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Home Buying in Yorkville : Real Estate Advice

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  • Local Info2
  • Home Buying10
  • Home Selling1
  • Market Conditions1

Activity 12
Wed Aug 16, 2017
Alan May answered:
You've discovered this prior to closing. You (through your attorney) have the right to negotiate a settlement - maybe you have them pay a couple years worth of the assessment... in an upfront cash payment or just a reduction of purchase price...?

You could also legally withdraw from the purchase. Discuss with your Realtor and attorney. You have options.
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Fri Jan 9, 2015
Caleb Hart answered:
I agree with the other comment by saying you need to prove the seller knew about the damage. If you can't, I'm afraid you might have to pay for repairs. Something like that happened to me when I bought my first house. I was pretty livid myself. http://www.sparkleanrestoration.ca/flood_and_fire_restoration.html ... more
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Thu May 29, 2014
Josh Barnett answered:
Speak with your agent on how to sell your home.
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Thu May 29, 2014
Tristam Bielecki answered:
Is the offer in writing, using a purchase agreement? If so, you just need to sign the agreement and then your home should be sold by the closing date specified.
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Fri Jul 19, 2013
Evelyn Santiago answered:
Each subdivision has its own Homeowner's Association which has the rules and regulations for that particular subdivision. Homes without HOA's will have to abide by the regulations of the city of Yorkville or if it's in unicorporated area, Kendall County.

Which restriction are you most concerned about? Do you need a specific usage for your home? Let me know if you need additional information.

Good luck!
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Mon Jun 3, 2013
Angle Gryniak answered:
I am a Grande Reserve homeowner. We purchased our house in 2007, its big, its beautiful, and the neighborhood is perfect. We do unfortunately pay SSA, which is built into our mortgage. There are pros and cons to it, SSA funded the community to have it's own private club house (available for rent) and access to the pool and multiple parks/fields. $20K is a lot of a neighborhood that still has vacant lots but you do have an elementary school on site and I definitely see police presence. On a 30 year loan it doesn't seem like much and if you utilize the facilities it is fine.

Our neighbors just relocated jobs and rented their home out to a great family. We were interested in renting our house out as well to relocate closer to our jobs.
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Wed May 8, 2013
Natalieg1013 asked:
We are considering moving to yorkville from oswego. However, we are struggling to figure out what to do about before and after school daycare. Any advice would be appreciated.
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Mon Aug 13, 2012
Peter Kedzior answered:
If your documented income is large enough to support two mortgages, you should definitely qualify. However, if you plan to use rental income to supplement what you are making now in order to qualify for the second mortgage - you would have to show to the lender that you had a full-year rental income from your current residence and that it was reported to the IRS. ... more
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Mon Aug 13, 2012
Ron Thomas answered:
Lease/Option
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!
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Thu Nov 27, 2008
Greg Zaccagni answered:
Ditto to Scott. FHA falls under the FHA Umbrella. Presumably your question therefore is what does FHA require to qualify for their insured lender programs?

The Borrower must qualify based on documented income, 3.5% min down & reasonable payment history.
More here:
http://activerain.com/blogsview/114283/FHA-Loans-back-in
http://activerain.com/blogsview/565661/FHA-modifies-9-day

The home must qualify from the inspection as follows.
http://www.pueblo.gsa.gov/cic_text/housing/inspection/home.htm

Condos have additional requirements:
http://activerain.com/blogsview/591941/FHA-Spot-Approval-Requirements
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Mon Jun 9, 2008
Ron Donavon answered:
There are several places to go. Tax records are public information, and many towns and township assessor sites have recent sale information available, although it may take months for the data to be posted. You can also watch the local papers for this information as property sales and prices are public information. There are also several websites which carry sales info, and will actually generate a market analysis for you. Zillow.com is probably the most popular. Be careful of these sites however, as the info is not always accurate, as I have seen the estimates be as far as 20% off.

As already mentioned, the most accurate data will come from a licensed Realtor. We have the most up to date information on what has sold, for how much, and if there were any seller concessions. In addition, in a market like we have today, the properties that have just gone under contract are a more important indication of market value. This is because the market is still shifting, in some instances weekly. Because it takes, typically, 45 or more days for a property to go from an accepted offer to actually closing, closed sales data represents the market 45+ days ago.

As a buyer, the professional services of a trained realtor cost you nothing. The seller nearly always pays the commission, so there is no reason not to enlist the expertise of a realtor
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