The Blog Dog .net

BUYING A HOME SOON?   Do you want to find the best home or property for your needs and to make the wisest investment possible?

Wanna get a good deal?  Lyn Sims understands the importance of this major purchase to you and has the essential knowledge to ensure your buying experience is a smooth and successful one!

Here's a dozen reasons why Lyn Sims can help:

1. Determine your buying power and criteria.
2. Research available properties in your market via many resources such as the Multiple Listing Service (MLS) and a broad network of REALTORS - even if you are locating to another city.
3. WE HAVE ALL THE PROPERTIES LISTED FOR SALE IN ONE PLACE - THE MLS!  No need to go jumping around from site to site to find a home. (START MY SEARCH NOW)
4. Show you properties that meet your personal criteria.
5. Give you objective information about each property.
6. Negotiate a price that fits your budget.
7. Help you understand different financing options and identify qualified lenders.
8. Provide up-to-date information on property values, real estate taxes, municipal services and facilities, and local zoning changes.
9. Recommend home inspection services to help analyze the structure and condition of the home.
10. Understand the complex paperwork and steps for the purchasing process.
11. Serve as your advisor from "offer through closing".
12. WE DON'T COST YOU A THING - Zip, Zero, Zilch!  As a buying client you pay no fees for our services.

Lyn Sims, a veteran realtor at RE/MAX Suburban, wants to help you find your next home.  Go to the  "Consumer Advisor"  section of her website to learn more tips, suggestions and plain advice on searching for your new home!

Please contact me Lyn for more information!

Lyn Sims at (847)230-7324   Northwest Suburban Areas of Hanover Park, Bartlett, Streamwood, Elgin, South Elgin, St. Charles, Schaumburg, Hoffman Estates, Roselle, Medinah, Elk Grove, Itasca, Bloomingdale, Carol Stream.

Homes for sale in Hanover Park IL©2008 Lyn Sims - TheBlogDog.net  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

NEED HELP FINDING A HOME AND DON'T KNOW WHERE TO START?

DID YOU KNOW THAT USING THE SERVICES OF A REALTOR WILL COST YOU NOTHING?  That's right - nada, zip, zero and zilch!  You get the advantages of the realtors experience in contract negotiations, neighborhood knowledge, mortgage programs, and a whole list of other skills wrapped into a nice package! 

Just to mention a 2006 survey, a full 76% of home buyers purchased their home through a real estate agent.  Real estate professionals are relied upon to have experience in every aspect of a typical home purchase.  The home buyer ultimately wants the agent to help the buyer find the right property to purchase (50%) and many more concerns. 

1)  Help find the right home to purchase.

2)  Help buyer negotiate the terms of the sale.

3)  Determine what comparable homes are selling for.

4)  Help with price negotiations.

5)  Help with paperwork.

6)  Help determine how much a buyer can afford to spend on a home.

7)  Help find and arrange financing.

A real estate agent, such as myself, Lyn Sims, has all the available properties for sale listed in one place (MLS) for you to look at.  No hopping around from site to site!  Most listings now have virtual tours and multiple interior pictures so you can get a complete feel for the homes qualities and room sizes.  Another important step that must be taken first is to get pre-qualified for a loan BEFORE you begin your home search!  I can also help with any questions that you might have in the mortgage/loan area also because I've been thru the process before!

I look forward to working with you on finding your new home.

My Bio and Qualifications can be found here for you to check out. I've been working in the area for over 20 years and can answer all your questions about a neighborhood that you might be interested in.

What makes a Good Neighborhood?

I'm excited and I want to start looking now Lyn - take me to the MLS search!

 

Lyn Sims at RE/MAX Suburban (847)230-7324

Homes for Sale in Streamwood IL and surrounding areas of Hanover Park, Bartlett, Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Medinah, Itasca, Bloomingdale, Carol Stream, Elgin, South Elgin, St. Charles.

 
Homes for sale in Streamwood IL©2008 Lyn Sims - TheBlogDog.net  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.

Home Seller Closing Costs – there are more closing costs in the average real estate transaction than just the Realtors commission!  Here are a few examples of standard closing costs in our area.


Survey - Sellers in Illinois are responsible for giving the prospective buyer a plat of survey of the property. The price for a plat of survey can range from $150 to $600.  In our area it cannot be older than 6 months.

Recorded release of mortgage - Verifies that your mortgage has been completely paid off by the sale proceeds, usually $20 to $150.

Courier fee to pay off loan - Typically runs $50 to $100 or more.

Title insurance - The seller must provide a policy of title insurance for the buyer. The cost of the policy depends on the sales price of the home and its cost can vary from a couple hundred dollars to several thousand dollars. Some title companies have added additional charges to the basis title charge. These fees go by the name of “update fees,” “policy issuance fee” and the like. Some fees are as low as a couple of dollars and others up to $100.   (Examples would be $200,000 is $1075 - $300,000 is $1275. - $400,000 is $1475. - $500,000 is $1675.)

Local city, town or village property transfer tax; county transfer tax, state transfer tax - The tax man cometh, and it could cost you, although the charges vary from municipality to municipality. In Illinois, the seller picks up the county tax ($.50 per $1,000 of sales price) and the state tax ($1 per $1,000 of sales price).

In most local municipalities, the seller also pays for a local Transfer Tax or Transfer Tax Stamps. In general, property transfer taxes can range from nothing to $10 per $1,000 of the sales price or more, or you may be assessed a flat fee.  Examples below.

