Chicago Real Estate BlogRecently posted or modified blog posts by tag - Seller's Guidehttps://www.delphinehomes.com/blog/Copyright DelphineHomes.com2020-05-13T18:05:28-07:00tag:delphinehomes.com,2012-09-20:1791Where to get Cheap Moving Boxes in Chicagoland<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/cheap_moving_boxes_in_Chicagoland.png" width="1120" height="630" alt="cheap moving boxes in Chicagoland" title="cheap moving boxes in Chicagoland" /><br /><br /><br />Now that it’s moving time, you are asking “where to get cheap moving boxes in Chicagoland?” Am I right? Sure I am. Because when it comes time to pack up your stuff, it can be tricky to find just what exactly you must pack your stuff with.
Hence, an article entirely devoted to moving boxes. So let’s clear it up once and for all…
So Tell Me Already, “Where to Get Cheap Moving Boxes in Chicagoland?”
How exactly are you going to pack up your clothes, records, books, dishes, and trinkets? In a box of course. And I bet you have tons of stuff to pack up and tote out of your “just-sold” house. While the average cost to move hovers around $2,000, you can do it for a bit less by answering the question, “where to get cheap moving boxes in Chicagoland?”
No doubt your move is gonna need lots and lots of the brown cardboard variety. If you are vacating a 2-bedroom apartment, the boxes could cost several hundred dollars just on their own. If your home is a more standard-sized home, let’s say a 4-bedroom 3 bath home, then the price of your boxes just jumped to over $400 bucks.
Crazy, huh?
While those cardboard moving boxes may seem inexpensive on their own, when you buy what is required the price adds up, making a big dent in your moving budget. Because home sellers are on a strict timeline when moving out of their home, they don’t have much time to haggle over cardboard boxes. And anyway, who wants to haggle over the boxes when the seller and buyers may be recovering from tough sales negotiations.
But there’s a better way.
No reason to buy your cardboard boxes, you can go on a hunt. And this chase doesn’t take nearly as long as you would think. In just a day or two, you can literally be swimming in boxes - if that’s your thing!
Your Plan of Attack: Morning
When you’re on the hunt for where to get cheap moving boxes in Chicagoland, your day must start early. On the morning of, plan to visit the web for cheap boxes - heck, even free boxes - that are there for the early birds’ taking.
Before you even think about embarking on this venture, understand how many boxes you’re going to need for your move. For a medium house (3 bedrooms), you may need 25-30 medium-sized boxes, 15-25 large boxes, and 20 extra-large boxes.
That’s a lot of boxes!
Now that you have an estimate on the number of boxes you need, it’s time to go on the hunt. Don’t worry if you end up acquiring more boxes than you need. You can also list the surplus boxes online and pay it forward to the next guy that is about to embark on a move.
Here are a few fantastic resources to look for your AM box hunt:
Craigslist
Visit the “free” section for free boxes. If you don’t have any luck there, go to the “For Sale” section. You can even post a query in the “wanted” section asking for free moving boxes. Who knows, you just might get lucky!
The tail-end of the weekends are likely the best time to score boxes, as this is the time when people have wrapped up their move and ready to rid themselves of boxes. Heck, they probably never want to see another box again at that point. Am I right?
U-Haul
At your local U-Haul, take a gander of their drop-off location. Every U-Haul store has one. It’s here that people will dump their moving boxes, and you can have them for free.
Offer Up and letgo Apps
There are a ton of apps you can leverage to source reusable cardboard boxes for your move. Simply list your zip code in the app and search for “free stuff.” Some apps even let you search for “boxes” in the search box. If boxes are available, then they’re likely posted here.
Facebook Marketplace
We love the Facebook marketplace, it has everything you could ever need. Including cardboard boxes galore!
Simply search for your local Marketplace and connect with anyone who has extra boxes by searching for “cardboard boxes.” If you don’t want to pay a dime, mark the “Only show free listings” box to filter the results. If nothing comes up, you can unmark that search and see if cheap cardboard boxes are available in your area.
Nextdoor
This is a private social network where neighbors can connect. Create a post in the “General” newsfeed and specify what kind of box and how many you need. Who knows, your boxes may be located at a friendly neighbor’s house down the street. Imagine, this is access to boxes that are practically served to you on a silver platter.
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Reach out to Friends and Family
You may even have a pack-rat friend or family member who carefully stores their cardboard boxes for future use. It doesn’t hurt to ask around, especially those who have moved recently. If they do have boxes, you may even be doing them a favor by taking the boxes so they can clear out that closet or garage space.
Make the Box Rounds in the Afternoon
With all your internetting out of the way in the morning, you can now get active by making the rounds in your city to greet your boxes in person. There is a myriad of places you can find boxes, and all you have to do is ask.
“Where to get cheap moving boxes in Chicagoland?”
In your city, you’ll have the best luck sourcing your boxes at the following stores:
Liquor Stores: Boxes are necessary to ship bottles. Who better to ask than your local liquor stores. If you ask to speak with the manager and explain you would like some boxes, they’ll likely go out of their way to help you.
Bookstores: Like jugs of vodka, books are another heavy item that requires a durable box to ship them in. Canvass your local bookstores and ask for their boxes. You may even find some interesting books to add to your library in your new home, yay!
Target: Target stores move massive products. Hence, they’re a great source for cardboard boxes. Yep, it’s basically a goldmine. Call ahead to find out when they receive their largest shipments for the week. Generally, it’s midweek but call ahead just to be sure. And then head over there on the said day mid-afternoon. You can ask to speak with a manager. If they don’t have boxes to give you at that moment, they can put you on a box waiting list and call when the boxes, I mean “shipment” arrives. Yep, that’s a thing!
Starbucks stores generally get a huge shipment one day per week; this tends to be on a Friday. You’re not doing anything Friday, right? You’re moving. So get yourself over to Starbucks and tell them you need boxes. You probably need coffee too, you’re working so very hard.
Recycling Centers: Many recycling centers have a designated area for the drop off of lightly used boxes. Scout your local recycling centers and get yourself some free boxes. The planet will thank you.
Local Wineries: Liquor, books, wine… are you seeing a pattern here? Wineries have tons of the good stuff - boxes too - so visit your local winery and ask if they have any boxes. Often these come with dividers, making it a great box for breakables, such as glassware.
Grocery Stores: Trader Joes has a stack of boxes right at the front. You can give them a smile and those boxes are there for the taking. Visit other grocery stores and ask for the manager, they’ll run to the back and return with produce boxes galore.
When the Sun Goes Down… Assess What You Need
It’s time to return home now and swim in your new cardboard heaven. You should be swimming in upwards of 50+ boxes, depending on your original ballpark figure. If you find you’re coming up short, don’t worry. At this point, you can rest assured that you have a knack for acquiring boxes. It’s in your blood… or maybe you just want to revisit that winery? Yeah… the pinot was pretty good…
“Where to get cheap moving boxes in Chicagoland?” Now you know. I hope you see how paying for boxes is unnecessary, presuming you’ve given yourself a week or so to prepare for the box hunt. If you are pressed for time, you can likely score a good deal on Craigslist or Facebook Marketplace for cheap boxes. Otherwise, make those calls to local businesses and plan your day around amassing your cardboard box collection.
Sure, it may take just a little bit of time… but it’s so much more rewarding than paying several hundred dollars for boxes you’ll likely just toss in the dumpster when it’s all said and done. You can use that extra money to buy a nice housewarming gift… or a book… or wine… or a shopping spree at Target. Whatever floats your boat!
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2020-05-09T15:02:00-07:002020-05-09T15:17:41-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1702How Does the Title Company in Chicagoland Come in With Your Home Sale?<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Title_Company_in_Chicagoland.png" alt="Title Company in Chicagoland" title="Title Company in Chicagoland" />
When it comes to home sales, the title company in Chicagoland plays a crucial role. A title company manages many different tasks throughout the sale of a home.
Let’s dive in and find out just how important a title company in Chicagoland is, shall we?
What Does a Title Company in Chicagoland Do Exactly?
Over 33% of real estate deals involve a title company to manage much of the work. This can involve addressing title issues that span back for decades. Of course, the responsibilities depend on the state’s rules and regulations. Generally speaking, title companies issue insurance in addition to titles. Title companies also hold onto escrow funds as well as manage and coordinate paperwork, in effect acting as closing agents in and of themselves.
Is your head spinning? Yes a title company in Chicagoland wears many hats, they certainly have a lot on their plate.
A Closer Look...
When you’re caught up in the sale of your home, it can be difficult to keep track as to who is responsible for what task. Plus, you have all the terminology and slang to figure out. It’s not easy. I’d like to take this opportunity to break everything up by piecemeal, so we can get a clear idea of what the title company’s role is in the sale of your home.
Let’s scroll down the list, which includes:
Search the title for any defects. These defects are also called “clouds.”
Title companies must protect the buyer with the title insurance, safeguarding them from fraud and forgeries.
Keep money and documents for safekeeping in escrow.
When the final phase of the sale is initiated, the title company will oversee the closing and final fund distributions.
A Deeper-Dive Rundown of What a Title Company Does...
Here is a deeper dive into what exactly the title company does when you are selling your house.
1. Perform the title search on your house
Even before you can officially sell your house, you need to have a clean title, also called “clear title.” It may come as a surprise that snags in titles consume over 10% of the closing delays. This makes it all the more important that your title company in Chicagoland ensures that you - as the seller - own all legal rights to sell your real estate property.
It’s imperative that you have a clear title before your sale. Otherwise, without a clear bill of title then your ownership is in question. To ensure that only you and you alone can claim that you have ownership of the property you are listing to sell, this clean title is necessary.
What will the title company do to prove that you are the rightful owner of your property? First off, the title company will perform a title search. A title search process involves researching public records to obtain details about your home’s history. It can involve sourcing documents, liens, and anything else tied to a house.
If there are any “clouds” a.k.a defects or breaks in title, it will be at this stage that a title’s legitimacy is put in question. Title companies are very thorough when conducting the title search. It isn’t uncommon if during the search, the title company turns up liens from decades ago. If your home has a dark past with previous owners, you can bet that the title company will reveal all the skeletons in the closet, some you may not have been aware of!
Here is a snapshot of the most frequent title issues we’ve seen:
Contractor liens: Contractor liens are any monies that are owed to a general contractor or a subcontractor for the home’s renovations, repairs, or any remodeling projects.
Divorce decrees: If any liens were placed on your home due to past-due child support or spousal support, the title company will dig this dirt up as well.
Personal bankruptcies: As you’d likely assume, any bankruptcy cases that have been put up against the owner of your home will come up as well. These personal bankruptcy cases must be discharged to clear the title.
Outstanding taxes: Yep, overdue taxes turn up in the title search as well. All taxes owed to the county, school will be revealed, as well as property taxes. So be sure these are all up to date to avoid any delays in explaining.
If you want a streamlined sale, be sure all of the above is addressed well before a title company in Chicagoland starts their process. Otherwise, you will experience delays and won’t be able to sell the property until this is taken care of.
While it may sound scary, often resolving these issues is only a matter of verifying that a debt has been paid. It’s important to clear up these recording errors - it’s akin to a consumer cleaning up errors on a credit report.
More often than not, it’s a matter of recording the proper documents. Very often the person that held the lien may neglect to file the proper paperwork after it’s all paid up. In certain states, such as North Carolina, a seller must sign a lien waiver that says any debt on the property will be paid at closing.
For example in such a scenario, if there was a $10,000 fee for roofing that wasn’t paid off, you would need to pay it before the buyer could borrow a loan. The bank just wouldn’t allow extending money for an outstanding bill that should have been paid years ago. In so doing, preserving the quality of title protects both the bank and the house buyer.
You can even accelerate this process by providing a copy of your title insurance policy that you obtained when you first bought the house to the title company. However, if you purchased your home fewer than 15 years ago, the title search may be limited to the duration during which you’ve owned the house. Of course, it’d be best if it was a full, extensive search to when the house was first constructed.
2. Issue title insurance to the buyers of your property
When a title company gets involved, they will issue title insurance to the buyer of your house, in addition to clearing the home of title. In this way, they guarantee that the new owner will be protected against any other claims on the property.
Because there is always a possibility of document errors or filing errors, as well as forgeries and undisclosed heirs, it’s important to have this insurance in place. However, even if the buyer does have insurance on title, it does not exclude the importance of running a thorough title search. Usually, the home seller will pay for the buyer’s title insurance policy. The buyer, on the other hand, will pay for the lender’s title insurance.
3. Maintain escrow accounts and act as an escrow officer
In addition to performing the title search and issuing insurance, a title company in Chicagoland will also manage the escrow account for the sale of your home. The responsibility here is to ensure that the escrow money and documents related to the transaction for the parties involved, such as the deed to the house, closing costs, the earnest money deposit, as well as the downpayment that will follow, are all safe and protected.
When it’s time, the title company will disburse payment and release documentation. This, of course, requires the explicit, written permission of both the buyer and seller.
4. Oversee the final steps of the closing process
In this final phase of the home sale, the details depend on the state in which you live. In some states, these last details are to be managed by a real estate attorney. In others, it’s the escrow officer or title company. It’s important that you find out who will manage your closing processes, depending on where you live.
In a nutshell, the steps in this process involves:
Drafting up final paperwork and documentation
Overseeing signatures on all of the closing documents
Making sure the property title passes from seller to buyer
Overseeing disbursement of funds from escrow, including closing costs and fees
Finally, What is Important When Choosing a Title Company?
When choosing a title company in Chicagoland, it’s important to determine how involved the title company will be. It all depends on what the customs and regulations are in your state. In Illinois, BLANK - what are the rules here?
It’s important that both the buyer and seller are on the same page. People move from state to state, so sometimes all parties may be mixed up on what is required of them in the state that they are in. When working with title companies and escrow companies, both the seller and buyer will be guided on the process, however as always where real estate is concerned, due diligence is recommended.2020-04-01T19:04:00-07:002020-04-04T16:32:19-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1704You Need to Know: What Do Home Appraisers Look for in Chicagoland?<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Home_Appraisers_Look_for_in.png" alt="Home Appraisers Look for in Chicagoland" title="Home Appraisers Look for in Chicagoland" />
You’re thinking, “hmmm… what do home appraisers look for in Chicagoland?” The life of an appraiser is no easy task. The job can be summed as this: how to assess the value of a home and confirm that the offer price is fair for everyone involved: the buyer, the homeowner, and of course the bank. Perhaps, the bank is the most important player of all as they are the party that will lend the money to purchase the home.
If You’re Asking, “What Do Home Appraisers Look for in Chicagoland?” This is it.
There isn’t a cut-and-dry answer. But it’s important to me to give you a general idea of what do home appraisers look for in Chicagoland. I’ve worked with dozens and dozens of appraisers, and believe me - I’ve asked them TONS of questions. Many of the appraisers I’ve worked with have appraised thousands of homes (yes, thousands).
There are a lot of pieces involved here. I’ve decided to break down each piece based on an INTERNAL factor and an EXTERNAL factor. With these in mind, you can have an idea of what elements in a home contributes value and what contributes to the marketability.
Appraisers Look for These External Factors in Your Home
First of all, appraisers who appraise your home must be qualified (of course) and certified (doubly-so) in your state. In fact, most states adhere to the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice.
Depending on your home’s size and overall condition, the appraisal process may take as few as 15 minutes to as much as 2-3 hours. For starters, the standard appraisal report includes the following external factors surrounding your home:
Census tract
Neighborhood Boundaries
Legal Definitions
In addition, there are other external factors your appraiser will consider. These include:
Neighborhood characteristics (such as urban, suburban, rural)
Percentage of present land use in the neighborhood (one-unit housing, two- to four-unit housing, multifamily, commercial).
Zoning classification
The size of your lot.
Whether the property has public utilities
And details, such as the type of driveway surface and how many cars the garage can store (if applicable). For example, the appraiser is interested in knowing if your home offers a one-car garage versus a two-car garage? Each detail contributes to your home’s value.
Keep in mind that much of the information (such as zoning, lot size, percentage of land use in neighborhood, etc) are purely a numbers game and out of your control. You can’t change your lot size on a dime, yet these are many of the things that are included in the home appraisal.
Another line item that your home appraisal will examine are unique features your house showcases. This comes into play in Chicago especially. Consider Chicago lot size: for example, in Chicago, a single-family house is 19-feet wide. Say you have a house that’s 28-feet wide or 20-feet wide, you want to be sure you mention this fact to your home appraiser. This can affect the appraisal when asking “what do home appraisers look for in Chicagoland?”
There are Internal Factors Home Appraisers Consider, Too
In Chicagoland, home appraisers look at the structure, condition, and size. For example, your home appraiser will be interested in:
The home’s square footage
Number of bathrooms and bedrooms
Remodeled versus updated kitchen/baths
The type of foundation
Whether there’s a full or partial basement, crawl space, or attic
Materials used for the walls, floors, and windows.
It goes without saying that your housing appraiser will be on the lookout for any evidence of pest or vermin. This includes termites as well. Your appraiser knows the signs (think “termite dirt” on windowsills) and will write up such findings in the appraisal.
FHA or VA Loan?
When an appraiser examines a home for a buyer who will borrow with an FHA or VA loan, there are additional considerations. These loans require that the housing appraiser examines safety details, such as whether there are handrails on all stairways and smoke detectors on all levels of the home.
Subjective Details Your Appraiser May Note
There are also what may be more, what we might call “subjective” features from the housing appraisers point-of-view. For example, your appraiser may jot down whether the property gets good natural light. As for those of you who live in Chicagoland know, light in Chicago is like gold. So the number of windows and other features such as skylights or high ceilings are very attractive and may boost your home’s appraisal value.
Good light? Great, however, these subject items can work to your disadvantage as well. For example, suppose your condo is on the street and can get a bit noisy. Or maybe your home doesn’t get very good light. These are things your appraiser may assess (and dock your home’s value for). Here’s a tip: if your home doesn’t get good light, have your home appraised in winter when good/bad light wouldn’t be on the appraiser’s radar.
How’s the Condition of the Home?
Your housing appraiser in Chicagoland may evaluate and note the following factors:
The materials and conditions of the foundation and exterior walls, the roof surface, screens, gutters, and downspouts.
The materials and conditions of the floors, walls, and trim.
Any physical deficiencies or adverse conditions that affect the property’s structural integrity or livability.
General maintenance and upkeep, such as whether there is peeling paint or leaky faucets, missing door handles, and so on.
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What Do Home Appraisers Look for in Chicagoland? Answer: Home Improvements, Upgrades
While your housing appraiser will evaluate all of the necessary factors that contribute to a home’s value (such as the type of heating and cooling systems a home has), he may also take into account, improvements, upgrades, and amenities. These items may include:
Energy-efficient items.
Fireplaces or wood stoves.
Attractive fencing.
A patio or deck.
A porch or outdoor sitting area.
And those swimming pools? If your home has an in-ground swimming pool, there may be a contribution of value there. However, it is considered to be depreciated value because of the maintenance involved.
For example, if you spent $150,000 on an in-ground pool, it doesn’t mean your housing appraiser will value your home more than if your next door neighbor’s in-ground swimming pool only cost $55,000. As you likely already know, if you installed a 150K pool, you’re not going to get that money back in the appraised value of your home.
What’s important here are upgrades, especially on older homes. Think along the lines of a new roof or air-conditioning system. For example, even if you have these features, such as an air-conditioner - if it’s ancient, your appraiser may ask to view the permits. This can lead you down a road of trouble. Keep all receipts and paperwork on hand so you can prove when your upgrades have been made. If there is any question about it, show the housing appraiser your receipts and they will revise the appraisal accordingly.
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What Do Home Appraisers Look for in Chicagoland? Not This.
Things like movable furniture or home decor are not going to be on your home appraiser’s radar. Sure, these items may help staging your home and boost looksies during showings, but the appraiser doesn’t care so much about your home’s decor. This includes new ceiling fans, new microwaves, and even a shed. These are all considered personal property. The only things your home appraiser will look for are the items that aren’t nailed down - it must be part of the bones of the house. If you can take it out, then it’s movable furniture.
Sadly, hot tubs too. While most people won’t take their hot tub away with them on the move, the appraiser doesn’t factor it into the appraisal assessment.
Here’s How to Get Home Ready for an Appraiser
Although much of the items your housing appraiser will be focused on are things out of your control (such as lot size, and census tract), you can do several things to give your home the best chances of a maximum appraisal. These items include:
Ensure you have all relevant paperwork assembled. Things you need are the recent real estate tax bill, homeowner’s association or condo covenants and fees.
You need a thorough list of all the upgrades you’ve made, from small to major improvements. Include the date of their installation, cost, and permit confirmation. It’s best of course if you have receipts for all of these upgrades, too!
Make sure that all areas of the home are accessible, including any crawl spaces.
