Today it's more and more common to provide a Home Warranty when you sell your home. On the west coast, Home warranties are commonplace and almost required. Here in Illinois they are fairly common - especially on older homes. And you always get a warranty when you purchase new construction.
A typical home warranty will cost between $300-$400 dollars. I typically offer my clients three different Home Warranties: HWA, HMS or Kettley Realtors Warranty.
There are many different home warranty companies available and I'll give you a list of some of the ones I've found at the end of this blog. But first, we'll talk about why you should use one. With an older home, a home warranty just gives a buyer peace of mind. Typical buyer questions about your home will be "How old is the roof", "how old is the furnace", "have the windows been replaced", etc. They want to know about all the "Major" upgrade items they may have to shell out for after buying the home. Nothing is worse that finding out you have a major repair on a home you just bought.
Because all home warranties are different - I'll use HMS as an example. This is one of the warranties I often recommend and they have excellent phone support when you have a problem. HMS offers a home warranty on a single family home, townhome or condominium for $399.00. This covers the following: Electrical, Plumbing, Water Heater, Sump Pump, Oven, Range, Stove, Built in Microwave, Refrigerator, Built in Dishwasher, Washer, Dryer, Garbage Disposal, Built-in Trash Compactor, Central Vacumn system, Garage Door Opener, Ceiling Fans, Door Bell Chimes. Heating & AC systems are included for the buyer - but cost an extra $70.00 for the seller. You can also purchase optional coverage for a jetted tub, well pump, swimming pool or spa.
As you can see - you get a lot of coverage for $400 dollars. When this is provided as part of the marketing package - a realtor can market the coverage and piece of mind when marketing the home. I can even put a sign rider in front of your house that says "Covered by a Home Warranty". Think about the first time you bought a new home. How nervous were you? I know I was nervous. Having a home warranty takes a lot of worry out of the process. The second advantage is - you are covered. From the moment your house is listed or when you purchase that home warranty - you as a seller are also covered for the systems I mentioned above. If you have purchased a second home already - this can really help alleviate the worry of taking care of two homes. Something goes wrong - your covered.
Most home warranty companies work in a fashion similar to HMS. Each has a list of the sytems/items covered, available upgrades, cost and deductible. Most have a $100.00 or $200.00 deductible per "visit" by a contractor. So it's best to wait until you have several items that need to be taken care of.
Here is a list of some of the Home Warranty Companies out there:
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
I was out showing rental houses today to a client who is moving to the area from Pennsylvania. Last week he had the whole family out and I showed them around different areas and tried to give them a feel of neighborhoods. They are truly a great group of people and I really want to do whatever I can to help them.
As we were viewing rental properties tonight - it seemed like almost every one was listed For Sale, For Rent, Lease Option or Rent with Option to Buy/Rent to Own. Because of the market slowdown - many sellers are willing to do whatever they can to work out a deal with someone who is interested in their house. That's good news for buyers - it is now a Buyers Market. But just because the owner says they are giving you an opportunity to own- doesn't mean it is a good opportunity.
People often tell me they are interested in a Rent to Own situation but the term has been thrown around so much that the original context has been lost. Many landlords will say "Rent to Own" or "Rent with an Option to buy". When all they mean is - you can rent the house - and if you decide to buy it, you are more than welcome to. This is not a true Lease Option/Rent to Own situation.
RENT TO OWN - in a typical rent to own situation, the landlord is going to give you a credit each month for part of your rent payment. Say $200.00. Over the course of a year, you will accrue a credit of $2,400. This credit can then be used as a down payment or to pay for closing costs. This will depend a great deal on what the lender will allow. The lender usually wants to see that you are paying above market rent - thus making it a legitamate pre-payment of funds towards the purchase of the home. You may be able to just have the seller pay your closing costs - but then, in todays market - you will probably need some sort of downpayment.
LEASE OPTION - in a lease option you are purchasing an "Option" to buy a property at a future date. Typically, a buyer will give the seller a down payment, say $5,000. This payment is made to purchase the option to buy the home. Usually, you would determine and fix the purchase price at the time you purchase the option. Sometimes you will agree to pay market price at the time of the sale. In todays market, this makes no sense. Values are not going up - they are going down. And "Market Value" is a highly debatable issue. Who determines what the market value is? The seller? That doesn't work. In todays market It makes more sense to wait and see where the value is in a year or two.
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
I finally got a chance to tour the new Boulder Hill Condos off Boulder Hill Pass - down behind the shopping Center at the Rt. 25 Entrance. These apartment buildings are being converted to condos as they are sold. Prices start at $75,900 for a one bedroom unit and go up to $120,900 for a 3 bedroom townhome.
There are two units you can view as models - both have been furnished by IKEA and look really nice!
These units are similar in size (but more updated) as the Deer Run Condos off Rt. 31 in Oswego. All units will have association dues but heat will be billed separately. Some of the standard home features will include:
For more information, floor plans or to tour the models call!
