How to Purchase a Short Sale Property in Less Than 6 Months -- in South Barrington or other areas of Chicago's Northwest Suburbs
Most short sale properties can take 2 to 6 months just to get an answer back from the bank (or more.) My buyer clients joke - "they should be called long sale properties."
So how can you ensure that buying a "short sale" property won't take so long?
We look for properties for our clients that have previously had their price approved by the bank. With such properties - there is a chance that you might be looking at a 30-45 day period. At any rate - it should be shorter than the typical. Especially if the seller had already submitted all the paperwork to the bank (though sometimes - they are required to re-submit, depending on how much time has gone by or other factors)
For a traditional short sale property - we ask a lot of questions of the listing agent, about which bank (and how many) are involved, is there a negotiator that has been set up, and many other questions - including asking about the listing agent's experience in handling short sale properties.
If our client opts for one of those (knowing full well that the process could take 6 months or more), we communicate with the listing agent to ensure that they get all the paperwork that is needed - into the bank - ASAP. We talk to the negotiator (if possible) because sometimes, listing agents don't have the full story.
We educate our clients about short sales versus foreclosures, so they understand that they are looking at shorter time frame for foreclosure properties, and so they know all the things that can go wrong when trying to obtain a short sale property.
We cover most of the Chicago Metro area - from our home base in Chicago's Northwest suburbs (Arlington Heights, Schaumburg, Palatine, Barrington, South Barrington Vernon Hills, Libertyville, Hawthorn Woods, Long Grove, Kildeer, Deer Park etc.)
Buyers:
If so, don't buy a home without an agent on YOUR side of the transaction!
Make sure you hire an Exclusive Buyer's Agent!
Make sure you hire an E.B.A.
Call us at (847) 566-7558 for more information.
Follow me on Twitter, Facebook or Linked in.
if you are serious about buying a home in the Chicago area within the next 90 days - feel free to contact me. As an Exclusive Buyer Broker (always on the buyer's side - never on the seller's side) I work with a select number of clients - so that I can provide the highest possible level of service. (My clients receive a lot of personalized research and attention - which by it's very nature, takes time - but has high payoff.)
Feel free to visit the Buyer Broker Chicagoland web site for more information.
Download our high-tech GPS-enabled Chicago area home search application onto your cell phone (works with any type of phone - as long as you have web browsing capability) by texting BBC to 87778.
Call 847-566-7558 or e-mail to schedule a complimentary initial consultation – so that I can determine if you are qualified to be a client. Thanks and have a great day!
Luxury Home Buyers in Barrington and South Barrington Illinois, Hawthorn Woods IL, and Chicago's North Shore Take Note....
High-end home buyers are coming back into the market based on low interest rates on Jumbo loans and bargain basement prices. Luxury home buyers choose Buyer Broker Chicagoland because they know we are always 100% on their side, with no dual agency conflicts of interest that a “buyer agent” can have - and as Certified Negotiation Experts - they can save tens of thousands - if not 100k or more on their purchase. The difference between a typical agent and an expert negotiator is huge. Unlike 99.9% of other agents - we align our compensation to be in the buyer’s best interests, instead of the opposite -- which is something any true fidicuary should do.
Jumbo loans (those bigger than $417,000) are a better bargain than they have been in years. The average rate on a 30-year jumbo mortgage is just over 5%, down from 6.41% two years ago. So a monthly payment on a 30-year $600,000 home loan is now about $3,280, about $480 less than the cost of the same loan two years ago, for an annual savings of about $5,800.
Besides being cheap relative to historical rates, they are cheap relative to smaller "conforming" loans, which are backed by Fannie Mae, Freddie Mac and federal agencies. The difference between the rates on a jumbo mortgage and a conforming loan is just 0.43 percentage point, the narrowest spread since 2007.
Jumbo loans accounted for almost one in every six new mortgages, including new-home purchases and refinances, in the first quarter of 2011. At that pace, the number of jumbo loans issued in 2011 could be the highest in five years, when the housing market was near its peak.
Some people are trying to lock in a government-backed jumbo loan now ahead of a planned limit reduction.
In October, the federal government will start reducing support of jumbo loans as large as $729,750, which it began as an emergency measure three years ago. The new limits will vary by location, but will drop.
Buyer Broker Chicagoland sees that buyers in Barrington, South Barrington, Kildeer, Long Grove, Hawthorn Woods and Chicago's North Shore (Deerfield, Highland Park, Winnetka, Glencoe etc.) are trying to take advantage of substantial price declines. That includes people who bought well before the housing bubble and who are still significantly above water now and want to trade up while prices are low.