Bartlett - $3 per $1,000 of sales price.  Purchasing and staying withing the village is waived.
Elgin – nothing.  There’s nothing better than zero and unfortunately it's rare.
Elk Grove Village - $3 per $1,000 of sales price.
Hanover Park - $1.50 per $500 of sales price.  You always have to get a jokester at one of the villages!  Jeez they wanna feel special.
Hoffman Estates - $3 per $1,000 of sales price.
Schaumburg - $1 per $1,000 of sales price.  If you are also moving from one village location to another this fee is waived and costs $10.00.  If you are a senior citizen the cost is $10.00.

Credit to the buyer of unpaid real estate taxes -  Depending on how and when property taxes are billed in your county, it’s possible that you will have to credit the buyer 105% to 110% for real estate taxes that were for the time period you owned the home but will be billed after the closing date of the sale of your home.

Attorney’s fees - If you choose to use an attorney (which you should by the way), you’ll either pay a flat fee starting around $375 or by the hour.  Your attorney will prepare the HUD-1 which is the closing document that lists all closing costs/fees for both the buyer and the seller.  All or any of these fees will be added to your HUD-1 Statement for closing.

Broker’s commission - If you’re using a brokerage firm, expect to pay anywhere from 4 to 7 percent of the sales price.  Include any sales incentives that are popular now to attract more buyers to your home.

FHA fees and costs - All FHA fees used to be the responsibility of the seller, but they are now negotiable. But if the buyer can’t pay the fees, and the seller refuses to kick in a few bucks, the lender may not fund the loan. There can be points based on the mortgage amount in which 1% is equal to 1 point of the loan amount.  Some areas also require a termite inspection which would be $75 to determine there is no termite infestation of your home.

Condo/co-op move-out fee - A building charge that can range from nothing to more than $400. Some cooperative buildings can charge a percentage of the sales price to permit the sale of the coop. In some instances these fees can be as much as three percent of the sales price.  In most instances it is a refundable fee that prevents damage to the common elements by either yourself or movers that are moving your belongings.

Association transfer fees - Often required for condominium and townhouse sellers. Some of the fees are for processing the sales papers, move-out deposits, preparation of closing documents and even inspection fees.  Fees range from $75.00 to $200.00 depending on your association.

Paid utility bills - In many areas, local municipalities will not let you close until you have proved that you are current on your water bill.  They will not issue your required transfer tax stamps without your paid water bill.

Certificate of compliance with building and zoning codes - Your local municipality may charge for inspecting your home prior to the sale to insure that it meets up to date code requirements. Such inspections can cost a nominal amount or run more than several hundred dollars plus the cost of fixing any items that are non-compliant. In addition, some municipalities charge a fee to verify the number of dwelling units permitted at a home being sold. The cost of such certificate can be nominal, but it may be a hassle to obtain the certificate.

Home Warranty - Policy which guarantees to the buyer that all of the mechanical and electrical appliances are working on the day of closing and are guaranteed to work for the first year of ownership.  The cost for a warranty starts around $350 and can increase as additional option items are added.

Association reserves - In some areas, the reserves held by condominium or homeowner association are credited to the seller on the basis of the seller’s percentage of ownership in the association. Fortunately, for the seller, this is one of the few instances of money coming back to the seller rather than a payment by the seller.

Special assessments to associations - In many associations, if a special assessment has been levied, even if it can be paid over many years, the association will require that the assessment be paid in full at the closing.

Other credits to the buyer - In some cases, sellers give credits to the buyer for things that don’t work, or don’t look nice, in their home. For example, if the buyer’s inspector finds something wrong in the house, you may negotiate a credit to the buyer that will be paid at the closing. The cost of this will vary.

Unpaid mortgage or home equity loan or line of credit - At closing, the seller must pay off any mortgage and home equity lines of credit that are relating to the home being sold. The seller must remember that the prior months’ statement for the mortgage will not include the interest that is owed on the loan from the last payment date. Almost all mortgages are paid in arrears: you pay last month’s interest in the current month. Therefore, if you made your most recent mortgage payments, you will still owe interest for the current month until the loan is paid off on the closing day.

Short Sale or ‘Upside Down’ Loans - Although it seems unbelievable that anyone could be upside down on his or her mortgage (that is, owe more on the mortgage than the house is worth), many sellers each year will find themselves in this position. If you do manage to find a buyer, and the amount being paid for the home will not entirely pay off your mortgage, home equity loan or line of credit, you’ll have to come to the table with cash in hand. If the lender “forgives” your loan, the IRS may see that as income to you, and you’ll be taxed on the phantom income as if you actually earned it, at your marginal tax rate. Talk to your tax preparer for more details.

It’s important to keep a list of your closing costs, as well as a copy of all your purchase and sales documents, so that you can accurately figure out your home’s cost basis.


Lyn Sims (847)230-7324 RE/MAX Suburban

Over 20 years experience in the Northwest Suburbs of Bartlett, Hanover Park, Streamwood, Elgin, Elk Grove Village, Schaumburg, Hoffman Estates, Roselle, Medinah, Itasca, Bloomingdale, Carol Stream, South Elgin, St. Charles.


Home Search Website:  www.LynSims.net                 Email Lyn at:  LynSims@remax.net
Blogs:  www.RealEstateConsumerInfo.com
         www.TheBlogDog.net


Title charges from Chicago Title Insurance Schedule of Rates dated 8/1/08

Home Seller Closing Costs©2008 Lyn Sims - TheBlogDog.net  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.