Chicago's North Shore - North and Northwest Suburbs Real Estate Archive

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Choosing a Neighborhood for Your Next Home

by Allyson Hoffman

If you’re moving to a new location, one critical decision in finding a new home is choosing the right neighborhood. While you may prefer a short commute or require quality schools, you’ll also want to select a community that fits your personality and your family. Here are three considerations to help with your analysis.

Know What You Want

Start by identifying what location features are important to you.  Are you seeking a picture perfect suburbia setting with tree-lined streets and children playing in the yards?  Perhaps you’d prefer an action-filled downtown with all of the best places to eat and hang out within walking distance. Or would a sophisticated neighborhood filled with fun amenities and young professionals be optimal?

Consider the amenities you need near your chosen location. Perhaps public transportation is a priority or access to city parks. Some buyers like to be within walking distance of a library or grocery store, while others feel that multiple choices of restaurants are appealing. Decide what is important to you and your family in advance of your search.

Consider the Type of Housing

In most cases, the majority of suburban homes will be single-family detached residences with smaller numbers of townhomes and condominiums mixed in.  Conversely in the downtown urban areas, condos and apartments will prevail with lesser numbers of free-standing homes. Consider the upkeep you’ll be willing to undertake and how much space you’ll want.

If you are looking for neighborhood amenities, newer subdivisions may be designed in their planning and construction phase to provide and offer more than traditional older single-family home neighborhoods where proximity to a downtown center may offer some of what you’d like and need, but it may be further from your home. If freedom from home maintenance chores is attractive, you might consider seeking a property in an area that includes lawn care and/or common areas with a pool, fitness center or entertaining space.

Drive the Neighborhood

One sure way to become familiar with any neighborhood is to drive to/through the area, park your car and take a leisurely walk down the streets. This will often provide insights as to who lives there and the sounds you’ll hear such as children playing, trains rolling by, the hum of a nearby highway, planes flying overhead or the soft silence of trees fluttering in the wind.

Multiple visits at different times of the day will provide the best overview of life in the area. While it may be relatively quiet during the day when everyone is at work and children are in school, nighttime could be the total opposite with cars cruising down the street or partying neighbors.

Searching for a home to buy is also committing to a neighborhood. Make sure you like both before you make that final decision. For additional information regarding the purchase of a new home, contact me today for a consultation. I will be happy to answer any questions you may have about Chicago's North Shore, North or Northwest Suburbs, and/or help you find your dream home.

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300

[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.   

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Surf Safely When Home Shopping Online & Elsewhere

by Allyson Hoffman

Estimates indicate that over 90 percent of today’s buyers first searched for their home online. In today's technologically savvy world, many people feel quite comfortable shopping online or even conducting their banking electronically. With so many people scouring the Internet to search homes for sale, homebuyers should avoid becoming a prime target for cybercriminals by conducting safe and secure online home searches.

Begin by only visiting legitimate websites. One of the most common tactics used by spammers includes establishing fake websites that capture personal information. These sites can easily appear convincing and present as a legitimate property listing site or lending site.

To maintain your privacy and to protect your sensitive information, look for sites using encrypted technology.  One way to also verify authenticity includes ensuring there is an actual address and telephone number listed. Bogus sites may be missing this crucial information. Should you preview a home for sale online listed with a real estate company or agent, consider asking your real estate agent to gather additional information for you.

In addition to exercising care while shopping online for lenders and homes for sale, it is also important to be cautious in the real world. While most advertisements are legitimate, to be safe it is always best to have your real estate agent accompany you to view a home.  Once you have secured a property and applied for a mortgage, be sure to transmit or deliver sensitive or confidential information to your lender in a secure setting, preferably not over the phone or in public.

Should you locate a property of interest online or through a print ad, don’t hesitate to contact me today for additional information about the property.  I can answer questions and be your first line of safety in the process of shopping for a home.

 


Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.   

