Julie's Blog

You just found the perfect home in Plainfield, BUT the seller has refused your offer!

Dont worry, most offers are not accepted immediately.  Its not uncommon for buyers and sellers to go back and forth two, three, even four or five times until an agreement is reached. 

If after quite a few rounds of negotiation you are still both pretty far from where each side wants to be, all may not be lost. You used the closed comps that your Plainfield Realtor pulled off of the MLS to make your decision, and it just doesnt make sense to pay what they are asking for the house, so, maybe you can use them to convince the sellers of that too!

Did you know that in Illinois the buyers agent can request to present the offer to the sellers on behalf of the buyers personally instead of through the listing agent?  There are many reasons why you would want to do this, (Ill save that for another post), but one of the main reasons is to present the offer using things like MLS closed comps.

While many Naperville and Plainfiled home buyers are keenly aware of the current market conditions on a weekly basis, many sellers have a sit and wait mentality once they list their property with an Illinois Realtor or real estate brokerage.  Listing agents usually suggest a market price range for their Naperville and Plainfield sellers, but ultimately do not decide what to list the property at, which leaves the market open to many over-priced Plainfield and Naperville properties.

If you are looking for a Plainfield or Naperville Realtor who will negotiate tough with your transaction, call me at 630-673-6233. 

There are a few secrets to getting to the closing table without the bumps, scrapes and bruises when buying or selling Plainfield or Naperville real estate.

For Plainfield and Naperville Buyers:

• Make sure you have your finances in order.  Disclose all pertinent financial information to your loan officer in a timely manner.
• Use an attorney and have their information available when you write a sales contract and then have them review it.
  
• Get a home inspection and make sure that any issues on the inspection are reviewed and addressed by your attorney.
• Keep tabs on the loan approval process.  Make sure that your lender is aware of the loan commitment date and that they will be able to produce a valid commitment letter to satisfy the terms of the sales contract.
• Dont make any big purchases before your closing.  The lender will probably re-run your credit before the final approval.  Large purchases can change your debt to income ratios and block your loan approval.
• During the final walk-through note any damage or changes to the property since the home inspection that may not have been visible because of furniture or personal belongings. 
  

For Plainfield and Naperville Sellers:

• Provide your attorney with a copy of the sales contract for review.
• After the home inspection make sure that all of the agreed upon repairs are made completely and professionally.
• During the move out of the house, be especially careful not to nick or mar the walls, or damage the flooring.
  
• Make sure that you, or your attorney has paid for any real estate transfer tax stamps before the closing and that you bring them with you to the closing showing that they have been paid in full.

As you can see, it doesnt take much to have things go smoothly.  Of course things that are beyond your control can always come along, but if you are careful about the things that you can control, there isnt any reason why you cant have a painless closing on your next Plainfield or Naperville real estate transaction.  Call me at 630-673-6233 if you need a Plainfield or Naperville Realtor to make it happen!

There are a lot of little things that keep many Plainfield and Naperville sellers from selling their home. Here is a list of the top 10 reasons your Plainfield or Naperville house might not be selling. 

1. Testing the market by over-pricing the house.  Over-pricing any home is always the kiss of death when it comes to real estate.  Buyers are savvy these days and with such a high inventory of homes on the market they arent willing to spend the time trying to talk down a reluctant seller.
2. Sticking around for showings.  Buyers want to feel themselves in the house, but if your cozied up on your easy chair, its kind of hard for them to imagine it being "their" house.
3. Smoking indoors.  Tobacco, Cigar and pipe smoke leaves a residual odor and can be very problematic for people with asthma or allergies.  Long after the smoke is gone, the effects are left to linger in the duct work, furnace, carpet and drywall. 
4. Not keeping the house clean.  Buyers have the right to be picky these days because there are a lot of homes to chose from.  Toothpaste on the mirrors or sink, unmade beds, and dirty dishes are a major turn-off for any buyer.
5. Not accommodating buyers and agents for showings.  By putting too many restrictions on when the house is available for showings makes it more likely that it wont be shown by other agents.  Typically a buyers agent will take clients out for about 3 hours at a time.  If your house is unavailable during that time, they will move on to the next.
6. Too much clutter around the house or yard.  You want your buyers to think you have all the space in the world!  Cluttered counter tops, crammed closets and bulging garages scream to the buyer that your running out of space.  Believe me they wont want to think about having to move again anytime soon.
7. Bold colors on the floors and walls.  Neutral is always best when selling a house.  Think Earth tones and muted colors.  A blank slate is easy to customize, while bold colors mean more work for a buyer who isnt crazy about the color scheme.
8. Dated or non-working appliances.  Replacing old or non-working appliances may seem like and investment, but they usually yield a big return.  Check for dent and ding sales at some of the big box retailers for a discount.  New kitchen appliances give dated kitchens a face lift.
9. Wallpaper that is dated and needs replacing.  If you have ever had to remove wall paper before, this one doesnt even need an explanation.  If its only up there because you didnt want to remove it, think about what that buyer is thinking :)
10. Strong odors from pets, cooking or air fresheners.  People associate scents with emotion, and the sense of smell is usually the first thing to greet a buyer at the front door. Make it a great first impression by keeping it on the down low.  Reed diffusers make a great subtle fragrance while plug-ins and sprays can be over-whelming.  Keep the litter box in the garage or basement if possible and avoid cooking with fragrant spices and herbs that linger indoors.

