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Elgin : Real Estate Advice

  • All145
  • Local Info12
  • Home Buying47
  • Home Selling8
  • Market Conditions5

Activity 73
Sun Aug 3, 2008
Keith Sorem answered:
Teri
The real question is that is happening in your market
According to the link below over 200 homes sold in the area.
When someone talks to me about a home not selling, the question is: are any homes selling?
The answer seems to be "yes".

So your Reatlor's job is to figure out what your competition is doing. It is sort of like chess. The competition moves, then you make a move. If you don't make a move, you do not stand much of a chance of winning.
How many showngs have you had? 10-12 in first two weeks of market time is required to get an offer. No showings, lower the price.
Showings but no offers, lower the price.

Price is not really the key to selling, it's value. The homes with the best value sell first. Go look at the 10-12 homes that are your competition. Evaluate them.

Then sit down and objectively look at your house.

Good luck
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Thu Jul 31, 2008
Chris Clark answered:
Hello Brenda - I am the listing agent for the home at 225 Villa. We were on the market since last October at $219,900 and finally started to get some interest at $195,000. To get a contract quickly that would hold together we ended up reducing to $175,000. There is quite a bit of interest at that price point. That house is 4 bedrooms, 2 baths and fully restored and updated as well. Appraisers are ultra conservative right now. Let me know if you have additional questions. Thanks! ... more
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Thu Jul 17, 2008
Chris Clark answered:
Cameron - Most of the town home communities also offer single family homes. Depending on your price point, there are "cookie cutter" subdivisions all the way up to luxury custom built homes. Many builders are extremely slow right now, so it's a great time for deal on new construction. Email me at chris@clarkhometeam.com and I will be happy to send you some new construction home listings. ... more
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Fri May 31, 2013
Chris Clark answered:
There are 11 ranches on the market right now in that neighborhood. 4 pre-forclosure and 1 estate sale. Email your email address to chris@clarkhometeam.com and I can forward the listings to you.

Thanks,
Chris Clark
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Thu Jun 12, 2008
Scott Epstein answered:
I'm not a mortgage professional, but I believe it's going to be very difficult for her to get financing given her situation. Banks are making it more difficult to borrow money. There are very few programs (if any) that will approve your mom for a loan with no money down, especially without a steady job. I think she is better off renting for a year until her pension kicks in. ... more
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Wed May 14, 2008
Alan May answered:
Unfortunately, short sales, and foreclosures DO drag the rest of the neighborhood down in price. Regardless of the fact that they are often far below local market value, the banks and appraisers will use those recent sales, and it will impact the ability to obtain full-price loans.

That doesn't necessarily mean that the foreclosure price becomes the new highwater mark... but it will affect the local pricing for a while.
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Tue Apr 29, 2008
Ida Mccarthy answered:
Try rentals.com and apartments.com. You can also try craigs list chicago, there are a lot on there. Hope this helps!
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Tue Apr 22, 2008
Heidi Engel answered:
Carol-----most 2nd lien holders that I have run into will not sign---period. I work with Wells Fargo in my office--we have had meetings on this exact situation. What is owed on the 2nd will give you an idea if they are willing to cut their losses---most will not. I have seen people wait as long and longer than you, and not successfully get to the closing table. This is a short sale---for anyone reading this, if you are looking at short sales---try to stay away from any that have 2nds on them. Unfortunately many agents are listing properties with no pre approval from the banks that they will even accept a short sale and the process drags on for months--this is a common problem we are running into daily! ... more
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Sat Apr 5, 2008
Dpowell answered:
Thu Apr 3, 2008
Vassi Saviano answered:
Olga, you may search neighborhood information on my web site, under the communities link. You may search If you need additional information please don't hesitate to contact me.
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Tue Mar 25, 2008
Jim Starwalt answered:
You need to screen your applicants. Get a recent credit report on your potential tenant / applicant, call and verify their job. Call their current landlord and ask why they are moving and if they would re-rent to them again. I can also provide you with real estate rental services, if you like. We can list your townhome for rent in the MLS and work with you on the rental application process for tenants. Thank you, Jim Starwalt ... more
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Thu Jul 24, 2008
Ken Herrera Group answered:
Hello Mike,

Although I'm not in your area, I will give you a short explanation. I'm sure my fellow Trulia Agents will fill in with much broader explanations. Offers and counter offers are the negotiation process of the home. An offer is submitted by a Buyer highlighting the their terms they are willing to adhere to for purchasing the home, including price, financing and inspections to name a few. The offer is conveyed to the Seller at which time the Seller can accept and agree with the Buyers terms or send a counter offer. The Counter Offer basically will says I have reviewed your offer, however, I want the following changes made to the contract. Typical Counter Offer is a price change, change in amount of closing costs, change of closing date, and or a change of title company. Once a Buyer receives a Counter Offer, they can also counter the counter offer. The Buyer now has the ability to say "I don't agree with your terms," and establishes new terms. Once the negotiations have ceased, you either have a signed deal agreed to by all parties or both parties have decided not continue with the transaction. This has been a very very brief overview, you have rights in the process so please feel free to speak with a Licensed Realtor, they will able to walk you through the whole process.
Good Luck,
www.C21Infinity.com
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Wed Apr 6, 2011
Ray answered:
sell the home with the lot, at 195k and keep the other lot, unless it is too tight for the first home to sell. You can always give them the choice, of picking up the undeveloped lot, for say, 40k. Or keep both, take out an eqity line of credit, that is tax deductable, and rent the home, and deduct that, and depreciate it, over 27.5 years.... ... more
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