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FREE SEARCH CONDOS FOR SALE Q&A EMAIL AGNES

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WHAT ARE THE GENERAL CLOSING COSTS?

    There are other costs beside your down payment associated with purchasing a home. First- time homebuyers have to take into consideration closing costs such as:
    • Fees charged for obtaining a mortgage.
    • Inspection fees.
    • Homeowner's insurance (must be prepaid for one year at closing).
    • Transfer taxes if there are any (although the seller may pay these or they may be shared 50-50 between buyer and seller).

    Other fees may include points, lender's fees, title charges, escrows for your property taxes. Many loan programs allow the seller to contribute up to 6% of the sales price to the buyer's closing costs.


    The most expensive closing cost a buyer pays is often the loan origination fee charged by lenders. One point is equal to 1% of the loan amount. A $250,000 loan with a one-point fee will add $2,500 to your closing cost bill. You can eliminate this charge by taking a no-point loan with a higher interest rate and keep the cash.

WHAT ARE THE BASIC STEPS FROM CONTRACT TO CLOSING
    1. Buyer: signs real estate contract and gives broker earnest money check;
    2. Seller: signs reat estate contract making it binding upon both parties;
    3. Broker: gives one signed copy of contract to seller and one to buyer;
    4. Seller: gives his attorney or the broker his last paid tax bill, survey, Torrens Certificate or owner's title policy;
    5. Buyer: after inspection and attorney's approval period,
    6. increases earnest money as specified in contract;
    7. Buyer:
    8. applies for mortgage loan;
    9. Buyer/Seller: make sure mortgage contingency is met as called for in sales contract;
    10. Seller: make sure his attorney sends the title policy to buyer's lender;
    11. Lender: prepares mortgage or trust deed and note and advises buyer that they are ready for his signature;
    12. Buyer: signs mortgage documents immediately;
    13. Buyer: obtains homeowners'insurance (evidence must be provided at closing);
    14. Lender: orders title, or a tax search if property is in Torrens System;
    15. Seller: makes sure attorney has obtained title report from buyer's lender and signs the deed, bill of sale, and affidavit of title, and gets payoff letter from his lender;
    16. Seller/Buyer: make sure appointment is set for closing;
    17. Buyer: obtains dollar amount required to close and then obtains a certified or cashier's check for this amount made payable to the buyer;
    18. Seller/Buyer: meet for closing - money and documents change hands;
    19. Seller/Buyer: possession granted in accord with contract. Make sure all utility companies have been notified and meters read.

HOW DO I KNOW IF IT'S BETTER TO BUY VS. RENT?
    Check this table. See how much you can save over 1, 3, 6, 12 and 30 years. Any questions? Give us a call at 773.862.3886 or email us at thecondoexperts@yahoo.com.

ARE TOU A FOR-SALE-BY-OWNER?
    If your answer is yes, here are some facts YOU need to know!

    1.Sellers have been employing Realtors for over 200 years.

    2. 72% of the properties in Chicago are sold through the broker network. Open houses and advertising are meaningless.

    3. Realtors can sell your house FASTER and for MORE MONEY.

    4. If you believe that you can save a considerable amount of money by selling on your own, just remember that, in order to join the ranks of the successful 10% of American homeowners currently handling their own sales, you need to know exactly what's involved in order to sell quickly at the highest price

    5. Most For-Sale-By-Owners ask too much and can't sell, or not enough and lose money. They forget that what determines the fair market value of their property is not what they want but what an informed buyer is willing to pay.

