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Oak Park : Real Estate Advice

  • All155
  • Local Info16
  • Home Buying36
  • Home Selling5
  • Market Conditions8

Activity 79
Sat Jan 17, 2009
Marty S answered:
From what I can see, yes. Here is a link to the house with the listig agent's info.

We handle mortgages in all 50 states.

If I can be of further service, please let me know.

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
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0 votes 2 answers Share Flag
Mon Nov 3, 2008
John Brown answered:
Local mortgage brokers are usually not well-suited to do out-of-state loans. Often, they are unaware of the local customs that prevail in other states and can foul up a transaction, keeping it from closing on time. In fact, it may be the case that your CA broker isn't even licensed to do business in IL.

National Bank Of Kansas City is a federally-chartered, FDIC-insured bank that has specialized in home loans in all 50 states for over a decade. As a federal bank, we are not subject to state licensing requirements.

I have done many home loans in IL. I would be happy to assist you. Please feel free to call or email me.

John Brown
Loan Consultant
(800)375-8096 ext 0147
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0 votes 9 answers Share Flag
Mon Sep 15, 2008
Bill Eckler answered:

Your concern is real...and it is not normal for a bathroom to be unheated. This would be something for your real estate agent to get information on.....why did they decide on no heat? how do they cope with it unheated? Can eat be added?

At the very least, it would be leverage to negotiate a lower asking price.

Good luck,
The "Eckler Team"
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0 votes 3 answers Share Flag
Tue Jul 29, 2008
Mwass answered:
you should review the condominium declaration and by-laws with an attorney. did the by-laws change at some point ? (Did the association follow the right procedures when they made the change?) were the restrictions always in place but just not enforced for > 10 years?) why do you think you can/should be able to rent given that it is apparently against the rules? ... more
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Tue Sep 16, 2008
Chris answered:
Put an offer for 275k and see what happens. They can either reject or counter. If they reject wait 2 weeks then make another offer. If they counter then you counter. Don't give the sellers your personal reasons why you are offering 275k because the sellers are not from the Red Cross and they probably won't care. Now if you give valid reasons for going to 275k ie:needs alot of work, similar houses that sold RECENTLY are selling around that price etc then those are legitimate reasons to lower the asking price.

Now, where do you come up with the down payment and avoid PMI. Do what I did and go with bank of America. I locked in at 6.75 and I am only putting 5% down. Also, they are paying for ALL CLOSING costs except taxes, insurance, escrow. So now you have some more money to make a counter-offer.

Good luck!
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Thu Jun 19, 2008
Ginger Carney answered:
Hello Lana,

I am sure I could find you an agent in Ventura County who would represent your interests. What are the most important qualities you are looking for in an agent? When do you want to buy? Are you preapproved for a loan? There are many factors to consider, but I would love to work with you to find the perfect agent for you. I am at 707.824.4567. ... more
0 votes 2 answers Share Flag
Mon Sep 28, 2009
John Sommese answered:
Most rent to own situations would require you to buy within a 1 year period. So you will still be in the same situation as you are in now. The only thing that may change is the downpayment that you will be putting down. Consider that for every $10,000 you put down on a home, it will only change your payment by $70/ month. So putting more money down may not put you in a better situation. You should also take into account that there are more homes for sale then homes with a rent to own option. So you would be reducing the choices that are available at this time. To find these rent to own properties you can look in the local paper or get in contact with a realtor who may know of sellers that would be willing to accept a rent to own situation. ... more
0 votes 6 answers Share Flag
Fri Apr 18, 2008
John Sommese answered:
Brad, make sure you do your homework. At this time there are 133 condos in the Oak Park area that are on the market. As far as pricing goes, you will pay less money in a complex for the lower level units. When you go to sell the condo, you have to make sure you price it below the sales price for the upper units. If you sell 3-5 years from now you should be fine with making some money. Good Luck ... more
0 votes 2 answers Share Flag
Sat Mar 29, 2008
Pam Winterbauer answered:
This is a question for our Ruth. Where are you Ruthless?
0 votes 8 answers Share Flag
Sun Aug 9, 2009
Steve Condurelis answered:
Depends on what u want them to do for you. Buying/selling a home, Selling a service or product?
0 votes 8 answers Share Flag
Sat Sep 15, 2007
Ute Ferdig answered:
While pricing a comparable sale is done by making adjustments to the sale price based on features that make the comparable property either superior or inferior to the subject, I don't think that it is realistically possible to go into details such as the brand of fixtures that was used and how old the addition was. You have to remember that most appraisers and real estate agents don't have access to the interior of the comparable sold homes. Actually, the chances that a local real estate agent may have seen the interior of a comparable sale when it was still on the market are better than that the appraiser who will do the appraisal actually saw the interior. I do a lot of valuations for banks and for the most part I am limited to making adjustments based on exterior appearance and what the MLS detail shows. I make adjustments based on the age of the roof, whether the comparable was recently remodeled, exterior condition and other more obvious differences that have an impact on value in my opinion. Many people spend too much on high end materials not realizing that they will not really increase the fair market value of the house. ... more
0 votes 10 answers Share Flag
Tue Apr 1, 2014
Zoraida Matos answered:
I dont think it's a disadvantage in some situations it might be relatives or close friends and you are being used to handle contract and save them both on commission... but they have already agreed to what the price is.....

