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Palatine : Real Estate Advice

  • All131
  • Local Info16
  • Home Buying35
  • Home Selling10
  • Market Conditions7

Activity 73
Sun Sep 19, 2010
Jim Holder answered:

It appears you are a responsible tenant that pays their rent on time and takes care of the property.

Your lease maybe coming up for renewal soon if you have a 1 year lease. If you are considering staying for another year, this would be good point of negotiation for the next term.

Should you wish to search to see what else is available, feel free to visit my site. You contact me there if you'd like.

Good luck with whatever you decide.
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Thu Sep 9, 2010
Thakar S Basati answered:
Great, normally in these times they come lower than marketing price. If it came lower, bank will not give you loan. Either you have to come up with difference in appraised value or seller will accept lower price as recommended by appraisal. If it comes lower, you or seller can also ask for 2nd appraisal.Appraisal is opinion of the appraiser not fixed value and it can differ from person to person.
Good Luck
Thakar S Basati
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Fri Jul 23, 2010
Sharon Poisel answered:
This first floor unit was 4 total rooms with 1 bedroom and 1 bath. Unfortunately, I do not show square feet, but you can call the Palatine Township Assessor office and provide them with the address and unit and they may be able to provide that info.

The unit was freshly painted and carpeted, had a garage, and had a patio with two access points from unit. It was on market for a total of 15 days and sold cash at $80,000.
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Tue Jul 20, 2010
John Ziemba answered:

That's a great question. The appreciation potential is not bad however, my question to you is are you going to live in the unit first. If you are then I think it is not a bad deal. I have written a more detailed post about this property on my blog. I have attached the link to this post.

Please do not hesitate to contact me with any questions. I am always here to help.

Best Wishes,

John Ziemba
Keller Williams Team Realty
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Tue Jul 6, 2010
Brandon Schuppe answered:
To be quite honest you're lucky that the owner is even supplying window air units for you. Most of the time, unless it's a main unit mounted in the wall, the tenant is responsible for their own window air units. If the owner went out and bought you 2 new ones, then consider yourself fortuntate.

My suggestion would be to bite the bullet and go buy a new one.
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Tue Jun 1, 2010
Dave answered:

Heed Bonnie's comments about the association's financial stability. You will be responsible with increased association dues to maintain funds to support the property. Some of Susan's comments are ok about getting a good lawyer and inspector. The need for a good real estate agent is suspect - why pay them a high fee for a service that you can easily do yourself. I know Palatine well.

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Mon May 31, 2010
Davidhi answered:
A location by the railroad tracks would make it difficult to sell. The price would have to reflect the undesirable location. Location, location, location. If you really want it - you should get a great price. Also, don't use a real estate agent ie. buyers agent. Low cost agents provide a service where they will kick back a portion of the commission to you the buyer. Why give an agent 3 percent commission; remember the commissions are really paid by YOU at closing time. One agent that does this is Berg Properties; you can find others. 847-343-4701 ... more
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Sun May 9, 2010
Steve Smither answered:

It is possible to refinance your condo possibly using the Home Affordable Refinance Program.
The issue you will have is that Fannie/Freddie and FHA all require a minimum 30% equity position in order to use the rental income towards your ratios. What this means is you will have to qualify for the purchase without the rental income towards your debt ratios. I would suggest contacting a qualified lender who may be able to find the needed income to facilitate both the refinance and purchase.
We at Ardain pride ourselves onb thinking outside the box to help you reach your goals.
I can think of a couple ways we may be able to make this happen.
Feel free to contact me in order to get things moving.
Steve Smither
Senior Loan Originator
Ardain Mortgage Corp.
847-942-5151 Cell
847-963-1000 Office
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Sat Apr 17, 2010
Kent Gagon answered:
What is a good neighborhood to you is going to be different for anyone/everyone that you ask. The best advice I can give is to do research based on information that you would consider to make a neighborhood good. Example if you are looking for school information visit the local school district website, there are also websites that will allow you to look at crime statistics and other information for the area. Fair housing laws are not going to allow anyone to tell you if a neighborhood is "good" that is called steering, blockbusting, or redlining, you must do the research on your own and decide for yourself. A local real estate agent can probably provide you with a list of websites that will help you find this information that you are looking for, as well as provide you comparable sold homes in the area in the last 3-6 months so that you can determine if they are price correctly.
Best of luck with your real estate sale and purchase
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Tue Mar 23, 2010
Bilotas Mario answered:
Hello Fran,

Please see the enclosed link for a break down of transfer fees. Palatine does not have one, however State of Illinois and Cook County do. They are not the type where you would have to go to the city and obtain by yourself, but it would be a part of your closing.