Clear our corners and generally sweep up and get your house in tidy shape so your housing appraiser can poke into nooks and crannies as they please.
Repair chipped baseboards, squeaky hinges, and the like. Although the latter shouldn’t impact your home’s appraisal, it can set the tone for the visit. You want your housing appraiser to see your home in the most favorable circumstances possible.
What do home appraisers look for in Chicagoland? I hope this gives you a better idea. And do remember: if your home’s appraisal comes in lower than you expected, take heart. You can always negotiate with the buyer or even request a second appraisal.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2020-03-01T06:07:00-07:002020-03-30T17:01:53-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1701Selling a House for Cash in Chicagoland? Read This First!<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Selling_a_House_for_Cash_in_Chicagoland.png" alt="Selling a House for Cash in Chicagoland" title="Selling a House for Cash in Chicagoland" />
You’ve seen the signs in sloppy penmanship written on yellow cardboard stapled to telephone poles advertising “Will buy your house for cash!” - but if you’re selling a house for Chicagoland, you better read this first. In recent years, perhaps you’ve noticed another trend: iBuyers. These are algorithms programmed by tech companies that make cash offers on homes that close in under a week. If you’re in Chicagoland, there are a lot of opportunities. Which is what makes it all the more confusing. So let’s take a moment to explain these various business models, and how you can sell your house fast.
Selling a House for Cash in Chicagoland - Fast
Before we jump into how one might move forward on selling a house for cash in Chicagoland, let’s first go through a brief history lesson. I promise, it isn’t as dull as it sounds!
Usually, investors who buy houses for cash and sell at a profit are not small time investors. In fact, a great analogy to selling a house for cash in Chicagoland to one of these types of investors is akin to trading your car to the dealership. Wanna sell a car? You sell it yourself. Perhaps you put a “For Sale” sign in the window or put an ad in the newspaper. Wanna sell your car fast? You’ll likely take it to the dealership and see if they’ll buy it or use it to trade-in for your next car.
All-cash home buyers tend to be either individuals or entities that buy your house outright. Like the car dealership, they don’t need any lender financing. Selling your home to a cash buyer helps you cut a lot of corners. For example, you won’t need to stage your home, show it to prospective buyers, or haggle over closing timelines. Although it’s pretty cut and dry, not every all-cash buyer has the same conditions in place. We can identify these buyers by breaking them down into categories.
1. House flippers
When you think of House Flippers, the couple of Fixer Upper fame come to mind. Or perhaps Vanilla Ice (yes, Ice Ice Baby changed careers and now flips homes). These folks tend to buy homes that are a bit rundown with the idea of fixing them up and selling at a profit.
2. iBuyers - a New Trend
These days, we see iBuyers. These are data-driven algorithms designed to purchase homes for all-cash. You may also recognize them as “instant buyers.” Both of these terms mean the same thing. Using an automated valuation model (AVMs), iBuyers make competitive offers on residential homes. Unlike fixer-uppers, these homes tend to be in better condition. Consequently, the typical iBuyer purchase makes less profit per flip. This group is working in volumes, purchasing many homes and turning them over fast.
When dealing with iBuyers, a home can close in a matter of days (once you accept the offer, that is!). iBuyers also tend to offer better pricing, in many cases up to 98% of fair market value. iBuyers are occupying more of the market share these days, hovering around 6% of home buyers.
3. Buy-and-hold Investors
Your typical buy-and-hold investor purchases a home and converts it into a rental property. Certain buy-and-hold investors may purchase properties with the goal of renting out for passive income. There are also investors, known as “institutional investors” who purchase a minimum of 10 rental properties per year. Well under 2% of homes are sold per year to such institutional investors.
As with iBuyers, home sellers will enjoy more flexible closing timelines, as well as better pricing than a house-flipper buyer.
Here’s What You Need to Know When Selling a House for Cash in Chicagoland
1. If you need a Fast Sale...
There are direct buyers who will purchase your house as-is. This option is great for those who know their home requires big repairs. Simply put the house on the market and say “as-is” - this is sort of a password for all-cash buyers. When they read “as-is” they know work will be required.
How much work is too much? That depends on the type of home, the price, and location. House-flippers are attracted to the most run-down, even downright gut jobs. Remember: they want a big profit and are willing to put in the work. iBuyers, on the other hand, aim for homes in better condition, however, minor scraps are okay. In the case of iBuyers, they’ll often send their own housing inspector to your home and will deduct anticipated repairs from the offer price. Still, when going with an iBuyer and selling a property “as-is” you’ll skip the hassle of handling the repairs yourself.
2. Avoid contingency clauses.
The nice thing about selling a house for cash in Chicagoland is that you can avoid contingency clauses. Contingencies are all the rage in housing contracts. Need a reminder of what a contingency clause is? Contingencies are “back out” clauses that protect buyers - they can be a big challenge to sellers. An example of the fine print of a contingency clause may include:
Offer is only valid if the buyer’s current home sells within three months.
Offer is only good if the inspection doesn’t turn up severe repairs.
Even if the bank has approved it, the offer is only valid if the mortgage lender comes through.
See how contingency clauses may get in the way of selling your home? If you can sell to an all-cash investor, you skip this hurdle altogether. Nice!
3. Financing is no Longer an Issue
When you get banks involved, the home selling process gets drawn-out. At times, it can be excruciating as you wait for the buyer to get approval to borrow money from their bank. You have to move by the bank’s timeline, not yours. And the worst-case scenario? The financing falls through. In contrast, all-cash purchases close fast primarily because lenders are not involved.
4. Selling a House for Cash in Chicagoland is Super-Duper Fast
The nice thing about selling to an all-cash buyer is that you don’t have to doll your house up. No staging, now pro photographer, and no marketing strategy!
Again, no lenders. So you can breathe a sigh of relief! Direct buyers take care of the inspection and repair responsibilities. It’s all pretty fast and painless.
Basically the steps go like this: you call an investor, they ask you some questions, and if interested, they make you an offer.
You accept (or don’t) BUT if you accept you close within 1-2 weeks.
Say you have to move for a job transfer, or if a loved one is ill and you need to move out of town - selling all-cash is a time-saver.
5. Not Sure? Sell Your Home With an Agent
If you’re weighing the decision of selling your house to an all-cash buyer, you don’t have to decide TODAY.
Seriously, there are other options for the meantime while you decide whether selling a house for cash in Chicagoland is right for you.
Is your home in pretty good shape? Consider renting it out. Simply hire a property management company or you can be on standby for maintenance and repairs yourself. Since rental costs tend to be more than mortgage costs, the rental can supplement or completely cover your mortgage payment. So it’s nice to have a property management company handling things.
6. You Can Also Offer a Lease-to-own Option
How about partnering up with a real estate agent in Chicagoland and offer a lease-to-own option to tenants?
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Be Aware of All-Cash Scams When Selling Your House for Cash in Chicagoland
Unfortunately, scams abound. This market seems to prey on the most vulnerable - those whose life is in flux due to divorce, death, bankruptcy, etc. A smooth and no-fuss transaction is great and all, but you must keep your wits about you.
A word of caution: investors, unlike real estate agents, do not need a license to operate.
Yes, of course, most all-cash investors are legitimate, however, we’ve seen and heard enough horror stories to make sure our readers remember to do their homework. Really, it’s so important when selling your house for cash in Chicagoland.
Some things you can look for to stay safe are frequently checking up on your credit history. Make sure that no one has taken out a second mortgage on your home. If you come across a company that charges an application fee, get yourself out of there. Also, unsavory businesses can take your equity and leave. This will put you in an even more vulnerable position than when you began. Be vigilant and ask questions, no matter how fast you need to sell your home for cash.
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Quick Recap to Selling a House for Cash in Chicagoland
Again, there are several business models
From house-flippers to techie iBuyers, to buy-and-hold investors, each buyer tends to close faster than a typical financed transaction. In addition, you won’t need to worry about staging or showing your home. While the condition of your home may attract different investors from these models, you’ll tend to close within 1-2 weeks.
Again, please be wary of shady businesses and do your homework. Even though you are interested in selling a house for cash in Chicagoland, be safe and take every precaution for the best experience possible.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2020-02-10T19:26:00-07:002020-03-30T16:57:47-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1700Help! I Need to Sell my House Fast in Chicagoland!<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Sell_my_House_Fast_in_Chicagoland.png" alt="Sell my House Fast in Chicagoland" title="Sell my House Fast in Chicagoland" />
I often get home sellers coming to me saying, help I need to sell my house fast in Chicagoland. I empathize. Selling your home with all the time in the world is enough to cause beads of sweat to form on even the most experienced of home sellers. Selling a home is stressful under any circumstances. Perhaps that’s why they say in some circles that selling a home can be more stressful than bankruptcy or divorce. But selling a home on a time crunch? That’s even more stressful. The stress level is compounded <a href="https://www.delphinehomes.com/blog/hiring-a-top-local-real-estate-agent-to-sell-your-house-fast/">when you need to sell your home fast</a>. You’re not only walking on eggshells but walking on about 6 feet of eggshells. Whether it be a job layoff, divorce, or the death of a loved one - you need to sell the home and time isn’t on your side.
The last thing you want to do is to make a reckless decision that will leave you beating yourself up for years to come. If you want to sell your home fast and with confidence, I have some great ideas so you can make the best decisions possible that match your current situation and personal goals.
Steps to Sell My House Fast in Chicagoland
If you’re trying to sell your house under the wire, you actually DO have options. You always have options. Let’s go over some of these to assuage some of your concerns from the get-go.
First off, you need to list your house with the best real estate agent in Chicagoland that you can find. You’re looking for a real estate agent that has a stellar track record, particularly when it comes to selling homes fast.
Another thing - if you are offered all-cash offers, pay close attention. These buyers often want to close quickly and the entire process tends to be a low-key operation. I’ve seen some home sales close within 36 hours.
You can always try doing a For Sale By Owner (FSBO). In this way, you don’t have to wait on anyone else’s schedule and can try to move your home fast.
Do you qualify for a short sale? If you’re underwater on your mortgage, it doesn’t hurt to ask your bank if you qualify for a short sale.
Go for an auction. There’s nothing like the drama of a bidding war to get those offers in fast.
Let’s take a look at each of these options one-by-one in more detail. This will help you determine which path is the best option for those who are saying, “Help! I need to sell my house fast in Chicagoland!”
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Inquire into Top-Selling Real Estate Agents in Chicagoland
Most home sellers use a real estate agent to list their home. This makes sense, as the home selling process requires dozens of documents and contracts that can often stress out an already stressed-out home seller even more. The expertise and steady hand of an experienced real estate agent can alleviate anxiety.
In fact, listings represented by a real estate agent often sell for more money than homes sold by the owner. Listings represented by real estate agents also hit closer to the listing price than homes sold by the owner.
And because real estate agents have a network to draw from, they can help get the word out on your listing much faster than if you were in it alone. Speed is key, and your agent can factor in all the big question marks you have, such as how many homes are on the market, interest rates, and the health of your local economy.
A real estate agent worth their salt has helped many other home sellers that came to them saying, “I need to sell my home fast in Chicagoland.” They can do the same for you too. In fact, they’ll often vary their service so you are in the best position to achieve your goals, no matter the market. For example, the agent can walk you through each step that will get your home solder faster, from getting a pre-listing home inspection, making repairs, pricing the home accurately, setting up home stagings, and promoting. Once an offer is received, the real estate agent can help buyer negotiations and manage the final closing paperwork.
While you need to sell your home fast, a real estate agent can accelerate each step so that you get a price as close to fair market value as possible. Of course, you need to make sure that you work with a real estate agent that has a strong track record in selling homes fast - homes similar to yours in Chicagoland.
Compare All-Cash Offers for a Speedy Sale
If you need to sell your house fast, all-cash offers are what you’re looking for. True, you may want the highest price for your home, but to have a guaranteed all-cash offer - even if at a discount - can save you the aggravation of a long-drawn-out process and the anxiety it brings.
There are many all-cash investors interested in Chicagoland that choose the buy-and-hold approach in a home purchase. You also have those focusing on rental properties, fixer-and-flippers, and even investors who specialize in tearing down a property for a ground-up rebuild property. I’ve even seen venture capital-backed companies who’ve entered the arena recently.
Each investor offers a different kind of cash offer package. Some may choose to waive the home inspection and offer all-cash at a discount, while others may offer you a higher all-cash price but insist on the home inspection. Some investors have a target price-range for homes and only are interested in properties that are in turn-key condition. It all depends. If you are pressed for time, perhaps you’ll choose to take the first offer that comes along, even if it is at a steep discount.
If you are curious about what all-cash offers are floating around in your home’s price range, reach out to me and I’ll run the comps. The best way to sell your house fast and at the fairest market value price is to do your research and to have trusted advocates in your corner.
<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Sell_my_House_in_Chicagoland.png" width="1120" height="630" alt="Sell My House Fast in Chicagoland" title="Sell My House Fast in Chicagoland" />
For Sale By Owner, Really?
It can be a daunting enterprise to sell your home all by your lonesome. However, it’s been done before. This approach is appealing to many buyers as they won’t need to pay the agent’s commission fee. And if the market is a seller’s market, they shouldn’t have much trouble finding a buyer (or two or three).
Besides, you may be thinking that the buyer’s agent can handle the contracts and negotiation so why bother having your own? Well… if you want to sell your home fast, the buyer’s agent doesn’t really care. They are interested in getting the best deal for their client - the buyer. Real estate agents also have a keen sense if the seller needs to sell fast. They can milk this anxiety for the benefit of their buyer.
Less than 10% of homes sold are FSBO sales. Of these, only about half of the sellers needed to sell fast. Usually, in which case, the home sold fast is at a steep discount. A real estate agent can help you do all the legwork needed to get you in the best position for a fast sale. Often these steps are not recognized by a home seller, so they are overlooked by the FSBO.
And even if you find a buyer fast, without an expert on your side you may trip upon many different stages of the process. An FSBO may ultimately be more trouble than it’s worth.
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OK, so How About a Short Sale?
“Short” in this case means money. Selling your home short means that your lender has agreed to allow you to sell your home for less than you owe.
Don’t let the name deceive you. Short implies a shorter amount of time, not true. If you don’t know already, short sales can take A LOT LONGER than a more conventional sale to close. In fact, some short sales can take as long as two years to close!
If you do opt to explore a short sale, you’ll need to be financially underwater, behind on your mortgage, and facing foreclosure. If you are eligible, your lender must agree that you can sell the home for less than you owe.
All this takes time, and if time is not on your side this may not be the best approach for you right now.
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Can I Sell My Home Fast and for More $$$ at Auction?
Auctions can work for people in a variety of situations. This option isn’t only for sellers or banks desperate to unload a property. It can work for a home seller that needs to sell their home fast.
Perhaps what’s most appealing about an auction is that the seller knows the exact date that the home will sell (auction day, yay!). However, even if the seller receives bids, it can still take up to 2 months post-auction to close the listing.
In addition, selling at auction eliminates some of your control over the final sales price. You can set the minimum bid you’ll accept, but this is usually 15% below fair market value. However, you can choose to accept the final bid. You could get lucky, too, with the final bid being more than what you anticipated.
So You See? If You Said, “I Need to Sell My House Fast in Chicagoland” you DO Have Options!
Educate yourself and know your options to plan the best course of action. I know it can be stressful, but if you make the right moves you can sell your home as close to market value in as little time as possible. It IS possible!
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2020-01-10T15:11:00-07:002020-03-30T16:54:54-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1699All About Owner Financing a Home in Chicagoland<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Owner_Financing_a_Home_in_Chicagoland.png" width="1120" height="630" alt="Owner Financing a Home in Chicagoland" title="Owner Financing a Home in Chicagoland" />
Suppose a buyer asked you if you offer owner financing a home in Chicagoland, what would you say? Would you extend your own money to a buyer so that they have the funds to buy your home? Ninety-nine percent of the time, it’s the buyer that brings the money to the seller, not the other way around. Why in the world would a seller front the costs for the buyer to purchase their own home?
It happens, and it’s called owner financing.
What is Owner Financing a Home in Chicagoland?
Other times this phrase goes by is “seller financing” or a “purchase-money mortgage.” In a nutshell, owner financing a home in Chicagoland is an arrangement in which the buyer interested in a home for sale borrows a portion - or all - of the amount from the home seller.
There are several scenarios that may play out preceding an owner financing a home in Chicagoland. First off, the home buyer may be taking out a traditional mortgage but are unable to borrow the full sale price. In these cases, the home seller might agree to lend the buyer a certain amount of money that would then make up the difference between the bank loan and the sale home’s price.
In another scenario, the buyer may not want to purchase the home, or perhaps does not qualify for the home from a traditional lender. In these cases, the seller would extend the loan to the buyer for the purchase price.
<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Finance_for_home_owners.png" width="1120" height="630" alt="Use Owner Financing" title="Use Owner Financing" />
Example, Please!
Let’s jog this idea with an example. Suppose that the sale price is $300,000 on a home. The buyer is interested in purchasing the home at this agreed sale price. The buyer has 20%, or $60,000, in the pocket as a down payment for the home. However, the bank only approves this buyer for a home with a $200,000 price tag or less. Therefore, with the downpayment and the qualified loan, the buyer comes up with $40,000 short.
With home seller financing, the seller can extend the additional $40,000 that the buyer needs to make up the difference.
Is this a Long Term Solution?
Short answer, no. Owner financing a home in Chicagoland is considered a stop-gap solution. It’s an arrangement that is short-term in nature, where the buyer can work on getting a traditional loan for the full mortgage amount within the next couple of years.
As you can imagine, the terms of the loans are designed to push the buyer to secure alternative financing. This motivation comes in the form of an annual interest rate increase or even an unusually large payment due to a couple of years into the life of the loan.
As you may already imagine, seller financing isn’t just a situation in which the seller hands over the cash that the buyer needs. There is an actual contract - a private mortgage loan - that is drafted between these two private citizens: the home buyer and the home seller. In this legally binding contract, specific terms, conditions, and requirements are defined so both parties have full knowledge of what is expected of them. If the contract terms are broken, there will be recourse terms as well.
Of course, there is a downside to this as well. As it is a private loan between two private citizens if the buyer within the next couple of years has trouble meeting the terms of the loan it can cause strife between the two parties. As well, when dealing with money between family or friends (as is often the case when owner financing a home in Chicagoland is used), there can be additional constraints and stress put on the relationship. Ever tried lending money to your friends or family? It can be rife with landmines.
Seller financing is often frequently an arrangement between two strangers. However, because the seller is putting their neck out, they need to be sure that the buyer is honest and financially solvent. If the buyer doesn’t abide by the terms of the loan, the seller can be in for a world of hurt.
<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Sellers_Use_Owner_Financing.png" width="1120" height="630" alt="Sellers Use Owner Financing" title="Sellers Use Owner Financing" />
How Often Do Sellers Use Owner Financing?
These days, owner financing is relatively rare. However, in the past when the interest rate for a mortgage loan resembled high-interest credit cards, hovering at 18%, seller financing was more common. In the 1980s, owner financing a home in Chicagoland became popular because interest rates were so high, many buyers couldn’t afford a loan.
The contract for deed became popular. In this scenario, the buyer doesn’t pay the bank loan at 18% (which may have been the only loan they qualify for), instead, they pay the seller’s mortgage interest percentage, which was likely much better than 18%. For example, if the buyer can only afford an 18% loan and the seller has an 8% loan, they could then charge the buyer 12%-15% in the new, seller-financed mortgage.
If seller financing is used today, it’s best for the seller to finance on a home that they own outright, not one in which they hold a mortgage. The reason being, if the seller is still paying a mortgage on the home they want to sell, and then get another mortgage for the home they want to move into, then they would be responsible (and have to qualify) for two mortgages. And if the buyer defaults on the previous loan, watch out. You’re on the hook!
Okay, So Tell Me the Cons
Seller financing is a great solution, as long as the buyer is financially solvent and does not default on the loan. This can be tricky, as the fact that the buyer seeks owner financing, to begin with, is because they don’t qualify for a traditional mortgage. This can be trouble because they are high-risk borrowers.
As high-risk, they may be more likely to default on the loan. That’s bad, but they may also decide to simply stop paying you AND continue living in the home. And if the house goes into foreclosure, it’s on the seller to pay for it. And as occupants of a home that is being foreclosed on often take the situation out on the home itself, the property may incur damage and be returned to the bank in a worse condition than what the buyer started with.
With seller financing, the seller lends the money (via their mortgage) and get paid in small installments over a period of time. So in effect, the seller becomes a lender of sorts - however, they cannot access the full equity in the home to help purchase another one.
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Now the Pros?
Seller financing offers many tax benefits, but these really should be discussed over with a tax professional. As the buyer pays you in small increments over several years, the government classifies this as an “installment sale” - it comes juicy tax breaks.