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Buyer’s Market, Seller’s Market or Something in Between?

by Allyson Hoffman

The inevitable fluctuations in the supply of homes for sale and the demand for them make the real estate market much like your favorite childhood playground seesaw with rare moments of true balance.  To better understand how this analogy applies in the real estate world, here is a quick review of the varied types of real estate markets you can encounter and what they mean.

 - Buyer’s Market - A buyer’s market occurs when there are more homes for sale than there are buyers actively looking to purchase. This can be a time for buyers to potentially save some money by capitalizing on the abundance of motivated sellers who really need to move. In a buyer’s market it is not uncommon for sellers to reduce the price of their homes or offer other incentives to sell their property in an effort to secure a contract from a somewhat scarce buyer population.

- Seller’s Market - A seller’s market occurs when there are more buyers searching for homes than properties for sale. In this market, sellers are typically able to sell their homes for top dollar in very short periods of time, often receiving multiple offers that drive the purchase price higher than the list price of the home.  Moreover, buyers frequently will make concessions to sellers in an effort to present a more appealing proposal than any competing offer.

- Balanced Market – Balanced markets exist when current inventories are sufficient to satisfy roughly five to six months’ worth of buyer demand and homes sell reasonably close to their listing prices.

- Stratified Market – A stratified market occurs when segments of the same market area exhibit divergent levels of inventory relative to demand.

While these explanations are relatively straight forward, the real estate market often is not. This is because real estate markets can be applied to an entire city, a neighborhood, by price range or even different types of properties. Thus, it is not uncommon to see a seller’s market in lower, entry-level price ranges while a buyer’s market exists concurrently at a higher price point.

Some agents might advise to refrain from selling your home during a buyer’s market. But in many cases selling won’t have a negative impact on your portfolio if you plan to reinvest in a new home. What you may give up on the sale of your current home, could likely be recaptured on the purchase price of your next home.

Working with an experienced real estate agent should ensure that your real estate approach is appropriate for both the current market and your real estate goals. For additional information regarding the buying or selling process, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find a new home or determine the value of your existing property.



Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

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Receive Your Personalized Listing Alerts

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.
   

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Square Footage – What You Need to Know

by Allyson Hoffman

If you’ve started shopping for your next home and, like many buyers, initially use the Internet as your primary source of information regarding the homes of interest, it’s important to understand the truth about square footage and how that information is obtained and derived.  Direct searching by consumers on the Multiple Listing Service (MLS) is not possible. Thus, the scope of the information provided on the websites you may visit where the MLS listing details are syndicated for your home search convenience, can be misleading.

While most agents try to fairly represent a property’s square footage, it can be challenging to accomplish, primarily because there are so many different sources agents can use for that information. Moreover, differing sources can have differing measurements leading to differing estimates of square footage. One of the most valuable steps in deciphering the “reality” from the number is to know what is included or excluded in that particular representation as well as whose representation it actually is. It’s important to keep in mind that statements of square footage don’t always take into account spaces you might be thinking about or not considering in the size of the house such as garages, basements or even recent additions.

Square-foot estimates can come from the tax assessor, the builder, an appraiser, floor plans, the resident, blueprints, a plat of survey or even have been estimated by an agent or owner. With that many sources for the data, there is sure to be a difference of opinion about the number of square feet in any property.

But the wrong number doesn’t change the actual size of the house. Undoubtedly, this can surely be confusing.  The best and clearest idea for understanding the size of a home is to view it, personally.  Regardless of the square-foot estimate, the space needs to work for you and the space needs to be in the right places. So don’t completely rely upon an online square-foot estimate.  Moreover, if you’ve looked that property up in the tax assessor’s website where taxes are calculated, in part, by using estimates of square footage, understand that the home owner has a reason not to report an underestimate error if they are aware of one.

When searching for a home online, the best approach is to first make sure it has all of the criteria you need and then schedule an appointment with an experienced agent who understands your space expectations.  For additional information regarding the buying or selling process, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find a new home or determine the value of your existing property.

