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Home Buying in Elgin : Real Estate Advice

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  • Local Info12
  • Home Buying46
  • Home Selling7
  • Market Conditions5

Activity 59
Carna Combest, Real Estate Pro in Elgin, IL
Mon Dec 5, 2016
Carna Combest answered:
Mrs. Guerrero,
Lending criteria has been changing and there are Mortgage Brokers that can now write loans with a credit score as low as 540. I know that is still above where you are at. I have a great mortgage broker that I can recommend to you. Abe Najera. He will evaluate your credit, tell you what things you need to take care of to get your score up to where it needs to be. They have a ton of programs these days. Best of luck to you! Feel free to contact me if you would like any other referrals or info about any homes. ... more
0 votes 9 answers Share Flag
Randy Wolpin, Real Estate Pro in Marietta, GA
Thu Nov 10, 2016
Randy Wolpin answered:
I know I am six years too late here, but I wanted to add another point to this thread. If you know the property is worth more than you are paying and the seller is owner financing the property, than this would be the only time I can think to waive an appraisal. It is still advisable to seek an appraisal just to be safe. ... more
0 votes 11 answers Share Flag
June Buerkle, Home Buyer in Chattanooga, TN
Fri May 13, 2016
June Buerkle answered:
You have to have either several years of tax returns showing income from the rental or have a signed lease in place (annual or longer). Showing what the income will be.

Otherwise, they won't include rents as income. ... more
0 votes 1 answer Share Flag
Kathy2614, Home Buyer in Elgin, IL
Wed Apr 27, 2016
Kathy2614 asked:
Under Public Records 4 items are incorrect - house is all brick, it was built in 1990 not 1988 that's the year the land was purchased, it has 3 bedrooms not 2 and the roof is asphalt…
0 votes 0 Answers Share Flag
Jeff Nobleza, Real Estate Pro in Evanston, IL
Mon Jan 11, 2016
Jeff Nobleza answered:
Call Lex Carter with Evolve Bank- he can talk to you about your situation and give you the best options.

Alexis B Carter
Mortgage Banker
Evolve Bank & Trust :: Mortgage Services
312.637.9210 Direct ... more
0 votes 1 answer Share Flag
Amelia Robin…, Real Estate Pro in Falls Church, VA
Sun Oct 18, 2015
Amelia Robinette answered:
Credit scores sometimes take 30 - 120 days to update. In the meantime, keep your credit card balances at zero, don't apply for any new credit and keep saving up cash for your new home.

4 months seems like a long time, but waiting will save you a ton of money in the long term.
... more
0 votes 1 answer Share Flag
shalena.reev…, Renter in Elgin, IL
Thu Apr 30, 2015
shalena.reeves answered:
I'm looking for a house to rent that has 2 bedrooms and 1.5 baths and also accept a small dog in el gin or south elgin that's no more than 1300.00 a month
0 votes 2 answers Share Flag
shalena.reev…, Renter in Elgin, IL
Thu Apr 30, 2015
shalena.reeves asked:
Teresa Stultz, Real Estate Pro in Saint Charles, IL
Tue Feb 24, 2015
Teresa Stultz answered:
It is highly recommended. If you don't submit the pre-approval, the seller has no proof that you can actually buy the home and will be less likely to accept your offer. I would never recommend that one of my sellers consider an offer without seeing the pre-approval. ... more
0 votes 13 answers Share Flag
Joseph Domino, Real Estate Pro in Scottsdale, AZ
Sun Feb 15, 2015
Joseph Domino answered:
This sounds as if there is plenty of blame to go around. The difference between a condo and townhouse has nothing to do with the architecture. It has to do with title and ownership.

A condo shares all common grounds including the land your unit is on. If there are 100 units you own 1 share out of 100 of all the property in the complex.

A townhouse you own 100% (all) of the property assigned to your unit AND 1 share of all common grounds.

Your Real Estate Agent should have known the difference, your loan officer should have checked this when you first sent the contract to them. Your title company should have noted this when escrow was opened and since it looks like you are in IL where they use attorney's, your attorney should have picked this up.

It always amazes me that a transaction can go this far before someone picks up on these things. Your agent needs to be renegotiating your contract and you should be looking for a lender that can close your loan without any drama.
... more
1 vote 1 answer Share Flag
Dan Tabit, Real Estate Pro in Issaquah, WA
Thu Aug 7, 2014
Dan Tabit answered:
Ditto what Anna said. Rent first, fix your credit or savings to qualify for a purchase then buy. You'll be thousands of dollars ahead and have many more choices when you truly qualify. ... more
0 votes 2 answers Share Flag
Paul Schaul, Renter in Hemet, CA
Tue Jul 22, 2014
Paul Schaul answered:
I am making an offer on a "Homepath home,We offered $ 200.00 over asking price,But now we wait...The listing agent is saying that NO offers will be accepted until the 7 days has gone by. So I guess this is a bidding contest right from the get go! I really just wanted to make a fair offer and hear in a day or so If they accepted it, But we will have to hang out for a week. Just thought I would let everyone know how it works. ... more
0 votes 3 answers Share Flag
Nicholas S N…, Other/Just Looking in Rockford, IL
Wed May 21, 2014
Nicholas S Nelson answered:
Good Morning,

Is there a reason that you would not want to consider buying a home at this time? Home values and mortgage interest rates are still at all time lows. After looking at mortgage options, most renters find that the monthly mortgage payment would be close to their rent payment and it would make more sense to buy a home of their own.

