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Home Buying in Libertyville : Real Estate Advice

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  • Local Info5
  • Home Buying4
  • Home Selling6
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Activity 9
Tue May 30, 2017
Jy60048 asked:
Redfin search result includes houses under contract and shows them with "contingent" status. Zilow has a check box to including houses in "pending" status. Does Trulia…
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Tue Mar 3, 2015
Diana Hellman answered:
Selling makes sense if the timing is right for you. Also, if you are considering selling, it's best to ask a local realtor (not the one who said she has a client), to give you a Comparative Market Analysis which will give you a range of value for your home based on recent solds of comparables in the area. It will be also based on the location, condition, size, layout, of your home. So unless you are getting over market value for your home, you may not want to consider it until you are ready. Also, the advantages of exposing it to the market as opposed to having one person looking at it, is that there may be many people who would like to buy your home, thus increasing the value. This cannot be established if you just make a deal with one person, unless you are extremely well informed and knowledgeable about a real estate transaction, as in the scenario you described, you do not have an agent who is an advocate for yourself. ... more
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Fri Jul 18, 2014
Michael Steber answered:
Agsha,
I understand that this question was posted a week ago and probably has been answered many times so far but I couldn't pass up the opportunity to point out how many broker/agents from other states are answering questions regarding real estate here in Illinois.

I know Libertyville very well, its my hometown; so while I am working with only the term "enclosed porch", I believe you would be safe to assume that it can not be used.

Libertyville's price per sq. ft. is very high these days and can create temptation to include areas of the home that should not be counted. This can cause a variety of headaches for all parties involved as well as the obvious issue; having the home appraise properly.

In closing I offer this: if you're the buyer, your broker should know this. If you are the seller, your broker should know this.

Please feel free to reach out with any further concerns.
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Fri Sep 13, 2013
John Walin answered:
old question here, but a lease option to buy is generally hard to put together and at best gives you right of first refusal.
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Sun Mar 31, 2013
John Walin answered:
Sat Oct 27, 2012
Jim Starwalt answered:
Hi Joanne,
It's been a while, but are you still out there? There are many nice homes in Libertyville for rent ranging from $1,000 up to $5,000 per month.
However, in this economy it is sometimes cheaper to buy than rent. The Real Estate market is picking up in a huge way! Libertyville homes that are marketed properly are selling faster than ever!

Jim
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Mon Jun 7, 2010
John Walin answered:
Theresa
Until the deal is signed by all parties, it isn't a binding contract. Verbal acceptance is not enforceable in Illinois. Maybe when the other buyer heard it was a multiple offer they backed out and didn't want to get in a bidding war and there is no other "real" offer. it sounds like the seller wants you to match the other offer price-wise and keep your better non price terms. Simultaneously the seller agent is telling that other buyer to drop a contingency, increase earnest money or move up closing date.Take advise from your agent, but i would suggest time is on your side to hold or go slightly higher if you really want the house. Another strategy i like to employ in these situations is to close at the convenience of the seller. That is worth something!
Good luck with putting it all together.
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Wed Jul 22, 2009
John Walin answered:
Ceit

New construction has a hard time competing with resale higher end homes in this tough market. In Libertyville, 200-250 per foot is about what it costs to build, depending on finishes and how fancy you go in the kitchen. A recently constructed resale house in Libertyville however goes for 150-200 per foot. So unless you have a specific drawing you want to build or custom ideas with regard to kitchen or green building, resale is the way to go. For example in Wineberry subdivision you can buy a lot for 200-250k, build a 3500 sqft home and have $1.1M into it for a lot backing to the train tracks or high tension wires. No homes have sold in Wineberry recently over $1M and you can get a less than 10 year house for 750-900k that has a good interior lot location. Plus you will probably get a finished basement.

As to your question regarding square footage in general, it isn't a required field in the MLS and unless it makes the house look impressive to buyers it is not of benefit to the seller to broadcast the square footage. For example, a 2300 sqft track home sounds small, but if you say it is a Westport model just like every other Westport out there people know what they are getting. If you say a 6000 sqft ranch with walkout basement that means 3000 sqft above grade and 3000 in the basement. Walkouts can count in square footage but not regular finished basements. The square footage is on the county assessor web site so if you are interested in a particular home you can search for it on the Lake county assessor home page. Hope this helps! Call me if you care to discuss. 847 276-0120
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