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Home Buying in 60025 : Real Estate Advice

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  • Local Info8
  • Home Buying8
  • Home Selling2
  • Market Conditions1

Activity 25
Wed Apr 3, 2013
Geoff Ommen answered:
There are pros and cons to EVERY location. To me that location is good but somewhat neutral from a resale standpoint. Pools and parks are great for owners that will utilize the facility. They also mean that potentially lots of people will be around their house. A % of buyers do not want the extra traffic. The appraiser will most likely not give you extra value for the land like they would a golf course or waterfront lot.

Geoff Ommen
Broker Baird & Warner
847-271-2622
geoff.ommen@bairdwarner.com
www.geoffgetsit.com
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Tue Jan 8, 2013
Bryce Fuller answered:
Maine East. District 207. You would also be going to Washington Elementary and Gemini Middle School
0 votes 4 answers Share Flag
Fri May 24, 2013
Michelle Gonzalez answered:
Buying a home can be tough, It can be frustrating for both agent and buyer when looking at so many homes and nothing is going through. Over the 6-7 months how many offers have you submitted? Are you just looking and not writing offers? If you are writing offers are they competitive offers or are you submitting low ball offers? Sometimes buyers think their agent isn't doing their job but fail to take into consdieration the offers they have been writing may be the problem. I think you should talk to your agent and express your feelings she might feel the same way you do. Good luck with your home search. ... more
0 votes 10 answers Share Flag
Wed Apr 11, 2012
Shanna Rogers answered:
Hi Chald,

If you really like the house, submit a backup offer (if the seller is accepting backup offers). In today's market, you never know if a deal is going to close until it's actually closed. I've had some properties I've listed actually go to the 2nd or 3rd buyer in line. However, in the meantime, keep looking at other properties you may be interested in - you never know, you may find something you like better.

Good luck.

Shanna Rogers
SR Realty
www.RealtyBySR.com
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0 votes 10 answers Share Flag
Sat Mar 31, 2012
Joseph Hedrick answered:
This was done often in the past. The better option is to close with cash then get a mortgage. This definatly works better on a short sale or foreclosure.
0 votes 9 answers Share Flag
Thu Feb 2, 2012
Michael Emery answered:
You could ask the listing agent if they would allow an inspection prior to submitting a contract, but most buyers use an inspection contingency as part of the purchase agreement. This would allow for you to have the home inspected AFTER submitting an offer, while still protecting your right to exit the deal should the inspection reveal something you don't like.

With condos you would want to find out of there are any past due HOA fees or pending assessments. Ultimately you want the bank to pay any past due HOA and any pending assessments and HOA liens. Proposed assessments (those assessments for which there is no dollar figure at the time of purchase) would be YOUR responsibility. So you would also want to know if the HOA is planning a big expensive assessment after you take possession.

If you're not using a real estate agent, you will probably want an attorney to review your offer prior to submission. There is often additional paperwork associated with a bank owned sale and the paperwork has to be filled out completely and perfectly or your offer will not be submitted by the agent to the bank. A real estate agent would have access to the additional needed forms as they are often posted as a supplement on MLS.

