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Home Buying in Wheaton : Real Estate Advice

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  • Local Info3
  • Home Buying13
  • Home Selling4
  • Market Conditions5

Activity 23
Mon Nov 14, 2016
LaTamla Townsend answered:
Excellent question!
Usually about a week or a few days before the home closes the lender will check to see if anything has changed regarding your financial situation. They will probably ask for updated pay stubs, bank account information and verify your employment. Even though one may be in a situation to where they're no longer employed and need to collect unemployment, that may not disqualify you from still purchasing the home. Lenders also take into consideration what industry you are working in because some work is considered to be seasonal. Also, at the closing table there are documents that you are signing stating the information that is given at the time is true, current and correct. If these questions are not answered in honesty, then one could be on the hook for committing mortgage fraud. Though there are people who will take this chance, I feel honesty is always the best policy. However, if it were I, I would speak to another lender or lenders to find out the best possible way to present this scenario in the best possible light to the current lender. And if that lender is still not willing to move forward with the allowance of the purchasing of the home, then I would seek approval with another lender.

Best Wishes,
-LaTamla Townsend
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0 votes 7 answers Share Flag
Fri Aug 12, 2016
Angelica P answered:

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0 votes 1 answer Share Flag
Wed May 25, 2016
Igor Derkach asked:
Tue Aug 18, 2015
Lizadiai answered:
It all depends on the market you are in. If the market is very competitive due to a lack of inventory, you probably wouldn't get anywhere with a low ball offer on a foreclosure at this moment, but who knows! :)

First should definitely find an experienced Realtor to help you with the process. This could go one of two ways

1. They reject your offer totally.
2. They counter your offer.
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0 votes 25 answers Share Flag
Mon Apr 27, 2015
Alan Zelez asked:
I am involved with a small private school and they are looking at several possibilities for expanding. One of them is how does a commercial realtor get paid if it is a land lease deal?…
0 votes 0 Answers Share Flag
Sun Apr 12, 2015
Rosemary Strodtman answered:

Good morning.

I live in Wheaton and would be happy to help you in your search for a home near the college.
It is best to be pre-qualified for a loan, if you are using one, as sellers will not consoder offers from buyers without prequalification letters from lender or mortgage brokers.
I have a few lenders I can recommend, too.

Please contact me in the coming week, tomorrow is good, and we can discuss what you are looking to buy and in what price range and I can start a search immediately so the NEW listings come to your email every day.

Looking forward to working with you.

Rosemary Van Reken Strodtman
Keller Williams Prremiere Properties
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0 votes 3 answers Share Flag
Fri Oct 24, 2014
Susann Rhoades answered:
Budget and your expectation for return is a key component. I would certainly suggest that you make time to speak with a Realtor, whos' specializes in the above mentioned areas. There are many questions that go into buying property. Good luck on your search and I would welcome the opportunity to discuss further should decide to move forward. ... more
0 votes 9 answers Share Flag
Sat Feb 15, 2014
Lakshmi (Sue) Veeramasuneni answered:
Sure you can see the home. Before that you need a agent and lender. Please contact me if you really looking . I can guide .
0 votes 10 answers Share Flag
Sun Jan 19, 2014
Susann Rhoades answered:
As an area expert on new construction, it is impossible to quote you per sqft cost until you
design your home and pick out your materials. Also the land cost is a factor that must come into play.
There is a systematic approach to building a new home. I would be happy to volunteer my time to explain to you how this process works and I feel you will enjoy the conversation about the construction process. Feel free to reach out to us at should you want to converse.
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0 votes 6 answers Share Flag
Thu Dec 12, 2013
Angela Skurka answered:
These are all very good points. There is no such thing as too low an offer, however, you must do your research. The banks do what they call a BPO on a foreclosed property, and will have a very good idea of what the true value of the property is in the next 30,60,90,and 120 days. It sounds to me as if they are putting the value on the land. However, a licensed buyers agent can help you determine what the true value of the property is. The first step would be to speak with a lender or a lending broker. A lending broker will help you search from the best rate and loan available for you. Also, purchasing a mobile home has different financing terms than a single family or condo home would. Mobil homes are a higher risk for a bank, so they will charge higher interest rates. Best of luck! ... more
0 votes 10 answers Share Flag
Fri Sep 20, 2013
Josie Morrison answered:
My advice is seeking professional advice through a very good real estate attorney. All that the owner is telling you sounds misleading and probably is. The agent and all who represent the owner are working for him & his interests only. You, as a buyer have rights to inspect, right to attorney advice & approval of any documents pertaining to a possible purchase. Seek an attorney's advice. If you need a good real estate attorney referral call or email me at ... more
0 votes 19 answers Share Flag
Fri May 24, 2013
Terry Farnsworth answered:

I grew up in unincorperated Glen Ellyn (next to Wheaton) and had well water growing up. Unless there are pollutants, it's mostly an inconvenience more than it is a health hazard. Jeff provides some great advice below on dealing with the rotten egg smell, and potential for the water to turn your white clothes a "dingy" yellow if it's not sufficiently softened. If the area is unincorperated, you are likely to be on a well - unless city water was offered and the owners paid the additional expense to hook up to it.

The other issue, as stated below, is that wells and septic systems don't last forever - so they are both another potential expense you might be dealing with at some point down the road (and they aren't cheap).

Without knowing the specifics of the property and the associated well, it's hard to answer most of your questions. I would get a thorough inspection of the well and septic obviously, but also get the water tested independently by a lab somewhere. Here's the number to Dupage Enviromental Services - (630) 682-7400 - they can likely point you in the right direction for testing (by someone who isn't trying to "sell" you something).

Hope this helps!
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0 votes 6 answers Share Flag
Mon Apr 29, 2013
Randy Schulenburg answered:

Hopefully you have made the improvements you need based upon the feedback you've received in order to get top dollar for your home in today's market. If you still need further advice feel free to contact me directly and I'd be happy to schedule a time to come out and take a look at your home. I'll be able to provide some more specific answers at that time. ... more
0 votes 15 answers Share Flag
Sat Jan 28, 2012
Molly Hay - Mosley, CDPE,CNE, MIP, SFR answered:
Do you have a copy of your contract? Call your lender ASAP!!! Do you have a realtor? If so you need to also contact them so that they can advise you as to what your next step is.
0 votes 5 answers Share Flag
Mon Sep 19, 2011
Michael Hagen answered:
Mike Fallwell summed it up very nicely. Turning the 4th bedroom into a bath is certainly an (expensive) option. You'd have to determine if 1) you can live with the house as it is or 2) afford to build the 2nd bathroom (remodeling a full bathroom can cost over $10,000 easily; when you have to run all the piping because you're starting from scratch, you can quickly double that cost)

Good luck.
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0 votes 8 answers Share Flag
Fri Aug 26, 2011
Josie Morrison answered:
You are going to want to check with your local bank & a mortgage lender. Some are going to require 6 months to a year on with your current employer. Unless you can show a track record in the same field of work, that may be allowed as the exception. Again, best resourse is to check with the lender. ... more
0 votes 10 answers Share Flag
Sun Apr 17, 2011
Michael Hagen answered:
You can also talk to your lender about getting a 2nd appraisal (usually at your expense). If the 2nd appraisal comes back higher, you may still be able to proceed with the loan, but get that in writing from you lender before you shell out for the 2nd appraisal.

You may also try talking to the bank which owns the property and get them to finance it at the agreed to price, or else the deal is dead (assuming you have the appraisal clause mentioned in previous answers).

Mike Hagen
Evergreen Real Estate
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0 votes 6 answers Share Flag
Fri Mar 4, 2011
James Gordon ABR SFR SRS answered:
Pjs at the earliest moment you are supposed to disclosed that you are liscenced. I sure would as a broker file an ethics violation action and if they bought a home you showed them a procuring cause action. We have to keep our industry clean and if people like this can get away with things the next thing is you will be showing their buyer clients property and they will be writing contracts. ... more
0 votes 7 answers Share Flag
Wed May 26, 2010
Cheryl Shurtz answered:
You don't mention how long ago your sister purchased her home. As others have indicated, you need to determine the "fair market value" for the home. In this market many homes have dropped 10 to 20% in value. I recommend you hire a "fee appraiser" to provide you with a valuation based on today's value. A valuation of rentals in the neighborhood will also help you establish the monthly rent. Other things to consider is if a portion of the rent will go toward the purchase and the length of the lease/purchase. It is important that you use a real estate attorney to draw up the contract. The other question you want to explore is why has the home not sold? Are their factors/features that are negatives or is it priced to high or the supply/demand raito? Although you love the house now, you need to look at long-term and will you be able to resell the home when you are ready to move on? I would be happy to provide recomendations for you. Good Luck. ... more
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