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When you are in the market for a new Plainfield or Naperville home, don’t let the fear of the unknown keep you from the owning a piece of the American Dream! Here are some answers to these common questions.  “Who does what… and when?”

• Your Plainfield or Naperville Realtor® will probably ask you to contact a mortgage lender or broker to get pre-approved.  This is important because the lender/broker will help determine the price range you can  afford based on your income.  A pre-approval letter will help validate your offer when you are ready to make one.  Contacting  an attorney and home inspector even before you are ready to make an offer will save you time later.

• You’ve taken a tour of several homes Plainfield and Naperville with your Realtor® and you’ve found your dream home.  Now it’s time to make an offer!

• After your offer is accepted, you’ll need to contact both your attorney and the home inspector to over-see the transaction.  The cost of the services of both professionals is anywhere from $250-$400 for an attorney and $250-$350 for a licensed home inspector.  The cost of the attorney can be included in the closing costs, but the home inspector will need to be paid for at the time that the services are rendered.

• After the attorney and and lender have the signed contract in hand, they will both “get to work” on your file.  The attorney will review the contract within the time allowed on the contract for attorney review (usually 5 days) and the lender will begin the process that leads up to underwriting your loan and have it approved on or before the loan commitment date.

• A copy of the home inspection report will be supplied to both you and your attorney, and any repairs or requests will be negotiated by the attorney’s on both sides of the transaction.  Necessary repairs will either be made or compensated for, or the buyer will have recourse to back out of the transaction provided that the inspection took place within the time-frame alloted by the contract.  It is then at the buyers discretion whether or not to proceed with the transaction, if the seller refuses to make any necessary
  repairs.

• A loan commitment must be provided by the date in the contract.  Providing timely financial information to your lender will ensure the execution of  a timely approval process in accordance with the contract for purchase.

• Once you have your loan commitment… Pack your bags!  It should be smooth sailing from here.  It looks like you’ve got yourself a new home!
  

I have worked with countless buyers over the last few years and this post answers the timeless questions regarding the responsibilities and obligations of both the buyers and sellers in any given transaction.  I love working with buyers because the excitement that comes from owning a new home is contageous!  Buyers looking for new home have an energy that can’t be beat.

If you’re looking for a new home in Plainfield or Naperville, IL I can help you find it!  Call me at 630-673-6233 to reserve you time with me to preview properties this weekend.

Read also: How to pay your Plainfield or Naperville House off Sooner!

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Do you have a burning question about real estate in Plainfield, Naperville, or anywhere in the suburbs of Chicago? 

Submit your question about Chicago Suburban real estate and your question may get featured in an upcoming post or in the Q&A section of this website!

Do you want to know:

• How much your neighbor’s house sold for?
• What a specific real estate term means?
• How to avoid a foreclosure?
• How much you will net on the sale of your home?
• How much closing costs will be on the sale or purchase of your home?

I’m not a ghost writer… I actually write all of this stuff myself :)  I live in Plainfield, IL and I know the market here and in the surrounding areas.  If you have a question, I’ve got an answer or suggestion. 

Oh, and I promise not to stalk you! I hate when people harrass me with like 500 follow up sales calls… so I won’t do it to you.  I pinky promise!  My husband and I are in the market for a new car, and the stalkerazzi car salesmen that have been chasing down our curiousity are enought to make both of us want to bicycle to work.  Really, it’s repulsive!

It’s my philosophy to attract buisness, not attack it.  A follow up e-mail? Maybe. A follow up phone call?  Never.  I’d probably hate doing it more than you’d hate hearing it. 

Have a question?  Ask away!* 

*you can contact me via e-mail me or add a comment to the bottom of this post. I will respond within 24 hours.

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Most Plainfield and Naperville homeowners are eager and willing to make the necessary improvements to their homes in order to get them ready to be put on the market, but it’s important to know what improvements will have the biggest impact on the bottom line.  It’s also important to know which features actually add value to your Plainfield or Naperville home and which ones are considered to be “over-improvements".