At Community Bank of Rockford, I can do a free preapproval to find out how much home you can afford and analysis your credit, income & assets to give you a good idea where you are at in the home buying process.

I would love the opportunity to discuss mortgage options with you further and earn your business. Please contact me at the below phone or email to further discuss your situation.

Good Luck,

Nick Nelson (NMLS#384413)
Mortgage Lender
Community Bank of Rockford, A Division of Harvard State Bank
2470 Eastrock Dr.
Rockford, IL. 61108
815-289-0880 - Phone - Email
... more
0 votes 2 answers Share Flag
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Mon Apr 21, 2014
Debra (Debbie) Rose answered:
Mary, I strongly suggest you call a real estate attorney as you, based on your most recent question (and I don't mean this with any disrespect) have no idea what you're doing.

What exactly did you sign?

A mortgage contingency is a clause in the contract that gives you a certain period of time (for example, 30 - 45 days) in which to secure a firm mortgage commitment.
If you are not approved for a mortgage within that time frame, there is usually an "out" for the buyer, and deposit money would be returned.

Now, unless you're buying this home with all cash, you NEED to be protected, and have a mortgage contingency in place.

Does your contract have a home inspection contingency? (a period of time - in my area, 10 - 14 days after signing the contract - - that allows you to have the home inspected).

When you say the seller accepted your offer on the 13th - how exactly was that handled?
Was it a verbal agreement....... a written one line offer........ or a full fledged contract?

Since you don't seem to have representation...........I would urge you to find someone - either an agent or an attorney, who can guide you through the home buying process........

There is a lot ahead of yo,u and too much at stake to depend on strangers from the internet for advice.

So - my answer to your question - "What is the next step?"
The next step, imo, is finding someone who can represent your interests.

Best wishes..........
... more
2 votes 4 answers Share Flag
Carna Combest, Real Estate Pro in Elgin, IL
Wed Apr 9, 2014
Carna Combest answered:
0 votes 2 answers Share Flag
Stewart Rami…, Real Estate Pro in Grayslake, IL
Mon Feb 10, 2014
Stewart Ramirez answered:
It isn't possible to get a loan when you're going through a bankruptcy, however there are choices out there for you. The first step would be to speak with your BK lawyer about retaining your home. Perhaps he/ she can speak with your current lender to see if a modification is possible for you. The next step would be to speak with a few lenders, and be sure to chose one who deals with divorce and BK situations so you have the best possible advice. As many agents said below, renting may be the best option for you for a little while, and that will give you the opportunity to save even more money for a down payment on your next home. Short selling your current home is preferable to a foreclosure, so if you cannot stay where you are, that will be a good option for you financially. The main thing to remember is that many people are where you are at right now, and though it's tough, many of us have been through a rough divorce and there is light at the end of the tunnel! Hang in there, ask plenty of questions and advice, and trust that people will help you through this tough time. ... more
0 votes 7 answers Share Flag
Layla El Said, Real Estate Pro in Schaumburg, IL
Mon Jan 13, 2014
Layla El Said answered:
There is a company that offers this and our agents have worked with them. I can offer details to agents if you would like to connect. Private message me
0 votes 6 answers Share Flag
Carna Combest, Real Estate Pro in Elgin, IL
Tue Dec 17, 2013
Carna Combest answered:
Neicy-I would also recommend going to the city's website While these areas are not under an association, some homes can fall in to their historic district boundaries, and if so, there can be stricter restrictions as to updating/modifying the exteriors of the home. Also, there is also assistance available for those modifications. ... more
0 votes 4 answers Share Flag
Stewart Rami…, Real Estate Pro in Grayslake, IL
Thu Nov 14, 2013
Stewart Ramirez answered:
Hi Drey, Elgin is rich in diversity and culture and has much to offer a growing family. They have an award winning library, beautiful parks, a stunning river walk, and state of the art community center.
The best thing that you can do in order to determine if it's the right place for you is to take some time to drive out and look around. Enjoy the beautiful Fall weather and walk the neighborhood with your family. Try to engage the locals that are out for a stroll or gardening and ask them their thoughts of their town. See how many kids are out playing and encourage your girls to chat with them as well. It's also a good idea to determine which schools your girls would attend and research those schools on Illinois Report Card at: Then plan a visit to them while class is in session. Meet with the principal and spend time watching the children interact with their teachers and each other.
Check out this website for a bit more information:
Lastly, if I can help answer any questions, please reach out to me at 773-988-1710. Not only am I knowledgeable Realtor, but I also sell and list quite a few homes in Elgin. Most importantly, I live there!
... more
0 votes 10 answers Share Flag
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