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Melrose Park : Real Estate Advice

  • All30
  • Local Info2
  • Home Buying7
  • Home Selling2
  • Market Conditions1

Activity 26
Alan May, Real Estate Pro in Evanston, IL
Wed Oct 14, 2015
Alan May answered:
the purpose behind an appraisal is to confirm, for the lender, that the property is worth at least as much (if not more) than the purchase price, to cover their loan.

So, for example, if you're buying a $100,000 property, if the property only appraises for $95,000, you can decide to put an additional $5,000 down to make up for the shortfall.

Lenders aren't in the business of "turning down loans"... they just like to make sure that they'll be paid back.
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0 votes 1 answer Share Flag
Christopher…, Real Estate Pro in Tarrytown, NY
Sun Aug 23, 2015
Christopher Pagli answered:
Trulia is an agent only platform at this time, all listing must be through a broker.

Chris
0 votes 1 answer Share Flag
Bob Brandt, Real Estate Pro in Schaumburg, IL
Wed Jul 29, 2015
Bob Brandt answered:
You may want to reach out to a local agent near there that has the CCIM designation, so you get the best advice possible.
0 votes 1 answer Share Flag
Geoff Ommen, Real Estate Pro in Barrington, IL
Mon Mar 25, 2013
Geoff Ommen answered:
Gary

Where are you looking for it to post?

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
www.geoffgetsit.com
0 votes 2 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Mon Mar 25, 2013
Scott Godzyk answered:
You may want to send that question to the agent who sent it and not post it in the public Q and A section where they may never see it. The best way to reach an agent is by calling them if you are interested and not wait for an email. ... more
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Edith Karoli…, Real Estate Pro in Winnetka, IL
Sat Mar 23, 2013
Edith Karoline Jasser answered:
I would recommend to you to connect with a local Realtor who is familiar with the rental market of
single family homes in the area you need to be in, is it right that you are looking in Melrose Park?
As to section 8 vouchers it depends on the voucher value and the single fam. home rentals available
in your area, as it seems you need quite a large home.....

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & 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 Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
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0 votes 1 answer Share Flag
Edith Karoli…, Real Estate Pro in Winnetka, IL
Mon Mar 18, 2013
Edith Karoline Jasser answered:
No, there is the sale price of the home, there are closing costs, and depending on town and county there are transfer taxes, i.e. a certain amount based on the sale price to be paid to the city before closing, and the receipt to be taken to the closing table. The amount is different for each town, and some towns to do actually not have a transfer tax, but most of them do, and many times it depends who by law is responsible for it, often the buyers, many times the sellers.... So be careful and get a local experienced agent to get you the right information for the property you are interested in.

Hope this helps
Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & 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 Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
... more
0 votes 3 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Sat Mar 16, 2013
Ron Thomas answered:
It is perhaps a coincidence that the LISTING PRICE is the same as the ASSESSED VALUE:
Usually, they are not tied together in any way.
The Bank will do a BPO, to determine the Value.

As a Buyer, you cannot worry about anything except the Market Value; The Appraisal will not let you go higher and you should not want to pay over Market; (maybe if you really, really love it, a little more).

Have your Realtor do a CMA to determine Market Value.
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0 votes 1 answer Share Flag
Team Mork,  in Portland, OR
Tue Dec 18, 2012
Team Mork answered:
Try Contacting another agent or if it is in the oregon area i would love to help you otherwise i wont be able to pull up to much information if it is not.
0 votes 4 answers Share Flag
Suzanne Hami…, Real Estate Pro in Orland Park, IL
Mon Jul 30, 2012
Suzanne Hamilton answered:
MLS rules require within 3 days of the start of the contract. Then, it all depends on the buyers. Marketing will take a couple of weeks to start going. And there is no telling how often.

My advice is to go over your expectations and the reality of the market with your listing agents. You should know exactly what they are doing for you per contract. You also should know what may or may not happen. Make sure you are in contact with your agent every couple of weeks on progress. But most of all. Be patient. This is not an easy market for sellers, especially at your price range. There is a smaller market pool for luxury. As long as your agent is doing what they said they would do, let them do their job. You can do your part by keeping the place impeccably clean and showroom ready, be flexible with showing times (even if it can be inconvenient) and stay out of the way of Realtors when they are showing. Let them do their job.
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0 votes 5 answers Share Flag
Miriam, Renter in Chicago, IL
Tue Jun 12, 2012
Miriam asked:
Peter Kedzior, Real Estate Pro in Elk Grove Village, IL
Mon Jun 11, 2012
Peter Kedzior answered:
I agree that buying a "corporate owned" property can be confusing. All what you normally would expect from a "regular" seller: full disclosure about potential problems, quick response time, flexibility and showing the buyer that his/her concerns are being addressed - are missing when you express interest to purchase a bank-owned/foreclosed home. Choosing the right Broker is paramount if you want to avoid the confusion and dissatisfaction that is so common for most of buyers who are new to buying corporate owned properties. ... more
0 votes 5 answers Share Flag
Lyle Wolf, Real Estate Pro in Morristown, NJ
Fri Jun 8, 2012
Lyle Wolf answered:
Our MLS can take up to 24 hours, though usually no more than a few. The photos need to be reviewed by the MLS to insure compliance with all rules and regulations before they post, nothing pornographic, etc.