As well, since you are the lender you need not worry that the buyer’s mortgage company will demand expensive repairs or upgrades before approving the loan. So in these scenarios, the seller can sell their home “as-is.”
And finally, the seller keeps the title to the property until the home is paid for in full. If the buyer does end up going into default, you still own the house. Even if they’ve paid a lot of money towards the mortgage.
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What are the Steps?
This is a complex process that needs the expertise of your tax professional, real estate agent, real estate attorney, and others involved. But let’s do a very top-level overview of the steps so you have a better idea of whether this is an option you want to pursue.
Step 1: Financial and legal requirements.
Assess whether you are financially secure to handle the risks that go hand-in-hand with the owner financing a home in Chicagoland. As mentioned, it’s best that you own the house outright as well as have money saved for repairs, taxes, insurance, and other unforeseen expenses.
It’s imperative that your real estate attorney briefs you on the legal requirements at both the state and federal levels. If you don’t do this the right way, you could end up losing your home.
Step 2: Examine the buyer.
If you’re using seller financing with a family or friend, you likely have a good idea of their financial solvency. However, with a stranger, things are less certain. In all scenarios, get their tax information, their job history, and what kind of savings they have, if any. Credit reports and references are also necessary.
Step 3: Draft the loan terms.
Draw up the loan terms, interest rate, etc. These must be very detailed. Down to the stove and dishwasher. If the buyer defaults, then they may strip the house and sell these items. You need a detailed contract so it’s clear what’s in the house (and the condition) when the buyer moves in.
Step 4: Earnest money.
With the contract signed, it’s time to collect the earnest money deposit.
This money should be squirreled away, in case the buyer does default down the road and you have to cover foreclosure, attorney, other fees.
In Conclusion
Owner financing a home in Chicagoland is extremely complex. However, if you’re sure it’s for you it could be a good solution. Please be sure you loop in all of the professional minds necessary to keep your investment safe in case the buyer defaults and things go south.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-12-20T09:23:00-07:002020-03-30T17:07:23-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1698The Scoop: Does Kitchen Remodel Increase Home Value in Chicagoland?<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Does_Kitchen_Remodel_Increase_Home_Value_in_Chicagoland.png" width="1120" height="630" alt="Does Kitchen Remodel Increase Home Value in Chicagoland" title="Does Kitchen Remodel Increase Home Value in Chicagoland" />
OK, does a kitchen remodel increase home value in Chicagoland? I’ve seen hundreds of sales, and many people want to know whether the average cost to remodel a kitchen to increase value pays off.
If your kitchen looks like it’s from the ‘70s, with daisies and yellow galore, then you better start thinking kitchen remodel (unless you’re willing to hold off on selling your home when yellow kitchens are cool again, which likely will be never). Likewise, if your kitchen looks like it was an inspiration for The Jetsons cartoon, then you may want to strongly consider a kitchen remodel.
But to get to the point here, will the costs of a kitchen remodel be recouped when you sell your home? Short answer, no. For the more in-depth answer, keep reading...
Kitchen Remodel Increase Home Value in Chicagoland? First the Costs
Kitchen remodels are not cheap by any stretch of the imagination. In fact, kitchen remodels may cost $35K and up! Think about all of the updates required for a kitchen overhaul: countertops, cabinets, tiles, and appliances. The average cost to remodel a kitchen to increase value can quickly balloon out of hand. And sadly, no you aren’t likely to recoup these costs when you sell your home. The kitchen remodels increase home value in Chicagoland you can realistically consider is about 60% back of the price of the kitchen remodel.
Of course, this depends on the size of the job. For mid-range kitchen remodels, you’ll recoup anywhere from 60-80% of the costs of the kitchen upgrades. So in effect, the remodel itself won’t necessarily add tremendous value to the home.
One must consider various factors when determining whether to upgrade their kitchen or not. Consider costs and aftermarket repaired value of the house. If it sounds like it makes sense, then, by all means, move forward.
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We Spend Our Lives in The Kitchen
At least we do at my house! I imagine most people feel the same way, no wonder kitchens are one of the most common home upgrades. In fact, in studies homeowners have said that they spend more time in their home after they’ve had their kitchen redone. Perhaps because for many people, having family meals or washing dishes while admiring the yard has been a vision of the American dream.
But here’s a fact: the home buyer may not envision their kitchen the same way you do. Their ideal kitchen may involve different tiles and countertops. So if you want to move forward with a kitchen redo, do it for YOU, not the buyer.
There Are A Few Kitchen Projects With Better Returns
Certain kitchen remodels increase home value in Chicagoland fare better than others. If you’re on a tight budget, you can still make your remodel dreams happen. These smaller, lower-budget projects allow you to get the most bang for your buck.
Update hardware
This is a nifty trick. Hardware isn’t too pricey, and updating all your hardware provides a great refresh. Word to the wise: you’ll want to update your faucet hardware as well to pull off a seamless, put-together look at a low price point.
Update lighting
Lighting is everything. All it may take is installing a new lighting fixture. People notice lighting right off when they enter the room. And the lighting can set the mood, making space feel warmer and inviting. This is a project you can easily do your own - no need to call in the electrician!
<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Kitchen_Remodel_before_sell.png" width="1120" height="630" alt="Kitchen Remodel before sell" title="Kitchen Remodel before sell" />
Paint cabinets
Are your cabinets still in good shape, but just look a bit tired? You can easily get an updated look without the price tag of installing new cabinets. All you need to do is paint away. White and warm tones are very modern and trendy.
Again, this is a kitchen remodel increase home value in Chicagoland for those on a budget. And for heaven's sake, please don’t paint with the hardware still on. Remove the hardware first and THEN paint, the end result will be stunning.
Keeping Costs Low
1. Go cheaper on materials
You can easily save money by choosing lower budget countertops and floors. Quartz (the kind buyers love) is pricey. Instead, choose the less-costly Formica stone that is trendy on point. It’s clean-looking while being affordable.
2. Use what you have lying around
You don’t have to update everything to pull off a fab refresh. If you have lovely old wooden cabinets, keep ‘em. They’re likely better quality, anyway. You can add a bit of class by giving them a proper stain. Besides, staining is cheaper than painting - even better, eh? Here’s a tip from one who knows - remove the doors and sand it all down before you start staining. Afterward, go over the wood with a conditioner and two coats of stain.
3. Remove a wall, why not?
Is your kitchen feeling a bit cramped? No worries. While it may not be practical or on the budget to remove an entire wall to create more space, you can try this tack: open a portion of the wall. Perhaps create a small window or another keyhole detail to add a bit of class and interest to the kitchen. It’s less expensive and will imbue character and class while opening the place up a bit. Easy peasy.
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4. Don’t change a thing
Maybe you’re sick of your kitchen, but is it really that bad? Seeing how a kitchen remodels increase home value in Chicagoland is nil, you may want to stick with what you have if you’re about to put the house on the market. Besides, the buyer may decide to undo everything you’ve built anyway. Remember they have their OWN vision of what a perfect kitchen looks like. So perhaps let them deal with the remodel from the get-go.
Less stress, headache, and expense.
Unless of course, you plan on staying in your home for a while, then perhaps you can give your kitchen a refresh, as long as it’s for you to enjoy.
Looking for a Contractor for Your Kitchen Remodel? Here’s How
Okay, your real estate agent likely knows several contractors, after all, their finger is on the pulse of the housing market and all its intricacies. If your real estate recommends a contractor, it’s likely for very good reason. After all, the best compliment is a referral that comes from someone within the network.
If you want to venture out on your own and find your contractor, you have several options:
Online
<a href="https://www.angieslist.com/">Angie’s List</a> and<a href="https://www.houzz.com/"> Houzz</a> are two sites we recommend for home sellers. They are super intuitive, so it’s a breeze finding a reputable contractor within your area and price range. Simply search by Zipcode or project and see dozens of results. You can view each contractor’s projects and gauge which has the experience, skill, and availability to meet your requirements. You can also view reviews left by former customers, always nice! These sites make it easy to contact the contractor, directly through their site.
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Local real estate agents
As mentioned, your real estate agent or a local one you’re working with are great resources to connect you with reputable contractors. They may even give you insight into which contractor specializes in what, for example who does best with tiles and who with custom-made cabinetry.
The nice thing about working with local contractors is that they know the lay of the land. They’ve likely seen houses just like yours in Chicagoland and they know what the home buyer is looking for. They can provide some great tips concerning which upgrades may pump up the marketability of your home that much more.
Don’t do this
What’s “this”?
Take it from me, it’s best to avoid Yelp reviews when it comes to seeking out a contractor. Sure, these sites are great for finding the best carne asada tacos or a wedding venue, however when it comes to contract work - it’s a firm “no.”
Many of these contractors are exorbitantly expensive. If you have a higher-value home, perhaps this may be a good route for you, however for most of us seeking contractors on Yelp or such sites you’ll likely end up overpaying.
So, Are You Surprised by the Answer?
Sure, most people presume that if you make major upgrades on your kitchen, then you’ll add tremendous value to your home. Intuitively, this is sound reasoning. Invest 60K into a kitchen remodel and get that money back via the sale price of the home.
Unfortunately, this isn’t the case. First off, what makes a perfect kitchen remodel is a subjective matter. What you find stunning may make the buyer grow stupefied. We each have our own sense of what makes an attractive, liveable space. And when it comes to kitchen upgrades, do it for yourself. If you are set on upgrading your kitchen, do it for you and your family - not because you think a kitchen remodel increase home value in Chicagoland. While the upgrade may cause a marginal increase, like 60%, it won’t be enough for the sheer headache, time, and expense of upgrading a kitchen.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-11-30T09:15:00-07:002020-03-30T17:06:34-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1697Now Tell Me: How to Sell a House Fast in Chicagoland?<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Sell_a_House_Fast_in_Chicagoland.png" alt="Sell a House Fast in Chicagoland" title="Sell a House Fast in Chicagoland" />
No one wants their home sitting on the market for months and months, it just doesn’t look good - which is why “how to sell a house fast in Chicagoland?” is one of the most frequent questions that I’m posed.
Point-blank, the longer the home sits on the market, the more likely a potential buyer will submit a low offer. With each passing week, buyers are asking themselves… “Why hasn’t that home sold yet? There must be something wrong with that house…”
Selling your home? You’ve gotta do it fast. Like a bandaid. However, you don’t want any stage of the real estate process to be rushed. To play the home selling game like a pro, you need to have a strategy.
A Strategy to How to Sell a House Fast in Chicagoland
Whether you have a lot going on right now (job transfer, divorce, death in the family) or you simply don’t want to mire in the home selling process, you need a strategy to sell your property. I’ve amassed many tactics over the years through my own home sales as well as clients on how to sell a house fast in Chicagoland, and here’s what I’ve found:
1. You Need a Superb Real Estate Agent
Having a top-selling real estate agent in your corner is crucial. These folks know the ins-and-outs of scheduling showings, staging your home, marketing your listing, and getting the word out on your property thanks to their extensive network of buyer’s agents.
Here are the facts: a home that is sold without a real estate agent generally sells for thousands of dollars less than a home sold by an expert real estate agent. So don’t think that if you “sell by owner” you’re going to have an easier time of things. Not only are you more likely to get less money, you may be spending more time navigating the home selling process. Having a top-selling agent on your team will minimize risk, save you time, and get the word out faster than if you could do it alone. If you want to know how to sell a house fast in Chicagoland, have a real estate agent to fight for you.
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2. Listing Price is Everything
Sure, you want to get the most money for your home. That goes without saying. It’s likely that buyers will negotiate with you as a matter of course, so if you aim high, you might figure a buyer will negotiate with you to a price that you were hoping for all along.
However, buyers are pressed for time as well. If they see a home that is priced high, they may not even bother with negotiating and simply move on to the next home that is more in their budget. This is a slippery slope, as you don’t want to list your home at a price too high - it can scare off your prospective buyers. And then when you realize your mistake, you may decide to lower your listing price. And when that happens, it sets an unsavory reputation for your home.
The neighborhood will start asking, “wow something must be wrong with that property… they had to lower the price. They aren’t going to get the price they wanted.”
This is the worst-case-scenario: a stale listing.
You want there to be activity and interest on your home, always. A drought in bids bodes poorly on selling your home fast, and that’s your goal, right?
One way to price your home competitively is to check out the comps for your neighborhood. How are other homes that are similar to yours priced? The goal here is to list your price at the price-point that will stoke a bidding war. If you get a bidding war going, it’s very possible that you’ll end up with an offer price that exceeds your goal price.
Are you selling a home in Chicago, IL?
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3. Exude Confidence
When it comes to selling your home, appearances are key.
Buyers are an emotional bunch, if you can tap their emotional vein then you can get more offers on your home. Here’s how:
Your home is vacant:
Update the carpets
Paint the walls
Update light fixtures
Put effort into landscaping
With a vacant home, the goal here is to give everything a refresh. You want a “clean slate” look so that your prospective buyers can imagine their families living in your home. You want to get them excited about the empty canvas, and imagine… “What if?”
It’s not a bad idea to hire a professional home stager as well. This can put a fresh spin on your home, as these folks know what’s trending and how to make the design look modern. Professionally-staged homes sell faster than non-staged homes. Even though it costs more, this is one investment that can really pay off.
Your home is not vacant:
Update your appliances
Clean out the clutter
If feasible, paint the walls
If feasible, update the carpet
Remove personal items, such as pictures and artwork
Are you noticing a theme here? You want to depersonalize your home as much as possible so that your prospective buyers can imagine themselves in the home.
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4. Stay Up to Date With Modern Tech
Selling your home is like putting yourself out there in the dating world, only it’s your house that is looking for love not you. You want to envelope your home in a mist of intrigue and mystery. This starts with your online real estate listing.
If you aren’t leveraging online marketing, then you are less likely to sell your home fast.
Why?
Because that’s where your prospective buyers are… online. Most home buyers start their housing hunt online. They only contact a real estate agent way down the line.
Prospective home buyers may use mobile or laptop devices. Mobile ranks supreme when surfing the net, which is why you need to choose photos of your home that will load properly on a mobile or tablet device. Choose hi-def photos that are clean and in-focus, and make sure that they won’t take forever to load, otherwise the prospective buyer may just click out of the browser altogether before getting a visual of your house.
And if those photos aren’t snazzy enough, you likely won’t get the buyer to take that next step… visiting your home in person.
See how much it is like online dating? The same rules apply.
5. Use Facebook to Your Advantage
Facebook is one of the best pathways to market your home, after all literally billions of people use the social media platform. If you can hook your listing up via Facebook through shares to your family and friends, as well as locals in the neighborhood, you can boost interest in your home listing.
6. Take All-Cash Offers Seriously
While you may be hoping to get the highest price for your house, if you really do need to sell it fast aim for all-cash offers.
Why?
Even at a discount, an all-cash offer cuts through a lot of the rigeramole that can trip up a home sale. For example, many all-cash offers are from investors who either want to flip, hold and rent out, or sell at a marginally higher price. And because all-cash investors don’t need financing (they don’t need to borrow from a lender), they can forgo the housing inspection - and that my friend can drag on the sale of your home for weeks if working with a traditional borrower.
The all-cash investors aforementioned include the following:
Flippers. Think the of show “Fixer-Upper.” These are the folks that are looking for more distressed properties with the idea of fixing it up to sell at a higher price. They likely won’t need a home inspection, so the sale process can move at a faster clip.
Buy-and-hold. These folks likely will want a home that is in better condition, however they may still be open to doing renovations themselves.
iBuyers: These are individuals or entities that purchase bulk homes at once via a tech algorithm, usually sight unseen. However, they don’t fix the homes up but instead sell at a marginally higher price.
If the investor chooses to waive the home inspection and offer all-cash, it will come at a discount. This can be the perfect solution if you really want to lock down a speedy home sale! If you are curious about local all-cash offers in Chicagoland, contact me and I’d be happy to share the comps.
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7. Have the Pros on Your Side
Please, PLEASE don’t try to go it alone when it comes to selling your house fast. You need a professional team on your side that has sold homes collectively hundreds of times. In the end, it can save you headache and time - which is what you want!
Here’s how to sell a house fast in Chicago.
The tips I mentioned will deliver what you want. But above all - the best way to sell your house fast and at the fairest market value price is to have a strong team, do your research, and trust the process. It’s worked for hundreds of thousands of others, and it will work for you too!
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-10-31T04:41:00-07:002020-03-30T17:05:13-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1235Guide To Sell Luxury Properties<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Guide_To_Sell_Luxury_Properties.png" width="840" height="472" alt="Guide To Sell Luxury Properties" title="Guide To Sell Luxury Properties" />
Congratulations, you’re embarking on a satisfying and fulfilling road to selling luxury homes. Our guide to sell luxury properties will get you started on the right foot in the thrilling world of luxury real estate for sale. In our guide, we’d like to tackle some of the DOs and DONTs of selling luxury properties, interspersed with some top luxury agents’ anecdotes of their first-person experiences in this market.
The Dos And Don’ts In Our Guide To Sell Luxury Properties
Of course, there are things to do and things to not do. We’d like to help agents new to selling luxury properties with some quick and dirty dos and don’ts, so here goes!
DO make it ready to show. Luxury buyers certainly have imagination, however when they view a luxury property they don’t expect to have to be a downright visionary to see that it could be a good fit for them and their family. That’s where you come in, the savvy luxury property agent. Before showing the property, ensure that it’s ready to be seen. In doing so, you may boost the property’s value from 5%+ percent. It goes without saying that a thorough and complete cleaning is in due order, followed by organizing the space. Organizing extends to even the closet space, just in case some nosy, albeit legit buyers peek inside every nook and cranny. If outdoor space comes with, ensure that the landscaping is spot-on. Grass should be cut, hedges trimmed, and your doggy’s poos are picked up (duh).
Finally, after the white-glove treatment on the property is complete, the next step is staging. Consider hiring an interior designer to stage the property - not only might it boost the sale price, it very well may sell faster. The designer will compose an overall theme for the space, bringing in furniture, lighting, artwork, and foliage to give off a stylish vibe that is highly attractive to luxury buyers.
DO Photograph the property. Luxury homes for sale better be photogenic. Consider hiring a professional to not only capture an accurate representation of the property, but portray it in such a way that highlights all its positives. Once you have the photos, ask your friends and colleagues what they think. This honest feedback is invaluable, giving you a test run before prospective buyers see it. And as you know, a photo is worth a thousand words – as many luxury buyers will see the photo before reading anything about the home, it is the first impression as well. Make it a lasting impression.
You may also consider incorporating a virtual tour as well, filming the property so prospective buyers can view online. Make them excited to view the home in person. To really go all out, upload floor plans online as well. This provides a fantastic visual for buyers to see the entire layout. In doing so, the prospective buyers may more easily visualize future changes to the layout, whether it be knocking a wall to create more space or where a potential bathroom may be built in lieu of a closet.
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DO Network, always. There are fewer prospective buyers for higher-end homes, making tapping into your personal and professional network an imperative. This is where the adage of “six degrees from Kevin Bacon” applies. "Sphere of influence is one of the factors," in finding clients, explains Kate Greenman, who sold a 7-bedroom four-bathroom house in Jamestown for $6.3 million. She also sites her reputation in the community gives a boost as well.
You never know who knows who is looking for luxury homes for sale, so put out feelers for any luxury home you’re representing and get the word out. Jack Cotton, a legend who first started selling real estate from his dorm room in 1974, has this to say of selling luxury homes: "it's really the relationship business." Mr. Cotton knows, having sold a $6.5 million home on Eel River Road in Osterville, Mass. In his view, wealthy buyers prefer to live near other wealthy people, often buying in the same areas. Like attracts like. "Typically, they have a people connection," Mr. Cotton said.
Another option is to organize an exclusive party promoting the property for all the top-level brokers and celebrities you know to create some serious buzz. Word travels fast, your job is to get people talking and sell that luxury property.
DO Show the property. Selling a property is a numbers game. The more times you show the property, the better your chances are for making a sale. Always accommodate any interested party’s schedule to get the property in front of those in a position to move it to “sold.” Always be flexible, however, showings should always be within reason. You are never expected to show a home at 11PM, of course.
Because you represent a luxury listing, look the part. Ensure you always have clean and nice clothes to wear at all times, just in case you have the opportunity to show it last minute.
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Now, For The Don’ts In Our Dos And Don’ts Guide To Sell Luxury Properties
DON’T practice windbaggery. This isn’t about you. Let the home speak for itself, don’t share your life story or the most awkward thing that happened to you on a first date. Save it for another time – better, save it for after you nail that “SOLD” sign.?
DON’T show up late. Punctuality demonstrates that you respect others’ time. Always be on time for showings and meetings with your sellers. Your word is valuable, when you break promises prospective buyers may start to question all the other assertions or promises you make. According to Larry Jones, an agent who sold $16 million property in Snowmass Village, CO, “a realtor's reputation is key. More than anything, it's about building up trust and experience over time." If your reputation is known for being late and not for representing clients and their homes in the best light possible, chances are you will not make it very long in the competitive market that is the real estate biz.