Buyers who sat out the boom but stayed employed and saved money during the downturn now have money for these homes, and the jumbo loan is their ticket in.
Jumbo loans typically require a down payment of 20% to 30%. Buyers need to be able to document their income, assets and net worth, including two years of tax returns and recent brokerage and bank statements. As a buyer - you will also need a high credit score, at least 740 to 760 on the FICO-score range.
In the future, since lenders won't be able to sell as many jumbo loans to government-backed agencies—thereby unloading risk—they may not originate as many. The added risk means they likely will raise their interest rates.
Many lenders will have to stop originating mortgages over the $625,500 limit by the end of July for home purchases and by mid-August for refinances, since mortgages can take up to two months to close.
If you are in the market to purchase a luxury home in the coming months, feel free to call 847-566-7558 to schedule an initial one-hour no-cost consultation - to learn more about each other, and see how we get the results that we do.
Follow me on Twitter, Facebook or Linked in.
if you are serious about buying a home in the Chicago area within the next 90 days - feel free to contact me. As an Exclusive Buyer Broker (always on the buyer's side - never on the seller's side) I work with a select number of clients - so that I can provide the highest possible level of service. (My clients receive a lot of personalized research and attention - which by it's very nature, takes time - but has high payoff.)
Feel free to visit the Buyer Broker Chicagoland web site for more information.
Download our high-tech GPS-enabled Chicago area home search application onto your cell phone (works with any type of phone - as long as you have web browsing capability) by texting BBC to 87778.
Call 847-566-7558 or e-mail to schedule a complimentary initial consultation – so that I can determine if you are qualified to be a client. Thanks and have a great day!
Ever since I had a home buyer client that had an issue with a toilet leak - I've felt obligated to let all of my clients know about this tip - as well as many others.
They had purchased a townhome through me in Schaumburg IL (for a great price of course), and before they went off to their honeymoon, one of them had just used the bathroom. They flushed the toilet, and then left soon after. The problem was - some toilet paper or something else gummed up the toilet, and upon their return from their honeymoon, their stairs looked like a waterfall, and their basement was an 8 foot deep swimming pool! (They called me and asked for various remediation solutions / companies, which I provided, as well as a great drywaller & painter that charges less than half on what others charge, and has better quality)
There are a number of devices for sensing and preventing water leaks in the home. Most of them are fairly low cost, and they can save you a fortune. For example - should your toilet overflow, and you don’t catch it for a few minutes - the damage to floors or ceilings below, can be extensive. (I once had a very (shall we say) rotund person sit down with force on my toilet, and they accidentally jarred a hose loose - just from the act of sitting on it. It happened to squirt out the lid at just the right angle - and since I didn't catch it for a few minutes - it destroyed the drywall in the ceiling of my garage. But my painter dude came to the rescue & fixed it for a mere hundred bucks.) Thus - from these two instances - I always like to tell people how important water detection devices are...
There are everything from battery-powered devices (Zircon - $25 for example) that sound an alarm when water is detected, to ones that shut the main water supply off if a pipe bursts. 
It is a good idea to have a pan underneath a water heater to contain leaks. There are devices that can shut off the water and also the gas or electricity connected to the water heater - should there be an issue.
It is also a good idea to always have a pan under your washing machine - that catches leaks - and you can also have an automatic shut-off that detects leaks and shuts off water going to the washing machine.
Did you know that a toilet that runs for two weeks wastes 60,000 gallons of water? Testing for a toilet leak consists of dyeing the water in the toilet tank, either with a few drops of food coloring or a dye tablet provided as part of a leak detection kit, available from your hardware store or water provider. After dyeing the water, wait 20 minutes or so and check the water in the toilet bowl. If it is still clear, then no water has leaked from the tank. If it has even a tinge of color, then your toilet has a leak. Sometimes, if you have a very bad leak, the toilet will flush by itself, and there may be no color visible in either the bowl or the tank.
While there are several possible causes, by far the most common source of leak is the valve that controls the release of water from the tank to the bowl. In most toilets, this is a rubber flapper valve. Depending on water quality and whether you use a toilet bowl cleaner in the tank, these flaps may last from 2 to 7 years. Replacing a flapper valve is not difficult. For detailed instruction, see www.toiletology.com
Leak detection and prevention devices are supplied by the following manuf
acturers:
Leak alarm:
Manufacturer: Zircon Corp.
