the way they found it when they first moved in, you will be able to use some of that security deposit and not return it all to them....
May be if you did not, then for the next tenant you may want to consider that. As far as replacing hardwood,
if it is in really terrible condition???? How about refinishing it?

Hope this helps a little.
Edith Karoline - YourRealtor4Life!
Working always in the very BEST interest of her clients...
EdithSellsHomes@gmail.com
... more
0 votes 3 answers Share Flag
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