There is a large inventory of homes in Plainfield and Naperville, let me help you make yours special.  If you are looking for a Plainfield or Naperville Realtor that knows what buyers want call me at 630-673-6233. 

Nothing makes Plainfield and Napervile buyers and sellers more anxious than moving day. Not only does a move from one house to another have to be perfectly choreographed, there are also a few things that can keep the transaction from even happening. 

Here are 5 things that can ruin your Plainfield or Naperville real estate closing.

1. If a buyer changes lenders midway through the approval process, there is a good chance their new financing will not be in place in time to close on the sale of your home.  It does not happen often, but buyers have been known to change lenders without even notifying their own Realtor.  Red flags for this will be delays in receiving a commitment letter from their lender, or requests for extensions for the loan commitment date, as well as asking to move the closing to a different date later more than a week after the contract has been accepted. 
   
2. The home inspection revealed damage or material defects within the time frame of the home inspection contingency. If the sales contract included a contingency for a home inspection (usually within 3-5 days of accepting the offer) and the inspection reveals defects that the buyers had been previously unaware of, either party can terminate the contract if the they are not able to come to some resolution as to how and when the repairs will be made, or what concessions will be given.
   
3. The buyers cannot get approved for a loan and the contract contains a mortgage contingency.  Even if a buyer has been pre-approved for a loan, sometimes things happen that change their ability to qualify for that loan during the process, especially in recent days.  Lenders change the criteria almost daily as a result of the sub-prime mortgage fall out, and it can even happen to people with good credit.  If a buyer finds out that their lender has denied their loan during the period of the mortgage approval contingency they will notify the sellers through their agents and they are set free from their obligation to purchase the home and their earnest money is returned. 
   
4. The buyers are short of funds to close.  After all of the numbers have been crunched a day or two before the closing all of the final numbers are delivered to both sides.  The buyers are told how much money they need to bring to the closing and the sellers are informed of how much they will net from the sale of their home.  It doesn't happen often, but in cases where there are excessive closing costs and the buyers cash is tight, they may not have the required cash to close.  In a situation like this both parties usually know before they show up to the closing.
5. The title search revealed a "cloud on title" or a tax lien.  A cloud on title simply means that a tax or mechanic's lien has been places on the property that must be paid before the property can be sold.  Depending on when the lien was placed on the property, the sellers title insurance may cover the cost to remove it from the title.  If it happened after the sellers purchased the property it then becomes their responsibility.

There are lots of things that can ruin your Plainfield or Naperville closing, but there are usually ways to fix them.  Patience and negotiation are two great tools to use to keep things moving forward.  If you are looking for an Illinois Realtor who knows how to get the sale of your home to the finish line, call me at 630-673-6233.  I've done it for every single one of my clients and I have never had a client lose a sale to a last minute closing emergency. 

For anyone looking to buy a house in Plainfield or Naperville, your new home search should always begin with talking to a mortgage professional.

After making the decision to purchase a new home, your Plainfield and Naperville mortgage professional will help you with all of your big questions such as:

• How much can I afford to finance in my mortgage?
• How much money am I going to need for a down payment?
• How much will my payments be?
• What is an escrow account, and do I need one?
• What is the current interest rate?
• Will I have to pay PMI insurance on my loan?
• What type of loan program is best for my situation?

These are just a few of the questions that your Plainfield and Naperville mortgage specialist will be able to help you with before you start looking for your next new home.  In the following posts regarding mortgages and financing I have invited a trusted associate whom I have worked with in the past to give a better insight into the mortgage and lending industry, and to help my Plainfield and Naperville home buyers with their financing options. 

Chris Puleo from 1st Mortgage will be a guest writer for a majority of articles posted under mortgages.  Chris has helped close and refinance many mortgages for my transactions, and comes highly recommended.  I have seen him operate at the closing table and the standard of communication with his clients is exceptional.  I know that when I work with Chris Puleo, things get done!

If you need someone to answer questions about the mortgage industry, a refinance, or want to know more about how to get into your first home anywhere in Chicagoland, give Chris Puleo a call at 630-587-7300.  He'll take good care of you and all of your mortgage and home refinance needs!

How do I get Pre-qualified to buy a home in the Chicago Suburbs?