DON’T fib. Be honest, tell the truth. Don’t try to embellish or color disadvantages about the property, if you get caught, then you will either lose the sale or lose a potential future client down the road. Don’t do it.
We hope this handy Dos and Don’ts guide gets you on the road to selling those luxury homes, fast.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-10-16T09:08:00-07:002020-05-13T18:05:28-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1696How Much Does it Cost to Move House in Chicagoland… Like, Literally Move Your House<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Cost_to_move_house_in_Chicagoland.png" width="1120" height="630" alt="Cost to move house in Chicagoland" title="Cost to move house in Chicagoland" />
Have you ever wondered how much does it cost to move house in Chicagoland? If you’ve ever been chugging along on the freeway and noticed a truck lugging a house in tow, certainly the question has come to your attention. Nope, it wasn’t Dorothy of Oz’s house that dropped down on the freeway from Kansas. People DO pack up their bags - and their house - when relocating. We’re not talking mobile homes here, but actual houses with a porch and deck and everything. And let me tell you, it takes more than a U-Haul to move a house in Chicagoland.
So, let’s jump right in and answer what inquiring minds want to know!
How Much Does it Cost to Move House in Chicagoland?
Okay, so before we broach the question how much does it cost to move house in Chicagoland? Let’s first ask the more obvious question, shall we?
Um…. Why move the house at all?
Yeah, why would someone want to physically move a house? Think about what this means for a second. The house is rooted in the foundation which is firmly set in the ground. To move your house, one would need to dig it out of the ground and then physically relocate it. Isn’t it much simpler to simply purchase a new home in your new location?
Sure, but there are a few reasons why someone would want to physically relocate their home, regardless of the costs and intensive time required. Take historic homes, for example. How about 100-year old homes?
The 124-year old 3,000 square-foot Mackenzie House on the Wayne State University Campus in Detroit comes to mind. In 2019, this home was dug out of the ground to make room for the new lobby and performance complex. But rather than tear down this historic home, the University wanted to move it to another location. Ths location wasn’t far; it was simply around the block.
Unlike you and me, the house can’t simply promenade down the street and get comfy on its new lot. It needs to be physically moved. And the price tag? $750,000.
Yes, nearly $1 Million dollars just to move the home around the corner.
There are as many as 95,000 properties listed on the National Register that are “worthy of preservation.” Hopefully most of those homes can stay right where they are.
Certainly, there are other reasons to physically move a house. I was curious about how many homes are physically moved each year. I reached out to a professional crew and asked. They said they physically relocate 250 homes per year. Wow!
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Back to our Question: How much does it cost to move house in Chicagoland?
First off, physically moving a house is not cut-and-dry. The price and scope of the job depend on the unique features of the home. However, on average, the cost to physically move home is between $12 - $16 per square foot. At these prices, if you’re considering moving your house then you better be very sure it’s the right decision for you.
Think about it: we’re talking anywhere from $15,000 to $200,000 just for labor and transporting the home. And when you compare the costs of purchasing a new home, the costs of physically moving a house comes in under the hair of ground-up construction.
So, “how much does it cost to move house in Chicagoland?” Figure in for these features:
Size and weight: To gauge costs, we need to factor in square-footage, your structure’s length, and width before making this decision. Keep in mind, older homes have more unique qualities that may break the mold and up the costs, that’s why moving your prefab house will be less expensive than moving a historic 7,000 square-foot mansion.
Structure and shape: Your sprawling single-level historic home with cool features is going to cost more than a boxy, modern tri-level. Square footage doesn’t hold a candle to the historic home because of the sheer amount of equipment required to move those old fashioned nooks and crannies, wrap-around patios, etc. Materials also matter here. Bricks, logs, and stone cost more to move than concrete. Everything combined contributes to the recipe and overall cost of the move.
Foundation and crawl space: Foundations matter. A home built on a terraced foundation will cost more than a home built on a concrete slab. The crawl space contributes to pricing as well, as steel slats must be inserted to lift and move the house, which can be tricky with crawl spaces.
Route challenges: Accessibility of the route also factors in here. The further you go, particularly if you venture into more rural or uneven terrain, then these play into the quote. As well, low-hanging trees may need to be trimmed before your home is moved, and a route free of low power lines and clear of hazards is necessary, ensuring that the route is as safe a journey for your home as possible. Overall, the larger the lot and more room to maneuver is easier than smaller lots. The roads must have enough room for transport. As well, the further away you move from the original location, the more expensive the relocation will be.
Labor and time: This is a job for the pros, no do-it-yourselfers here. This also contributes to the price, as only movers and crews with the most experience and technical equipment will do.
Due to route obstacles increasing the costs, most moves are within a quarter-mile of the original location.
<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Move_House_in_Chicagoland.png" width="1120" height="630" alt="Cost to Move House in Chicagoland" title="Cost to Move House in Chicagoland" />
What Types of Homes Can Be Relocated?
Aside from asking “how much does it cost to move house in Chicagoland?” You may be wondering what types of homes can be moved. If you’re wondering if your home is a good fit, consider the following scenarios:
Your home is to be moved further back from the street.
Your home is to be relocated further back from a shoreline.
You purchased the lot next door and want to move your home to occupy both lots.
You aren’t looking for a move, but simply need to lift the home to fix the foundation.
You own a historic home and want to preserve it.
These are the scenarios in which your home may not be suitable for a move:
You want to save money and avoid purchasing a home.
Your home has structural defects.
You aren’t ready to let-go of your home, even though you must relocate.
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Here’s What Moving a Home Looks Like (Hint: it’s Complicated)
First off, the homeowner must get a quote from a general contractor, an architect, and an engineer. These parties must work together to forge a plan for the move. This process includes acquiring permits, which can take time.
The general contractor starts work first, by disconnecting the house from the foundation and all outside utilities.
Next comes planning the route. The general contractor will take this task on, factoring in the width of the roads and the various road and accessibility challenges we discussed earlier.
After this step, the transporting company joins the party and installs the house on their jacking system. It’s similar to a car jack but much bigger.
After the home arrives safely at its destination, the general contractor will have the new foundation ready to go. It will have been excavated with new footings already poured. The transportation company then lifts the house, still on the jack, and well above the new footers.
Next, a mason will enter the scene and build the foundation up to the new house (which is still suspended up by the jack). Finally, the general contractor can connect the home to the various utilities.
Then you take a long, long nap.
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See? It is Complicated! How Often Do People Move Houses?
As I mentioned earlier, the contractor I spoke with said he keeps busy, moving 200-250 homes per year. Primarily, these moves are due to homes being flooded by rising shorelines or in flood plains.
No project is considered small in this field. While time consuming and expensive, if the team is experienced then the risks are minimal. The only risk really is that something unexpected turns up, in which case the costs go up.
If you are interested in moving your home, it’s more arduous than the usual <a href="https://www.delphinehomes.com/blog/moving-list-for-home-selling/">moving checklist</a>. It’s important that homeowners have some wiggle room just in case expenses get out of hand. The home can’t be left on the freeway and wait for the next driver like a common hitchhiker.
Although moving home is not for everyone, there are many scenarios in which case it’s the best option. Not only is your home moved out of harm's way (if in a flooded area), or preserved on a safer lot, the home gets a new solid foundation as well. Homeowners can also take advantage of and add a basement or garage.
I hope this article answered your question, “how much does it cost to move house in Chicagoland.” This is a fascinating topic, and even if you aren’t necessarily interested in moving your home, knowing the facts makes for terrific dinner conversation. Keep those good questions coming friends.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-09-30T04:09:00-07:002020-03-30T17:04:53-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1695How Much Does a Home Inspection Cost in Chicagoland? Find Out Here! <img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Home_Inspection_Cost_in_Chicagoland.png" width="1120" height="630" alt="Home Inspection Cost in Chicagoland" title="Home Inspection Cost in Chicagoland" />
Everyone preparing to sell their home in our windy city asks the question, “how much does a home inspection cost in Chicagoland?” Home inspections take time, money, and nerves. Even if you’re the seller and anticipate the buyer to pay for the home inspection, you’ll still end up paying for it one way or the other, if not with money, with a nail-biter of a wait.
Why?
How Much Does a Home Inspection Cost in Chicagoland? Let Me Tell You!
Home inspections are the cause of 20% closing delays. This is why I recommend my sellers to prepare for all scenarios. Buyers pay a few hundred bucks for the inspection, but the real expense can follow after the inspection. “How much does a home inspection cost in Chicagoland?” It depends on what the housing inspector discovers. The buyer may make suggestions on repairs they want the seller to handle, or they’ll rescind the contract.
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The Lowdown on Home Inspection Costs
First off, you need to know that the cost of a home inspection depends on your house’s square footage, the home inspector’s expertise, and the local real estate market. Unfortunately, there isn’t a fixed rate for home inspections, however generally they hover around $400 for a 2,000 single-family residence. If the home is above 2,000 square feet, it’s usually an additional $25 per 500 square feet added to the baseline price.
The price for inspections varies from inspector to inspector, depending on experience and area. It also depends on the demand for housing. If there is an influx of people buying homes, then home inspectors are in greater demand. This gives them the ability to charge more for their services. In other words, depending on how hot (or not) your local real estate market is, housing inspectors will vary their pricing to reflect demand.
Who Pays for the Home Inspection?
The buyer, point-blank. The buyer will pay for the home inspection after you’ve accepted their offer. Once the house goes into escrow, it’s home inspection time. The home inspector will tell the buyer if there is anything wrong with the house. If they do find something, then it sets the stage for potentially further contract negotiations. Just about every buyer pays for a home inspection, so it’s not something you can refuse. Buyers rely on this process to ensure they get the home they want and stave-off potentially financially ruinous events down the road.
After the buyer receives the home inspection write up, they can request repairs of the seller, renegotiate the offer, or drop out of the deal entirely. We find most buyers will ask their real estate agent for home inspector recommendations. Most real estate agents will have a network of trusted professionals that they’ve worked with before, so this is a smart approach.
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How About Costs, What Does the Inspector Look For?
A home inspector will visit the house and inspect the property for 2-3 hours. Of course, this visual inspection depends on the size of the home. Then, the housing inspector will write up the report and provide it to the buyer. This takes just a few days after the inspection.
The home inspector identifies health, safety, and major mechanical issues in a home - these are all based on state rules and regulations. Every home will be evaluated, including basements, attics, and crawl spaces. In the written report, the home inspector will make recommendations for which issues require repair. Both the physical inspection and the written report of findings are standard and come with the baseline price of the home inspection.
Here’s What it Will Cost the Seller
Okay, so you want to get down to business, eh? How much does a home inspection cost in Chiagoland?: Well, that depends. A home inspector is concerned with safety first and foremost. Then comes function. Any major repairs, such as foundation-wise or mechanical issues will be the first to be noted. These are difficult repairs (and expensive too), so the buyer wants to know these first-off.
You probably want to know a list of most expensive and commonly seen top offenders. Take a gander:
Water Damage: In bathrooms or kitchens, water damage can cost several thousands of dollars to repair.
Mold: If there’s water damage, there is likely mold as well. Within 24-48 hours of water exposure, mold and mildew will develop and continue to grow until it’s taken care of. This is also pricey, in the $2-3K ballpark to fix.
Plumbing Issues: Plumbing pipes and drain systems are $$$. Signs of plumbing issues are quick to get on the home inspector’s radar.
Structural/Foundation Damage: Foundation cracking and settlement can lead to major structural issues. Remember safety? Yep, any repairs required for the foundation are a big safety issue, and it can cost in the $9K + range.
Roofing Issues: Another big expense are roofing repairs, which may cost anywhere from $1,000 to $10,000. If your home has these issues, you can be sure the inspector will find them.
Electrical Issues: Oh boy, is this another safety issue or what. And electrical issues can be expensive to fix.
Pest Infestation: Got bugs? The housing inspector is going to find this for sure.
HVAC Issues: Another big expense are heating and air conditioning issues. These costs can range from $300 - $6,000.
Do you see why regular home maintenance is so important? If you maintain regular upkeep on your home, then it’s less likely major negligent repairs will happen to begin with. And for those repairs that are must-dos from time to time, such as roofing repairs, be sure to keep the receipts.
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You Can Keep Costs Low, Here’s How
After a home inspection, you may hear back from the buyer with a request for repairs. Do you accept it? It’s up to you. You can try negotiating or even refuse to move forward. You do need to take seriously those requests that pertain to function and safety.
If your buyer is asking for you to make repairs that are cosmetic in nature, cost less than $100, or relate to any unfinished landscaping projects (such as that vegetable patch that never took off), you can likely deflect these finicky requests and ask your agent to reason with them.
Pre-Inspection—A Preventative Measure
You can do what is called a pre-inspection. For a couple hundred bucks, you can hire your own home inspector and beat the buyer to the punch. Consider this your practice run, and depending on the home inspector’s findings you can make those function and safety repairs before the “official” buyer’s home inspection.
This is a great idea before placing your home on the market. Although you have to front the costs for this one, it could ultimately save you money in the long-run, depending on what the home inspector finds.
But, money aside, a pre-inspection can change the entire outcome of your home sale. So a bigger question is—is a pre-inspection worth it?
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Should You Get a Pre-Inspection?
Okay, should you bother with a pre-inspection? Won’t that just add dollar-signs to your question, “How much does a home inspection cost in Chicagoland?”
Well, if you have any uncertainty, a pre-inspection may be a good idea. Afterall, you don’t want any surprises when it’s “go time,” yes? If you are pretty confident that your home is market-ready, you may not want to bother.
And this: keep in mind that whatever your home inspector finds, you must share it with buyers. There shouldn’t be any secrets here, so if you are worried what the inspector might find and hope that the buyer’s home inspector doesn’t turn anything scandalous up, then you may want to avoid a pre-inspection.
But home inspectors tend to look at the same issues, and if one spots an issue it will likely be noticed by other inspectors as well.
Consider these factors that may influence your decision:
Older homes. The older the house, the more likely it is that there are issues. This is particularly true for homes aged between 1950 and 1980.
Repairs and maintenance. If you’ve been good at maintaining and repairing your home, then the home inspection will likely not be a big deal. You know your house inside-out, so there are likely no surprises coming your way.
The market in your area. If it’s a<a href="https://www.homelight.com/blog/selling-in-a-sellers-market/"> </a>seller’s market, you’ll have more leverage during the negotiations, regardless of what the inspection report reveals. If there’s any questions about this, simply ask your real estate agent.
Now You Know!
You have a lot to think about, but hopefully now you have a better idea of how much does a home inspection cost in Chicagoland. In a nutshell, the buyer pays for the home inspection, but if you haven’t been maintaining your home then the report may turn up some surprises for you. Your buyer may use this as leverage to negotiate or simply walk away from the deal.
Don’t fear the inspection, embrace it and use it as a way to motivate yourself to secure the best price for your home, possible.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-08-31T03:48:00-07:002020-03-30T16:37:16-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1694Must Knows for Your Home Appraisal in Chicagoland<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Home_Appraisal_in_Chicagoland.png" width="1120" height="630" alt="Home Appraisal in Chicagoland " title="Home Appraisal in Chicagoland " />
Great, you have an offer on the table - what comes next is the home appraisal in Chicagoland. And you’re ready! At least you will be after reading this article.
The Home Appraisal in Chicagoland Need to be Scary
For home sellers even with several offers on the table, the process can get prickly as it enters the home appraisal in Chicagoland stage. In fact, “appraisal issues” are the cause of 25% real estate contract delays. This is second to financing issues (which are 35%) according to the National Association of Realtors (NAR).
If your buyer is taking out a mortgage to purchase your property, then the home appraisal in Chicagoland is a must-do. It’s not possible to simply demand the fair market value of your house either. You must subscribe to the home appraisal. But this is where a little education and knowledge can help you navigate the process.
Keep in mind - both the buyer and the seller are going to feel anxious throughout the appraisal. Everyone wants to move right along into escrow, but this is the big question-mark stage. Will there be a delay? Will the home not be worth the offer? All these unknowns cause stress.
I’d like to go through a few tips on how to come out of the home appraisal in Chicagoland process alive.
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Pre-Home Appraisal
Before you enter the home appraisal process, you can take steps to prepare by doing a <a href="https://www.delphinehomes.com/blog/pre-listing-home-appraisal-and-home-inspection-pros-and-cons/">pre-listing home appraisal</a>. While the home appraisal happens after you accept an offer and usually within seven days after an inspector has reviewed your home, the pre-home appraisal can happen even earlier, even before you list your property. In so doing, you can lock down an asking price that you can run with until the property closes.
A pre-listing appraisal is particularly helpful if you expect you’ll encounter pricing challenges. For example, this may occur when you have a unique home that’s hard to nail down comps for or when the real estate market is extremely volatile and it’s difficult to hone in on a price.
Who pays for the home appraisal? And How Much is it?
Home appraisals are usually between $300-$500. However, you’re more than likely to pay on the higher end of $500. If you as the home seller cannot choose which home appraisal to choose, the lender will go through a third-party appraisal management company (AMC). In which case, it’s the buyer’s responsibility to pay for the home appraisal. The fee will be set by the lender, and not the appraiser company.
In this case, the price is likely going to be up to $750 and it will be quoted by the loan officer. As well, the price of the home appraisal in Chicagoland may increase if the property is more complex than the original scope.
Why Do I Need to Have a Home Appraisal?
The objective of a home appraisal is this: there needs to be an independent and impartial voice in the appraisal of a property. This cannot come from the seller nor the buyer. The appraiser’s client is the buyer’s lender - and they want nothing but the facts. The lender does not want to extend more money for a home that isn’t worth the price.
For example, if the buyer loses their job in six months and enters foreclosure, the lender wants to be sure that they can sell the home without incurring a steep loss. The home appraisal provides an accurate assessment of the property’s value.
In What Scenario Would an Appraisal Come in Under Contract?
Okay, so here’s the thing. There are several points that may cause a property to fail to appraise.
1. The contract price is over market value.
In a market that is in flux, buyers often compete for a house and try to outbid one another. This drives the listing price up. At appraisal, the home may not appraise for the blown-up offer price. If the buyer is depending on a loan to buy your property at this inflated price, forget it. The appraisal likely won’t pass if the comps don’t warrant it. However, if the buyer doesn’t need a loan and will pay all-cash, it could work out.
2. An appraiser finds an issue with the house.
If during the home appraisal process, the appraiser finds an issue with the property than it can impact its value. This must then be factored into the appraisal.
For example, a room that isn’t up to code or has a permit would be a red flag. Certain loans, such as FHA loans, require these issues to be repaired and rectified before the home can be appraised.
3. The appraiser was inexperienced or doesn’t know Chicagoland.
The home appraisal process is hyperlocal. If the appraiser isn’t familiar with Chicagoland, then they may not be able to determine the true market value of a home.
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Here’s How You Can Prepare for a Home Appraisal
Clean clutter from your home.<br />Treat this process as if you are showing your home to potential buyers.
Secure your pets.<br />Don’t make the home appraiser deal with your barking dog or needy cat. Give them space and peace to do their job properly and without distraction.
Clean the exterior. <br />Clean the exterior of your home. Mow the lawn, pull weeds, trim the hedges, just make it look nice. It’s the first impression, and you want it to set a good tone for the rest of the appraisal.
Yes, do a paint touch up!<br />You want the appraisal to go smooth, so a bit of paint to spruce things up can go a long way.
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This is What Home Appraisers Look For
All appraisers use the same form during an appraisal. It’s called the “Uniform Residental Appraisal Report. This report asks basics, such as: neighborhood demographics, housing trends, available utilities, measurements, and property details such as condition.
But you want details, I hear you. Here are the specifics:
Structure
Age
Location
Property site
Construction quality
Roof and foundation integrity
Gutters and siding
Parking
Exterior condition
Neighborhood
Square footage
Functional layout
Number and size of bedrooms, bathrooms, and kitchens
Included utilities
Health and safety accoutrements
Appliances
Interior condition
Structural integrity
Code compliance
The basic idea is this: how does your property compare to similar homes in the area. That’s why you need to keep your home in good shape and maintain the home so that it holds value compared to others in the area. <br /><br /><a href="https://www.delphinehomes.com/sellers/" target="_blank"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Selling_Your_Home_in_Buffalo_Grove.png" width="1120" height="630" /></a>
Post-Home Appraisal
The home appraisal process takes about 30-60 minutes. Afterwards, you wait.
The final appraisal report may be ready in one week to 10 days. As the seller, you won’t automatically get a copy of the report. The lender will receive the copy, however, you can ask them to send you one as well. They have 30 days to provide one to you.
The final report is usually in the ballpark of 10 pages. It will contain local comparable properties with photos and details of each property. It will also include the appraised value, how the appraiser determined the value, and what factors the appraiser took into consideration.