And with any purchase (especially a bank owned property) get title insurance for both your lender (lenders policy) AND yourself (owners policy). Should there be any issues that arise after closing, the policy will help to indemnify you against the cost of fixing title and other issues.
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0 votes 11 answers Share Flag
Thu Nov 24, 2011
Cindy Finnerman answered:
Absolutely, I would consider that a very good offer but you should ask your agent to provide data for the area to confirm the value. You don't want to over pay either.
0 votes 17 answers Share Flag
Thu Jan 31, 2013
Sally Grenier answered:
There really is no way to buy them until they go through the foreclosure process and then get listed for sale with a Realtor. Your best bet is to find a Realtor to work for you as a Buyer's Agent who can set up a search in the MLS looking specifically for bank owned properties. The minute one comes on the market you'll get notified to you can jump on it. But again, you need to work with an agent with access to your local MLS. If you just look for them to apear on Trulia or Zillow you'll be too late. Good luck! ... more
0 votes 8 answers Share Flag
Mon May 2, 2011
Marie Souza Team answered:
Yes! You should ALWAYS use a Buyers Agent. They look out for your best interests & will educate you in the process.
Good luck!
The Marie Souza Team - Top Selling on Cape Cod
Cape Cod Real Estate Services
508-790-2000
info@mariesouzateam.com
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0 votes 16 answers Share Flag
Mon Apr 30, 2012
Linda Dressler answered:
I have pulled up 46 properties within that price range. Glenview overall is a beautiful older community, but there are pockets of it that have been built up within the past dozen years or so. I would suggest taking a drive around to see which areas suit your tastes. Once you do that, I would be happy to send you specific listings that fit those neighborhoods, as well as any other criteria that help you find your perfect home. Please feel free to contact me directly if you have any other questions.

Thank you,
Linda Dressler, SRES, SFR, ADPR
(847) 809-1257
Schaumburg, IL
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Wed Dec 23, 2009
Larry Storck answered:
Tue Sep 22, 2009
Wayne Beals answered:
Good Morning Sreeram,

It sound like you really don't like this home!

I guess let's start with location. Glenview in general has had some pretty high price points over the last few years, and 250K is definitely near the bottom of the market for Glenview. I certainly understand your concern with the proximity close to lake, high traffic, road noise, etc, but it's hard to imagine getting this type of deal without any drawbacks. In fact, there are some 1MIL + Homes on Lake, so I don't feel that the Lake Street Location will really hurt the value of a property at less than 32% of that price. What you're paying for is the community. I think it can be safely said that there will always be a market for affordable, updated homes in highly desirable communities.

As far as the money pit question goes, that is more a question for your Realtor (who is analyzing the homes future marketability) and difficult to determine without much more information. If it is the home I'm thinking of, it's got a great lot size, and has 4 Bedrooms and 2 Full Baths. This is hard to beat at the price your winding up at. The taxes for this property are also a bit high, given the value, but perhaps an appeal may be a way to reduce this number. It has a fairly large lot, which is great for value, and may offset the Lake Ave location.

If you haven't already, I would ask your Realtor what they feel the home would be worth completed, and make sure you have a home inspector detail the work needed. Afterward get a quality General Contractor to get you proposals on the work to make sure your 60 K top end figure is realistic.

Glenview has a great school system, and with your 2.5 year old approaching school age, not a bad choice.

You should also be looking at homes you could buy for 320K that don't need any work to see how they stack up to this one. Remember to factor in the taxes as part of your equation.

FYI, the home I'm looking at on Lake is under contract, so I hope this is you if you want it, and best of luck.
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Sat Apr 3, 2010
Nichole Lathus answered:
HELLO,

THIS IS A WONDERFUL TIME TO BUY. BUT IT LOOKS LIKE WHAT YOU ARE TRYING TO FIND IS A CHALLENGE. NEW CONSTRUCTION IN YOUR PRICE RANGE IS A CHALLENGE IN GLENVIEW. I HAVE LOOKED AT THE PROPERTIES IN GLENVIEW AND I HAVE TO AGREE WITH YOU WHEN YOU SAY WHAT YOU WANT IS IN ANOTHER PRICE RANGE.
FORECLOSURES AND SHORT SALES WOULD BE YOUR BEST OPTION FOR WHAT YOU ARE LOOKING FOR IN THAT AREA. THE PROBLEM WITH BANK OWNED PROPERTIES IS THAT SOMETIMES THEY ARE PRICED RIDICULOUSLY LOW SO THE BANK CAN DRAW MULTIPLE OFFERS AND THE BEST WILL WIN. I HAVE BEEN OUT BIDDED A NUMBER OF TIMES AND MY CLIENTS WOULD BECOME VERY FRUSTRAYED BUT THAT IS HOW IT WORKS.
SHORT SALES CAN TAKE ANYWHERE FROM 3 MONTHS TO 6 MONTHS TO CLOSE NAD 30 TO 90 DAYS TO EVEN FIND OUT IF YOUR CONTRACT IS ACCEPTED.
I DO BELIEVE THAT WE WILL SEE ANOTHER ROUND OF BANK OWNED AND FORECLOSURES COMING IN AFTER THE FIRST OF THE NEXT YEAR. THERE ARE A LOT OF 4 YEAR ARMS AND 5 YEAR ARMS THAT WILL MOST LIKELY PUT SELLERS UNDER. SO KEEP LOOKING AND GOOD LUCK.