    6. Most For-Sale-By-Owners become overwhelmed when
    • Creating and paying for their own advertising which can run up your budget to hundreds of dollars.
    • Determining whether or not a buyer is qualified which can cost you a closing and more expenses to put the property back on the market. 40% of the deals fail through at closing.
    • Scheduling showings. Your property is really on the market when you're home. You never know when a mistake may cost you the money you're trying to save.
    • Open houses. Can you trust the stranger who comes to your open house? Donít put your family in danger. Agents always pre-screen their buyers.
    • Familiarizing yourself with enough basic real estate regulations to avoid any costly lawsuits.
    • Understanding (and possibly even preparing) a real estate contract.
    • Being ready to negotiate. Whether in writing, face-to-face, or by phone -- negotiation is one of the great skills you should be looking for in an agent.
    • Coordinating the details of a closing.

    7. A successful sale is based on factors such as price, terms, condition, location, and exposure. What do you do when you canít control them all?

    8. Location and price are critical in real estate. What if a property does not sell within a reasonable period of time? What are the negative effects of a price reduction? A property, priced too high to begin with, usually ends up selling for less.

    9. When you have a legal problem you hire a lawyer even if you know one or two things about law. Same applies to real estate. According to industry estimates, over 90% of homes are sold with the help of a real estate agent. Trying home remedy for selling real estate could be a waste of time and have devastating consequences, unless you have significant home selling experience and current knowledge of applicable laws, regulations and market conditions.

    10. 90% of Sellers donít know how to prequalify a buyer in order to eliminate troublesome situations. Sellers have reason to be concerned that they are not unnecessarily tied up and end up falling out of escrow. A good agent is experienced and concerned with prequalifying the buyer and eliminating potential problems at closing before allowing his client to be involved with a buyer.

Do You Have Credit Concerns?

Good credit is mainly helpful to get the lowest interest rates from lenders.

But you still can get a loan even if you have a few credit blemishes on your record or if you suffered a foreclosure or bankruptcy.

Repossessions, divorces, and health disasters can also alter your credit rating.

If you think that you canít qualify for a loan, call

Diane N. Pyshos
Senior Mortgage Consultant
A & N Mortgage Services, Inc.
1945 N. Elston Ave.
Chicago, IL 60642
D: 312-909-9718
F: 773-751-5463
E: dianep@anmtg.com
http://www.dianeloan.com/
www.AandNmortgage.com
NMLS #137800 Company ID #19291


Why pay someone rent if you can own a home for less?

Renting may give you a place to live but it will never be YOUR HOME, something you can put your heart into.

When you rent, deep down it always feels kind of unsettled and temporary... because you know that youíre not there to stay.

SO STOP PAYING RENT!

YES,THERE IS A BETTER WAY!

LET US HELP YOU!

CALL TODAY 773.862.3886.

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Highest Chicago Rents

In the Lakeview neighborhood, the median rent for a one-bedroom apartment is $1,380, down slightly from a year ago. This unit on West Diversey Parkway rents for $1,450 a month.

With a median rent of $1,970, a one-bedroom on the cityís near west side is more expensive than a year ago. This remodeled unit in the 500 block of West Kinzie rents for $1.914 a month.

The South Loop continues to see an influx of new apartment buildings, and the median rent for a one-bedroom unit is $1,730. This Vesta Lofts unit rents for $1,700.

Logan Square, which includes Bucktown, is a sought-after area and the median monthly rent of $1,350 for a one-bedroom is more than $100 higher than a year ago. This unit on North Kimball rents for $1,350 a month.

Median rents for a one-bedroom apartment in Lincoln Park are up more than 6 percent from a year ago, to $1,680 a month. This unit at 2555 N. Clark rents for $1,694 a month.

The median rent for a one-bedroom apartment in Chicagoís West Town neighborhood is down slightly from last year, to $1,850. This one-bedroom unit at Mondial rents for $1,900 a month.

Median rents on Chicagoís Near North Side, which includes trendy River North, are the cityís highest, with a median monthly rent of $2,070 for a one-bedroom apartment. This unit on East Chestnut Street rents for $1,950 a month.

Rents in the Loop also have moved up from a year ago, to a median price of $2,000 for a one-bedroom apartment. This unit on South Clark Street rents for $2,000 a month.


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