After appraisal, it can take as few as a couple of days to close on your home!
What if I Want to Challenge the Appraisal?
If the appraisal comes back lower than you thought, you can do a few things:
You can get proof why you think it’s lower than it should be. Obtain other comparables in the same neighborhood and submit a “Reconsideration of value” to the appraiser. Keep in mind, however, that 90% of the time the appraiser will back up their original assessment, and the appraisal of your home will stand.
You as the seller can order a second appraisal, but this can be an expensive route. It also requires switching to a new mortgage lender.
Another thing you can try is to negotiate with the buyer and save the deal. You want to sell the home and the buyer wants to buy it. Perhaps a deal can be forged. You can do the following:
Reduce your asking price to match the appraisal.
The buyer can bring the extra money to the table.
You can meet somewhere in the middle.
Your real estate agent can fill in the gaps here and will probably have ideas of their own you hadn’t considered. They can of course negotiate with the buyer’s agent to save the deal.
Look, the Home Appraisal in Chicagoland Isn’t as Scary as You Think
There are ways you can navigate the home appraisal process. If you start early, even before you list your property, you can do what you can to spruce up your home and make repairs in anticipation of the home appraisal after you find a buyer. If the appraisal comes in at or above the offer price - great! If not, your buyer may be able to make up the difference in cash or your real estate agent may have other options for you to pursue to keep the contract intact. Just remember, it ain’t over till it’s over. So hang in there throughout the home appraisal in Chicagoland!
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-08-10T02:44:00-07:002020-03-30T17:00:18-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1693Home Inspection in Chicagoland Isn’t as Simple as “Pass or Fail”!<img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/Home_Inspection_in_chicagoland.png" width="1120" height="630" alt="Home Inspection in Chicagoland Isn’t as Simple as “Pass or Fail”!" title="Home Inspection in Chicagoland" style="vertical-align: middle;" /><br /><br />Hiring a home inspection in Chicagoland can be even more nail-biting than going to the dentist, doctor, or mechanic. However, the process need not be as anxiety-ridden as people make it out to be. There are basic things about home inspection in Chicagoland that <a href="https://www.delphinehomes.com/blog/home-inspection-and-what-home-sellers-need-to-know/">home sellers need to know</a>. As it’s your house that’s up for inspection, homeowners may feel a bit reactive, even if the final inspection report is respectable.
However, it’s important to keep in mind that all homes have dings, issues, and baggage. While some are more slight than others, no home is going to come away with a squeaky-clean home inspection report. Please don’t let the report be a reflection on you, the homeowner. It’s not personal.
There are a few steps you can take to prepare your home, as well as your emotional health throughout the home inspection process. Afterall, it’s not a “pass or fail.”
Home Inspection in Chicagoland - What You Need to Know for Peace of Mind
While home inspection isn’t a pass or fail, depending on the findings it may give the buyer leverage to renegotiate the sale price. While you aren’t obligated to fix anything, the buyer may exit the deal if the home inspection findings are not to their liking. If you want the deal to go through, perhaps it’s in your best interest to address the buyer’s concerns and negotiate the deal after a home inspection in Chicagoland.
After speaking with top home inspection experts in Chicagoland, we’ve outlined what happens during a home inspection and how these outcomes may impact your deal.
First, What is a Home Inspection?
The home inspection process is an element in the longer process of closing a home sale. Usually, the buyer hires a home inspector in Chicagoland to visit the house and perform a visual assessment. Per state standards, the home inspector can observe health, safety, and major structural or mechanical issues.
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At What Stage Does a Home Inspection Happen in Chicagoland?
For home sales, the home inspection comes into play twice: once during the seller’s inspection (this is the pre-listing inspection) and again during the buyer’s inspection. The buyer’s inspection happens after the buyer has put an offer on the property and will conclude before closing.
A seller’s home inspection happens before the home is listed. Sellers often choose to have their home inspected before they list the home, so they are aware of what issues must be fixed prior to listing the property. There are various pluses and minuses for home sellers to inspect their home prior to listing it, which we will address later.
As mentioned, depending on the home inspection outcome, the buyer may have leverage to renegotiate their offer or request repairs, depending on the findings.
What Happens During a Home Inspection?
Home inspections generally take about three hours for an average-sized home. From there, it can take the home inspector 4 days to complete the home inspection report. The home inspector will focus on both the interior and exterior of the property, noting structural issues, major defects, and other hazards that can cause safety issues. “Safety” is the operative word here.
Specifically, home inspections in Chicagoland focus on the following:
Water Damage
Structural Issues
Old/Damaged Roof
Damaged Electrical System
Plumbing Problems
Insect and Pest Infestation
Issues with the HVAC System
Home inspections in Chicagoland do not focus on:
Cosmetic flaws, such as chipped paint or peeled wallpaper
Ugly landscaping
Outdated design
Basically, anything that is non-safety related, such as poor interior design, will not be included in an inspection report.
Although anyone may be present during a home inspection, it’s best that the seller’s real estate agent be there. If there is a major defect, the seller often can recommend an expert in their network to fix the issues right away. As well, the home seller should be present so that they can ask any questions of the home inspector. <br /><br /><img src="https://assets.site-static.com/userfiles/1204/image/Blog_Image/home_inspection_chicago.png" alt="home inspection chicago" title="home inspection chicago" />
Here’s how to Prepare for Your Home Inspection in Chicagoland
You want your buyer to receive a report that is as clean as possible. Likewise, there are several things you can do before you receive the home inspector to your home.
Clear out clutter in spaces like basement, attic, garage, and crawl spaces. This will help inspectors check for mold or water damage. Anything that an inspector cannot access will be listed as “uninspectable” - and this can delay closing.
Provide access to the electrical panel, furnace, and water heater.
Lock up pets while the inspector walks through.
Make sure light bulbs are working.
Run water in every sink and bath to check for clogs. Clear clogs as needed.
Replace filters in HVAC system. Dirty air filters are red flags for the inspector.
Repair any cracked windows or broken screens.
Exterminate bugs as signs of an infestation are another red flag.
Cap unused gas lines, chimneys, and flues to prevent debris and clogs.
Trim trees that are touching or close to the roof.
Okay, so Should You Get a Pre-Listing Inspection?
Although it’s usually the buyers that coordinate the home inspection, home sellers are prudent to have an inspector visit before listing the property. A pre-listing inspection could make the whole sales process run smoother, so you close faster. If your home has a defect, you want to know before you start the listing process.
In addition, having a pre-listing inspection report, as well as any receipts of recent repairs already prepared for your buyers is very appealing! It demonstrates that the homeowners have fixed issues and cared for the home. Whenever you can remove question marks and potential anxiety and stress about the homebuying process from the seller gives you a straighter and shorter line from listing to sale! Besides, no home seller wants to deal with last-minute negotiations. A Pre-listing can take out that element of surprise - definitely an unwanted thing throughout what is already a stressful process.
Keep in mind that every inspector is different. Even if you have an inspector prior to listing, there is no guarantee that they will make the same observations of the buyer’s home inspector. What may not be seen as a safety for one inspector, may be a big deal from another inspector’s point-of-view. It’s difficult to anticipate what the buyer’s home inspector will turn up. And if you do have a pre-listing home inspection, you are legally required to disclose it to the buyer no matter what is found.
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This is how a Home Inspection can Affect the Sale
The buyer’s home inspection may reveal a home in great shape, or a home that needs work. Depending on the findings, the buyer and seller may negotiate the contract. Or, they can go their separate ways. This is how these scenarios may play out:
The buyer walks…
If after the home inspection, the home buyer decides to pass then the house will go back on the market. This may impact other potential buyers, as seeing a house back on the market could be a red flag. They’ll wonder what’s wrong with the house and why it’s no longer under contract. This can affect your sales price.
The buyer and seller negotiate…
If the buyer requests fixes or wants to negotiate the contract terms, the seller can either make repairs or extend a credit to the buyer so they can make the repairs themselves. If it’s a health and safety issue, most likely the seller will have to take care of it.
If the seller denies new terms...
The seller can bring in their own home inspector if they do not agree with the buyer’s home inspector’s findings. It is possible that the home buyer’s inspector did not assess the property accurately. If the seller has other buyer’s waiting to make an offer, they may decide to terminate the contract and work with another buyer in the queue.<br /><br /><a href="https://www.delphinehomes.com/sellers/" target="_blank"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Selling_Your_Home_in_Buffalo_Grove.png" width="1120" height="630" /></a>
That’s all There is to it for Home Inspections in Chicagoland
Both buyers and sellers can agree that home inspections are a crucial element of the home buying process. No one wants to inherit a hazardous property, so assessing safety is paramount.
Pre-listing inspections can help home sellers gain home field advantage and jump on any must-needed repairs prior to listing the home. Likewise, when buyers have a home inspected, sellers may prepare themselves for potential repairs or a contract renegotiation.
Your real estate agent can help you throughout the process, from the pre-listing home inspection through closing. If you do decide to do a pre-listing home inspection and a major defect is found, your real estate agent can connect you to their trusted network of handymen and contractors to get the issue taken care of fast so you stay on schedule. As well, your real estate inspector can loop in other home inspectors to follow up on a negative finding from a home buyer’s inspection report.
I hope this guide helped clarify the process of home inspection in Chicagoland. If you have any further questions, please ask them in the comments.
<a href="http://www.homevalueestimate.info/"><img src="https://assets.site-static.com/userfiles/1204/image/Chicago/Whats_your_home_worth.png" width="1500" height="500" /></a>2019-07-15T16:59:00-07:002020-03-30T16:59:37-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1104Closing Date: What Home Sellers Should Expect?
All the contingencies have been resolved and the countdown to your closing date is finally approaching. What a relief! But, don’t start celebrating too soon. A sale is not closed until it is formally closed, the title has been transferred and the funds have been exchanged. Your closing date is close, but it is always important to pay attention to the details so that your closing goes off without a hitch.
There is a lot of coordination involved in buying and selling a house. Involved parties can include buyers, banks, attorneys, mortgage companies, home inspectors, appraisers and, of course, real estate brokers and agents.
Closing a real estate sale is not a simple process. If you’ve made it this far, be careful not to drop the ball and slow the closing date. Nothing is more important. The best way to ensure you meet the closing date is is by paying attention to all the details and cooperating with the buyer and the buyer’s agents. Here’s what you can expect on your closing date. Follow these tips to make sure you close on time.
Attention to Detail
First and foremost, thoroughly review all your closing documentation. You should receive all paperwork at least 3 days in advance. Check everything for inaccuracies. The smallest errors can delay your closing date.
The most common mistake is a misspelled name, but mistakes with the address are also quite common. Undetected errors or uncorrected mistakes can set back the closing date another three days while new paperwork is prepared.
If you will attend the closing, make sure you have already reviewed the documents so as to speed up the process and avoid major setbacks.
Review all the closing paperwork prior to closing.
Keep Your Home in Tip-Top Shape
Expect the buyers to complete their final walk through the day before or the morning of your closing date. Obviously, you should avoid damaging your home or making any major, undiscussed changes at the last minute. If anything unfortunate does occur, it is important for your agent to disclose this information to the buyers so that the necessary adjustments can be made.
It is a mistake to cover up last minute changes and proceed as if nothing happened. Most likely the buyers will find out and the repercussions will be more trouble than making appropriate adjustments. If you have promised to have any repairs done for the buyers, make sure they are completed before the closing date so the buyers can inspect the work during the final walkthrough, unless you have an agreement to complete the repairs at a later date.
At The Closing Table
At the closing, bring your driver’s license or passport to verify your identification as well as anything you need to turn over to the buyers such as keys or electric garage door openers. Be prepared to sign all the paperwork you have already reviewed.
Most likely, there will be an escrow agent present at the closing. As a disinterested third party, their duties are to make sure everything is organized and all funds accurately disbursed. This includes handling documents, money and payments to the parties directly involved with the sale and the closing.
Occasionally, the mortgage documentation can delay the closing, especially because HUD paperwork must be completed before wiring of any funds. Hopefully this process doesn’t take too long, but it can delay the closing and even cause postponement until the next business day. This can be an inconvenience to the buyer and the seller. Once the title company receives their money, they will disburse money to all entitled parties. Payments are usually in check form, but if you desire an electronic transfer, remember to have your bank information available on the closing date.
Should I Go to the Closing?
As the seller, it is not necessary that you attend the closing. Your attorney can represent you and sign any incidental paperwork that you have not already pre-signed. Once all the contingencies are met, many sellers move on and choose to spend their time preparing for the move.
By not attending the closing, sellers can avoid tense or emotional conversations with the buyers, who may still be haggling over certain things such as closing costs, personal belongings they wish left in the house, or other conditions.
However, if you are an engaged seller, it may be in your best interest to attend to make sure everything goes according to plan. Try to make things run as smoothly as possible, and don’t prompt any needless haggling.
Closing are much more comfortable when the buyer and seller accommodate each other. If the buyers have questions about the heating system, the pool or any other household system, it is a good idea to give them the necessary advice, You might also tell them about their new neighbors, names and and ages of any neighborhood children and include info about the school system.
You may send your attorney on your behalf, and have him sign any incidental paperwork that you have not already pre-signed.
After the Closing
Once the escrowee disburses the funds to everyone and the transfer of title is official, the closing is complete. Your closing date has gone off without a hitch. Congratulations!
This can be an emotional time. However, if you are not ready to move, it is possible to reach an agreement with the buyers to lease back the home for a certain period of time, whether to simply finish moving your belongings or for a more extended period before your new home is move-in ready.
However, if you do not need additional time to vacate, you should relinquish all keys, garage door openers and other such devices to the buyer. If you will be staying in your home after closing, you will essentially be a tenant, renting the property from the new owners, usually at a daily or monthly rental rate. You will most likely be asked to put down a deposit, and will be responsible for any damage to the property while you are the tenant. You may also be required to obtain tenant’s insurance.
Once the escrowee disburses the funds to everyone accordingly and the transfer documents are given to the buyers, the closing is complete.
Exchanging keys and garage door openers is the last activity on most closing dates. To make it this far, the most important thing to remember is to thoroughly review all documents and be prepared for anything extra that might surface at the closing. Try to avoid surprises that are usually caused by small details that slow down or prevent the closing.
Once you have made it to the closing table, do whatever is in your power to get the title transfer accomplished. Once the closing is complete, keep track of all closing documents, as they may be used for tax purposes.
If you want agents that work with you right through the sale and the closing, contact the Delphone Team at 847-550-3599. We work closely with all our buyers and sellers to make sure their interests are protected and their closings take place without any hitches.2019-02-01T07:58:00-07:002019-04-29T11:41:34-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1103Moving List For Home Selling
With the Delphine Homes Team, customer satisfaction is paramount, including a solid moving list that can ensure a smooth transition. From customizing your marketing plan to showing your house and helping you prepare for the big move, we are there every step of the way for your total benefit. However, there are some aspects of moving that are simply out of our control. If we can’t personally help, we at least want you to be informed, so that you can have the quickest, smoothest, most enjoyable transition from your old home to your new house and life.
One facet of the moving process that is sometimes forgotten in the excitement of selling is the actual move. In their haste, many families simply choose the first moving company they can find to help get the job done. Unfortunately, there are too many disreputable companies that frequently garner complaints for theft, damage or overcharges. In order to avoid this unnecessary hassle, here are a few things you can do to protect yourself.
First and foremost, do your research and due diligence. This should be near the top of your moving list. Complaints about interstate moving companies as well in-state moving companies can be found in multiple online and offline locations and researching them can be a quick easy way to rule out unprofessional companies.
For interstate companies, check <a href="https://ai.fmcsa.dot.gov/hhg/Search.asp">https://ai.fmcsa.dot.gov/hhg/Search.asp</a>. In addition, the Better Business Bureau keeps track of open complaints about companies. If any of the companies you are considering have complaints filed here, think again and look for other providers. The risk outweighs the gain.
The next thing on your moving list is to procure an in-home, written quote that encompasses everything. If the company you are considering does business in a professional manner, they will offer to visit your home and do an inspection in order to accurately assess the amount of labor that will be involved. They will then provide you a price estimate in writing. Any company that tries to give you a vague, unwritten quote over the phone without a visual inspection is not worthy of your business and will most likely overcharge you on your actual moving day.
Another thing on your moving list is to make sure your preferred company has mover’s insurance. This insurance will protect owners from damage or for lost or misplaced items.
This insurance is technically required by law, but many low-end moving companies ignore the law and do business without it. When choosing a company, ask for proof of insurance and find out what is included and excluded in your coverage. Many companies will have multiple options for coverage, and being fully compensated for damaged or lost items through the mover’s insurance can be prohibitively expensive. An alternative is to check with your homeowner’s insurance, which may also provide similar coverage at a lower cost.
Family Unpacking Moving In Boxes From Removal Truck
More Questions to Ask a Potential Moving Company:
Will the company handle the entire move themselves or sub out some of the work? If sio, make sure the subcontractor is sufficiently insured, including workers comp. The less your possessions are transferred between hands and trucks, the better.
Does the moving company have its own employees on the company payroll, or does it use temporary workers? Ask to see workers’ background verification forms.
Does the company take credit card or cashier’s check? This is to ensure that you will be better protected. It is advised not to pay cash.
Make sure everything about the company is professional and reputable, including website, local address, trucks with logos and company name, and their employees.
After successfully going through the process of choosing a realtor, listing your property, showing it to buyers, and closing the deal, the last thing you need is to show up at your new house with broken or missing possessions. It is well worth your time and money to find a professional moving company that will get you and your things to your new home and get your new life started on the right foot.2019-02-01T07:55:00-07:002019-04-29T12:01:19-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1102Seller Closing Costs: What Can I Expect?
Selling a house is not a simple process, and there are a lot of moving parts involved. From choosing a broker to represent you to negotiating an offer to closing day, nothing will go according to plan, and it is important to minimize curveballs as much as possible. When homeowners have a price in mind they want to net, you must account for paying commission to your realtor, but there are also several costs associated with the closing that you will be responsible for. The bulk of these will be paid by the buyer, but the last thing you want is to be sitting at the closing table, caught off guard by the closing costs you need to pay. Closing costs can vary from state to state, so let’s take a look at what you can expect in the state of Illinois.
Mortgage: Varies
The most obvious cost which you most likely have accounted for is your mortgage. If you are lucky enough to own full equity in your home, good for you. If not, you will be required to pay your mortgage at the time of closing, in addition to the interest that will be prorated to closing day. Often, any line of credit given to you by the lender will also need to be paid off, as well as any liens that the lender attached to your property.
Commission: Varies
Another expected charge, if you have employed a real estate broker to sell your home, you will be charged commission by their brokerage firm. Most often, this is a percentage of the sales price, but there are other commission options as well. Once your home closes, the agreed upon commission will be split between the buyer and seller firms, and the funds will be disbursed to listing and buyer agents that were responsible for the sale. Usually the agents will not receive 100% of the sales commission and the firm will take its cut off of the top. There is no fixed commission rate, and different firms may have different rates or their rates may be negotiable. Don’t choose a firm based solely on the lowest commission, as often these firms may not have the same resources or experience as a firm that charges a higher commission. You get what you paid for.
Courier Fees: $50-75 per payoff
As you pay off your mortgage, you will be charged a wiring fee by the lender, which generally cost between $50-75 per wire.
Title Examination: $200-400
When your home is on the market, public records will be examined to check for any outstanding liens or other issues with the title that you may not have been aware of. Occasionally claims can be made against the property without your knowledge. In addition to the current title examination, a chain of title is also performed, checking the whole history of ownership of the house, to make sure that it has been sold and transferred successfully and without any issues. It is important for the buyers to adopt a clean, “marketable” title. The fee to run these checks is typically between $200-400.
Title Insurance: % of Price of Home
Once your title has been examined, you will obtain title insurance, to verify that your title was examined and declared clean at the time of closing. That way, you will be protected against any future claims. This fee is usually split between buyer and seller and can be negotiated.
Closing Fee: $500-800
The title company will generally charge you a fee for completing the closing, and this price can vary based on the company you use. This is another fee that can be split or negotiated between buyer and seller.
Documentary Stamp Tax: Varies Depending on City and Home Price
Another name for this is excise tax, where the state of Illinois charges the seller to transfer ownership of the property. This can vary depending on the city you live in, but as an example, in Highland Park the tax is $5 per $1000 of sales price. If you sell your home for $700,000, the stamp tax here will be $3,500.
Property Taxes: Prorated
In Illinois, property taxes are charged for the previous year. So when you receive your bill, you are paying for the previous year. If you sell your home on May 15th, you won’t receive a property tax bill for that year, and will be required to credit the prorated amount for the current year to the buyer.
