If you are looking for Plainfield or Naperville IL homes for sale, 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 IL 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 Plainfield and Naperville IL homes for sale 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 allotted 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 contagious!  Buyers looking for new home have an energy that can’t be beat.

If you’re looking for Naperville of Plainfield IL homes for sale, I can help!  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!

Julie Ferenzi | Realtor®
Plainfield Real Estate
630-673-6233

As I often do, I spent some time analyzing some data on Plainfield IL in the MLS today from the last 3 months.  I actually looked at all of the pending and contingent sales for all of Plainfield IL and what I discovered, while not surprising, confirmed what I’ve been preaching for months now.

There are two factors that seem to affect market time in dramatic ways:

1. Price. Price. Price!
2. The condition of the home.

This is what has been happening in real estate in Plainfield IL over the last 3 months:

It’s kind of depressing to be in real estate in such a… well, depressing market.  We’ll I’m tired of being discouraged  and melancholy about this whole situation.  When I was combing through the MLS today, it really all started to make sense.  Over-priced listings won’t sell and the only way to get an offer on a home is to “drive it to market value” over a period of 60 days.

I used to say “no thank-you” to over-priced listings, but if I’m willing to try it your way… but you have to be willing to try mine.  If you have not had any activity (showings, inquiries, offers) after 2 weeks, it’s time for a 3% price reduction.  After 2 more weeks if nothing happens it’s time to re-assess the situation again with another 3% reduction.  “Driving it to market value” is a sure fire way to find out what your house is really worth.  When you finally have interest in the property you know it’s priced correctly.  I have no interest in hanging a sign up in your yard in this market.  I will however, pour my heart into selling your house… if you are willing to do what it takes to get it to sell.

The market time in Plainfield IL is about 4 months right now for all closed 3-4 bedroom single family homes in Plainfield IL.  That’s really great news.  (Surprising huh?  Lol.)  Those homes also closed at 94-95% of their asking price.  That is fantastic news!

Here is the reality of situation right now though; nearly 50% of all Plainfield IL homes that were listed on the MLS over the last 3 months had their listing expire before their home sold.  The other cold hard fact about those homes was that for the Plainfield 3-4 bedroom single family homes, the asking price of the homes that did not sell were approximately $50,000 more than the average list price of similar homes, and approximately $60,000 above the average closed sale price.  I’m not surprised at all that they did not sell, especially since today’s savvy buyers are out there looking for a deal.

People will always need a place to live.  If you want them to choose your house, you better make it the sweetest deal in the Plainfeild IL real estate market!
Julie Ferenzi | Realtor
Plainfield IL Real Estate
630-673-6233

Property has been rented!

4 Bedroom Single Family Home in Golden Meadows subdivision!

Huge fenced in yard, mature landscaping, large deck, new appliances, new carpeting, skylights, fireplace, and basement!  For Sale or RENT.  Rental price is $1,800 per month.  Won’t last long!

• AT &T (telephone) (800) 244-4444

• Comcast (cable) (866) 591-1234

• ComEd (electric) (800) 334-7661

• Nicor (natural gas) (888) 642-6748

• Waste Management (815) 725-4200

• J.U.L.I.E. (800) 892 0123

Julie Ferenzi | Realtor®
Plainfield IL Homes
630-673-6233