When you are first looking to buy a home it is important that you talk to an licensed Illinois mortgage specialist to see how much financing you can obtain. This saves you and your Realtor time in narrowing down the home search of any potential home you may consider purchasing. The market is ever changing, not only in terms of the real estate market, but for financing side as well. You must make sure that you talk to someone who has experience in all programs and has access to updates on program guideline changes in Illinois. Banks are getting tougher and tougher with their guidelines, so this is the most important step before purchasing a home.

The process is simple and free to do. All Pre Qualifications are based on four simple factors:

• Credit
  
• Income
  
• Proposed Monthly Debt Obligations (new mortgage payment plus any existing bills)
  
• Down Payment.

A good loan officer will collect the following information from a client before issuing a pre-approval letter:

• pay check stubs
• asset information for two months
• your last two years of W2's.
  

Although these documents are not needed to do a verbal pre-qualification, it is important that everything is as accurate as possible to avoid any issues during the future underwriting of your loan. A verbal pre-qualification takes about 10 minutes to do by phone and it will give you an idea of how to proceed. Your credit will have to be run but it's important to avoid allowing multiple mortgage companies to pull your credit. You only have that done once during this process, even if you are shopping around for interest rates. In the long run it can affect your credit score so this should be avoided whenever possible.

Most importantly, find a mortgage specialist who you can trust. Many people have horror stories of being quoted rates and fees, and finding out at the closing that it's a totally different story. Although the industry has made huge improvements in regard to predatory lending guidelines, predatory loans still happen on a daily basis. Any loan officer can say "today our rate is 5%", but if you are not locking in right then, there is nothing holding that loan officer to that rate.  Loan officers sometimes do this as a way to build a relationship with a client so that they will come to them at the time of application.  They may also be lowering the rate, by essentially buying your rate down with increased closing costs, just because they know most customers shop for the lowest rate. Rates not only vary on a day to day basis, but sometimes hour to hour, based on the 10 Year Treasury. Until your rate is locked in, proceed carefully.

Feel free to post questions and feedback to this blog, or call me directly at 630-587-7300 to begin the pre-approval process.


Chris Puleo, MAOM
Sr. Loan Consultant
1st Mortgage of Illinois, Inc
630-587-7300 office
630-742-3198 cell
630-622-0464 efax
cpuleo@1stmortgage.com

An Experienced Loan Professional servicing the Chicagoland Area specializing in the West, Far West, and South Suburbs. Licensed in Illinois, Indiana, and Michigan.

If you are considering selling or purchasing a new home in White Eagle in Naperville, IL, you're probably wondering what is happening to property values in this upscale, luxury Naperville golf club community.

There are currently 37 active single family luxury homes available for sale ranging in price from $499,900 up to $1,350,00 with an average list price of $755,915.  The average market time for these White Eagle luxury homes is about 117 days.

There are 9 active listings for attached single family homes available in White Eagle with an average list price of $326,478 and an average of 164 days on the market.

In the last 6 months 15 single family homes have closed with an average list price of $631,947 and an average sold sale price of $594,116.  Homes are closing at about 94% of the asking price which means that on average sellers accepted offers that were 94% of their asking price.  These homes sold in an average of about 161 days.  62% of the total White Eagle single family home sellers who were looking to sell their homes during this time were successful while 38% of the sellers let their listing contracts expire without selling.

There were 4 attached single family homes that sold in the same 6 months with an average list price of $325,675 and a closed sale price of $310,500.  These attached single family homes are closing at about 95% of their list asking price and closing in about 55 days.  67% of the total volume of homes available during this time sold, while 33% of the White Eagle attached single family home sellers let their listings expire.

If you want to know more about the value of your home, or the what the market is doing in White Eagle, give me a call at 630-673-6233.  I'd be happy to send you a complimentary market value report on any White Eagle home currently available for sale.

White Eagle of Naperville was established in 1989 and built around the 27 hole Arnold Palmer Signature Golf Course as a country club community.  White Eagle is located just off of Rt. 59 and 87th Street across from the Stillwater Shopping Plaza, and spans 754 acres. 

White Eagle's amenities include an 8,000 sq ft. community clubhouse, a zero depth community pool, 8 lighted tennis courts, ponds, walking trails, park, and security.  The striking and beautifully landscaped entrance and common areas are well groomed and maintained as part of the quarterly association fee of $225, which also includes use of all of the above mentioned amenities. 

School aged residents of White Eagle attend the Indian Prarie district #204 schools which include White Eagle Elementary, Scullen Middle School, and Nequa Valley High School.

Homes in the White Eagle Subdivision range in price from $499,000 up to $1,350,000.

If you are looking for a Naperville real estate in and exclusive golf club community, White Eagle might just be the place for you!  To schedule a private showing of any of the homes currently available for sale in White Eagle, call me at 630-673-6233.