BUYING A HOME

WHY SHOULD I BE PRE-APPROVED WITH A LENDER BEFORE I LOOK AT HOMES?

Before you start looking for a home, knowing what loans are available to you and their rates and terms lets you focus your search on getting the best home for your money. A pre-approval letter is also part of the buyer’s offer on a home. Having this letter in advance ensures that the seller will take the buyers offer seriously an important factor anytime, but especially if there are multiple offers.

SINCE YOU ARE A IKAHNGROUP AGENT, CAN YOU ONLY SHOW ME PROPERTIES LISTED BY IKAHNGROUP?

No, we can show you any home that is currently on the market for sale. All licensed real estate agents can show any office’s listings.

I SAW A HOUSE LISTED BY A DIFFERENT REAL ESTATE OFFICE, CAN YOU TELL ME THE PRICE?

Yes, any licensed agent can disclose the price of any listing that is in the multiple listing service.

I’M A FIRST-TIME HOME BUYER, WHAT SHOULD I DO FIRST?

Before looking for a home, determine your price range, down payment amount, and estimated settlement charges. Get a mortgage pre-approval.  Lenders use different variables including income, debt load and credit scores to determine how much a potential buyer can take out as a mortgage knowing what you can afford makes finding the right home easier.

WHY DO I NEED A HOME INSPECTION?

Before you close on a home, you should hire a home inspector to evaluate its condition. That way, you avoid surprises after settlement, and you can see the condition of the home firsthand. You can also order additional tests for radon, wood destroying insects or lead paint.

WHAT ARE THE BENEFITS OF HAVING A BUYER’S AGENT?

The home-buying process from looking through listings to actual settlement has many steps to be fulfilled and deadlines to be met. Your iKahnGroup agent can guide you through the process, whether you are looking at your first home, transferring to the area, or searching for investment property. Additionally, a buyer’s agent is familiar with past home sales in the area and can help buyers decide on a fair offering price for a home.

WHAT IS BUYER AGENCY?

In the past, it used to be all agents worked for the seller, until buyer agency was created. Now, when you work with a buyer, you are working exclusively for that buyer, not the seller. Buyer agency was created to avoid buyers going to 10 agents to show them houses. One agent will work harder for a buyer if they know they have their exclusive loyalty.

WHAT DOES “SALE PENDING/CONTINGENT/CTG” MEAN?

When a buyer and seller sign an Agreement of Sale, there are contingencies that need to be met before the sale is final and closed. Sale pending tells us that an agreement has been entered into but all the contingencies haven’t been satisfied yet. For example, the buyer might still need to apply for a mortgage if the buyer can’t arrange for financing for some reason, the home might come back on the market.


SELLING A HOME

WHAT ARE SOME INEXPENSIVE TIPS I CAN USE TO SELL MY HOUSE?

Don’t underestimate the value of curb appeal! A neatly mowed lawn, fresh flowers and a new front door will impress buyers before they get out of their cars. Indoors, clear clutter from bedrooms and closets to make your home seem more open. Your iKahnGroup agent can help make your individual home shine.

WHAT IS DUAL AGENCY?

Dual agency is when the listing agent works for both the buyer and the seller. There are certain items a dual agent can and cannot do when they are a dual agent and that is spelled out in the Consent to Dual Agent Form.

WHICH HOME IMPROVEMENTS WILL HAVE THE MOST PAYOFF WHEN WE SELL OUR HOUSE?

In general, you can expect improvements to kitchens and bathrooms to add the most to your resale value. More substantial remodeling can also pay off if the new addition puts your home in the same class as others in the neighborhood. Your iKahnGroup agent can tell you which improvements will add the most resale value to your home.

WHAT ARE HOME COMPS?

Comps, or “comparables,” are simply a collection of recent sales prices of similar homes in your area. If you are considering selling your home, your iKahnGroup agent will show you comps, what houses of the same approximate size in your neighborhood, have been selling for. That will help you both determine the best sales price for your house. If you are buying, comps are also worth looking at to help you measure the value/condition of the homes you are considering to what other buyers have thought appropriate prices were for similar homes in the neighborhood.

If a house exactly like yours, same size, same age, same condition, on the other side of town is selling for $200,000, don’t think you’re made in the shade at the same price. A host of things in your own neighborhood can affect your home’s price, the quality of schools, the crime rate, or the street you live on. For instance, you may have a stellar home, but if it’s on a busy street, its value will undoubtedly be less than a comparable home on a road less traveled. Potential rezoning of adjacent areas also can affect comps: If that lovely forest behind your home is due to become a sea of condominiums, your home’s value is likely to be less than a similar home that will retain its forest view. So just remember: Your house isn’t compared to one across town; it’s compared to those across the street or around the corner.

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Listing data is derived in whole or in part from the Illinois IDX and is for consumers' personal, non commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified ©2015 MRED, Inc. All Rights Reserved. Each office is independently owned and operated. Agents of Keller Williams Success Realty.

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