Over-improvements are improvements that are made in which the features of the home actually exceed the current market value of the property. Over-improvements also create an inflated sense of value for homeowners who often over-price their homes in hope of recovering the cost of their investment into their residence.  Market value reflects the price that an appraiser can assign to a home in a particular neighborhood with specific features based on closed home com-parables within the last 3-6 months.

Read more about over-improvements here.

Typically when it comes to home improvements, the kitchens and bathrooms have it…  and yes, kitchens and bathrooms are often the most costly improvements you can make your Plainfield or Naperville Home.  These home improvements, however, traditionally yield the best return on your investment, making them wise areas to consider spending money on when it comes time to sell.  These two rooms have the biggest potential for disrupting a household, which makes the need for updating and renovating a big turn off for any potential buyer that isn’t handy with a hammer.

Landscaping is another huge area that is worth spending a little money on.  Consider the exterior of your home your first impression. 

The first time someone sees your home will either be in a photo from the MLS, or while driving by while scouting out the neighborhood. It only makes sense that if you are going to spend any money making your Plainfield or Naperville home look it’s best, you spend it getting them to go through the front door. 

Believe it or not, curb appeal plays a huge role in booking showings for your Plainfield or Naperville home.  The Norman Rockwell image of suburbia is alive and well!

Landscaping doesn’t have to cost a fortune, and most of it can be done yourself: trimming over grown greenery, keeping the grass neatly mowed, making sure weeds are kept at bay, staining a faded fence, a fresh coat of blacktop, and planting colorful flowers will usually do it, but some things may require the help of professionals.  Turn offs to buyers include: lack of landscaping, garbage and litter in the yard, broken shutters, damaged siding, and drooping gutters.

When my husband and I were shopping for our last two homes in Plainfield, we immediately began discounting the asking price every time we saw an item that needed to be repaired or that was going to cost us money in the first two years of ownership.  There is a delicate balance between maximizing the sale price on the home and giving the buyers as little to object to the asking price as possible. 

Granite counter tops and marble floors would be considered over-improvements in a Naperville or Plainfield neighborhood where laminate countertops and flooring are the norm.  Those features may get your house to sell faster than competing homes on the market, but you probably won’t recover the cost of adding them to your home.  There is a ceiling on the market value that a neighborhood can withstand. 

If you are going to get your house ready to sell and don’t know how much is enough and how much is over-kill, it’s best to stick to the basics:

• Make your house look as nice from the outside as it is on the inside.  Remember, you want people to see more of a good thing!
• Update kitchens and bathrooms if necessary. (by necessary I mean, what are the other homes in your neighborhood like?)
• A fresh coat of neutral paint and new carpeting are always a hit with buyers.  It kind of makes it feel like a brand new house :)
• Refinishing wood floors and re-grouting old ceramic tile will put a new spin on a dated and weathered look.
• Update the essentials.  Make sure all of the mechanicals are in good working order and that nothing needs to be replaced or repaired.

Sellers in Plainfield are still selling, and buyers in Plainfield are still buying. The real estate climate has changed over the last 18 months, so it’s important to keep up with what is happening week to week and month to month.  Subscribe to this site and make sure you never miss a post!

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With such a high inventory of homes for sale on the MLS these days, it’s important to work with a Plainfield or Naperville Realtor that knows the kind of challenges homeowners face in trying to sell a home in this market.

Here are 5 things you should ask your Plainfield Realtor before you sign the listing agreement:

1. Do you do provide both a print and Internet Presence? Agents who rely on only one source of advertising to market a home are limiting the exposure of their listings. A multi-faceted marketing campaign of both printed materials and Internet exposure will multiply your chance of being seen by buyers.
   
2. What is your commission fee and how much do you offer a cooperating agent? Make sure that no matter what commission fee you and your agent agree to that you know how much of that commission will be paid to the selling agent. While it’s not supposed to, it could dramatically affect how your property is shown and how often it is shown.
   
3. Do you own a digital camera? Pictures, pictures, pictures… I have no idea why so many agents fail to include interior photos on their listings! It takes so little time to include such an important feature to the MLS. Agents often preview homes for the clients on the MLS to see if they will meet their clients needs and if there are no interior photos included in the listing, they are quite often excluded from the list of properties that an agent will decide to show their buyers.
   