BEST WISHES,
NICHOLE LATHUS
MCCOLLY REAL ESTATE
708-646-6533
nlathus@yahoo.com
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0 votes 4 answers Share Flag
Mon Aug 31, 2009
Patrick Thies answered:
Hi Mike,

Are you talking about the assessed building value going from $42K to $102K? If so, that is probably because it's new construction. The taxes for Cook County are paid in arrears. Meaning we are always one year behind. 2007 taxes are paid in 2008 and 2008 paid in 2009 and so on. So the $42K was probably the old house value. It takes a year or so for the taxes to catch up. The 2008 was probably based on the new contruction. Make sense?

As far as the purchase price affecting the property tax. The new taxes will be based on the purchase price. However, many places have seen prices drop which in theory would make the taxes go down. Don't count on it. The municipalities have made their budgets based on previous tax years and have become accustom to that revenue. It is most likely that the muliplyer used times the tax base is going to be raised to maintain that revenue. Simply put, the price of homes may go down but the taxes will stay the same or go up. Hope that helps.
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0 votes 2 answers Share Flag
Sat Nov 24, 2012
CMLHoldings answered:
Mike,
I purchased 2 foreclosures last year (March and December) and I offered 23% and 28% below asking price respectively and closed. Although I ended up waiting 3 months on the forst one and 6 months on the second one it was worth the wait.

The only thing that you need to ask yourself is, is this property worth more to someone else? If so then maybe that 600k is a good price if everything else around is still selling for 800k and higher.

You don't have anything to lose but time, since banks take forever to answer bids on foreclosures.

Good luck
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Fri Aug 14, 2009
Dallas Texas answered:
If an approved short sale bank needs review contract determine if meets lender guidelines sale property for less than amount owed. It can take bank several weeks.

Confer with your buyers agent for all your questions

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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0 votes 3 answers Share Flag
Thu Jun 4, 2009
Shannon Biszantz answered:
That is a tricky question. Usually the seller who is forced to do a short sale is also facing bancruptcy or some other financial issue. The listing agent's primary responsibility is to the owner and secondly to the bank. It is not like if you work with the listing agent it might save you some money because the bank is doing the payout. Get someone to represent yourself. ... more
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Tue Nov 16, 2010
Evan Kane answered:
Hi Dino,

I think my past clients speak for me best. Please view my LinkedIn profile at http://www.linkedin.com/in/evankane. I would be happy to answer of your questions.

Cheers,

Evan


Summary

Evan Kane is the broker/owner of WEICHERT, REALTORS® - Endeavor, a real estate brokerage serving Deerfield, Highland Park, Evanston and the North Shore of Chicago. One of over 500 company-owned and franchised sales offices with nearly 18,500 sales associates in key markets throughout the U.S. A native of the North Shore and a member of the American Real Estate and Urban Economics Association, which is made up of economists and academics, Evan prides his company on taking a “scientific and systematic approach to the market.”
Specialties

Property Valuation through Exploratory Data Analysis and Multiple Regression Analysis, Designated Agency, Behavioral Marketing


