Thursday, April 14, 2011
Chicago-area foreclosure activity down 28% in first quarter | Residential News | Crain's Chicago Business
An interesting and positive article to read.... Chicago-area foreclosure activity down 28% in first quarter Residential News Crain's Chicago Business
Wednesday, April 13, 2011
Common Contigencies to a Purchase Contract
Spaces April 11, 2011
The offer was accepted - now what?
After the buyer and the seller have come to an agreement on the price and the terms of the home sale, it's time to work on meeting all the contingencies.
Inspection - In most sales, the buyer has a few days to bring in any inspector or other Licensed persons to examine the property and identify any health or safety defects. These are items that are not obvious to the buyer or seller. An example might be that the inspector looks at the basement sink drain and finds a leak. The buyer might ask the seller to have the pipe repaired or pay for the buyer to have it done at a later time.
Attorney Review - Both buyer and seller will have their attorneys look at the terms of the purchase agreement and the attorneys will come to agreement on any terms. This review is usually as long as the inspection period (or a few days longer) and the attorneys will confirm any responses to the inspection items.
Mortgage - Generally the last completed contingency, since the details of confirming the mortgage funding are the most time consuming. The purchase agreement includes a date by which the buyer and their lender must be able to agree that funding is available for this buyer and this property. The agreement also provides some limits for the loan rate and duration. (This is why it’s so important for buyers to be pre-approved!)
Condo Documents - The Condo Declarations and Bylaws, Rules and Regulations, Budget (current and previous year), Minutes and a 22.1 form will all need to be provided to the buyer for their review, and the attorney. Most are required during the attorney review period. They are also needed by the buyer’s lender who will confirm the financial stability of the condo association before authorizing a loan.
Other contingencies could be the sale of a previous home, pet rules, leases, or other items that both buyer and seller agreed to during negotiations and included in the Purchase Agreement.
In Bucktown/Wicker Park this week, there were six closings! Of the six, four were detached single family homes, and two were attached homes. They are as follows.
1850 N Wilmot, 4 bedroom, 3bath, Rowhome, private yard, garage, $595,000
1880 N Hoyne, 5bedroom, 3 bath +2 ½ baths, Contemporary renovation, attached garage, $1,624,625
1627 N Wolcott, 4bedroom, 4 ½ bath, 4+ Stories ultra modern new construction , $1,950,0001804 N Leavitt, 5 bedroom, 4 ½ bath, Modern open conversion of warehouse space, $2,770,000
1524 N Leavitt #1, 4 bedroom, 3bath, 2 garage spots, Duplex Condo, $399,000
1767 N Hoyne #L, 3 bedroom, 2 ½ bath, updated Townhouse Condo, Attached 2 car Garage, $575,000
*** Information sourced from MREDLLC;4/11/11. Attached Property and Detached Property residential Bucktown (Ashland, Western, Fullerton, North) and WickerPark (Ashland, Western, North, Division)
Do you have a topic you'd like to see explored or a real estate question? Send it in. If you'd like more information on properties currently on the market or selling your home just drop me a note.
The offer was accepted - now what?
After the buyer and the seller have come to an agreement on the price and the terms of the home sale, it's time to work on meeting all the contingencies.
Inspection - In most sales, the buyer has a few days to bring in any inspector or other Licensed persons to examine the property and identify any health or safety defects. These are items that are not obvious to the buyer or seller. An example might be that the inspector looks at the basement sink drain and finds a leak. The buyer might ask the seller to have the pipe repaired or pay for the buyer to have it done at a later time.
Attorney Review - Both buyer and seller will have their attorneys look at the terms of the purchase agreement and the attorneys will come to agreement on any terms. This review is usually as long as the inspection period (or a few days longer) and the attorneys will confirm any responses to the inspection items.
Mortgage - Generally the last completed contingency, since the details of confirming the mortgage funding are the most time consuming. The purchase agreement includes a date by which the buyer and their lender must be able to agree that funding is available for this buyer and this property. The agreement also provides some limits for the loan rate and duration. (This is why it’s so important for buyers to be pre-approved!)
Condo Documents - The Condo Declarations and Bylaws, Rules and Regulations, Budget (current and previous year), Minutes and a 22.1 form will all need to be provided to the buyer for their review, and the attorney. Most are required during the attorney review period. They are also needed by the buyer’s lender who will confirm the financial stability of the condo association before authorizing a loan.
Other contingencies could be the sale of a previous home, pet rules, leases, or other items that both buyer and seller agreed to during negotiations and included in the Purchase Agreement.
