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Sangamon County : Real Estate Advice

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  • Home Buying2
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Activity 128
Fri Sep 15, 2017
Alan May answered:
I suppose that's a good thing. But it's always possible that the agent you hire, might get a listing while you're working with them, that you might want to see.

One of the best ways to avoid dual agency, is to have your buyer's agent sign an agreement that they will NOT practice dual agency, that if you decide to write an offer on a property that he's representing as the listing agent, he will turn you over to a different agent in his office (which would NOT be considered dual agency, in Illinois) and have them represent you as the buyer. ... more
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Wed Jul 5, 2017
Kathy Burgreen answered:
First - NEVER NEVER believe any estimates on real estate websites. Estimates for mortgages and home values are calculated as follows (according to Zillow and Trulia's policies - yes they do have it in writing).

Mortgage Estimates - are based on the ASSUMPTION the buyer is giving a 20% down payment, the buyer has a credit score of 800+ and the buyer is getting discounted homeowners insurance + the quoted property taxes. In REAL LIFE - very few buyers have a 20% down payment (most buyers can only afford an FHA loan with 3.5% down payment or at most 10% down. This is far less than 20% used in the estimates). Very few buyers have credit scores above 800. Most buyers have credit scores between 600 - 750. Again - way below 800. Finally, Zillow and Trulia have no idea how much you will actually pay for homeowners insurance. Most likely, it will be much more than what Zillow and Trulia estimates are. As for property taxes, this may not be accurate either.

Home Value Estimates - Zillow and Trulia base home values on public information provided by counties across the U.S. Since nobody from Zillow or Trulia ever visits the neighborhood or home, they need to use consistent information that applies across the U.S. Therefore, home values are based on number of bedrooms, bathrooms, square footage, lot size, age of home, prices of home sales, property taxes paid and whether the home is a single family, multi family, condo or manufactured home, whether the home has any legal action against it, etc.
Estimates do NOT include: the condition of the home, layout, style of the home, neighborhood information, school district information, whether or not there are obstacles nearby, etc. Examples: House "A" is located in a development built 5 years ago and has all the upgrades and modern features but the school district is not rated highly. House "B" is located in a neighborhood with older homes and was built 50 years ago. The current owner renovated the kitchen but the bathrooms need upgrades. The home is located in a top rated school district. Assume both houses are 4 bedrooms, 2 bathrooms, have 1/2 acre of land and are single family.

Since Zillow and Trulia have no knowledge about the quality of the school districts and that House B needs upgraded bathrooms, buyers will take this into consideration when submitting an offer but Zillow and Trulia will NOT include this in their estimates.

Another example: House "C" is located near the railroad tracks. House "D" is located near the shopping district and has easy access to restaurants, theater, things to do, etc. Assume both houses have 4 bedrooms, 2 bathrooms, a 1/2 acre of land and built the same year. Zillow and Trulia will give both houses the same exact value but will not include anything else. Surely you can understand that buyers will NOT value both houses the same since a home near the railroad tracks will be lower in value.

Do yourself a HUGE favor. Contact a local lender and have them pull your credit. Then have this lender give you options and comparisons for different situations. This will be the truth of whether you can afford to buy a home and for how much.
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Thu May 11, 2017
Johnpenrod1 asked:
I bought a house last year after going through a divorce. I have some small acreage (4) from the divorce decree that is vacant land with no improvements. I want to go back to that land and…
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Thu Apr 20, 2017
Pamela Wright asked:
Fri Mar 17, 2017
Ligon0627 asked:
My residence for sale is 4161 Highbury Dr. Springfield IL 62711 and I DO NOT want the utility room to be the primary photo that shows up. I do not know why your site and Zillow have done…
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Wed Mar 1, 2017
Thegophs asked:
I have never missed a mortgage payment and my credit is stellar. How can you say my home is in foreclosure when that is simply not true.
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Mon Feb 13, 2017
Joslyn asked:
Wed Feb 1, 2017
Roo asked:
I have recently been hired in Springfield (30k year roommate's estimated salary of $20k year). I have excellent credit, and both me and roommate have little debt. I'm looking for either…
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Tue Nov 15, 2016
Gissel answered:
Hi Fruitage9,
The great advantage of purchasing a home is the equity build up. As of the beginning of November 2016, the median price for homes may range from the low $100K to $125+K, depending on the area and the rates on the market today. If you owe $25K on your current home and are looking into selling your home, I would suggest to look for a local expert realtor who is willing to explain the process to you, among an agent's duty is to oversee any activities happening on the premises of the property, although you could still rent it while it's on the market. An agent's fiduciary duty is to you as the seller, and hence sell your property for its wotrh and perhaps be able to negotiate a higher price buyer. As an example, if your home were to be sold for $115K, minus the agent's commisdion of a 6.5% rate, you would be left with about $107K, if you take the $25K towards to pay off the rest of the mortgage plus any penalty fees for paying off before contract set date from lender, you will still have plenty enough in your pocket, probably more than doubled compared to the other option of the $30K, which you would have ended up losing after paying the mortgage plus penalty fees, leaving you with nothing in your pockets.
I advice you seek information from your local profesional realtor and compare rates.
Good luck to you and your wife, and if you happen to visit California, please feel free to contact me for any Real Estate related concerns you may have.
Sincerely
Gissel Hernandez
Sonnocco Real Estate Group
3626 Long Beach Blvd.
Long Beach, CA 90807
gissel@sonnocco.com
CA BRE#02007787
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Thu Sep 22, 2016
Natasha Banas asked:
I am looking to rent to own a home in the Springfield area, preferring places like Auburn, Pawnee or surrounding small towns. I do not have great credit but have dogs and would prefer to…
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Tue Aug 2, 2016
Maricris A answered:
Hello,

We are a real estate search engine so we don't represent the homes found on our site. Please follow these steps to begin your home search:

1. Click the 'Rent' tab at the top of our homepage.
2. Enter your desired city and state in the search bar and hit Enter.
3. Click 'Max Price' to select what your highest price would be to pay for a home. Click 'Min Price' to set the lowest price you would pay.
4. Select your preferred property type, square footage, allowed pets, etc.
5. Click the orange 'Done' button.

This will begin to pull up listings that are more tailored to what you are looking for.

If you are interested in a listing, click on the "Request Viewing" button. You can also take advantage of our vast network of agents here:

http://www.trulia.com/directory/

We hope your experience with Trulia is memorable and thank you for using Trulia for all your real estate needs.

For future reference, you can feel free to contact us about this type of inquiry through our contact form here:

http://www.trulia.com/help/ask/


Regards,

Maricris
Consumer Care Advocate
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Tue Jul 26, 2016
Mommydonna55 asked:
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Sat Jul 9, 2016
Casey Sampson asked:
Also I cannot find the listing for sale unless you search for the address.

536 S State St
Springfield, IL 62704
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Fri May 27, 2016
Marycath.obrien asked:
Fri Apr 29, 2016
Peter Albanese answered:
http://www.trulia.com/rental/3229571257-2807-Dryden-Dr-Springfield-IL-62711

give me a call
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Wed Apr 20, 2016
Bob Brandt answered:
You get to do it all on Zillow now, since the 2 companies merged.
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