Buyer’s Closing Costs: Negotiated
Buyer’s typically shoulder the brunt of the closing costs, and will most likely ask you to help them pay for some of these costs, an element they may work into their offer. For example, the buyer may offer you your asking price, but ask for a certain percentage of the closing costs. Do your research on what these costs are likely to be as well as your finances to determine if this is a beneficial deal for you. If not, it is always negotiable.
Home Warranty Fees: $375-600 (Optional)
If you are selling an older home and don’t feel like replacing everything, home warranty could be a strong selling point to help protect your buyer against problems after they move in. You are not required to pay for this but it can certainly strengthen your offer and show goodwill towards your buyers. The price for one year of coverage varies but generally falls between $375-600.
Pest Inspection: $100-250
Depending on the type of loan, with VA loan you as the seller may be required to pay for a pest inspection before selling, which generally costs between $100-250.
Although you are the seller, clearly closing costs can add up, and may be the ultimate difference in you walking away from a sale with all your bases covered or being in a tighter financial situation than you expected. When discussing listing price or negotiating an offer, remember to factor in all the closing costs you can expect to pay. Discuss your financial situation with your realtor. If you want to walk away with the best deal possible, call Delphine Nguyen of Baird and Warner today to hear how she can help you sell your house for top dollar.2019-02-01T07:47:00-07:002019-04-29T11:40:13-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1100What Happens At A Home Appraisal?
The process of selling a home is complicated. From finding a real estate agent for representing your best interest to marketing the property to get the maximum possible price, you invest a lot of money, time and efforts in this process. And, when you have finally put the property under contract, an appraiser steps in.
If your buyer is financing the deal with a mortgage, his or her lender will order an appraisal. If the property’s appraised value is estimated by the appraiser to be at or above the purchase price, the deal will proceed to closing without any hiccups. But in case it comes in below the purchase price, you are in trouble. This issue that you may not have even considered at the time of listing your property can cause the deal to fall apart.
Let’s First Get A General Misconception Out Of Way
Most home sellers believe that a home inspection and an appraisal are the same thing, but they are not. While a home inspector tries to discover defects with the property, an appraiser’s primary responsibility is to estimate the value of the property based on its size, location, amenities and condition. Both are licensed professionals. An appraiser may ask for a home inspection if he or she finds a particular defect that needs to be examined for its possible impact on the value.
Why A Home Appraisal Is Conducted
An appraiser’s report is primarily used by lenders. Most buyers take out a mortgage. How much amount of mortgage will be approved depends on the ratio of property’s value to the borrower’s income. It’s called ‘loan-to-value’ ratio.
Lenders order for a home appraisal; however the buyer has to pay for it in most cases. After getting a home appraisal report, the borrower’s mortgage application is processed based on the property’s appraised value.
How Can A Home Appraisal Be A Deal-breaker?
Buyers usually put a financing contingency in the purchase contract. What it basically means is that the closing is subject to the approval of mortgage. If the buyer’s mortgage application is rejected, he or she will be able to get out of the deal without paying any penalties. The escrow amount will be returned to the buyer.
One of the reasons for a mortgage application’s rejection is that the property’s appraised value is lower than the contract price.
Let’s say for example, your buyer agreed to purchase the property for $500,000. He applied for mortgage with a 20 percent of the value down. So he would have to arrange $100,000 for down payment. The lender then orders a home appraisal. The home appraisal report estimates the value to be $400,000.
The lender will approve an 80 percent financing based on this estimate, so the buyer will now have to put $180,000 down.
In that situation, the buyer may back out at the last moment, unable to arrange the extra cash.
Now you have two options: (1) you have to renegotiate and offer the property for a reduced price or (2) agree to return the escrow amount and put the property on the market again hoping for an offer from a cash buyer who is willing to purchase it for $500,000.
What To Expect From An Appraiser?
Appraisers don’t guess at the value, instead a lot of facts go into their report. Their report includes:
A neighborhood map
Applicable comparative market analysis (CMA)
A sketch of the building
The method used in calculating the floor area
Images of the building from all angles
Any applicable real estate market report
Land and title records
Tax records
Communicating With An Appraiser
Appraisers are legally required to be independent and unbiased when appraising a property’s value. You or your real estate agent can not unduly influence a home appraisal independent opinion. For this reason, most real estate agents avoid to communicate with appraisers all together. It can be a mistake. Your real estate agent can definitely provide an appraiser with information that helps him estimate the value of the property correctly. The information may include a comparative market analysis (CMA) that is a study of comps or comparable sales in the same neighborhood. You can also bring to his notice any remodeling or repair work you have carried out that you believe may have an impact on the value. You can give this information in writing.
Keep in mind that you or your agency should never indulge in coercing an appraiser to provide a favorable report.
Based on what you read above, here are a few things that will help you be prepared for a home appraisal:
Your realtor should be present at the time of home appraisal. An appraiser may need to ask your representative questions about the property’s condition, repairs and renovations that only she or he can answer. If your realtor is not present, he may rely on assumptions.
You can have your home appraised independently even before listing it for sale. You can know for sure how much your home is worth. A home appraisal is, however, not required if your agent is experienced and has represented buyers and sellers in your area.
You should get a copy of the home appraisal report from the lender with the buyer’s permission. If the buyer’s agree, the lender will provide you with a copy free of cost. You can dispute the report if you believe there are any errors. For example if you believe the appraiser’s choice of properties in your neighborhood for a CMA has been incorrect, you can request your listing agent to provide a CMA which supports the contract price.
If you have your own appraisal performed, your realtor can provide a copy of the report to the buyer’s agent.
In conclusion
Don’t let an appraisal report get in the way of a smooth home sale. The best way to avoid any hassles is to put the right price tag on the home when listing it for sale. Here at Delphine Team, we have a team of experienced real estate agents who keep a close tab on the condition of a property’s market and know how different parameters influence a home’s price. We provide homeowners an impartial estimate of the property’s value so that they will know what price range they should sell without paying the appraiser.2019-02-01T07:35:00-07:002019-04-29T11:39:22-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1099Home Inspection And What Home Sellers Need To Know
In Greater Chicago, a home inspection will take place after the buyer and the seller have agreed to a contract for purchase and sale and before the closing. Usually the contract is contingent upon a home inspection. The home inspection process begins when the buyer orders and agrees to pay for the home inspection. Hence, all home inspection findings become the property of the buyer.
In a home inspection, a certified and unbiased inspector walks through the home and thoroughly examines anything and everything that might become a problem after the closing. This includes inspection of the real estate, including the foundation, siding, roofing and checking for leaks in the basement. All appliances included in the sale are also inspected.
The home inspector may take pictures of items of concern. After the inspection, the inspector submits a full home inspection report to the buyer. Home inspections usually take around three or four hours depending on the size and condition of the home.
What To Expect In Home Inspection Process?
Home inspector is hired by the home buyer to examines anything and everything at the house.
The home inspection process can be unnerving for sellers. Yet, it remains an important phase of the selling process. It is typical for problems to arise in a home when the real estate is inspected. The purpose of a home inspection is to make buyers aware of the condition and quality of the home’s infrastructure so they know exactly what they are purchasing and what repairs they may have to make in the future.
If the seller’s disclosures were accurate, there is usually little to worry about. However, it is possible that the seller has no knowledge of certain defects that may have come about recently. Usually the buyer or the buyer’s agent or both are present at the home inspection. The inspector will walk through the home and around the grounds and point out problematic issues. Some could be very minor.
Home inspectors may show the buyer how to use certain appliances and home systems that are specific to the home. It is suggested that this wait until the end of the inspector’s walk through so that he is able to concentrate on the task at hand. Interestingly, in the area of the North Shore of Chicago, it is common to have a home that backs up to a ravine. In this case, a separate inspector who specializes in landscaping and ravines could be asked to accompany the inspector.
What Home Sellers Need To Know?
Due to the fact that buyers are responsible for the home inspection and that both agents are suggested to be present, the seller does not need to be home at the time of the inspection.. If any issues come up, the buyer’s agent will share the issues with the seller’s agent. It is the home inspector’s responsibility to point out anything he believes may impact the buyer’s risk with the property.
The home inspector points out anything that he believes may impact the value of the house.
At first, this can make the home inspection process seem excessive but the inspector must report everything, even an inoperable outlet. An inspector does not turn on certain mechanical systems that are already working, such as a furnace. To avoid any large issues that may deter buyers, a seller can order their own home inspection to anticipate or verify the buyer’s findings.
This can give the seller confidence to address any problems revealed in the buyer’s home inspection report. This inspection ordered by the seller is not to be used in the sale of the home but rather as helpful information for the seller in case there are discrepancies.
What if Repairs Are Necessary?
If isses are found during the home inspection, the buyer may: renegotiate the price, cancel the contract, ask the seller perform repairs or ask for credit at closing.
If there are problems in the home inspection, the buyer must decide if they are willing to deal with them and proceed with the purchase or, if the issues are too serious and expensive, if they will cancel the contract for purchase and sale. If there are major issues that the buyer feels are deal breakers, they can ask the seller to fix the problems before the sale is completed or the two parties can negotiate a settlement.
If the buyer would like to oversee the work and would like to fix the repairs, they may ask for a seller concession in which case the seller concedes an appropriate portion of the sales price to be allocated towards repairing the problems. This can be a popular solution if a home needs major work that cannot be completed within the original time frame of a closing.
It is important to consult your real estate broker and decide how to best address home repair issues.
The home inspection process is a common and necessary practice for anyone buying or selling a home in today’s market. It is important for the seller to understand what should be repaired in order to sell as well as what repairs can be negotiated before closing. If and when issues come up, it is important to consult your real estate agent and decide how to best address any deficiencies with the property.
When you decide the time is right to buy or sell your Chicago home, give the Delphine Team a call at 847-550-3599.2019-02-01T07:32:00-07:002019-04-29T14:46:45-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1098Real Estate Negotiation Tips For Home Sellers
After wrestling with the idea of selling your home, finding the right real estate agent, listing your home, and patiently waiting through open houses and showings, you finally have an offer to sell your house! This is certainly an exciting step in the process. You now have the opportunity to actually accomplish your goal of selling your home. Let’s look at the real estate negotiation tips to get you the best deal.
How to counter low ball offer?
First and foremost is price. Of course, just like you are trying to get the best deal for yourself, homebuyers are doing the same. The likelihood that they will offer you exactly what you want is pretty small, especially on the first try. However, if they are seriously interested, they should make an offer that is respectful and within a reasonable range of your asking price, signaling their willingness to engage in a real estate negotiation. There are some sharks and flippers out there who will be throwing out multiple low-ball offers and hoping to get a bite. However, some first time homebuyers are hesitating to make an offer at the price they can afford just to be on the safe side. As soon as they realize that they risk losing the house that they have fallen in love with, they may make a quick decision to increase the offer price with a big jump. Before you engage in such a long ride, ask your realtor to do their due diligence to find out more about the buyer’s position, strength and motivation prior to rejecting or countering the offer.
Homebuyers are hesitating to make an offer at the price they can afford just to be on the safe side.
The first offer is usually the best offer
However, if the buyer’s offer is not offensively low, it is time to take a serious look at it. Your agent should inform you of offers immediately, and will most often go over them with you. In some cases, the buyers may request that their agent presents you the offer or at least be present for the presentation because there are special circumstances that they feel would be better explained by their agent. The choice is ultimately up to you as to who you would like to present you the offer. Keep in mind the first offer is usually the best offer!
How to negotiate a real estate offer successfully
While price is obviously a huge factor, make sure to review the complete offer carefully. In addition to price, there are many other elements to consider. These are important to consider not only as part of the offer, but some of these may give you an idea of how serious the homebuyer is and how smoothly the closing process would likely be should you accept.
Earnest Money – Earnest money is a great indicator of interest level and legitimacy of a homebuyer. There is no hard and fast rule for the amount of earnest money a homebuyer should give, therefore it is at their discretion, and will tell you a lot. A low amount of earnest money can indicate that either the homebuyer is not extremely interested in the house, or they may not be qualified to purchase it. Generally, 5% to 10% of the offer price is a good guideline, and if your homebuyer offers this to you, you will be in good shape. If their offer is significantly lower, make sure the rest of their financing is in order. Remember, pre-approved is always stronger than pre-qualified.
The final amount of earnest money is a negotiation between the buyer and seller.
Additional Costs – There are a variety of closing costs that homebuyers are responsible for, and therefore, these may influence their offer to you. You can expect the total closing cost to be somewhere between 2-5% of the sales price and include items such as loan origination fees, appraisal cost, title insurance, and more. Since homebuyers will be paying most of these fees out of pocket, they may adjust their offer accordingly or ask for a “Seller’s Concession” at closing, money that will be essentially given back to them. This number is also negotiable and will obviously affect your net from the sale. Additionally, you should receive some money back from pre-paid fees such as taxes or association fees. Make sure this is laid out clearly in the purchase agreement as well.
A good agent, with knowledge of the market and negotiation can help negotiate closing cost requested by the buyers for her client.
What Stays and What Goes – As sellers, you will most likely be pretty clear on what you will be taking with you when you move and what you are comfortable leaving behind, and this information should be listed online, as well as in the Purchase Agreement paperwork. However, the homebuyers may have a different idea, and request to keep some items that go well with the property or that they particularly liked, such as appliances or furniture. Buyers may use what you decide to keep or leave behind as leverage for their offer, so be prepared to negotiate based not only on the value of your house but your belongings as well.
Closing Date – This is a negotiable item that can often be more important to the homebuyer than the seller, as they may have specific time-sensitive needs. Consider being as flexible as you can with this time frame in order to make the sale go smoothly. It is helpful to have your moving plans squared away before you sell, so as to have that level of flexibility and be able to adjust to an unexpected closing date based on special circumstances. If the homebuyer is not paying with cash, it often takes at least 30 days for the mortgage company to be ready to close once the offer is accepted, so be prepared for this time frame.
Consider being as flexible as you can with the closing date in order to make the sale go smoothly.
After Closing – Once the closing is completed, you as the seller are no longer the owner of the house, but may still be interested in living there for a certain amount of time based on the timing of the purchase of your new home or the amount of time it will take to complete the move. This should be negotiated as well, as most often it is the homebuyer’s preference to move in as soon as possible. If you do request to stay in the home after closing for a certain period of time, the standard procedure is to pay a daily rental rate of 1/30 of the mortgage rate, information that can be obtained from the homebuyer’s mortgage company. In addition, you may be required to put down a damage deposit. Rental rate, damage deposit, and procedure for transferring the keys to the new owner once you permanently leave should all be laid out in the purchase agreement as well.
Counter-offer – After reviewing the offer and considering these factors, it is time for you to make a decision. Rarely do offers get accepted the first time around, and a counter-offer can be sent based on a small detail such as one extra appliance or a small change in the closing date. However, when making a counter-offer, you risk losing your homebuyer. Once your counter-offer is sent, they have the option to accept, counter again, or simply leave, so it is important to discuss this with your real estate agent to make sure you won’t be left out in the cold. Consider whether you have other offers as well, how long you are comfortable to wait for other offers, or whether or not you want to inform your homebuyers that you have multiple offers, strategies that can be discussed with your agent. As the negotiating heats up, remember to keep your priorities straight. Are the things you are negotiating over worth possibly scaring your homebuyers away? In general, a good real estate negotiation ends in a compromise, so remember that while you may not get everything you want, neither will the homebuyers and hopefully you can work together so that everyone can achieve their goal: to move to a new house!2019-02-01T07:26:00-07:002019-04-29T11:38:30-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1097Prepare Your House For Showing
At the Delphine Homes Team, our job is to sell your home. However, we not only sell it, we go above and beyond to make sure the process is as smooth and easy as possible, maximizing your time and your return. Aside from huge remodeling projects, there are other smaller things you can do to intrigue buyers and have them raving about your home. Here are the steps you should follow to prepare your house for showing.
Clear Out The Closets
An underrated commodity in a home is storage space. You can never have too much of it, so make sure you’re showing it off. Remove items from your closet and organize the remainder to make your closets look twice as big and watch as your buyers’ eyes light up.
Clear out the closets and declutter the house are the first step in preparing the house for showing.
Let There Be Light
Another sought-after component in a new house is lighting. A house full of light automatically seems more livable, comfortable, and happy. Do whatever you can to light up your home, from taking down the drapes to cleaning the windows, changing the lampshades to replacing light bulbs, and even trim the bushes that are covering windows so that buyers will have to wear sunglasses when they come for a showing.
Not All Homebuyers Are Pet Lovers
As much as you love your adorable pets, not everyone is on the same page. Having dog food, kitty litter, or piles of hair around the house is not for everyone, so don’t risk it and hide the traces of your pets just for the showing or open house. Leave your pets at a friend’s house and put away the bowls of food. Your pets will understand that you need to prepare your house for showing.
Update Without Breaking The Bank
Rather than taking on a huge remodeling project that may not bring you the return you’re looking for, there are smaller things you can do to improve the condition of your house without spending a ton of money. A fresh coat of paint always helps. Other ideas include new curtains, door handles, and cabinet hardware, and fixing leaky faucets.
Update without breaking the bank before you put your house on the market.
It’s Not Your House Anymore
As hard as it is to let go of the home you’ve lived in for years, it’s important to give the buyers a chance to envision what they house will look like when they live in it. Get rid of as much of your own things as you can, especially personal items such as family photos or memorabilia, to give the buyers more a blank slate to picture photos of theirfamily, not yours.
If You Can’t Stand The Heat, Get Out Of The Kitchen
The kitchen may be the make or break room in your house, and it pays to make some updates to have it looking fresh and modern. Some update options include paint, cabinet hardware, and appliances. Just having one stainless steel appliance in your kitchen can change the whole atmosphere and make buyers forget about the other appliances that need to be updated. Make sure your kitchen is neat and clean prior to showing.
You Are On-Call
Buyers are unpredictable creatures, and you don’t want to be rushing to clean up the house when a buyer calls for an unexpected showing. Keep your house looking good at all times so that buyers can come to see it at the drop of a hat. You have to be diligent, but it’s a small price to pay for getting your home sold.
First Impression
Do everything you can to have your buyers excited about your home as soon as they step out of the car. That first impression is so important, and even if the inside of your house looks great, the buyers may have made up their mind before they even get there. Make buyers feel comfortable and safe. Shrubs and flowers can really spruce up the front walkway and doorway. The entryway just inside the door is another opportunity for a good impression, so adding a bench, vase, or plate of cookies can go a long way. That’s how you successfully prepare your house for showing.
When the house gives a great impression, it increases the chance of receiving an offer at the first showing.2019-02-01T07:21:00-07:002019-04-29T11:37:59-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1096How To Buy A Home While Selling Your Own
Buying a home? Selling a home? Both at the same time? First of all, good luck! Needless to say, this is a complicated process with lots of moving parts. In order to navigate all the details, let’s look at how to buy a home while selling your own. We’ll be looking at what you need to know, different financial options to consider, what to expect, and how to make things run as smoothly as possible.
Know Your Markets… Both Of Them
Understand what’s happening in the real estate market, and why is the first step.
If you’re buying or only selling a house, it’s important to know the market. However, when you are dealing with two houses at the same time, it’s even more important to be aware of both of the markets, so you know what to expect on each end and can try to match timing as best as possible. If your old home is in a buyer’s market and your new home is in a seller’s market, then you know you have to list your old home earlier than expected. You want to be as prepared as possible so that you aren’t left waiting for your old home to sell, or in the opposite scenario, finding a temporary place to live while you wait for closing. Both of these situations will cost you extra money so it is important to try to, as much as possible, synchronize buying a house while selling your own.
Should You Sell Or Buy First?
Selling or buying first is an important question, and the answer to it will depend a lot on your situation. Let’s look at both scenarios. If you sell first, it will be easier to get a home loan, because you will already be in a better financial situation. However, you will probably need to find a temporary place to live, which will cost you money, and you will have to move some of your stuff twice. On the other hand, buying a home first will make the actual move easier, as you can take your stuff straight there. However, that can also be difficult, because you don’t know when your old home will sell or how much it will sell for. In addition, it can be harder to qualify for a loan because your finances are tied up. Like, really tied up. You will be paying the monthly mortgage on two homes. It is a difficult question, and much depends on your urgency to move, as well as your financial situation. Make sure you know all of this ahead of time and have planned out your options.
Be Flexible
Plan your schedule carefully and be flexible when you buy and sell real estate at the same time.
Remember that this is quite a complicated process. There are a multitude of variables involved that all need to be taken into account along every step of the way, including the buyers and sellers you are negotiating with, their lawyers, inspectors, appraisers, and unforeseen events for everyone, to name a few. Closings can easily get delayed for months, because of personal issues, newly found defects to the house, or changes in work situations, and everything will be less stressful for you if you haven’t boxed yourself in with timing (if you have that luxury). Even if you have your preferred plan, be prepared with back-up plans if things change and you end up having to pay for both mortgages or renting a place for longer than expected.