I think that the buyer and the seller just never know if confidential info is released and like whats the lowest the seller is willing to accept.......
and god forbid the buyer gets very close to that # .... I think its only natural for the seller to think that the agent told the buyer and they probably didn't......
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0 votes 36 answers Share Flag
Sat Mar 29, 2008
Mr.P answered:
Mon Nov 12, 2007
Zoraida Matos answered:
Veronica aside from a garage were there any other amentities you were interested in? ... is the monthly assesment and what it covers a concern ? how many bedrooms were you needing? and what price range has your lender approved you for, unless you don't need a loan. ... more
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Thu Aug 30, 2007
Paul Renton & Terri Schrews answered:
Definately, any Top Producing agent has a 20% niche market that they get 80% rsults from, so they try to be the dominant prsence in this market. Let me know if you have specific ned and I wll find you a Mega Agent to help you. ... more
0 votes 5 answers Share Flag
Sat Mar 22, 2008
Diane Glander answered:
Exactly. Therein lies the problem for a lot of buyers between 2004 and 2005 when most markets peaked. They purchased high and are trying to sell for more now. It just doesn';t work. couple that with the fact that most of those loans were ARMs which are now renewing at high rates and some people have to sell, but cannot even get what they paid for their house! ... more
0 votes 8 answers Share Flag
Fri Mar 21, 2008
Steve Ostrom answered:
Honestly, like selling any product, image does matter. Mention granite counter tops and many people do get a little excited. I do agree with you the big ticket items are important to have in working order, if not new (roof, A/C, heater). The guts and workings of a home are indeed important and vital in calculating the worth of the home (status of the home, quality of the workmanship, major items in working/good condition, etc). If not that person has never had to replace one of these items and see the bill.

There are definitely tag terms which appeal to people these days that hold high "emotional" value to people like "granite counter tops." People want to feel like they have an upscale, updated, customized home and often don't realize how great it is to have a NEW a/c unit and what it translates into an actual monetary amount within the home until an agent explains it to them.

Was it an agent or neighbor that made this comment? I am not sure if this applies, but unfortunately not everyone has the gift of delivering comments or critiques well, but if it was indeed an agent that knows the inventory well in your area, there may be some reason to their thought and might be something to consider. BUT if you have had support in the positive of your pricing, in the majority, listen to them. Don't let the negative feedback resonate and keep with you.

Good luck with your pricing and listing.
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0 votes 17 answers Share Flag
Thu Dec 8, 2011
Paul Slaybaugh answered:
I don't see it that way, Ruth. I can understand that perspective from the consumer, but to a respectable agent, future business is equally or more important than the current deal. There is no way that my clients come back to me or refer their friends and family if I don't put their interests first. As for the difference in commission on the sale of a home listed for 500k versus 510k or 520k, it really is peanuts in the grand scheme of things. If an agent is really conflicted about doing what is right for the client versus making another few hundred bucks ... wow, is all I can say.

Further, I don't see a change from the commission structure anytime soon. I don't think it would be in anyone's best interest. It is a lucrative industry for those who excel. It has to be given the uncertainty and expense involved. If you chase away these top notch agents, and subsequently discourage the best and brightest from entering the profession, it turns into amateur hour (more so than it can currently be). The last thing this business needs is less professionalism.
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0 votes 43 answers Share Flag
Mon Aug 13, 2007
Carrie Crowell answered:
You have to get the exposure. I would hold an event at the house for agents. Either have a semi-social event, or mix it with an educational event. The more people attend the more the home will get talked about. I would even make sure it got some publicity, either before, or after the event. You may want to consider what kind of people would live in that house an hold an open house event catered to that crowd with personal invitations to many influential people. Be creative it could be lots of fun. If it is an old house, you might post in on a historical site etc. Let the home help you sell it. ... more
0 votes 10 answers Share Flag
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