4. Does your agent have a good website? Buyers can easily access more information about your house if you agent has a website that features their listings. As always, the more exposure your property has, the better your chances that an interested buyer will want to see it.
5. Will my listing include a virtual tour? A virtual tour is an excellent way for listing agents to show off the best features of their clients homes. It allows buyers to take a look around from the comfort of their own home. It’s an especially helpful tool for buyers who are looking for a new home that are from out of state. It’s the most convenient way for buyers to preview properties from a distance.
   

Not all agents are created equal, and not all agents provide the same level of service. Make sure the Plainfield or Naperville Realtor you chose to hire will deliver the highest quality of service and include all of the services and tools you need to have in today’s real estate market.

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I have been invovled in the foreclosure and pre-foreclosure aspect of real estate in Plainfield and Naperville for the last 5 years. I have seen countless families in both of our Plainfield neighborhoods, lose their homes to foreclosure or the real estate auction over the last 9 years. My interest in real estate began as a means to understand the foreclosure process.

In the last 5 years, I have learned more about the foreclosure process than I ever thought possible, and have helped and met some really great families along the way. I helped a seller in Montgomery avoid a foreclosure this past January, and I am currently working with another family in Oak Park. My husband and I also purchased two homes in Plainfield from sellers in foreclosure as investment properties, and as a result the homeowners were able to avoid foreclosure.

Here are a few things you can do if you find yourself in a position of not being able to pay your mortgage:

• Don’t ignore calls from your lender. They may be able to offer options not traditionally available which may include re-payment solutions to get you back on track, and keep you in your home. Loan modifications amend the original mortgage and allow you to keep your home. This is a good option for someone with an adjustable rate mortgage or ARM.
  
• Don’t wait to avoid a foreclosure; be proactive in seeking a solution.
• Prepare yourself for the highly likely chance that you will have to sell your home, especially if you are not over the hardship that brought you to this point You need to work with a Realtor who knows how to negotiate not only with a buyer, but with the bank as well.

These are some options available for Plainfield homeowners to avoid a foreclosure:

• Forebearance agreement: A lender may let you make a partial payment or skip payments if you know that you will be able to catch up within a certain amount of time. You’ll need to tell your lender if you are expecting a tax refund or a bonus that can get you caught up on the money that you owe in arrears.
  
• Reinstatement: A lump sum payment that totals the amount of payments missed to bring the mortgage current.
  
• Repayment plan: If reinstatement isn’t an option your lender may allow you to include an additional amount to your regular payment to catch up.
  
• Deed in Lieu of Foreclosure: Handing over the keys to avoid a foreclosure can spare a foreclosure. This speeds up the process of liquidating the sale of the house to get the bank the money they need to recover their losses. It can still affect your credit in an negative way, but it is still better than a foreclosure on your credit report.
• Loan Modification: At the discretion of the lender the bank can agree to modify the original terms of the mortgage. Some examples of a loan modification would be; adding more years to the mortgage to pay off the loan, adjusting the interest rate from an adjustable rate to a fixed rate, or adding all of the missed payments to the end of the loan to be paid at the end of the length of the loan.
  
• Short sale: In a short sale a lender is willing to accept less than what is owed and forgive the original debt. A “settled for less” appears on your credit report and the foreclosure is avoided. For immediate advice, I recommend calling 1-888-995-HOPE or visit: www.995hope.org as advised by the Illinois Association of Realtors.

If you are a Plainfield or Naperville homeowner facing foreclosure, I want you to call me at 630-673-6233. I can help you explore your options and help inform you about the process of foreclosure. I have experience in both working with lenders and sellers in foreclosure, as well as having a team in place that supports lender negotiations for the purpose of short sales. I have successfully negotiated short sales in the last 12 months.

Watch for more articles and information about foreclosure. Subscribe to my site and never miss an article.

*currently I am only accepting pre-foreclosure listings in the Plainfield and Naperville area, but I’d be more than happy to talk to you and refer you a colleague that specializes in foreclosure in your area.