In Bucktown/Wicker Park this week, there were six closings! Of the six, four were detached single family homes, and two were attached homes. They are as follows.
1850 N Wilmot, 4 bedroom, 3bath, Rowhome, private yard, garage, $595,000
1880 N Hoyne, 5bedroom, 3 bath +2 ½ baths, Contemporary renovation, attached garage, $1,624,625
1627 N Wolcott, 4bedroom, 4 ½ bath, 4+ Stories ultra modern new construction , $1,950,0001804 N Leavitt, 5 bedroom, 4 ½ bath, Modern open conversion of warehouse space, $2,770,000
1524 N Leavitt #1, 4 bedroom, 3bath, 2 garage spots, Duplex Condo, $399,000
1767 N Hoyne #L, 3 bedroom, 2 ½ bath, updated Townhouse Condo, Attached 2 car Garage, $575,000
*** Information sourced from MREDLLC;4/11/11. Attached Property and Detached Property residential Bucktown (Ashland, Western, Fullerton, North) and WickerPark (Ashland, Western, North, Division)
Do you have a topic you'd like to see explored or a real estate question? Send it in. If you'd like more information on properties currently on the market or selling your home just drop me a note.
Thursday, April 7, 2011
Green Thoughts for Pet Owners
Get Earth-Day Ready: Reduce Your Pet’s Carbon Paw-print
Scoop your poop.
American dogs and cats create 10 million tons of waste a year. By picking up after your pooch with biodegradable plastic bags or paper bags, you can keep your pet’s waste from spending years encased in plastic.Clean green.
Here’s a great way to clean up your pet’s accidents on the rug or sofa without harmful bleaches and toxins. First, scrub the soiled area with club soda and let dry. Then, sprinkle with baking soda to help control odors. After an hour or so, vacuum thoroughly. The ACPCA also recommends using diluted white vinegar as an environmentally friendly alternative to commercial products. What’s more, you’ll save money on pricey pet cleaning supplies.Give bottles the boot.
Offer your pet filtered tap water instead of bottled to drink. If you must use bottled in a pinch, be sure to recycle.Dine in.
Want to know exactly what is going into your pet’s food? Make your own organic puppy or kitty chow. While the idea of becoming a fulltime pet chef may be too much, ask your vet about occasionally adding chopped apples, carrots, or greens to your pet’s usual feeding.Walk this way.
Did you know that 40 percent of daily car trips in the U.S. are 2 miles or less? By strolling to the doggie park rather than driving, you not only save fossil fuels, you get in a little exercise to boot.Throw in the towel.
As sheets or towels start to wear, re-use them as doggie bedding, to clean up accidents, or to dry your pooch off after bath time instead of blow-drying. Old towels also make a great chew toy: braid strips into a rope for playing tug-o-war.Bulk up.
Buy pet supplies in bulk or the largest available size. You’ll not only throw away less packaging, you’ll make fewer car trips to the store.Pick your litter.
Up to 8 billion pounds of cat litter wind up in U.S. landfills each year. Instead of using clumping clay litter, try products made from recycled newspapers or sawdust for a chemical-free, environmentally safe litter box.Give back.
Doing a little spring cleaning? Before tossing your old treasures away, call local animal shelters and ask if they need used towels, bedding, leashes, litter boxes, and pet toys.Monday, April 4, 2011
Distressed Sales as Comparables?
It's a concern for everyone who chooses to sell their house or condo - how does the neighbors foreclosure or short sale affect my price and my chance to sell?
Appraisers need to look at the most recent sales - in the last 12 months. When there are multiple distressed sales, with lower prices, this is taken into consideration. The appraiser also must look at the condition of the property. In many cases the distressed sale is also not in the more desireable condition and will require significant work before it can be occupied.
If legislation like what is proposed below can do into effect, what will the outcome be?
http://chicagoagentmagazine.com/four-states-consider-legislation-barring-distressed-sales-as-comparables/?sms_ss=email&at_xt=4d9a16c5c3f99543%2C0
Appraisers need to look at the most recent sales - in the last 12 months. When there are multiple distressed sales, with lower prices, this is taken into consideration. The appraiser also must look at the condition of the property. In many cases the distressed sale is also not in the more desireable condition and will require significant work before it can be occupied.
If legislation like what is proposed below can do into effect, what will the outcome be?
http://chicagoagentmagazine.com/four-states-consider-legislation-barring-distressed-sales-as-comparables/?sms_ss=email&at_xt=4d9a16c5c3f99543%2C0
Subscribe to:
Posts (Atom)