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Chicagoland
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Real Estate Agents & Brokers
- Chicago Home Buyers Agent, Chicago Buyers Realtor
Chicago Home Buyers Agent, Chicago Buyers Realtor
- Category:
- Real Estate Agents & Brokers
- Location:
- Chicago, IL
Features & Description
Koroll Haley - RE/MAX CITY
TEL 708-288-8383
www.ChicagoTopHomeBuyersAgent.com
Buyer's Agent - Chicago Homes For Sale, Chicago Real Estate, Chicago MLS Listings, Chicago Short Sale Agent, Chicago Foreclosures, Chicago Bank Owned Properties REO.
Work with The Best..
Sorensen-Haley Group
The #1 Team For The Number RE/MAX in Chicago
60 Homes SOLD or Pending Contract in 2009!
Chicago Illinois Top Best Selling Short Sale Realtors - Chicago Illinois ShortSales Foreclosures Bank Owned Properties REO
TEL 708-288-8383
Welcome to Chicago Top Home Buyer's Realty Website - Illinois Best RE/MAX Real Estate Agents and Brokers Specializing in working with Home Buyers and Investors.
Buying a Home or Investment Property, Short Sale, Foreclosure, Bank Owned Property in Chicago or Suburbs Illinois? Work with a Top Producing Real Estate Agent Specializing with Buyers.
My Property Finder - Search Homes For Sale in Chicago Suburbs Illinois and have new MLS listings automatically emailed to you when they hit the market.
We are Short Sale Specialists!
Chicago Illinois Leading ShortSale Experts - Top Selling Team for the #1 RE/MAX Office in Chicago Illinois.
Sorensen-Haley Group
2 Top Selling Agents for The Price of 1
Koroll Haley
Buyer Specialist
Tel 708-288-8383
web: www.khaley.remaxni.com
email: haleykpro1@aol.com
Michael Sorensen
Seller Specialist
Tel 773-987-8224
web: www.msorensen.remaxni.com
email: michaels@remax.net
Contact Koroll Haley @ Tel 708-288-8383
TEL 708-288-8383 ..call me now.
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Purchasing a Home in Chicago Illinois
When buying a home in Chicago or Suburbs Illinois, it’s important to think carefully about your offering price—but also your offering terms. Most purchase offers define both. And in some cases, terms and conditions can represent thousands of dollars in additional value for buyers—or additional costs.
Terms may include inspections, requests for specific property repairs, or timing considerations, such as a conditional purchase clause (if, for example, you must first find a buyer for your current home).
More info.. Contact Koroll Haley - RE/MAX CITY - Chicago Illinois Buyer's Agent
TEL 708-288-8383 Contact Me
Determining a price
Some Chicago Illinois homebuyers mistakenly believe there is a predetermined formula for offers—that offering prices should be X percent lower than the seller’s asking price or the amount they are really willing to pay.
In practice, your offer price actually depends more upon the basic laws of supply and demand. If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.
How to make an offer
The process varies by state. In most cases, you complete an offer that your buyer's agent presents on your behalf. The owner, in turn, may accept the offer, reject it or make a counter-offer.
Because counter-offers are common (any change in terms can be considered a “counter-offer”), it’s important that you remain in close contact with your buyer's agent during the negotiation process so that any proposed changes can be quickly reviewed.
Inspections
Inspections are common in residential realty transactions in Chicago Illinois. Depending on your needs and where you live, they may include:
- mold inspections
- “green” issues, including energy efficiency and eco-friendliness
- surveys to determine boundaries
- appraisals to determine value for lenders
- title reviews
- structural inspections
Structural inspections are particularly important. During these examinations, an inspector evaluates the property for any material physical defects and whether expensive repairs and replacements are likely to be required in the next few years.
For a single-family home or investment property in Chicago Illinois, these inspections often require two or three hours. You should plan to attend too. This is an important opportunity to examine the property’s mechanics (plumbing, wiring, etc.) and structure, ask the home inspector questions and learn far more about the property than is possible with an informal walk-through.
Chicago Illinois Home Inspectors Directory:
http://www.bbb.org/chicago/accredited-business-directory/home-inspection-service
Comparing Schools
A good public school system can be an important consideration for Chicago Illinois homebuyers, even if you don’t have school-aged children. That’s because good schools can enhance the resale value of your home and make it more attractive to a broader pool of buyers and tenants.
