When negotiating to buy the house of your dreams, it is your real estate agent’s job to introduce you to the many tools available to keep your investment secure and protected throughout the home-buying process.
One such tool to protect your interests in a residential real estate transaction, whether you are the buyer or the seller, is an escrow account.
Taxes may be the last thing on your mind as you advance through the homebuying process. Yet, there are important tax considerations that need to be worked out before you get to the closing table. One of those considerations is property tax proration.
Property tax proration is a way to split property taxes fairly to ensure that each side is paying for the specific time that they were owners of the property. Since Illinois property taxes are paid in arrears, tax proration ensures that the buyer is fairly compensated for the tax bills they will receive after the closing, for the period in time in which the seller still owned the property.
Your real estate broker can help you better understand what tax proration is, how it works, and how it is calculated. Once you have a home under contract, your real estate attorney will work with the seller’s attorney to determine the exact amount due to you during the attorney review process.
What makes a house a home? It depends on who you ask.
For some of us, it’s shiny new appliances and a full slate of amenities that serve as an extension of the home. For others, it might be a home with vintage charm or an established neighborhood with a quaint downtown.
When it comes down to a decision to buy new construction or an existing home, it’s important to determine what’s best for you based on your lifestyle, and your needs and wants. Here are some of the unique advantages of both:
The thought of adding a new home to your holiday shopping list might sound a little insane.
Although it might seem like an overwhelming time to add the biggest transaction of your life into the shopping, parties and celebratory mix, there are actually a lot of perks to buying a home over the holidays.
If you are searching for a new home this holiday season, there are plenty of reasons not to put your home hunt on hold until the new year. Here are a few of those reasons why buying a home during the holiday season might not be so bad after all.
Buying a home often comes with surprises both good and bad — from meeting your awesome new neighbors to discovering unexpected issues throughout the home buying process.
For first time home-buyers who may have the most questions, a home inspection is an inexpensive way for all buyers to identify potential issues — and to avoid costly surprises. The inspection is an objective visual examination of the physical structure and systems of a house.
Here are some tips and considerations to guide you through successful home inspection and bring you one step closer to owning your dream home.
It’s no secret that purchasing a home can be a major undertaking, especially if you’re a first-time buyer.
As you navigate the process, there are all kinds of real estate terms that you are likely to encounter along the way. Knowing and understanding these terms will not only help you communicate with your broker but will also make your journey toward homeownership more seamless. Here’s a brief primer to help familiarize you with some common terminology:
You’ve heard it on the playground, on your super-secret Facebook mom’s group and at every kid’s birthday party you’ve attended so far – applying to public schools in Chicago is more rigorous than completing college applications (and, yes, that includes Kindergarten). While you might find your child is 8459403th on the waiting list for your top-choice school, or that your Excel spreadsheet is packed full of great options, many parents who’ve been there will tell you that the best information you will get happens on a tour through the hallways, gymnasiums, cafeteria, and classrooms.
“Chicago has so many amazing public schools to offer that are sure to fit the specific needs of each child. Take tours and see for yourself,” advises CPS parent and Ravenswood Elementary tour guide Stephanie Mandrell. “Don’t just rely on what you hear or read on the internet. Not every school is the right fit for every child so do your research, tour the school, and find the one that best fits the needs of your students and family.”
We checked in with parents, teachers and school tour guides and reviewed this great guide by Raise Your Hand and consulted with CUE resources for questions parents might ask to make the med school…erm, preschool…selection process a bit smoother, and to help you get all the information you need to make the right choice for your child. There’s a lot here and it is certainly not comprehensive. Of course, you will choose the right questions to ask (or email as a follow-up to the tour) based on your student’s needs.
In many real estate transactions, there is a fair amount of real estate negotiation – offers and counteroffers – before both parties are satisfied.
Whether there’s only one offer on the table or you’re navigating a multiple offer scenario as a buyer or navigating a multiple offer scenario as a seller, negotiation skills are critically important in today’s real estate market.