1580 Dell Ave
Campbell, CA 95008
(800) 245-9265
Electronic water main shut-off:
Manufacturer: WaterCop/DynaQuip Controls
10 Harris Industrial Park
St. Clair, MO 63077
(800) 545-3636
Electronic water heater shut-off, electronic washing machine shut-off, and flood prevention supply hoses:
Manufacturer: Watts Regulator Company
815 Chestnut Street
North Andover, MA 01845
(978) 688-1811
Water heater shut-off:
Manufacturer: FloodMaster, Inc.
63 Main Street
Dobbs Ferry, NY 10522
(888) 771-4929
Follow me on Twitter, Facebook or Linked in.
if you are serious about buying a home in the Chicago area within the next 90 days - feel free to contact me. As an Exclusive Buyer Broker (always on the buyer's side - never on the seller's side) I work with a select number of clients - so that I can provide the highest possible level of service. (My clients receive a lot of personalized research and attention - which by it's very nature, takes time - but has high payoff.)
Feel free to visit the Buyer Broker Chicagoland web site for more information.
Download our high-tech GPS-enabled Chicago area home search application onto your cell phone (works with any type of phone - as long as you have web browsing capability) by texting BBC to 87778.
Call 847-566-7558 or e-mail to schedule a complimentary initial consultation – so that I can determine if you are qualified to be a client. Thanks and have a great day!
Vernon Hills IL Low Priced Homes / Properties
Follow me on Twitter, Facebook or Linked in.
if you are serious about buying a home in the Chicago area within the next 90 days - feel free to contact me. As an Exclusive Buyer Broker (always on the buyer's side - never on the seller's side) I work with a select number of clients - so that I can provide the highest possible level of service. (My clients receive a lot of personalized research and attention - which by it's very nature, takes time - but has high payoff.)
Feel free to visit the Buyer Broker Chicagoland web site for more information.
Download our high-tech GPS-enabled Chicago area home search application onto your cell phone (works with any type of phone - as long as you have web browsing capability) by texting BBC to 87778.
Call 847-566-7558 or e-mail to schedule a complimentary initial consultation – so that I can determine if you are qualified to be a client. Thanks and have a great day!
Schaumburg IL Low Priced Homes / Properties
Follow me on Twitter, Facebook or Linked in.
if you are serious about buying a home in the Chicago area within the next 90 days - feel free to contact me. As an Exclusive Buyer Broker (always on the buyer's side - never on the seller's side) I work with a select number of clients - so that I can provide the highest possible level of service. (My clients receive a lot of personalized research and attention - which by it's very nature, takes time - but has high payoff.)
Feel free to visit the Buyer Broker Chicagoland web site for more information.
Download our high-tech GPS-enabled Chicago area home search application onto your cell phone (works with any type of phone - as long as you have web browsing capability) by texting BBC to 87778.
Call 847-566-7558 or e-mail to schedule a complimentary initial consultation – so that I can determine if you are qualified to be a client. Thanks and have a great day!
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Are you buying a $250,000 to several million dollar home in the Chicago area within the next 90 days? Then you need to meet with us to compare the difference!
At Buyer Broker Chicagoland - we represent home buyers and investors 100% of the time - in the Chicago area. We never represent sellers!
What is an Exclusive Buyer Brokerage never list property for sale or represent sellers - EVER!
That means - we have "no conflicts of interest" unlike "buyer agents" who list property for sale and represent sellers. They are generalists. Worst of all - you might only be half represented - which is really no representation at all!
We are specialists. Our focus is on you - the buyer. Home buyers - we are on your side -- and in your corner.
Unfortunately - most consumers don't know the difference between an Exclusive Buyer Agent and a Buyer Agent. Even most Real Estate agents don't!
When you are represented by an Exclusive Buyer Agent - you are assured of receiving the best possible representation in Real Estate for home buyers - over what you would receive from a buyer agent. We have no dual-agency conflicts of interest - and no home showing biases based on commission payout (and because we don't list.) We eliminate those biases based on the nature of our contract with you - the buyer. Also quite different - you can opt that we get paid less when your purchase price is higher, and more - when it is lower.
Follow Buyer Broker Chicagoland on Twitter
Fan Buyer Broker Chicagoland on Facebook
We serve homebuyers in the following areas:
Jen and I wanted to take a moment and thank you for all of your hard work and. most importantly, your never ending patience!
True to your word to the very end, you removed the stress and hassle of dealing with traditional real estate agents/brokers by always looking out for our best interests and never making us feel under pressure to make a hasty decision.
Your thorough research of all of the homes that met our criteria (which changed MANY times during the course of our search!) was essential in locating the perfect home and negotiating a fair purchase price.