To conduct your own comparisons of schools in Chicago and Suburbs Illinois, go to School Match, which offers Chicago and Illinois school research and data consulting services. Here you’ll find test scores, student-teacher ratios, spending and education levels for residents, and more.
School Match provides verified school data, as opposed to self-reported data, which can lead to various misinterpretations. Data that has been independently verified allows you to make better school district comparisons before you move.
Closing Costs
Closing costs are simply the fees associated with 1) purchasing a home, 2) borrowing money, and 3) preparing paperwork to finalize the sale. Your total closing costs will vary depending on where your new home is located in Illinois, what type of property you are buying, the price of your home and the complexity of the transaction.
It is extremely important that you work closely with your buyer’s representative in the early stages of your home search to estimate what these costs could be, since closing costs can easily represent thousands of dollars.
The main categories are:
Discount points to buy down the mortgage
If you want to reduce the ongoing cost of your mortgage over the life of the loan, you’ll want to consider this optional fee. Amounts can vary significantly, from 0.5 to 3 points on the total mortgage amount. This is a one-time charge that is fully deductible as mortgage interest.
Costs for originating the mortgage
This generally includes a variety of fees such as the loan origination fee, the appraisal fee and the cost of credit reports. Other related closing fees may include hazard and mortgage insurance, and interest accrued on the mortgage between closing date and the end of the month.
Taxes and other local fees
Charges will vary according to local government requirements in Chicago and many suburbs in Illinois. Some may demand that property taxes be pro-rated according to when you officially own your home. You may also be required to pay personal property taxes, homeowner’s association dues, and other assessments that are specific to the area that you are moving into.
Documentation costs
You will have to pay for any research involving public records and title history for your new Chicago or Illinois property. This insures that the title is unencumbered by other ownership claims or liens and can be delivered to you at closing. Other costs include recording and transfer fees, which cover legally recording the deed to your name.
The Purchase Contract
Most Chicago and Illinois real estate buyer's agents use standard pre-printed purchase contract forms, filling in the details specific to your purchase terms. These legally-binding documents are used to:
- Set forth the terms of the sale
- Establish the rights and obligations of the parties involved
- Specify what actions will be taken in order to close the sale, and
- Establish time frames for those steps to be completed
While most Chicago Illinois buyers are usually fully aware of terms regarding price, closing date, and financial arrangements, there is a tendency to overlook much of the rest of the contract. However, since all the contract terms will be binding, it is important to understand what you are agreeing to before signing the contract. Not doing so can be a costly mistake, especially if there are problems or difficulties in the transaction.
When an offer becomes a contract
A purchase contract is created when there is a “meeting of the minds” on all terms—when you and the seller have come to agreement and signed the offer form along with any counter-offers and addenda. Real estate contracts must be in writing; verbal contracts to purchase real estate cannot be enforced.
Some of the items that you may be agreeing to may include:
- What personal property will be included or excluded from the sale.
- Who will pay for required repairs or retrofits.
- What the seller’s disclosure obligations will be.
- What the seller’s obligation to maintain the property will be.
- What the seller is warranting about the property.
- What the buyer’s inspection rights will be.
- What will happen in the event either party does not comply with the contract.
- Whether or not the buyer can get out of the contract upon an attorney review and/or other contingencies.
- What will the parties’ legal rights and attorney fee provisions be in the event of a breach of contract.
It is highly recommended that you read and review the pre-printed forms with your buyer’s representative before you write and sign a purchase offer. That way, once you are ready to present a bona-fide offer, your focus will be on the primary issues of price, terms, and closing date.
Reviewing and understanding the Illinois purchase contract form ahead of time can also help you strengthen your negotiating position, protect yourself from incurring unnecessary costs or problems, and gain a better understanding of what you will need to do to conclude the sale.
Relocating To Chicago Illinois
Chicago Illinois Movers/ Moving Company Directory:
http://www.bbb.org/chicago/accredited-business-directory/movers
Source: REBAC - Real Estate Buyer's Agent Council of The National Association of REALTORS. ABR - Accredited Buyer's Representative.