 

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.    

Image courtesy of Patricia Serna/Unsplash.com

Strategies for Winning a Bidding War Competition

by Allyson Hoffman

The current real estate market, has created increased demand for many homes. Homes with the greatest interest include those that are well priced, in good to excellent condition, skillfully staged, and those with professional photography to highlight the best features of the property.

Depending upon their criteria, buyers currently in the market to purchase a home may select a home with other interested buyers. This situation can lead to with simultaneous multiple bids on the same home. Should this scenario surface, here are some suggestions to enhance your offer and increase the likelihood that it will stand out from the others.

  - Price is important, but don’t forget the other terms of your offer. Have flexibility where you can. If the seller wants to move quickly or stay longer, offer to adjust your closing time to accommodate their schedule.

  - A larger earnest money deposit is another term of the contract that can make a big impact.

  - Consider including a letter to the seller with your offer. Home negotiating is relatively impersonal in today’s technology-filled world. Most offers are completed online, executed with digital signatures and submitted by email. A personal note from the buyer (even if the “letter” is emailed) can distinguish your offer from others. Share what you loved about their home and what you are looking forward to when living there. Appealing to the seller’s emotional side could be the difference in impact needed to land your offer on top of others.

  - Eliminate as many contingencies as you can from your offer. While most buyers require financing to complete a home purchase and cannot remove this condition, if you are comfortable purchasing the home “as is”, that scenario could be very appealing to the seller. This approach would typically still permit home inspections to ascertain the actual condition of the property before proceeding. Buying without asking the seller to make any repairs can be effective in a buyer becoming a multiple offer winner.

  - Absolutely include documentation showing you are qualified to purchase the home. A preapproval letter for a mortgage or proof of funds if you are paying cash is critical for sellers to seriously consider your offer.

  - Avoid requesting the seller to leave personal property not already included in the listing conveyances.

  - Don’t ask the seller to pay your closing costs. In some price ranges, asking the seller to pay part of the closing costs for the buyer is very common, but paying your own provides one more reason your offer could look better than the next one.

  - While price clearly isn’t the only factor important to the seller, it will often be a major determining criterion in choosing the successful bidder.  So if you really want the home and others do too, consider offering above the listing price. Keep in mind that if you think the home will only appraise for the price it is listed at, and not for the amount you are offering to pay, you may need to make it clear that you are willing to pay more than the appraised value.

Because there are so many variables within an offer, it can be really hard to know what is best in any given situation.  So having a trusted real estate advisor to guide you through the home buying process is critical to determining the best terms needed to secure the property when competing with other interested parties.

For additional information on submitting an offer to purchase a home, please contact me today for a consultation. I will be happy to answer any questions you may have about the home buying or selling process, help you to find a new home or determine the value of your existing property.

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.    

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Pointers for Preparing Pets for a New Home

by Allyson Hoffman

Moving to a new home means there are many things to plan for as part of the moving process. With numerous check-list items to complete, don’t forget about your pets.  Moving presents challenges and can be stressful for them too. As you prepare for your move, here are some suggetions to ensure your pets make a healthy and happy transition to their new home.

1. Secure copies of your pet’s records to have on hand for your new veterinarian.

2. Pre-move, research veterinarians to be prepared for an unexpected emergency. If you are unfamiliar with the area, ask your real estate agent for good recommendations.

3. Pack your pet’s food, medicine, leash, favorite toys and/or crate where they can be easily reached.

4. If travelling long distance, plan time for stops to let pets to get out and move around. It will help them to remain comfortable.

5. If you aren’t travelling by car, plan well in advance for any necessary special requirements for your pet to travel by plane or train.

6. Upon arrival, check your new home to assure its safety for your pet.  This should include the yard and fence, if any.  Make sure there aren’t any openings where pets can escape.

7. Introduce yourself and your pet to your new neighbors. It will help to assure a safe return more quickly if your pet should escape.