Consider Financial Options
Luckily, there are a few different routes you can go to make things go smoothly, depending on the flexibility of your buyers and sellers. Go over these options with your agent if you want to buy a home while selling your own.
Know your financial solutions can relieve some of your pressure.
Lease-back: in a lease back, you rent your old home back from the buyers for a certain amount of time, which can be up to 90 days, and a prorated mortgage rate. Naturally, this depends on the circumstance of the buyers, and may not always work out for them. If it does, however, it is a simple solution to finding another place to live and can save you a lot of trouble while allowing you to sell before you buy. If you need to buy a home while selling your own, try to feel out potential buyers and work this option into negotiations.
Contingency: not always the most appealing option, but something that can be discussed, is the buyer’s offer contingent on the sale of their prior home. This is often a turn-off to sellers, but again, depending on their desperation level, yours may be the only offer they have and they have to take a chance on it. This ensures that you won’t be left with two homes to pay for and allows you put your old home on the market while making offers.
Bridge Loan: this is a short-term loan that is meant to “bridge the gap” between the sale of two properties. The bank will loan you the money necessary to purchase your new home, with the expectation that you will pay it back once your old home sells.
Be Prepared
Because buying and selling is not an exact science, it is important to prepare yourself for best and worst-case scenarios. Having back-up plans and “expecting the worst” is always a good way to be prepared for any curve balls, but more importantly prevent you from making any hasty or anxious decisions. If something falls through and you find yourself needing to move quickly, you may have to take a big hit to your selling price or settle for a less-than-desirable house to move into if you don’t have a back-up plan. To be safe, it is best to plan for the event that you will have to rent a place for the short-term, so you are not caught off-guard and rushed into an emotional decision.
Managing the transfer of one home is hard enough, but when you need to buy a home while selling your own, it can be extremely stressful. Make sure you have back-up plans and know all your options. It is important to have an experienced realtor who can walk you through everything you need to know to make this life transition as smooth as possible for you and your family. If you are in need of an agent, contact Delphine Nguyen of the Delphine Team with Baird and Warner, to help get you and your family from one home to another as smoothly and easily as possible.2019-02-01T07:15:00-07:002019-04-29T11:37:36-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1095Home Staging For A Quick Sale
Home staging is a valuable strategy for sellers and home staging costs are worth the investment because staging can make the house look better, add value to the home and help get your house sold faster than the home would sell without home staging. Experienced real estate agents know the importance of home staging. And, experienced agents know professional home staging experts. In this article are a few quick home staging tips homeowners can use to better market their home.
If the seller does not have the time or experience to stage the home, your agent will recommend a professional staging company. Home staging costs vary but this is one of the best investments sellers in Chicago can make.
Home staging can highlight your home’s strengths by a few simple steps.
Removing Family Photos – Tip Number 1
In order for buyers to better visualize themselves in your home, they will benefit from a home with a clean slate. Sellers want buyers to walk through the home and picture their own holiday gatherings, imagine their children playing in the yard and enjoying memorable family dinners .
If the seller has numerous photos and other personal items scattered throughout the home, it is an unnecessary reminder to the buyer that the home is filled with another family’s memories. Your memorabilia including family photos can deter the buyer from feeling their own connection to the home.
A great lighting can make a house look warm and welcoming.
Less Is More – Tip Number 2
One of the most important aspects of staging is to recognize that home staging includes serious decluttering. Decluttering is one of the most important strategies for getting your home “market ready.”
Fewer small appliances on the kitchen counters and less trinkets on bookshelves can make your space look bigger than it actually is and certainly bigger than another house with appliances cluttering kitchen work space and with trinkets filling bookcases.
Similarly, if there are too many things lying around the home, they will distract buyers from noticing features in the home itself. For example, a potential buyer may miss the beautiful crown moldings on the ceiling of the children’s bedrooms because they are trying not to step on clothes or toys that are lying on the floor.
At the same time, decluttering closets and having them in showing condition can add tremendous appeal to the home. If your closets are filled and clothes are not hanging neatly, buyers will notice and will soon begin wondering if the home has enough storage space. Neatly organized closets add space and give buyers confidence.
An easy traffic flow can be created by locating the sofas and the chairs into cozy conversational groups.
Use Of Furniture – Tip Number 3
Another aspect of decluttering is removing unnecessary furniture. Having sharp furniture in a home is great because it gives buyers a good idea of the space and what furniture they have that will fit in the home. But, there is a limit to what is helpful. Indeed, it is a fine line between too much furniture and creating a fluid traffic pattern. It is also important to use furniture with appropriate proportions. Your goal is to make the space look highly functional and fluid, not overcrowded.
Heavy bookcases can store large quantities of books but they can also make the room look smaller than it is. Placement of your furniture can also make or break a space. Remember that a good staging plan is intended to help sell the home, not suit the family’s needs. Always create a pathway in each room and never block doorways or windows as this tends to make rooms look darker and smaller.
Art displayed and mixing the right accessories creatively make the room stand out and shows off your space.
Neutral Colors – Tip Number 4
Don’t ask if home staging cost is worth it. It is and use of colors is another essential ingredient in home staging. Sometimes it is wise to hire a professional home staging expert to help spruce up your home and choose the best color scheme. Paint is a great way to improve home staging. Neutral colors on the walls and neutral colored furniture are good for making your home appeal to more prospective buyers.
Painting will add to the home staging cost, but the return on investment can be through the roof. Lighter colors give rooms an airy and light quality that makes them feel larger. An instance where the use of color may be good is using pink or blue in children’s rooms. At the same time, be sure to remove all decals and wall stickers in children’s rooms. And, check out the posters. Some can be offensive.
Create a relaxing and clean bathroom can impress the potential buyers.
Gardening – Tip Number 5
The first thing that people see when they pull up to your home is the front of the house and the surrounding landscaping. In fact, your home’s curb appeal can turn buyers off before they ever set foot in the house. Improving your curb appeal is crucial to home staging. Freshly mulched beds and healthy, colorful flowers can make your home feel more inviting.
Overgrown bushes, beds with weeds and untrimmed shrubs turn buyers off before they enter the home. Your home staging cost may increase but you do not want to lose prospective buyers because your did not hire someone to clean the beds, trim the shrubs or prune your trees.
Yard ranks ranks high on buyers’ priority list.
Cleaning – Tip Number 6
Is home staging worth it? You bet! If the house is unkempt all the value of your home staging goes out the window. Possibly the most important element of home staging is always having the home in “showable” condition.
In Chicago, it is common practice to purchase a home with appliances included in the price. Hence buyers will open ovens, microwaves, refrigerators etc. and they do not want to see dirty appliance interiors. Appliances, bathrooms and laundry rooms should always be cleaned before each showing. Make sure the bedrooms are picked up and neat and the entire house should be vacuumed and dusted.
The most important thing to remember is that home staging is intended to make your home inviting. You want buyers to feel comfortable and you want to highlight those features that make your home unique.
To a buyer, the home is what is important, not your possessions. Put your pride aside and present your home in the best light every time it is shown. Your home is no longer your family home. Your job is to make it your home the home a buyer would like. This approach can greatly affect how buyers perceive the seller’s willingness to sell. Home staging can definitely influence the outcome of the sale.
When you list your home for sale, ask your agent their opinion of home staging. The Delphine Team is highly regarded for their staging talents. When you decide the time is right to buy or sell your Chicago home, contact The Delphine Team at 847-550-3599.2019-02-01T07:02:00-07:002019-04-29T16:45:08-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1094How House Fixtures Affect Selling My House
One of the potential problem in home selling is the dispute over house fixtures. It’s moving time, and that means a lot of stress and work. It also means a lot of house cleaning, packing and boxes. You may have been living in your home for a short period and decided on an upgrade, bringing your growing family with you. The kids have grown accustomed to everything in your house and would certainly miss the flat screen TV and the play structure, and you and your spouse certainly have a fondness for the chandelier. You may be empty nesters, ready to downsize, but a lot of the stuff you have accrued over the years has sentimental value. As much trouble as it’s going to be, you’d prefer to take all of it, because it has been a part of your household after all. The problem is, the buyers are also interested in a lot of it, and if you take it with you, there will be a lot of empty spots in the house they are moving into. What to do?
The situation described is the problem of fixtures in a house. It is a consistent and contentious battleground for Purchase Agreements and negotiation, and there are some tips and guidelines you should follow to make sure you walk away with as much of your personal belongings as you want, as well as avoid disputes with buyers, or worse, legal troubles. Let’s discuss these tips on dealing with fixtures in your home.
What Is A House Fixture?
The basic definition of a house fixture is “any personal property that is permanently affixed to real property”. This sounds pretty straight-forward, but it can actually get pretty hairy — every house, fixture, utilization, and personal circumstance is quite different. What is considered a fixture in one house may not be considered a fixture in another house. As a general rule, something that cannot be easily unattached or would leave a part of the house virtually unusable is something you should consider as a fixture. But let’s look at house fixtures in a little more detail. There are three basic tests that can be used to determine whether something in your house is a fixture and therefore should remain with the property once sold.
When personal property is permanently attached to a structure or land, it becomes house fixture.
Annexation Test
The first test as to whether or not something is a house fixture is the Annexation Test, to see if an object has been “annexed” to the property. An item that has been annexed will have been attached or secured to the property by the use of nails, screws, glue or tacks, and cannot be easily removed. Once that happens, the court will generally rule that it is a house fixture. This applies to things such as carpets, curtain rods, and light fixtures. In addition, there is another type of annexation called “constructive annexation”, which pertains to land that is added onto the larger parcel of real estate. If you have an item that passes this test and has been affixed permanently to the property, it will most likely be ruled a house fixture by a court of law.
The most critical test of house fixture considers the method of attachment to the structure or the land.
Adaptation Test
The second test is the adaptation test, where a fixture will be determined by whether or not some adaptation took place on the fixture of the home itself in order to accommodate the object. Think of a home theatre, where a room had to be modified in order to accommodate all the equipment, and without that equipment, the room will be left in an awkward or somewhat useless state. A home theatre room without the theatre equipment would just have a big hole in the wall. As much as you’d like to take your theatre with you, the room you are leaving behind simply wouldn’t make sense without it, and therefore will also likely be ruled as a house fixture.
Home fixtures, inclusions, and exclusions should be addressed when the home is listed.
Intention Test
The third and possibly most difficult house fixture test to rule on is the intention test, where the label of a fixture is determined by the intention of the homeowner at the time of installation. When installing a wall-mounted TV, it could be argued that the location of the TV was not permanent, as a TV can be easily moved within a house. However, with items such as home theatres, chandeliers, dishwashers, or even large plants outside, their location was intended to be permanent at the time of installation and therefore would likely be considered house fixtures.
If the location was intended to be permanent at the time of installation and therefore would likely be considered fixtures.
Common Disputes
In addition to items mentioned above, there are some items that are frequently disputed over. Again, they are largely dependent on the specific situation. For example, play structures or sheds in the backyard may or may not be considered a house fixture, depending on the type and permanency of the installation. Some play structures and sheds rest on top of the ground, and are meant for easy assembly and disassembly. These you may be able to take with you. However, many sheds and play structures are cemented into the ground, and not only will be more difficult to move but will likely be ruled as fixtures. Household appliances, because of the adaptations they come with, are generally considered house fixtures and if you have an affinity for your fridge or dishwasher and want to take it with you, you’ll likely have to replace it in the home you’re selling to avoid a big hole. Chandeliers, and light fixtures in general, are generally not meant to be moved around, and therefore pass the intention test and are categorized as house fixtures.
Sale contract should specify on what will stay and what will go to avoid any unnecessary dispute.
How To Avoid Trouble
Generally, this can be a difficult area of negotiation between buyers and sellers, especially if you have nice stuff! To avoid blowing up a sale over your chandelier, there are a few steps you can take. First of all, make sure you clearly state what you will be taking with you in the listing agreement and MLS listing. This way, buyers are aware that the listing price does or does not include an item they may be interested in, and you will be able to negotiate accordingly. Otherwise, the court may rule in their favor. In addition, a good way to avoid trouble if you really like something in your house is to remove and replace it before you list or show the house. If the buyer won’t be getting it anyway, why entice them by having it there during the showing?
Consult with your real estate agent and your lawyer about the listing process and the sale contract.
If you are in the process of listing your house and have a lot of items you plan on keeping, it can be helpful to speak with a real estate agent about the best approach to make sure you can keep it without your home losing value. Call Delphine Nguyen today for a free consultation and advice on how to sell your home quickly and for top dollar, while making sure your new home will also include everything you want to keep!2019-02-01T07:00:00-07:002019-04-29T11:36:47-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1093How To Improve The Value Of My Home?
Positive steps to increase the general ambiance and appearance of your home are very important as the value of your home relies on a combination of many factors. You can create a high-value impression of your house by performing certain low-stress renovations and makeup. In this article has the tips that I consult my clients when they ask me: how can I improve the value of my home prior to putting it on the market.
Professional interior designer
First and foremost, getting a professional interior designer is an important thing to consider. There are lots of experts out there that actually have cheaper rates and finding one should not be a serious issue. Inviting an interior designer is a great idea, as the factors that will bring out a great appearance and give value to your house will be easily identified. With ideas from experts, the elements needed to incorporate into your house will be more easily achieved with less stress.
Interior designers have a great sense of style and trends in housing design.
Evaluate your home objectively
The second thing is to evaluate your home objectively to make sure things are in good shape. Homeowners need to put themselves in the shoes of home buyers in order to clearly see what needs improvement. You need to imagine what buyers want, what will win buyers over and make the necessary improvements to make your home the type of home you would want to move into.
Space management
Space management is third on the list. It is very important to manage space wisely around your house. Creating space and spacing things out can make a big difference in the appearance and appeal of your house. Prospective buyers actually prefer open floor plans and spacious houses as this looks more attractive and has better flow.
Home buyers are attracted to homes which give them the perception of quality.
Ventilation
Ventilation is another thing that can increase the value of a building. Air quality is essential as it provides a healthy and relaxed environment. You can actively improve the quality of your house by creating better-ventilated areas and installing air friendly windows. Creating an outdoor seating area is not a bad idea as you can easily get fresh air while enjoying the backyard view with family or visitors.
Air quality is essential as it provides a healthy and relaxed environment.
Painting
A fresh coat of paint makes a lasting impression on the eyes. This alone can convince a buyer to purchase a house. Harmony between colors can go a long way towards creating an appealing setting. However, not only should walls be beautifully painted, furniture like cabinets and shelves need quality painting too. Making old furniture look as good as new can be done with a simple paint job. In general, new paint on as many surfaces as possible upgrades the house to a clean level that will appeal buyers.
Water system
Without the proper installation of a water system, the house loses some value. A good water system is extremely important. Installing plumbing features that help transport water into the kitchen, laundry room, basement and every bathroom makes access to water easy and ready for use at any time. Water is essential in our daily lives and making room for a water purifier is another value add. Most homebuyers make the water system a priority before purchasing a house.
Plumbing is very essentials in our daily lives.
Lighting Fixtures
In addition, lighting fixtures are major effects as they make old houses appear newer. Homeowners can change the general look of their house by putting in nice lights. Be mindful that it will change the ambiance and look of the house, and it is also important to be extra careful if you make these changes yourself because the work can be dangerous if performed carelessly. It is advisable to hire a professional that will place the wires and connections correctly and safely.
In addition to the seven tips mentioned above, there are still many other ways to give your house a boost. Putting in nice tiles or carpets, installing solar, improving basement and storage areas, improving outdoor gardens and lawn, possibly changing drainage and working on your walkway or driveway are some other possibilities to consider when making improvements to the value of any house. For more details and a custom list of improvements to your house, contact the Delphine Team today to receive this complimentary service.
If you are thinking “what is the value of my home?”, contact us today to receive a detailed home evaluation report.2019-02-01T06:57:00-07:002019-04-29T11:36:25-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1092Pre-Listing Home Appraisal And Home Inspection: Pros and Cons
Most sellers in Chicago and Chicago Suburbs, Illinois draw a blank when it comes to putting a price tag on their homes. They don’t have any idea as to how they should conduct a Comparative Market Analysis (CMA), a study of homes of similar size and condition sold in a neighborhood in the recent past, and how an array of factors including appearance and location influence a property’s asking price. In order to avoid any confusion, homeowners usually conduct a pre-listing home appraisal, which is basically to hire a professional to appraise the value of a property. An appraiser takes into consideration all the factors to evaluate the value.
While pre-appraisals have become quite common in Chicago, most home sellers are yet to warm up to the idea of conducting a professional pre-inspection.
Let’s discuss in this article what things home sellers should know before ordering a pre-appraisal, how they can get it for free and why it is important to conduct a pre-inspection also:
Important Things To Do Before You Order A Pre-Listing Appraisal
It’s very important that you hire an appraiser who is familiar with your local real estate area. Property prices fluctuate all the time. An appraiser who doesn’t have firsthand knowledge of your real estate market can make serious mistakes while evaluating the price your home. You may wind up losing thousands of dollars.
Home appraisals work is key to knowing the value of your home
Declutter and deep-clean your home before scheduling an appointment with an appraiser. It’s very important because how your home appears will have a great deal of impact on the appraised value. Making small cosmetic repairs like removing stains from carpet or replacing broken hinges can make a big difference. You can hire a professional cleaning service to make your home look great on the day of home appraisal.
The home appraisal is based on your property information & recent comps in your neighborhood.
Explain the most attractive features of your home to the appraiser. Don’t assume that since he is a professional, he would already know everything. If a close proximity to amenities is a selling point for your home, bring this to the notice of your appraiser. Have an open discussion on all the factors which will influence your appraiser’s report.
Keep in mind that an appraisal report can actually help you sell your home for the right price. If your appraiser estimates the value lower than the actual price, you will leave a lot of money on the table. Make sure that you get the value of your home evaluated by not just by any appraiser, but an experienced professional.
How To Get A Free Home Estimator
An appraiser’s primary job is to estimate the value of a property. Well, no one can evaluate a home’s value more accurately than a real estate agent who has experience of working with sellers like you in your community. Real estate agents keep a hawk eye on fluctuations in property prices and how various factors affect a home’s value. An experienced real estate agent can even suggest what small modifications can add value and help you net more money.
The Delphine Team provides a detailed Comparative Market Analysis (CMA) report to homeowners.
Here at Delphine Team, we provide a home estimation for free. Sellers will know what price range they should sell without paying the appraiser.
We have extensive experience working with homeowners in Chicagoland. We conduct comparative market analysis to evaluate a property’s value on a regular basis and also keep a tab on fluctuations in the market. We know what issues can have which type of impact on your asking price.
You can call us anytime for a free consultation and have your home evaluated completely free of cost.
Why Pre-Home Inspection Is a Great Idea
Most people believe home inspection and appraisal to be the same thing, but they are completely different. An appraisal primarily focuses on estimating the value of your home, while an inspection reveals defects and problems.
Most home sellers don’t conduct pre-inspection primarily because they believe it to be a complete waste of money. Buyers would anyway conduct a home inspector, so why bother. But nine times out of ten, a home inspection by the seller can be a smart move. Here is why:
A pre-inspection will give you piece of mind as you will know beforehand what issues with the property could be a deal breaker. You won’t beat your head over what problems home inspection ordered by the buyer could reveal.
The pre-sale home inspection provides a written report as to the condition of the property.
You will be prepared to negotiate on any potential issues that home inspection conducted by the buyer’s home inspector may reveal. Having an edge over the negotiation table can go a long way in selling your property for the right price.
You will know what repairs you absolutely need to make before listing your property. You will able to able to avoid wasting money on repairs and renovations that don’t add any value.
Buyers can negotiate to reduce the price if they see issues show up on the inspection report.
The only potential pitfall is that you will have to reveal any defects your home inspection revealed in the seller disclosure statement. While you may think it won’t help your case, it’s basically a good thing. The home pre-inspection will also establish a relationship of trust between you and the buyer. Most buyers will appreciate your being forthcoming about defects with the property. Trust plays a great role when such a huge amount of money is on the table.
A pre-home inspection will speed up the closing. Since you will already be aware of potential issues, you will be ready whenever they come up for negotiations during the property transaction process. You will have already either fixed the problems or thought of how to negotiate your way out of them.
Another thing you need to keep in mind when conducting a pre-inspection is that it is possible your report is slightly different from that of the buyer. Don’t be too worried about this. You can explain to the buyer that it can happen and discuss the new issues that the buyer’s home inspection report revealed. You need to understand that a buyer would give priority to his or her inspection report and demand repairs accordingly.
In Conclusion
Real estate is an ever changing market. Prices go up and down all the time. The estimate of your home’s value should be based on current market conditions. It will help you sell your home quickly and for the right price. Carefully read and follow the steps you read in this blog and you will likely make the most out of the sale.
Contact The Delphine Home to know how much your home is worth in today market.2019-02-01T06:50:00-07:002019-04-29T11:36:10-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1091How Do I Price My Home To Sell Fast?
