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Home Buying in Chicago : Real Estate Advice

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  • Home Buying1K
  • Home Selling264
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Activity 2,574
Sat Feb 25, 2017
Elliot Jaffe answered:
0 votes 13 answers Share Flag
Sat Feb 25, 2017
Jonathan Ramirez asked:
Where to go for solid advice to make sure I'm going in the right direction for my family. Built some good credit, but now I find out that I might not have a place to live, that is where…
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Tue Feb 14, 2017
Andrew Carpenter answered:
If you want to buy in the next 2 months it's time to talk to a mortgage broker. You need to get pre-approved to have weight behind any offer that you make. You don't know when you are going to find the perfect place for you and in this market you're not going to want to wait around until you get your financing approved in order to make that offer. Additionally your mortgage broker will be able to thoroughly look through your finances and tell you anything that you should take care of in the 2 months until you buy. I can help you to make a game plan to continue taking relevant steps to be able to not only find the property that you want but to close in the time frame that best suits you. I also have a few great recommendations for mortgage brokers. Feel free to reach out. ... more
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Thu Feb 9, 2017
Andrew Carpenter answered:
Unfortunately I don't believe that exists. It's not quite that simple. Are you looking for an investment property or your primary residence?
0 votes 1 answer Share Flag
Thu Feb 9, 2017
Andrew Carpenter answered:
We can't see what unit you are asking about. If you let me know I would be happy to work with you to represent you and help you with this and all of your real estate questions.
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Thu Feb 9, 2017
Andrew Carpenter answered:
Unfortunately it wold take over $200k down to get into that range of monthly payments.
If you don't have that kind of money to put down there are likely some very nice condos in the neighborhood you are looking at that could fit your budget better.

Andrew Carpenter
Berkshire Hathaway HomeServices
KoenigRubloff Realty Group
... more
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Tue Feb 7, 2017
Greenroadking answered:
I'm thinking of buying a home in lockport Ill 60441. What percentage is used for taxes in Will county .
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Sun Feb 5, 2017
Zoe22jeter answered:
They may be for sale but the red X is not put up to signify vacancy but vacancy AND very serious structural safety issues.....yellow X is vacant and structurally alright but not the best, and green X means vacant but structurally sound. Avoid red X's if thinking of buying or you will be paying ALOT in the way of repairing code for safety.
Here's a not local but general link about our program (I'm a fire chief btw)
http://www.enterprisenews.com/article/20090828/NEWS/308289630
... more
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Wed Jan 25, 2017
Andrew Carpenter answered:
Wed Jan 25, 2017
Andrew Carpenter answered:
As your Realtor in Chicago we would have a signed contract, it wold be an exclusive buyer representation agreement, there are other types of contracts and some brokers are willing to work without a contract(that's a different story for a different day). The owner of a property signs a contract with their Realtor who offers a split of the commission to your Realtor. If we signed a 2.5% agreement you would only pay my commission if the seller's broker offered less than a 2.5% commission. This is very infrequent but it can happen with a FSBO(for sale by owner) that isn't willing to play ball. Some auctions may not pay a commission to your Realtor. You would have to pay the commission in these cases but you are saving on the purchase price so it evens out.
My contract is 2 pages and is rather plain English. Have your realtor explain their contract to you, they aren't all the same.
TL;DR most of the time you don't have to pay your Realtor a commission, it is paid out of the sale price of the property. Read your contract before you sign it.
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0 votes 3 answers Share Flag
Tue Jan 24, 2017
Andrew Carpenter answered:
Rent to own is very uncommon these days. What is holding you back from buying? I searched the MLS for you and there are 2 very nice loft condos for sale and 2 for rent in Avondale. I can help you with either option you are interested in.
Andrew Carpenter
Berkshire Hathaway HomeServices
KoenigRubloff Realty Group
312.268.7655
... more
0 votes 1 answer Share Flag
Thu Jan 12, 2017
Jeffrey Nobleza answered:
A 22.1 disclosure is required from the seller of a home to a buyer purchasing a resale of a unit in a condo association (not buying from developer). A condo questionnaire is what a buyer's lender will ask the condo association to fill out. They both often have the same questions.

Jeff Nobleza
@Properties
... more
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Sat Jan 7, 2017
Alan May answered:
the 2.5% - $295 addresses ONLY what is going to be paid to the cooperating agent/agency. It makes no statement as to how much the listing agent/agency is being paid.

It indicates the buyer's agent/agency will be receiving 2.5% of the "adjusted" purchase price (typically after any concessions or credits). Most of the time the co-op fee is on the "net" purchase price... $318,000 in your scenario. Minus $295.000 which is what the listing agency is charging the buyer's agency... as the MLS fee.

The listing agent/agency would also be paid on the "net" amount ... $318,000... we don't know what percentage the listing agency is receiving. While it's possible it's 2.5% (if they're charging the seller 5%... ) it's possible it's higher, or lower. They will not be charged the MLS fee of $295.00.
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Thu Jan 5, 2017
Belltish14 asked:
What is the difference between a condo questionaire and a 22.1?
0 votes 0 Answers Share Flag
Thu Jan 5, 2017
Beatriz Dejesus answered:
As a homeowner of a Multi family property with an FHA mortgage, I don't think there is a list of homes. We happened upon our home through word of mouth. We initially attempted to get a conventional mortgage but were denied. FHA was our next step. Home was inspected, we paid for siding to be changed on back of home in order to pass inspection. As for realtors, just try to get one with some experience. It's a process. ... more
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Thu Jan 5, 2017
Dawn asked:
Fri Dec 30, 2016
Sagnwookzack answered:
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and get your loan today have a nice day to you all...
... more
0 votes 27 answers Share Flag
Thu Dec 29, 2016
Theresa King asked:
Puddin7601, home buyer in Chicago Illinois wanted to know how to purchase a home when you have a discharge chapter 7 that is a year and 3 months old 1 car loan that's about 8 months…
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