8. To ease the stress of the move, unpack your pet’s things promptly with ready access to their food, water and bed.

9. Make sure your pets are wearing a collar with tags that are updated with your new information.

10.  Try to retain a pet schedule similar to your old location in the new location to minimize the adjustment required.

11.  Make sure to relax and play with your pet. Even short walks will benefit pets as well as family members and lower stress levels for all.

For additional information or downloadable e-books on moving with pets, moving with children or moving in general, please feel free to contact me today for a consultation. I will be happy to answer any questions you may have about the home buying or selling process, help you to find a new home or determine the value of your existing property.

 


Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

Let’s Connect, Socially!

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.    

Image courtesy of rogerio/pixabay.com

Smart Home … Smart Move!

by Allyson Hoffman

Smart home technology once belonged in the realm of fantasy – but today it is a top feature that buyers are looking for in a home. This feature is exciting and can help with the marketing of your home. Smart homes are here, and homeowners are often surprised at how affordable it is to convert an existing traditional home into an innovative smart home.

Integrating smart technology into your home can improve your quality of life, and it could also improve the resale value of your home if you ever decide to sell. Anything that sets your home apart in a positive way is potentially beneficial. So, given that the cost is relatively small as compared to the possible return, why not take the initiative and smarten up your home?

Previously, smart homes were beyond the budget of the average consumer, but with advances in technology, and the fact that nearly everyone has a smartphone or tablet, the cost of integrating smart technology into the home has plummeted. Before long, smart-technology integration may be a requirement rather than a bonus feature, especially in the luxury real estate market.

To get ahead of the curve and make the transition now rather than later, here are a few things you can do today for a relatively small investment.

Smart Interior and Exterior Lights

For a long time, and with limited success, people have been trying to figure out how to turn off the lights without the need to get off the couch or out of bed. Now, using just a screwdriver and a few spare minutes, almost anyone can install smart lights switches throughout a home and control them via a smartphone app or by voice command. These lights can be set to turn on or off at preset times or when the sun rises and sets. Smart light switches cost about $50. For those not wanting to install new switches, or with a healthy fear of electricity, choosing to install smart light bulbs by Phillips can be a path to savings. Each bulb can then be controlled through a smartphone and no screwdriver is required.

Smart Door Locks

Have you ever lost your keys, had to rush home to let in a visiting friend or open the door for a handyman? With the addition of a new Smart Lock System, these worries can be a thing of the past.  An example of the technology includes the August Smart Lock which unlocks as soon as an authorized person approaches the door. Doors can also be unlocked and relocked remotely. Temporary keys can be issued to people such as contractors or short-term guests. Smart locks similar to the August Smart Lock typically cost between $150 and $250 and can be installed in just a matter of minutes.

Smart Thermostats

One of the most popular thermostats currently on the market is the Nest Thermostat. The Nest Learning Thermostat eliminates the need to program because it programs itself. Simply set it and adjust it as you normally would throughout the day. It will remember and begin to adjust itself in the future. The Nest Thermostat also provides the ability to set and monitor temperature via a smartphone or tablet. A Nest Learning Thermostat costs only $249 and can be installed in under an hour.

Smart Appliances

Finally, there are the new smart appliances. These are the most expensive upgrade to a home, because there is no way to turn a traditional appliance into a smart one. Buying new appliances is necessary. So if you are already in the market for a new refrigerator, dishwasher, coffee maker or washer and dryer, going the smart route is something to consider. Imagine a refrigerator that alerts you via text if you are low on milk or a coffee maker that cleans itself. Or how about a washing machine that tells you if there’s a problem or an unbalanced load?

Turning your house into a “smart home” is a great way to boost your home’s value with a relatively small investment, and make life a little more convenient in the process. For additional ideas on how to improve the value of your home, feel free to contact me today for a consultation. I will be happy to answer any questions you may have, help you to find your dream home or determine the value of your existing property


 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE
/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets.   