Being first time homebuyers, it was such a relief to know we had true professionals in our corner who would always take the time to explain the in's and out's of every property we toured, all the while making sure we were aware of any potential problems.
I believe everyone should have that kind of unbiased "insider information" when buying a home --- and you made sure we had all the information needed to make our very important decision. As Jen and I settle in to our first home, we can't help but smile at our good fortune having found you. We not only found our Dream Home at a Dream Price, but, through your contacts, we obtained a remarkable lender and attorney as well, making our home buying process easier still.
It is remarkable in this day and age that a company that speaks of its pride in Customer Service and Loyalty not only lived up to their claims, but far exceeded their customer's expectations.
It’s no doubt that the only way to buy a home is with the help of an exclusive buyers agent. It is the only way to know you are not getting shafted!!! Having an exclusive buyer’s agent is having an expert in your corner who’s interests in the transaction are the same as yours….saving as much money as possible on the purchase of the home. It’s piece of mind.
I think every first-time home buyer should be required to use an exclusive buyer’s agent! Thank you again for your superior service and rest assured that we will highly recommend you to anyone in the market for a new home. Sincerely, Ken and Jen
-- You were so patient with us as first-time-homebuyers. You didn't hesitate to show us as many properties as we needed to see in order to make an intelligent and informed decision. You negotiated hard on three different properties for us - and got us the best deal of the three, and over $30,000 of savings between the price-off, loan savings, and home inspection and closing cost credits.
You pointed out ahead of time that one house would need about $40,000 in fixes that were not obvious to us. In that way - we saved a lot of money buy not making an offer on it - and then wasting money on a home inspection, only to find that the house wouldn't be up to our standards - and then having to do it all over again.
We are so grateful that we found you! Mark and Nicole B.
As a first time homebuyer, I didn't know what I could expect from the process. You explained his background and the process of buying real estate. After interviewing me in-depth – listening to really understand my needs and priorities --- you set up a web service which was very targeted to my exact needs.This gave me a wide variety of housing types to look at. After reviewing the written comments I made on each property, you answered my questions, and worked with me to narrow down the list of properties.
You pointed out features of properties that would be beneficial or harmful, rather than trying to "sell" me on a property as a regular agent might. At the closing – you were with me until the very end. You worked with my attorney to fix various issues that came up during the closing. You also looked over the final documents and found several items that were overlooked.
I am confident that my home purchasing experience was smoother, and through your due diligence, cost far less than if I had proceeded using a traditional buyer's agent who worked for a company that also listed property for sale. Thanks for a fantastic, fun, and profitable experience! Sincerely, Rob B
-- As a first time homebuyer, you helped me purchase a 3 bedroom, 2 bath townhome in Hoffman Estates in the low 200's for $20,000 off of market value. It wasn't a "fixer upper" but rather had a brand new Trane Furnace and Bradword White hot water heater that other buyers overlooked. Apparently - other buyers bypassed it because the floorboards in the hall upstairs were warped and creaky – and some other issues which you helped convince them to fix, during the home inspection phase.
Most buyers can't see past the faults that can be easily fixed - and they overlook the major things. They get enamored by the "fluff" and decorating. You taught me what a great value this property was! Whenever I do anything, whether it's making a big purchase, planning a vacation, researching a new product, or almost anything else, I like to do my research first. I always like to have as much information as I can before I make a decision. I did lot of research online – and read a lot of articles.
It just seemed like common sense that if I was going to use an agent it should be an Exclusive Buyer's Agent. Why wouldn't I want someone who's only working for me, versus someone who can be committed to the seller in some sense (even though they may not admit it).- through their training, the majority of their work they conduct, kissing-up to their "friends" in their office or in other offices - to help get their own listings shown, and even how they are compensated (where they make more the worse they do for you.)
Thank you, thank you, thank you - for getting me such an amazing place at an amazing price! I can't thank you enough!!! Heather S.
-- You were very good at showing us homes that were "on target" in terms of what we were looking for. You found us an amazing house for an amazing price, and had the seller the majority of the home inspection issues that we wanted.
It is too bad that the Illinois Association of Realtors would like to keep Exclusive Buyer Agency a secret (we saw their brochure - and EBA's weren't mentioned) – but I guess if the state exposed it as a consumer option in their consumer disclosure brochure – the traditional mega brokers would lose business – and that will never happen because the mega brokers control what the state legislators do - via their PAC money - and they want their double-dipping conflict of interest laden business model to keep going - so the only way to do that is to keep the public in the dark. George and Lauri G.