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
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I run Blue60.com - a directory of resources for Real Estate Professionals. Grow your businss with Blue60.com. I'm also a Realtor serving Oswego, Naperville, Montgomery, Aurora, Plainfield, Yorkville
What we do
Blue60.com is a directory of resources for Real Estate Professionals. We have put together a directory of websites with products and information specific to the real estate industry. Our directory is 100% human edited and maintained. That means there is no automatic inclusion of links from useless or unrelated websites. Each resource in our directory has been approved by an editor and only included when the website offers value to the real estate industry. We include both free and paid links in our directory - both must meet the same quality standards.
For Real Estate Professionals
Links in our directory are organized by category. You can also search by keyword and/or state. Through our daily blog we aim to offer relative information that will help make your job easier. If you have a suggestion for a link that should be inlcuded or you would like to offer a suggestion for our website, please don't hesitate to contact us.
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Areas I serve - Search the MLS by clicking here or click on the name of any city below:
My office is located in Oswego, IL. just south of Aurora and West of Naperville. I serve the surrounding areas; Naperville, Aurora, Oswego, Montgomery, Plainfield, Romeoville, Bolingbrook, Lisle, North Aurora, Batavia, Geneva, St. Charles, Elburn, Plano, Sandwich, Yorkville, West Chicago, Wheaton, Warrenville and a few other areas. If you are outside this area I can refer you to someone I know and trust. It's always best to work with a Realtor familiar with your area. I grew up in and around the far west suburbs. I have family in many different towns and I drive through different areas I serve each and every day.
Single Family Residential Homes
I've been selling real estate for nearly 7 years in the far west chicago suburbs. When I started out I bought and sold my own home as well as homes for my sister, cousins, aunts & uncles. It's nice to have a big family ;) Even more importantly, I learned very quickly that it's more than just a house - it's a home. For first time buyers this can be an especially emotional time. Coming from a large family, I understand how different people have different wants and needs when it comes to househunting. I often tell my clients that it may take 2 or 3 trips out in the beginning before they really understand what is important to them. This becomes easier as you buy and sell more homes. As a Realtor I also think it is important to know the communities you work in. I only work in Kendall, Kane, Dupage, Will & Dekalb counties - and not all cities in those counties. If you are looking for someone in area I don't serve - I will be happy to refer you to someone I know and trust.
Multi Unit Apartment Buildings
Small apartment buildings often represent the first forage into investing for many would be real estate moguls. My first home was actually a 5 unit apartment building in Chicago. Apartment buildings offer a unique set of concerns that are different from other types of real estate. You need to learn about rental contracts, deposits, local ordinances, etc. Do you know which cities require a yearly inspection of rental property? Do you know if that basement apartment is legal? These kinds of things will affect your real estate down the road. You don't want to buy a 3 unit apartment building only to discover the basement apartment is illegal? If you're working with an agent to buy/sell apartment buildings - shouldn't you work with someone who is an investor themself? I have been an investor since before I became a Realtor and I'm always excited about helping someone put their money to work.
Short Sales/Pre-Foreclosures
The buzz word in todays market is "Short-Sales". A short sale is when a seller is selling their house for less than they owe. Typically, this means the bank is taking a loss. But less of a loss than if they were to foreclose. For buyers - this represents an excellent opportunity to get a good deal. Whether you're buying or selling a short sale home - you don't want to be the test run for an agent that's never done one. Did you know that nearly 80% of short sales are rejected by the banks? After learning the hard way over the last two years - I've put together a team of experts that gives you the best possible option of completing a short sale. When putting together a short sale, the "Short Sale Package" is an important part of the preparation you must make to get your short sale approved. I've teamed up with a national short sale processing company that regulary works with all the banks. Using paperwork created to make the bank happy - and short sale negotiators who know what the banks want to see - I've got over an 80% approval rate for short sales. For more information on short sales visit my website at http://www.IllinoisHouseHunter.com/
Foreclosures/Bank-Owned/REO
When a bank takes back a property it is called REO or Real Estate Owned in the industry. This means the bank now owns the property, manages it, pays for repairs and puts the home on the market. When these properties are placed on the market they are vacant and often times in need of repairs. In addition - the banks are typically allowed to accept multiple offers. If you can stomach the wait - sometimes 3-6 weeks, you might just wait out the competition and get a good deal. For more information on Foreclosures please visit http://www.IllinoisHouseHunter.com/
With over 10 years experience in the media, I am always looking for creative ways to market properties and meet my customers needs. Video is one of the biggest tools starting to change the real estate industry. With my background in Television, it just makes sense to take advantage of this great tool.
MARKETING BACKGROUND
Over 10 years experience in Radio, Television & the internet has given me a thorough understanding of how to get a message across to an audience. Now I use these unique skills to help people buy and sell houses.
INVESTMENT EXPERIENCE
As an investor and homeowner myself, I have a thorough understand of the needs of both Homeowners and investors. I'm always happy to share my own experiences and background if it will help you meet your needs.
BA in Communications from the University of New Mexico in Albuquerque, New Mexico.
Member, National Association of Independent Landlords
Member, Chicago Creative Investors Association
Member, National Association of REALTORS
Member, Illinois Association of REALTORS
http://www.illinoisrealtor.org/
e-PRO Technology Certified
Other Awards:
Eagle Scout Award, Boy Scouts of America
Emmy Nomination 1996, 1997, 1998
A Kettley Realtors Top Office Salesman for 2004
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