Image courtesy of Grant Sewell/Flickr.com

Home Warranty Highlights

by Allyson Hoffman

More sellers are now including home warranties with the sale of their homes to comfort buyer concerns. Ideally a home warranty provides some assurance to the buyer regarding systems, appliances or other failures within the first year of ownership by arranging for repair or replacement with only a minimal service call fee. Keep in mind that homeowners, themselves, can also purchase a home warranty at any time. Prior to purchasing a home warranty, homeowners should understand what they are and when they are most needed.

What is a Home Warranty?

A home warranty generally covers the major components of a home, such as heating and cooling systems, appliances and water heaters. Typically, minor repairs such as plumbing leaks are not included in coverage. It can be purchased for any age home, though the cost may increase with older properties with additional expense for larger homes or slightly lower costs for condominiums.

With some warranties, owners pay only a set amount regardless of the cost of the repair or replacement. With other programs, payment of a portion or percentage of the cost may be required. So it’s important to read the fine print before selecting a warranty. Know what is included and what can be added for an extra price.

The Benefits

For the buyer, a home warranty provides peace of mind by eliminating the possibility for hundreds of dollars in repairs or exhausting emergency funds for major issues during the first year of ownership. Even one repair can exceed the entire annual cost for the home warranty.

For the seller, a home warranty may attract additional buyers, especially if the home being sold is older with older systems and appliances. Because many first-time buyers may have limited funds to invest into the property, and a warranty can be an attractive asset.

The Downside

Paying for a warranty for years and never needing to use it for repairs may make the proposition appear as a useless cash drain with no rewards. This case is often seen with newer homes when a special home warranty may be unnecessary if the home is still covered under the builder’s warranty. For example, most appliances come with a two- or five-year manufacturer’s warranties, so you wouldn’t need a separate home warranty during that time.

In the end, the decision to buy or not to buy boils down to you and how prepared you are to pay for unexpected expenses. It also clearly depends on the age of the home you’re buying or selling. For additional information regarding home warranty options, feel free to contact me today for a consultation. I will be happy to help you determine the value of your home, or find your next dream home.

 


Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets. 
  

Image courtesy Valerie Everett/Flickr.com

Downsize Your Life in Five Easy Steps

by Allyson Hoffman

If you’re planning to move to a smaller home, you’ll need to also scale back your belongings – undoubtedly a challenging task, especially for collectors of memories or memorabilia.  To make the process less painful, here are a few tips to streamline the job and increase the likelihood of enjoying your new home.

1. Start with the Less Sentimental Items

Begin with belongings that allow you to remain objective. It could be clothing, linens or kitchen cookware. Once you’ve pared down these practical items, it will be easier to work on your sentimental pieces.

2. Work with the Big Stuff

Rather than sorting through boxes and not truly impacting your living space, instead select large items that matter, such as furniture. Once you know where you’re moving, try creating the floor plan to help determine what truly suits that space. By choosing the most important and appropriate pieces, you’ll be able to decide what can be eliminated.

3. Have a “Just In Case” Box

To deal with items that truly tug at your heart strings, regardless of whether or not you need them, allow yourself to keep a few of these special pieces in a box reserved for “just in case.” Plan a location to store that box as well as a timetable for retrieving it for a second look.  By having that box to store those selected items, it should make it easier to part with rest of the “unnecessary”.

4. Give It Away

It’s often easier to eliminate items when they’re specifically going to someone else. If your family members know you’re downsizing, try inviting them to select things they’d want. That way those sentimental items will continue to have a loving home while you’ll benefit from additional space. For other useful, but less personal articles, consider donating them to charities.

5. Sell It

It can be easier to eliminate belongings when you benefit monetarily.  Yard sales, garage sales or selling online through Etsy or eBay could be a good choice. Depending on what you’re discarding, you might recoup several hundreds of dollars which could make the “parting” much less painful.