-- Thanks for all your help in buying our first home. The advice and guidance you provided was invaluable. We are extremely happy with the home purchasing process that you took us through. You provided us great confidence in knowing that you had our best interests in mind.
Thanks for tirelessly sending us home listings and for visiting numerous homes with us. We appreciate your hard work, effort, and patience during the process. We are entirely grateful for your expertise and for giving us a positive home buying experience.
Thanks for all your help! Enclosed - a $50 gift card from Target for you, for all of your hard work for us! -- Isaac and Tina
--- You did a GREAT JOB for me. You helped me identify several homes in Buffalo Grove that met my criteria perfectly – saving me a ton of time. You explained all the forms, procedures, and sophisticated negotiation strategies you use to help your clients buy a home at the best possible price. Through your information research about the seller - you helped negotiate a great sales price. You were very easy to connect with, contact, and talk with, and if there was a voice mail, it was returned promptly - usually within 5 minutes.
You were very patient and attentive to my questions and goals. I had worked with other Realtors in the past - including those "big faces" seen on billboards - and they were very unresponsive. I highly recommend your services! -- Jim S
--- I wanted to drop you a line to thank you on behalf of Donna and myself for all of your hard work and efforts. We are very pleased with our new home and have had a very pleasurable experience through the whole process. Your efforts for "attention to detail" and effort have not gone on without notice.
Your follow-up on all the details and "detail orientation" made our state to state experience a worry-free experience. Please feel free to give my name out for any reference to any future clients. It would be our pleasure to talk to them and share our worry free experience with them and put them at ease knowing that your company is always working 100% in their best interests. We used your services because we were tired of dealing with agents who don't care about the buyer.
You clearly displayed how you work very hard in the buyer's best interests. I'll definitely be referring you to friends and family. -- Steve S
---Our transition to Illinois from Utah was smooth and stress free. You worked closely with us to gain an understanding of the type of home, neighborhood, and amenities we were interested in. You became familiar with our busy working schedules and took the time to preview each of the properties that fit within our budget and our interests.
This saved us a great deal of time. We narrowed down the neighborhoods we were interested in and you took it upon yourself to research all of the amenities, schools, local establishments, and general property history and information. You supplied us with a lot of great information and educated us on the Lake Zurich area.
You truthfully brought to light BOTH the positives AND negatives of each property we saw - so that we could make the most informed decision possible. In addition to helping us with the purchase of our new home, you gave us contact names and numbers for lenders, home inspectors, lawyers, insurance agents, and moving companies. You were very helpful in getting us in contact with each of these individuals and making sure all of our home purchasing needs and requirements were covered.
I would work with your company again for future home purchasing needs, and will highly recommend you to anyone I know. -- Jim B and Kristen H
--- We received the best home buying experience we have ever had. You are an awesome negotiator!! You negotiated a huge price concession on a new luxury townhouse in Downtown Chicago, and went up against the “Donald Trump” of Chicago (big name developer) and whacked him down $200,000.
Our experience wasn't just about getting a great property at a great price - it was about having the confidence that we were provided with the best research to find what we really wanted, and that we would receive the guidance we needed - in all aspects of the transaction - including clearly knowing what we should or should not really pay, based on recent comparable sales, and market conditions.
We highly recommend you and your company to anyone. You had our best interests at heart and made the home buying experience relaxing, fun, and enjoyable! Great sense of humor!! -- Jay and Lynn
--- You showed me a sampling of homes in different communities, so that I could get a feel for what was really out there. You gave me great information about what it was like to live in each area -- the advantages and disadvantages.
You listened to my needs very well, and was very good at showing me homes that hit the mark. There was a property that I liked that went under contract just after I saw it. Rather than just give up and throw in the towel - you used your amazing detective skills - and we just barely outbid the other offer, and I got the house I wanted!
I couldn't believe it! You did what it took to make me a very happy camper and get the home I really wanted. Instead of me coming to you - sometimes you drove over to my house (as I didn't have a fax machine or scanner) to get the signatures that were needed. You really believe in personal service. I highly recommend you and your company to anyone who is looking for their next house. -- Michael D
--- You really listened to us and asked the right questions about our housing needs up-front - and you only showed us properties that "hit the mark" with us. It wasn't just about the housing though – you asked about our community preferences and what type of lifestyle we really wanted. You gave us a very nice home buyer guide that explained all the in's and out's of buying a home - which included property comparison worksheets, negotiation tips, loan application procedures, closing procedures and other items. It was like receiving Rolls Royce treatment in a Chevy Cavalier world. -- Armondo and Julia B.
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