Will this house appraise?

Asked by Joseph Biancofiori, Huntley, IL Mon Dec 31, 2012

10730 Wing Pointe Drive Huntley, IL 60142. Do you think this home will appraise for $217,000?

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Randy Schulenburg’s answer
Randy Schule…, Agent, Saint Charles, IL
Wed Jan 30, 2013
The house at 10730 Wing Pointe Drive in Huntley closed last week for $217,000 with an FHA mortgage. The last sale of this house was April 2007 when it closed for $314,900. What a deal! Since the home closed with an FHA mortgage, and the closed sale price was $217,000, you're aware by now that the home did appraise for $217,000.

Many buyers don't realize until they are educated by their mortgage lender that inherent in FHA and VA financing is a clause that essentially states that if the house doesn't appraise for what you pay for it you don't have to buy it. More commonly the price will be renegotiated between the buyer and seller. This clause is a great protection for the home buyer.

Congratulations on buying in a great area of Huntley. If you need more information about this area feel free to contact me at anytime.

Randy Schulenburg
Real Estate Broker
Mortgage 1st Reatly, Inc.
224-805-2616 Direct
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Thanks!! Yes I am aware it appraised out as we are living in it now :) Glad to see someone else thought I got a great deal on this besides myself :)
Flag Wed Jan 30, 2013
Edith Karoli…, Agent, Winnetka, IL
Mon Dec 31, 2012
In order to provide you with a well founded and market specific answer, a Realtor will have to see your
home, the address and size of a home is not enough. What are the amenities, what is new or has been recently replaced or upgraded, hardwood flooring, new windows, lot size?, fenced, location and
views, curb appeal, landscaping and all other amenities or lack thereof will figure into a potential list price and consequent sale price, and a Realtor can give you a pretty good idea if he is familiar with
this area, or you can hire an appraiser, although the lender will do that anyway before providing you
with a loan commitment letter.

If you are a buyer, you definitely should work with a Buyers Agent who will provide you with a market evaluation of the property or properties you may be interested.

If you are a seller, you must work with a Realtor to price your home correctly in your market area.

Good Luck to you, if you need recommendations for experienced Realtors in your area let us know.
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties ---- EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
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