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Home Selling in Oak Lawn : Real Estate Advice

  • All88
  • Local Info5
  • Home Buying20
  • Home Selling6
  • Market Conditions4

Activity 9
Tue Dec 15, 2015
Taycollins42 answered:
It just depends on the situation. If you've taken good care of it, cleaning it could probably make it look new enough to server any purpose you need. I would definitely suggest having a professional look at it. They would be able to tell you if the carpet is salvageable by just cleaning it, or if you would need to replace it. Hopefully you'll be able to find help from the right people so you can make the right decision for your needs.
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Tue Jun 16, 2015
Bob Brandt answered:
By signing some listing papers with a Realtor and letting them develop the MLS listing, which has about 38,000 Realtors throughout Northern Illinois that will be notified and which then feeds to the other sites like ... more
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Sat Sep 14, 2013
Mary Wallace answered:
I would say 25% of my contracts involve the seller needing post closing possession. The standard rent/amount the seller pays the buyer is 1/30th Principal, Interest, Insurance, Taxes or PITI. This amount is intended to cover the housing expenses the buyer incurs by allowing the seller to rent back. An escrow is also set aside from the seller's proceeds with usually 1% of the purchase price to cover any damages caused when moving out.

Some sellers have not found where they will move to or do not want to cram closing and moving into one day so post closing possession gives them a buffer. Post closing possession does need to be outlined in the contract or added later via attorney review. The buyer and seller do have to agree on these terms. Sometimes my seller client's want to add possession for peace of mind and in many instances end up not needing it or just needing a couple days.
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Fri Oct 12, 2012
Amabel Babao Neely answered:
I'm sorry to hear about your sister's health. I have not heard of your suggested option above. I do know that this situation would be a prime candidate for a short sale because of your sister's hardship (ie- health). She can have the benefit of being forgiven the balance by the bank. She would also be waived from closing costs, attorney fees etc. because if the short sale successfully goes to the closing table the bank would pay for all of that. She could possibly qualify for $3000 for relocation assistance too depending on what kind of loan it is (Fannie Mae/Freddie Mac). My suggestion would be to explore the short sale process versus the repercussions of deed in lieu. If you have further questions I'm in Chicago please feel free to contact me. ... more
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Wed Oct 5, 2011
J answered:
A short sale and its benefits are intended for primary residential properties, otherwise you will have financial consequences after the sale of the properties. Please seek the advice of a professional attorney before jumping into any options. Good luck! ... more
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Tue Oct 4, 2011
Dan Tabit answered:
Be honest about it, price it well, use a knowledgeable & experienced agent and empty it out.
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Fri Jan 21, 2011
Suzanne Hamilton answered:
Meg -

To answer your question, your whole condo building will need to be approved and yes it does help immensely, but there are a lot of rules with condos today that you should be aware of. Before you even look at FHA - you need to see if there is a deliquency rate in your building, how many are vacant or foreclosed, how many are rented, etc. The association board also must agree and be very cooperative with the whole process, which may cost a little money from the association. I have a lender who specializes in condos and FHA and can give you all the pitfalls before you fall into them. FHA is a huge help in selling a condo - huge - but before you go down that road, you really need to know these things first. If you are selling, it is worth it to ask the questions though. Please call me if you need help or just some individual advice and the name of the lender. 888-788-9544. ... more
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Fri Feb 27, 2009
Baldurr answered:
Using the average sales price of $160,000, it sounds like sellers
are taking quite a beating, as this price level indicates a return to
1998 price levels. How many of the sales in the last 90 days
are either bank owned or short sales. Perhaps the original
questioner should advise as to how long they have had the
property and what $ amount is needed just to pay off the
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Fri Feb 27, 2009
Mary Wallace answered:
Oak Lawn Homes Sold Within the Past 3 Months with exactly 3 bedrooms and 1.1 baths (As of 02/27/2009):

The average market time for all 3 bdrm, 1.1 baths that have closed in Oak Lawn in the past 3 months through the MLS (MLSNI) averages 96 days on the market. Some of these properties received and accepted an offer within the first 4-7 days being on the market, others took months before they had an offer they accepted - so the time frame will vary, but I can tell you the houses that sold quickly we're priced very competitively and/or were in "show condition."

In Oak Lawn, we are currently experiencing a lot of inventory and a limited amount of qualified buyers (like most areas in the country), so keep in mind that in order to sell, your home must be in excellent show condition and priced correctly. Right now buyers are extremely attuned to what they want and are willing to wait until they find it. I have found that the majority of buyers are looking for "move in condition" and/or "very well priced" homes/condos. Move in condition means that your house is sparkling clean (especially baths/kitchen), organized (free of all clutter), neutral -remember buyers have to visual themselves in your home, so indicators of the "sellers" style whether it be family pictures or the bright pink paint that little Suzie must have in her room is not good for the buyer's imagination. There are many homes selling in Oak Lawn and Oak Lawn is a great community that offers endless benefits to buyers. Also please visit my website for more tips on how to get your home in "show condition."
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