After that they are fed through the IDX (Internet Data Exchange) to Realtor.com and a host of other websites which also includes other real estate company websites. This process can take many days. I tell my clients it can take a week for everything to filter out through the Internet. Also, the Internet is like the Wild West. Once the listing information gets out there we often have little or no control as to how data is formatted, which data is displayed, where it ends up, or whether all of it is accurately displayed.

I once found one of my listings inaccurately combined with information from another Realtor’s listing on a website in Poland (in Polish).
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0 votes 12 answers Share Flag
Gene Mundt, Real Estate Pro in New Lenox, IL
Tue Jan 24, 2012
Gene Mundt answered:
Nutt: First of all, Congratulations to you and your wife on making this big decision! And for taking the time to ask questions ...
The more time you allow yourself prior to starting your actual search for properties, the better. That said, your first step should be finding a reputable and experienced mortgage professional to help you in the preparation for buying. Perform a search online ... then talk to others that you know that have purchased recently. Ask for referrals. Speak to other professionals in the real estate industry, such as attorneys, insurance agents, agents themselves, home inspectors, etc. Collect a number of names and then check-out their websites, blogs, and services to see which you'd like to interview and talk to. Then contact them. See which Mortgage Lender is a good "fit" for you personally. Who you feel comfortable with. That is very important as you proceed.
While you're doing the referral process ... start collecting the financial documents and information you will need to make mortgage application/or be pre-qualified for a loan. The link below will give you a list of those documents that will help you accomplish that. Download it for handy reference.
Have your Social Security numbers ... and your employment information available when you speak to the mortgage lender. Should they want to run your credit report(s), they will need that information available at that time. Once your mortgage lender has a better understanding of your credit, financial abilities, and your hopes/desires for a home ... they will be able to start providing you options in regards to mortgage programs and more. They will also be able to provide you with a Pre-Qualification Certificate that will help you and your real estate agent know what price range of home to consider ... and then better make offers on your selected homes on your behalf.
If I can be of further assistance, please don't hesitate to ask here, write me, or call. I'll be happy to help you during your preparation and buying of your new home. Best of luck to you, no matter your mortgage lending decision ...
Gene
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0 votes 15 answers Share Flag
Patty Romero, Real Estate Pro in Homer Glen, IL
Sat Jan 14, 2012
Patty Romero answered:
You can go to a lender and they will gather your information and let you know where you stand with financing.
0 votes 7 answers Share Flag
Abu Musa, Real Estate Pro in New York, NY
Fri Aug 26, 2011
Abu Musa answered:
If you like to have the best price for your purchase third party is always work better.So if I were you I would hire an agent who is a skilled negotiator.If you hire an agent you do not need to pay but you get the service.Thank you. ... more
0 votes 14 answers Share Flag
Kevin Olson,…, Real Estate Pro in Colorado Springs, CO
Tue Sep 28, 2010
Kevin Olson, Jessica Laude answered:
Here is a link that will give you much more than just population for 60165.

http://www.city-data.com/city/Stone-Park-Illinois.html
0 votes 1 answer Share Flag
Dallas Texas, Real Estate Pro in Dallas, TN
Thu Feb 18, 2010
Dallas Texas answered:
Your listing agent will be able to assist you with these questions. You need confirm cover all your expenses plus profit cover any repairs and etc. You are home owner can determine what average cost of repairs, plus down time vacant home.

I do consulting on for many investors across the country best have ask upfront that make costly mistakes.

Lynn911
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0 votes 5 answers Share Flag
Michael Ofsa…, Real Estate Pro in Grayslake, IL
Thu Oct 22, 2009
Michael Ofsanik answered:
In Illinois you have 3 business days to back out of any legal contract. In real estate transactions there are a few circumstances that allow you to back out of a contract, one being the results of the home inspection. If things are found that are not acceptable or the owner refuses to fix items you find important you can back out of the contract.

Best advice is to contact a real estate attorney.
... more
0 votes 4 answers Share Flag
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