Successfully working through these steps will inevitably increase your ability to enjoy that new and smaller home without the distraction of clutter. For additional information on how to make to move from a larger to a smaller home, feel free to contact me today for a consultation. I will be happy to answer any questions you may have about selling your home, and/or help you find your next dream home.

 


Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

Let’s Connect, Socially!

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets. 
 

Image courtesy of Nicolas Huk/Flickr.com

Understanding the Importance of Real Estate Contract Contingency Clauses

by Allyson Hoffman

Whether you are buying or selling a home, it’s important to understand each contingency clause in the contract. Buying a home is a big commitment, and it is important that you do everything possible to protect yourself when making this investment.

Contingency clauses are one way that buyers can build additional protections into the sales contract. They allow a buyer to cancel a sales contract with no penalty or loss of earnest money if certain conditions are not met prior to closing.

Contingencies clauses can alter the terms of a contract significantly, so don’t forget to read each contingency carefully. Here are the five common contingency clauses you may find in a real estate sales contract.

Attorney View Contingency

In the Chicago metro area, contracts are typically subject to a five-day period where attorneys for both the buyer and the seller can review and suggest modifications to the legal aspects of the contract.  Modifications to critical components of the agreed terms, such as the price to be paid, are not included in the scope of the attorney view.

Appraisal Contingency

If a home does not appraise at or above the sale price, the prospective lender will generally not proceed with the loan unless the buyer raises their down payment to make the numbers comply with lender expectations. An appraisal contingency often permits the buyer to back out of the contract with no penalty if the house does not appraise at or above the sale price. Alternately, the appraisal contingency can state that if the appraisal is below the sale price, the seller has the option to lower the sale price of the home to the appraised price. Terms of the appraisal contingency and what is acceptable to the parties is typically negotiated to arrive at mutually acceptable result.

Mortgage Contingency

The mortgage or financing contingency specifies that the buyer has the right to back out of the contract with no penalty if he or she is unable to obtain financing as specified in the contract.  These terms often include the date the buyer must secure financing, the amount of the loan, and the type and the interest rate of the loan.

Home Sale or Home Close Contingency

This contingency allows a buyer to back out of a contract with no penalty if he or she cannot sell and/or close on their current home before a set date. This prevents buyers from potentially owning two homes at the same time with the obligation to pay two mortgages simultaneously.  Sellers are much less likely to accept these conditions unless there is an abundance of inventory with longer market times when this highly competitive environment is characterized as a buyers’ markets rather than sellers’.

Inspection Contingency

The inspection contingency allows the buyer to perform many inspections as deemed necessary during a set period of time.  In the Chicago metro area, this is typically five business days. If the property does not pass inspection and major issues are revealed, the buyer has several options which include cancelling the contract without penalty.  More frequently, sellers and buyers resolve the concerns revealed in an inspection by sellers performing repairs or crediting buyers for the defects to allow them to address those post-closing.

Contingency clauses in a contract should not be glossed over amidst the legalese and boilerplate language. Doing so could be a costly mistake.  For additional information, please feel free to contact me today for a consultation.  I will be happy to answer any questions you may have about selling your home or finding your next home..

 

 

Allyson Hoffman, ABR, ACRE, CDPE, CRS, e-PRO, GRI, SFR, SRES
RE/MAX Villager
Serving Chicago's North Shore, North and Northwest Suburbs
847-310-5300
[email protected]

Get your latest Home Value
Receive Your Personalized Listing Alerts

Let’s Connect, Socially!

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Allyson Hoffman is your ultimate real estate resource for Chicago's North Shore, North and Northwest Suburbs and surrounding areas. Visit my website for detailed information regarding today’s real estate markets. 
 

Photo courtesy Flickr.com/mmoz 

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Allyson Hoffman
RE/MAX Villager
1245 Waukegan Road
Glenview IL 60025
847-310-5300
Fax: 847-400-0881

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