If you have any questions, let me know.
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Thu Mar 11, 2010
Dan Chase answered:
Does the gas company come out and look at the meter or do they guess what it should be? Sometimes they guess in some areas and get it wrong. Depending on house and insulation that could be high or low. ... more
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Sat Mar 6, 2010
Laura Caamano answered:
Hi Dealcon-

If you give me price range and type of home....single family or attached I should be able to provide that information for you.

Laura Karambelas CREN, RCC, CNHS
Baird & Warner
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Wed Feb 17, 2010
Joan Murphy answered:
Hi Dave,
Hopefully the clarifications will tell you whether or not it can be considered a bedroom. However, in this market, and with the buyers who are looking in this area, a home office is definitely "hot" while a 5th bedroom is "not." Larger homes (read: more bedrooms) are not in as high a demand at this time.

I would highlight it as a first floor office, with possible reference as a fifth bedroom. Staging it as a "model home" office will also help, as that is what buyers are really looking for.

Joan Murphy
Prudential Starck Realtors
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Tue Dec 29, 2009
Melissa Kampschroer Leetzow answered:
The first search was under District 211...Here are another 4 that were listed under Fremd HS:


Melissa Leetzow e-PRO SFR Realtor
Coldwell Banker Primus
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Sun Dec 20, 2009
Laura Caamano answered:
Sometimes we have that listed in the MLS but when I searched the active listings there isn't any information provided. The listing agent normally has the management company's contact information. You can have your agent contact them or call a listing agent directly.

I hope this helps!
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Thu Dec 17, 2009
Bonnie Rooney answered:
There is one other townhouse on the market in Ashbury,It is 1892 Ashbury. There are some differences, though. The one at 1892 has 3 full and one half bath. It also has a finished basement with a bar, fridge , dining area and bedroom. It is listed at $392,000.,

You might want to really look into the difference in monthly assessments between these two complexes. Ashbury's assessment is about $200 less a month, does this make a difference to you?

Bonnie Rooney
Remax Suburban
To search for listings, visit my website at
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Thu Dec 17, 2009
LakeCook answered:
Any idea about the history of these homes, what was the original price that the owner had to pay ? How about the prices of the other townhomes in the same they also have similar prices ?Probably that shud give us an idea if the price reduction was due to some inherited probs in that house !! ... more
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Thu Dec 17, 2009
LakeCook answered:
What if I was thinking of buying by April End? Would that give me enuf time? well I will not be interested if that is not in Fremd HS . i found this here in Trulia website under properties in and near Fremd HS ...thats why got interested toknow abt it! ... more
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Tue Dec 15, 2009
John Ziemba answered:
You should look to hire a Realtor that will tell you the truth. After doing a little research it looks like your about $40,000 over priced. The last property that sold in the area was redone just like yours however it sold for $132,00. You may also need to consider repainting the green walls as some people may be turned off by them. You can hire a Realtor that will tell you what you want to hear and show you all the fancy marketing that they will do, however, if you do not price your property correctly it will no make a difference. If you look at current market forecast prices will continue to drop so you may want to reconsider your options. If you owe more then the property is worth and can show a hardship, you may be able to get the bank to accept less then what you currently owe on the mortgage.

Best Wishes,


John Ziemba
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Mon Dec 7, 2009
Richard Hauser answered:
If you are working with a traditional agent - it doesn't sound like they are giving you very good information / or the information that you need to make an informed decision. I don't dispense advice unless someone is an official client.

Be aware that most "buyer agents" work for companies that list property for sale - and they also list property for sale - and typically spend most of their time and training on representing sellers - and spend most of their time with sellers. As such - they typically aren't that great in representing buyers. They may even push their own company's listings on you - or their own listing (perhaps receiving a bigger in-house split for doing so.)

Exclusive buyer agents on the other hand - work for companies that never list properties for sale (they and their company never represent sellers.) They are totally unbiased - telling you about the negatives - and not "selling you" on a property.

EBA's are specialists - not generalists - and thus - they are very good at what they do - and typically provide more due diligence.

Also note that Exclusive Buyer Agents can never get into dual agency conflict of interest situations - as some "buyer agents" can. Google dual agency if you'd like to know more about the disadvantages...

The last thing you want to do is work with a listing agent - as they are representing the seller - and not you.
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