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Home Buying in Arlington Heights : Real Estate Advice

  • All116
  • Local Info12
  • Home Buying29
  • Home Selling7
  • Market Conditions4

Activity 31
Thu Apr 28, 2016
Bob Brandt answered:
20% is best if you have it, as it will save you money in PMI and overcome concerns in some condo complexes. Many lenders have lender closings costs of about 1,200 and title fees can total about 2,200. Add in attorney, escrows, application, inspection, insurance, move in fees etc... and then subtract the tax credits and title policy credits and the end result may be about 4,000.
You should ask your lender, attorney and Realtor to go over it carefully with you. It can appear quite complicated.
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Mon Sep 15, 2014
Michael Pittman answered:
In the Chicago area, most homeowner want and expect a basement. Having said that, not having a basement can be a hindrance in getting a home sold when competing with other homes which have one. Most builders will add anywhere from $20,000 to $40,000 to the price of new construction when adding a basement. ... more
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Sat Jul 19, 2014
Richard Hauser answered:
Unfortunately - your traditional agent may not have referred you to an aggressive home inspector. We refer the most super detail oriented ones to our buyer clients. In fact - my most recent client FOUND the same issue due to having a good inspector - and we made them fix it as a condition of sale. I know several good real estate attorneys who would be happy to help you in this matter. Feel free to contact me at 847-566-7558 or info@buyerbrokerchicago.com

You'd have to try to prove prior knowledge by the seller or their agent that the condition existed. We are what is called Exclusive Buyer Agents where we are always on the buyer's side and never represent sellers (unlike a traditional buyer agent - who can have conflicts of interest.) I started my brokerage ten years ago - after seeing people like you get hosed over and over by poor representation. Our goal is to ensure that there are "no surprises" - and that our clients get amazing price off that they couldn't get anywhere else (due to over 20 years of research and high end negotiation expertise)
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Mon Mar 17, 2014
Mary Zentz answered:
Being preapproved is a must. If you know you can be FHA or IHDA approved.....try to be pre-approved for a conventional loan. Many sellers shy away from FHA or IHDA loans. However, most are not hesitant to help with closing costs which you may need if you were planning to buy FHA or IHDA. In addition, many homes especially condos and townhomes do not qualify for FHA financing. This has nothing to do with you and is usually more because of condition of home of issues with homeowners association. Remember......with limited inventory in the near NW suburbs, you will be competing for homes. Ask me what will make you look better on paper so you can win in that multiple offer situation. Mary Zentz, REMAX Suburban ... more
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Tue Mar 11, 2014
Mary Zentz answered:
In the Chicago Suburban area all you have to do is go to your local Township Assessors office. Do not go to one of the courthouses. This is done at the more local level. The clerks there will do a search for you for homes with your similar square footage of land and house and will give you the ammunition you need. I have my clients do this regularly. And this is how I do it myself. No need to pay anyone to do for you. ... more
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Wed Feb 19, 2014
Jan McNulty answered:
I am a landlord personally. So in my lease I require notification if there is a problem with the house. If no notification, they have to make the repair. So maybe I would accept rain damage as my problem, but if your dogs did damage to flooring, you would be charged that from your security deposit and bill. That is what I would think is fair. ... more
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Wed Jan 29, 2014
Dan Drake answered:
With a short sale, most lenders will want to see at least 3 years from the date of your short sale closing. However some are more lenient that others. Your best bet would be to call a few mortgage brokers to get their expect advice. ... more
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Wed Aug 28, 2013
Sue O'Kane answered:
If you are interested in NACA, the first step in the purchase process is to attend a NACA Homebuyer Workshop which is open and free to everyone. Go to NACA.com or click on this link to find a workshop near you. https://www.naca.com/nacaweb/workshop/workshopIntro.aspx?language=&menu=none&workshopType=P

Once you have passed through this stage, THEY will find you an agent that is familiar with the NACA program that services the area in which you are searching....

Good Luck!
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Wed Jul 24, 2013
Terri Vellios answered:
You are asking us about documents for which we have never seen. Your agent is the best resource to answer your questions. If you have any doubt about your agent, talk with the agent's managing broker/manager.

I wish you all the best.
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Wed Jul 24, 2013
Jenniferlb4488 answered:
FYI the listing agent didn't know it was me who was I asking! I just pretended to be someone who saw the listing online.
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Tue Jul 23, 2013
Steve Parsons answered:
If you signed a counter offer, then you are under contract. This is how you have a closing date.
0 votes 1 answer Share Flag
Tue Jul 23, 2013
Ron Thomas answered:
You signed a document that you didn't read.
You think you are not under Contract, but you have an Escrow.
You must have a Realtor representing you; but you are not communicating.
The Closing date is approaching; but you don't even realize that you have to get your Loan in place, not to mention doing your Inspections.
You should be talking to your Realtor.
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0 votes 2 answers Share Flag
Tue Jul 23, 2013
Andrew Malak answered:
After you signed addendum offer will be presented to multiple departments for approval. Once they sign off on it, you will get a copy. From that time they can take up to 72 hours to mark the property under attorney review so most people will not see it anymore. ... more
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Fri Jun 21, 2013
Susan K Klatt answered:
Call my friend and refferrral partner, Bill Kastoolias with Wintrust Mortgage at 224-770-2021 and tell him Susan K Klatt with Coldwell Banker told you to call.
Wishing you all the best. When you are ready to buy your next home, call on me, I'm here to help. My direct line is 224-805-1432. ... more
0 votes 1 answer Share Flag
Wed May 15, 2013
Joanne Matik answered:
3% if it is an FHA mortgage and 3.5% for a conventional mortgage. Now this depends on some other factors, but that is usually the case. And we can negotiate that the seller pay for your closing costs!

So no excuses, call me today, the financing is great and prices are good! Joanne Matik 847-309-2291
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Wed May 15, 2013
Joanne Matik answered:
Let's start by having a conversation about what you are looking for! :-). Next we will get you pre-qualified with a lender.

You can speak with a real estate atty anytime, but if you do not have any outstanding legal issues, you do not speak to one until after we are under contract, or you have entered into a contract to purchase.

Call me, I look forward to speaking with you! Joanne Matik 847-309-2391
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Tue May 7, 2013
Bob Brandt answered:
I suggest calling the Village Hall and asking them. Going right to the source is usually the best route.
IHDA programs may also be something you want to look at.
FHA is great, unless you have VA benefits, which would be even better. ... more
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Wed Mar 27, 2013
Arlyn Tratt answered:
Julie,
As of April 1st there will be new changes in FHA purchases that you should know about.

Many people don't realize this, but there are 5% down payment conventional loan programs available.
I have a mortgage broker on my team that specializes in these and I think you'll see that in the end it will save you lots of money.

I'm happy to point you in the right direction. It's confusing out there.
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Wed Mar 27, 2013
Bob Brandt answered:
Short sales may never be approved.
You knew that going in.
You should be hearing the good or bad news within a few more weeks.
0 votes 5 answers Share Flag
Sun Mar 17, 2013
Riccardo Wardlow answered:
If you are self employed, you are going to need 2 full years tax returns. If you are a w2'd employee, you may only need about 1 month on the job, depending on the lender. Give me a call and I can get you with one of our loan officers that can help you.

Sean Cochran
www.qmlending.com
630-470-6830 office
630-330-2229 cell
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