Recommendations For Evan
Owner
Weichert, Realtors - Endeavor


“Evan Kane helped me market and sell a property in 2007, before a bad market got worse. He also educated me on what it really means to "sell a property" - dare I say it here? It's marketing. And Evan knows marketing. If you need to move a property and you're trapped in the box of traditional marketing, have a conversation with Evan about his creative life outside of the box. Not only will he inspire you to think creatively and try new things with measurable results, he'll surely help you learn in the process. I definitely consider Evan an expert in his field and highly recommend him to anybody looking for a reliable, trustworthy and pleasant Residential Real Estate Broker/Agent.” February 12, 2009

Top qualities: Personable, High Integrity, Creative

Brian C. Janes
hired Evan as a Real Estate Agent in 2007, and hired Evan more than once

“Hello, I believe that Evan is a great guy and very able agent- his thorough understanding of the business, great research and negotiating skills brought us excellent results in our house hunt. Also personally he was a pleasure to work with and he exhibited highest standards and ethics, and was a true advocate for us. I can without reservation recommend Evan Kane in any capacity, business or personal. Thanks. Sincerely, Jim Feder” February 10, 2009

Top qualities: Great Results, Expert, High Integrity

Jim Feder
hired Evan as a Real Estate Agent in 2008

“Buying a home is daunting, however Evan made the process go smoothly. He is knowledgable, flexible, and highly trustworthy. He has my highest recommendation.” January 25, 2009

Top qualities: Great Results, Expert, High Integrity

Jenipher Dalton
hired Evan as a Real Estate Agent in 2008

“I was very pleased with Evan's services from start to finish. His professionalism was clear, and more importantly made the process very smooth. Evan went out of his way in helping us with the acquisition process of a property in which we plan on building a home.” January 25, 2009

Top qualities: Great Results, Expert, High Integrity

Michael Gurin
hired Evan as a Real Estate Agent in 2008

“Evan has been a great help to myself and my wife in not only finding value in the market, but making us feel comfortable and confident in our decision making process. He has an excellent understanding of how to get the most for your money and provides statistical information to support his suggestions. During these difficult and uncertain times there is no one I would rather rely on then Evan! He is simply one of the bestt at what he does!” January 8, 2009

Top qualities: Great Results, Personable, Expert

Eric Helfand
hired Evan as a Real Estate Agent in 2008

“Evan Kane ... a man among men. Evan is the definition of a closet entrepreneur. He brings that independent spirit and lust for constant self-improvement to his business and to his clients. In addition, he is one of the most willing people I know to roll up his sleeves and "get dirt under his fingernails" when it comes to helping others. If you were to look his name up in the dictionary you would find the description "goes above and beyond" next to his name and that is something on which you cannot put a price. Evan loves what he does and what he does best is help other people. I have been able to network with Evan for several years and I count him as one of my most trusted allies when it comes to growing my business. That, too, is virtually priceless. My feeling is that if you are in the market for what Evan does and you meet with him, you won't have a need to go anywhere else.” December 13, 2008
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Wed May 22, 2013
Vicky Chrisner answered:
You can keep shopping around, but the reality is that you may not find any good loans with those credit scores. Work on improving your credit. Start by getting a copy of it and ensuring it is correct, then pay down balances and ensure you're paying on time. Also, do not let anyone else run your credit - each inquiry reduces your scores.

I am not sure why you say the landlord doing a short sale is good for you. I mean, with short sales, the buyers carry a huge risk. If it was a traditional sale it would be much better for you.
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Tue Sep 7, 2010
Kathy Diegel answered:
Hi Natani,

I am an experienced buyers agent and have worked with bank owned properties in the past. I do cover the areas you are looking in. I am a Certified Negotiation Specialist so you know you will be getting the best possible price during negotiations for your new home. Please look at my testimonials on my website under the tab "about me" so you can see the level of service I provide http://www.NorthernILproperties.com

I am not a part time agent so I will be available day or evening to help you find your dream home.

Please call or email me I look forward to talking with you about what type of home you are looking for = )

Kathy Diegel
Coldwell Banker
Kathy.Diegel@cbexchange.com
Cell: 847-707-8907
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