As a listing specialist in Chicagoland, I hear my clients ask this question all the time: “How do I price my Chicago home to sell fast?” By far, the most common reason that a home sits on the market and does not sell fast is that the home was overpriced. Frequently, homeowners have an inflated idea of the value of their home, based on upgrades in which they chose to invest, value in a previous market, their personal attachment to the house, or their necessity to pay off their mortgage. Unfortunately, these factors mean nothing to buyers who, rather that haggle over price, simply look elsewhere for homes that are priced according to market value..
When you have made a decision to put your home on the market, ask yourself, “what is my first priority? To dream about the price I want or to move to my new place?” If you have the luxury of waiting for your price, more power to you. But, if you need to sell your home in the near future, work cooperatively with your real estate agent, who will be able to provide you the accurate market information you need to understand the real market value that should allow you to sell your Chicago home fast.
Compare Your Home to Others on the Market
An experienced real estate agent knows that it is neither they nor their clients, who determine market conditions. They can advise you and bring you up to speed on the expected selling price of your home based on a comparable market analysis (CMA) which includes house prices in my area that help determine the value of my house. The CMA is a reflection of supply and demand, which really determines the market value of my house.
This analysis should consist of homes with similar attributes to yours, homes that are currently on the market and/or homes that have recently sold or homes that recently came off the market and failed to sell. By looking at the listing and selling prices of these similar homes and accounting for the differences with your home, you and your realtor should be able to get an accurate idea of the price for which your Chicago home would sell fast. Based on your priorities, the overall conditions of the market and the specific attributes of your house, you can set your listing price on the upper or lower end of this price range.
How do I price my house to sell fast? Look at the comparables in your market
Most Homes Don’t Sell for the Same Reason
When you and your agent sit down to look at comparable homes, consider a few factors. First, look at the homes that did not sell. Although it can be difficult to let go of the price you have in mind, you must be realistic, even unemotional, if you intend to understand the true value of my house. If you ignore the CMA, you will end up another casualty of the market, frustrated that your home did not sell. Study carefully the homes that did not sell, and ask yourself these questions:
How much is my house worth instantly?
How much might my house be worth down the road?
How long am I willing to wait to sell my house?
The answers to these questions are much more meaningful than your unsubstantiated opinion of value. Your ultimate goal is to price your house to sell fast because the hard reality is that the longer your house sits on the market, the lower the selling price will be. In a market driven by supply and demand, your listing price should create demand.
When selling fast, you and your family will get to your future place on time
Keep an Open Mind: Let Go of “Your Price”
It is natural to ask, “Why don’t we start off high, and if it’s not selling, we will reduce the price?” The problem with this strategy is that a newly listed home has the most interest when it first comes to market. No one has seen it yet, it is a new option for buyers to compare to homes they have seen and this excitement should get your home a lot of attention — as long as it is priced right. If your home is priced too high, buyers who have looked at other homes will pass it by without a second thought. They know there are better values on the market and your potential buyers will purchase another home.
Your homes is not the only home on the market and if you are not careful, your house will be the only home left on the market while all of your competitor’s homes have sold. If you try to drop the price too late in the game, the initial interest is gone. As you continue to lower your price, buyers will wonder if there is a problem with your home. It is a vicious cycle and you may end up having to drop the price below market value to find a buyer. When this happens, the process will have take you much longer and will cause a good deal of frustration. Do yourself a favor and listen to your agent and pay attention to the information in the CMA, your two best tools to price my house correctly.
What Else Impacts the Value of my Home?
There are additional factors to consider that could add or subtract to the value of your home. Square footage can influence value, and even more so, the floor plan of that square footage. The number of bedrooms, bathrooms, and amount of garage space can contribute to the value of my house. Lot size, location, proximity to convenient amenities or inconvenient nuisances, as well as availability of nearby new construction properties will also affect the value of my house. Your agent will be able to analyze all these factors through the CMA and give you and your home a more credible, fact-based value.
Value of a property includes the location, the age and the condition
Pay Attention to the Greater Housing Market
Additionally, general market conditions will certainly be a factor in determining what selling price you can expect. Comparable sales in your neighborhood provide undeniable and understandable data that appraisers will use when they inspect your home for the bank, You must consider this data as well as asking prices of local homes that are actively on the market. They are your competition. These are most prominent factors for determining the value of my house. Larger economic factors, such as unemployment, and the state of the local and national economy can affect the number of qualified buyers in your market. These buyers are the demand side of supply and demand. Your listing price must create demand.
Where there is an increase in the job market, there is an increase in housing demand which drives the price to go up
The Choice is Up to You to
Your real estate agent should present all this information, and more, for you to consider. That is your agent’s job. However, at the end of the day, the price at which you list your home is in your hands. Agents will guide you and advise to the right listing price but you may choose to ignore their recommendation. If you are unwilling to compromise on price and your opinion of value does not match up with the CMA information, the chances are good that your home will not sell quickly or easily. And, your agent of choice may decline to list the home.
Again, ask yourself what are your priorities. Is it worth risking remaining in your current home for the chance of possibly receiving few extra thousand dollars? It is important to be clear on what your agent’s marketing plan is. If you agree with it, help your agent as much as possible so you can both achieve your goals. At the end of the day, you and your agent have the same goal: to sell your home. The best way to achieve this is to accept the value of my house and price your home accordingly.
Hopefully the above information is helpful and now you have insight about how best to price my Chicago home to sell fast. If you are considering selling your Chicago home fast, please contact the experts at the Delphine Team at 847-550-3599. You will receive a free consultation and a CMA upon which you can rely.2019-02-01T06:33:00-07:002019-04-29T11:35:49-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1090Hiring A Top Local Real Estate Agent to Sell Your House Fast
When selling your home with a Realtor, you will be required to sign a listing agreement. Although the listing agreement is a legal document, Sellers often simply sign without reading it over. This attitude may set you up for problems down the road. Before signing the listing agreement, understand these common mistakes to avoid legal and financial pain during this joyous moment. Here are the things that sellers need to be aware of and avoid when negotiating a listing agreement with a Realtor:
A “listing agreement” is a contract between a real estate agent (the listing agent) and a home seller
1.Not Including a Termination Clause
There are many reasons that you may choose to cancel a Listing Agreement; including, personality conflicts, disagreement on marketing strategies or list price, and so on. Regardless of the reason, it is a wise idea to specify your rights and expectations during such a scenario.
2.Avoid Having to Pay a Commission Twice
Similar to not including a termination clause above, despite how wary you are in choosing the right Realtor, the relationship may not work out and you’ll need to find a new Realtor. To avoid having to pay a commission to both the previous and current Realtor, make sure the Listing Agreement includes a clause to this effect. Most good Realtors would already include this in their Listing Agreement, but make sure you confirm.
3.Avoid Paying the Commission Before the Closing
Between the time of a signed contract and the actual closing date, a lot could happen. The buyer could have cold feet, their loan could be denied, or any number of reasons. To avoid having to pay the commission and end up with not having a completed sale, Sellers should make sure the Listing Agreement contains a clause that payment of commission would be paid from the Closing Proceeds. This would ensure that your Realtor works hard for you through the entire process.
4.Not Negotiating the Commission
Most Sellers assume that the commission is non-negotiable, this could end up to be a big and costly mistake. Depending on where you live and the “sellability” of your property, commissions generally range between 5% and 7% of selling price. It is important that you negotiate the commission to where you feel comfortable. There are lots of ways to structure a commission. In addition to a lower commission, you may choose to pay 6% on the first $500K of the sales price and 5% on the remaining. This strategy would increase the likelihood that your Realtor will fight to get the highest selling price possible.
5.Be Aware of Junk and Hidden Fees
Most Sellers fall prey to junk and hidden fees that come with the sales process, assuming that these are written in stone. These fees include items often called documentation preparation, processing fees, or any number of official sounding terms that could add hundreds or thousands of dollars on top of your Commission Fee. Negotiate these junk fees before signing the Listing Agreement.
6.Not Limiting the Term of the Listing Agreement
Sometimes life plans change and you no longer wish to sell. Most Listing Agreements will default to 6 months or longer and most Sellers accept that. However, this term is entirely negotiable, like everything else. There is no requirement to have an Agreement for a minimum amount of time, so it is up to the Seller to choose a timeframe that you are comfortable with. Of course, to make it fair to the Realtor who will be investing her time and resources into marketing your property, negotiate a time limit that works for both parties.
Ask your real estate broker to explain the contract term and the commission protection period
7.Avoid Having to Pay a Commission After the Termination
Some Realtors will include wording in the Listing Agreement that entitles them to a commission even after the expiration date, sometimes up to six months. This happens when a potential Buyer comes back after the Listing Agreement has expired and offers to buy your property. This could potentially force the Seller to pay commissions long after you have ended the agreement. To avoid this, negotiate to reduce the time limit to three or four months.
These are just some of the most common mistakes you could easily avoid by working with an honest and professional Realtor. Realtors with strong ethics and customer focus will discuss these items (and more) with you so that both sides could make informed decisions.2019-02-01T04:25:00-07:002019-04-29T11:35:29-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1089Choosing The Right Agent To Sell Your Home Fast
If you are a serious seller, you know how important it is to choose the right agent to sell your Chicago home fast. You are probably asking friends about agents they have used in the past and it is always a shame to hear frustrated homeowners complain about their previous real estate agents, or worse yet, the real estate business as a whole. Most unsatisfied sellers frequently complain about unprofessionalism, poor communication, lack of knowledge, or a poor work ethic. You can avoid becoming a victim of one of these symptoms by making sure you choose the right agent to sell your Chicago home fast the first time around.
So how do you pick the right agent?
Most importantly, talk to a few of the best real estate agents in your area, so you can compare and contrast their credentials and abilities for yourself. Check their marketing plan and personality to see which real estate agent is the best fit for you. Some homeowners are discouraged and unenthused about the process of listing their home and want to get an offer and sell immediately. The problem is that if you pick the wrong agent you will subjecting yourself to exactly the opposite — a long and frustrating selling experience.
Always remember that choosing the right agent to sell your Chicago home fast can be one of the most important decisions of your life. Be sure to allow the time to do your homework or due diligence and build a sound base for your decision about the best agent to sell your Chicago home fast. This decision really is that important.
You want to make sure your agent will be taking your calls as they come in.
When you interview agents, there are some important things to look for in order to determine if the agent will perform at a high level and represent you in crunch time. Firstly, there are pitfalls that will surely leave you and your family frustrated. Watch for these. Do not be fooled into automatically using the agent that wants to list your home at the highest price for the lowest commission. Clearly these are attractive attributes to sellers, but they can also be warning signs.
What is my top priority?
Your top priority is most likely to sell at market value as fast as possible. In some cases, sellers have the luxury to hold out for their price and only their price. These sellers may be trying to sell their homes for extended periods and go through multiple agencies along the way.
Is that your goal? Is it realistic? At a certain point, the longer your house is on the market, the lower the selling price will be. Let’s avoid unrealistic selling prices and listen to the responsible agent who provides you an accurate Comparative Market Analysis (CMA) and lists viable reasons the home has a fair market range. That is the right agent to sell your Chicago home fast. That is how professional agents prepare to sell your home, with supported research.
If you are a more urgent seller and you need to sell in a reasonable period of time, your first priority should always be to choose the right agent to sell your Chicago home fast and as painlessly as possible. If an agent promises you a high listing price that is above market value, make sure you ask for a list of comparable homes that have recently sold and their final selling prices. Check that your desired price is realistic based on these other homes. A good agent will be do this before you ask. This presentation is called a Comparative Market Analysis or CMA.
You choose the sale price and the buyer will tell you if the price is right.
Many homeowners have unrealistic ideas of what their home is worth. Others have unsupported opinions of value. Responsible realtors bring sellers down to earth, present their CMA and set a realistic range. You may not like what they say, but in reality, sellers and agents are at the mercy of the market and the ones who do not respect that fact are the ones that do not sell houses and are not the right agents for you. When you choose the right agent to sell your Chicago home fast, you will receive a solid and supported CMA, arrive at a good listing price, know the agent’s marketing plan and start having prospective buyers come to your home almost immediately.
The right real estate agent for you will have staging suggestions that will present your home and grounds in the best possible light. The right agent may suggest these minor repairs be completed prior to putting the home on the market. This is just good business.
The right agent will challenge your idea and perception of the current real estate market
In addition to the listing price, low commission rates also have appeal to sellers. Every agency wants to be paid for their services but real estate agents are only paid if the house sells. Ask yourself: what is my top priority? Choosing an agent is similar to buying a car. You can buy a cheap car, but will it really get the job done?
Would you trust that car to drive across the country to your new home? Would you trust that discount agent to get you there either? Remember the age-old rule: you get what you pay for. And, a good marketing plan costs money. Don’t let a low commission stop your home from selling. Do you think an agent that is not getting paid at market value will work as hard as an agent that will get paid a fair price for the difficult task of marketing and selling your home at top dollar?
Aside from simple questions of commission and listing price, there are other elements that you should expect when you choose the right agent to sell your Chicago home fast. When you meet agents, ask them for third party references as well as records of some of their past sales. You want to make sure they are experienced in your price range and in your area and that their clients’ experiences were positive.
Ask them what their marketing plan for your home entails. Every home is different, with different advantages and challenges, and these strengths and weaknesses should be addressed in your agent’s marketing plan. When you choose the right agent to sell your Chicago home fast, make sure the agent has substantial knowledge of not only your home but the area around it. A working knowledge of major roads, the school system, public parks, and other local attributes can make a real difference in your selling experience.
Make sure your agent either is a professional photographer or will be using one to take photos of your home. These images will be spread across the Internet where many homebuyers are looking every day. Believe it or not, photos of your home can make a huge difference in attracting buyers.
A right agent to sell a home in Chicago fast has: quality, efficiency, flexibility, speed, performance and reliability
When you choose the right agent to sell your Chicago home fast, all these details add up. Experience and professionalism are attributes that the right agent will have. Unfortunately, there are many agents who are unprofessional and do not have this critical knowledge. They will put your home in MLS and hope for the best. If your home sells, it will be blind luck, Many real estate agents are part-time and have no idea about marketing or selling a home.
However, the best way to choose the right agent to sell your Chicago home fast is to interview the agent and make a final decision based on honest answers and a review of the experiences. That way, when you choose the right agent, everybody wins.
Once they have answered your questions, ask yourself: will this agent have my best interests at heart? Will this agent go above and beyond the average listing process to get your home sold? If the home is having trouble garnering interest, is this the right agent? Will your agent be an active, flexible problem-solver to alter their strategy, or will they give up and let your home sit on the MLS while they focus on other listings that have been more successful? When unexpected problems arise, will they answer your phone call or will they respond to you too late? When an offer comes in that is not acceptable, will they be thinking about YOU and YOUR GOAL to get the home sold, or will they be thinking about their commission?
Will they walk with you every step of the way or will they disappear once the home is listed? The most important factor to consider when you choose the right agent to sell your home is the faith you have that your agent has your best interests at heart and will therefore do WHATEVER IT TAKES to sell your Chicago home fast. Don’t settle for anything less. The sale of your home depends on it.2019-02-01T04:22:00-07:002019-04-29T11:35:12-07:00Delphine Nguyentag:delphinehomes.com,2012-09-20:1088When Is The Best Time to Sell a Home in Chicago Fast?
When we think of the best time to sell a house fast in Chicago, we most likely envision choosing a great real estate agent, setting the right price as determined by a CMA, putting the broker’s sign on the lawn and staging an open house. Boom! That’s it. House sold.
Ah, but it is a bit more complicated than that. Choosing the best time of year to sell a house depends on a number of local and national factors, including interest rates, political considerations and the competition. Of course, weather can play an important role in determining the best time of year to sell a house in Chicago fast.
Suffice to say that despite weather or national or local economic trends, the most important ingredients to sell a house are the agent’s hard work and her or his innovative marketing capabilities. Without a multi-dimensional 21st century marketing plan, the typical house in Chicago or anywhere else will not sell and will stay on the market for inordinately long periods. This is not the vision you imagined when you thought you chose the best time to sell in Chicago.
Every season has advantages and disadvantages. So the best time of year to sell a house in Chicago fast is decided by:
The ability of the real estate agent
Setting a price that is based on a responsible CMA
The agent’s specific marketing plan for your house
Supply and demand
The weather
When you decide the time has come and it is the best time to sell, all these ingredients should come together. In Chicago, there are prime periods, like spring and fall, to sell but in these prime seasons there is also more competition than during the summer or winter. And, remember we cannot overlook the school year. Most buyers prefer to close on their purchase so their children can be enrolled in the Chicago school system at the start of the year or at midterm. Let’s take a look at the advantages and disadvantages of each season.
How Market Conditions Affect Home Sales
Do market conditions, price trends, interest rates, and the economy, in general, have any bearing on when you should list? The answer is probably not. Even if you are under no pressure to sell, waiting for better market conditions is not likely to increase your profit potential. Real estate industry analysts tell us it is possible to sell your house in any kind of market, provided if it is effectively marketed.
Instead, let your decision be driven by your family's needs, whether or not you still have equity in your property, or even by the size of the negative monthly cash flow if you own an income property.
The best time to list your home for sale in immediately after you decide to sell. With time on your side, you should attract more interested buyers, receive more offers, and have more options in a slow market. How much attention you pay to real estate market seasons and market conditions is up to you. A well-marketed and well-priced house will sell no matter when it is listed.
The real estate market determines how long the house will stay on the market.
How Seasons Affect Real Estate Market – Best Time To Sell A Home
Homeowners are often confused about when the best time to sell a home is. Your house can be very valuable, but your timing can determine how long it takes for you to sell the house. If you have a need to sell fast for whatever reason, the timing is very important. The fact is that in some areas there are times that are better than others when it comes to closing deals. Find out how the market behaves, where you are located so you know the peak period you can put your house up for sale for faster selling. Property experts can help you make the right move at the right time to enjoy a pleasant experience selling your house.
Four seasons of the year
Selling In The Spring
Winter is gone and happy days are here again. The ice has melted, the river is flowing, flowers are blooming and people are comfortable outdoors after winter. Spring is definitely the best time to sell a house in Chicago fast as long as the agent and homeowner work together to market and stage the house to the fullest.
In spring, buyers tend to be more optimistic than in other seasons. The home’s curb appeal should soar in spring when homeowners clean up their yards and get their flower beds in shape. Curb appeal, creating more storage space and staging the home to get the highest return are important factors in the busy spring marketplace.
Spring can be the best time to sell my home in Chicago
But, even with these elements in place, the seller needs a good agent, the right price and an outstanding marketing plan to get full value for the home. Does your agent have a good Internet platform? That’s where today’s buyers go to shop so be sure you listen to precisely how the agent of choice will present your home on the Internet as well as other marketing innovations.
Selling In The Summer
If you have chosen summer as the best time to sell a house in Chicago, your home should look its best. But, there are a few obstacle the marketing plan must overcome:
School is out and buyers can be distracted by their children
Buyers may go away for vacation and put house hunting aside
Certainly if the best buyer for your home is a family, there is the chance that vacations and children underfoot could distract potential buyers. But, summer weather is great in Chicago and the city looks very appetizing and all this contributes to the potential that summer is the best time of year to sell a house in Chicago fast.
Buyers need to buy prior to the school year still shop for a home during the Summer.
Selling In The Fall
Fall in Chicago is picturesque and beautiful. The city has a good deal of energy as football season begins and hockey season starts. Spirits are high, making Fall the best time to sell a house in Chicago fast for those sellers who follow the steps above and get a good agent with a great marketing campaign.
Next to spring, fall is the busiest season for home buying and selling – Let’s sell my home!
From a competition point of view, the market is active but not overwhelmed so sellers enjoy a steady stream of potential buyers as well as the all-important corporate relos. In a large city like Chicago, where corporations move employees regularly, corporate relocations cannot be overlooked. Be sure your agent has a strategy to draw those relos to your home before they arrive in town. Relos search the Internet in advance. But, a good marketing strategy will attract these buyers to your home and make Fall the best time of year to sell a house in Chicago fast!
Selling In The Winter
Winter works. Houses sell in winter in Chicago every year. The competition is lower and the holiday season can be a distraction but if a buyer is looking in winter, they are a serious buyer. Decorate your house for the season and don’t let the house look crowded. That can be a challenge but if your goal is to sell a house in Chicago, this is a market were your staging can make the difference.
At Delphine Homes, we have a strong online portal and an even stronger marketing program. We can help you choose the best time of year to sell a house in Chicago fast. Let’s talk! Please contact us if you are considering selling a home in Chicago.
Call The Delphine Team today to discuss when is the best time to sell a home in Chicago.2019-02-01T03:59:00-07:002020-02-13T08:18:22-07:00Delphine Nguyen