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

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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]

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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 

Winter Wine and Whiskey Fest

by Allyson Hoffman

What’s better than a wine and whiskey festival?  Try a wine and whiskey festival combined with a meet and greet from Brookfield Zoo’s amazing animal ambassadors! The Winter Wine and Whisky Fest is this Saturday, February 23rd, at the Brookfield Zoo Discovery Center. Enjoy samples from over 30 different wines and whiskeys, live music, tasty treats, and more!

Visit the Chicago Zoological Society’s official website for additional information and to purchase your tickets today. Tickets include parking, admission to the zoo, admission to Winter Wine and Whisky Fest, and a commemorative 5 oz glass. Stop and smell the rosé at Brookfield Zoo’s Wine and Whiskey festival -- you’re sure to have a “spirited” time!

 

 

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.  

Photo by Eaters Collective on Unsplash

January 2019 Midwest Real Estate Market Reports

by Allyson Hoffman


The January 2019 
Midwest Real Estate Market Reports are now ready for your review. These market reports provide an insight on the real estate market statistics for Cook County and Lake County. These statistics are helpful when you are considering buying or selling in today’s real estate market.  And, remember should you need tailored reports on a subdivision or neighborhood in the North ShoreNorth, and Northwest Suburban Chicago, Illinois area, please let me know.



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.

Let’s Wine About Winter

by Allyson Hoffman

Are you tired of whining about winter? Then come to downtown Libertyville and Wine About Winter at their Mainstreet Libertyville wine tasting. This Saturday, February 16th, bring your friends and enjoy a tasting of delectable wines while shopping in Libertyville’s wonderful downtown center. Participating merchants will be showcasing delightful wines and also appetizing treats as well as their products and services.

Visit the official event website to get your tickets today! All ticket holders will receive a commemorative wine glass, a $10 coupon for participating merchants, and a shopping bag filled with coupons and specials from the event sponsors. This event is sure to be fun for all … not attending would be a “pour” decision.

 

 

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 by Kelsey Chance on Unsplash

How to Feel Like Home in Your New Community

by Allyson Hoffman

Starting over in a new community can be stressful.  It requires effort to make new friends, find the best places to eat, and to learn your way around. But, if you are to willing venture out and explore, integrating into your new city doesn’t have to be daunting.  Here are a few tips to help you with the process:

  • The Essentials

Depending on your age and interests, what you consider essential will vary, but virtually everyone should know where to shop for groceries, pick up a prescription or get a good meal.  Beyond the essentials, what is important will certainly differ and finding these places is not really all that challenging.  We live in the internet age where a wealth of information on just about everything, including your new city, should be right at your fingertips.  So, initially, let your fingers do the walking.

  • Using the Internet

Start by checking out Google Maps. If you enter your address, a map of your area will pop up.  Type an asterisk (*) into the search field to find everything of interest in the area. For a more specific search, enter the information you are seeking, such as “Thai Restaurant”, “Pharmacy” or “Furniture Store”.  Matching results will display on the map and sidebar. The side bar will also show a star rating and contain a link to written reviews and the business’s website.  In addition, you can easily map a route from your home to any of these locations and to your place of business.

  • Ask for Advice

While the internet is great, it cannot replace the actual recommendations of people you trust. So if you know anyone in your new town or city, consider checking with those folks for information that the Internet cannot provide.  Also consider a social media shout out for local input on Facebook and/or Twitter asking for recommendations and advice about your new city. This will combine the power of the Internet with important native insights from those in the community.

  • Meet New People

While you can certainly discover great restaurants, entertainment venues, local parks and night spots in the city, nothing can replace having friends to share good times, increase your fun, and help to ease your adjustment to a new home and location.  So, make that concerted effort to personally connect with locals in your new city or town. 

  • Use Your Hobbies

Many friendships are rooted in shared interests. So, if you have a hobby, sports you enjoy, or other activity that drives your pleasure and time, use it to meet new friends. Whether it’s your golf game, children’s activities, or your love of music or painting, undoubtedly there are others in your new city with similar tastes and affections.  An easy way to connect with people in your area whose interests mirror your own is through local Facebook groups and the site Meetup.com. So try to find a group of people who share your interests and consider trying a meet up.

  • Help Out in the Community

Community service is an excellent way to meet some great, civic-minded people. When you take initiative and do some good within your community, it becomes more than just the place you live and work. So consider volunteering time to municipal activities for another path to a quickly acclimate.

If you try these ideas, you’ll inevitably meet new people with common interests, learn about your new town and neighborhood, find things to do with people you enjoy, and feel a sense of real comfort in your new surroundings. 

When you are ready to make that move, feel free to 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 real estate. Alternately, if you are leaving the area and need a reference to a skilled real estate professional in that new location, I can provide a reference for you at no cost.  Don’t hesitate to ask – I would be glad to help you identify the right person in your new area.

 

 

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.

Photo courtesy of Palo Dobrik Photography

In the Tropics Orchid Show

by Allyson Hoffman

Are you dreaming of the tropics on these cold Chicago days? Look no further than the In the Tropics Orchid Show at the Chicago Botanic Garden for a tropical infusion in the midst of winter. February 9th through March 24th, this year’s orchid show will feature more than 10,000 orchids in bloom, paired with sweeps of bromeliads and birds of paradise capturing the spirit of the islands, beaches, and rainforests in places like the South Pacific and the Amazon. Warm up inside the Orchid Show Greenhouses and Galleries and check out the live Morning Music with Orchids on Tuesdays and Thursdays. 

For additional information and to purchase your tickets, visit the official Chicago Botanic Garden website. Escape the cold and take a tropical holiday at the In the Tropics Orchid Show. 

 

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 by John Wiesenfeld on Unsplash

Leave Your Emotions at the Curb When Selling Your Home

by Allyson Hoffman

When getting ready to sell your home, one of the first, and most important, steps you can take is to disconnect your emotions. Unfortunately, this is often difficult for many sellers and particularly problematic when you have lived in your home for a number of years. Regardless, it is crucial to the success of selling your home.

Not surprisingly, for many sellers, the value of their home frequently ties to their emotional attachment to the home. That said, however, it is nonetheless important to recognize that buyers will not have the same emotional attachment. Prospective buyers typically search for a house they can make into their own.  Resultantly, it is imperative that sellers set emotions aside when preparing to list their home.

Preparing your home for sale presents a prime opportunity to de-clutter your home, a step that simply cannot be avoided when moving to a new location. Inherently, moving can be a tremendous undertaking. But by decluttering upfront before your home is even listed, sellers gain two benefits from that single effort. Those include both dramatically improving the way your home shows and additionally reducing the end work needed as the actual move approaches. If you have lived in your home for many years, the process of packing may seem even more overwhelming. A great place to start is packing mementos and other personal belongings. Although they may present a strong emotional tie for you and your family, they can be distracting for many prospective buyers. When showing your home to buyers, the goal is to create a vision that helps buyers to imagine living in your home. Removing as many personal possessions as possible can help to accomplish that result.

It’s best to consult with your real estate agent for suggestions on de-cluttering and preparing your home in advance for its future sale. You’ll also want to pay careful attention to his or her market analysis of your home’s value. The suggested listing price provided to you will be based on real comparable sales prices of similar homes in your area.  By disconnecting your emotions from the equation, you should be able to fairly price your home and increase the chances of an expedient sale at top dollar.

Making the decision to sell your home can be challenging. Mastering how to put the brake on your emotions will help to streamline the process and provide a more successful outcome.

If you have any questions about the buying or selling process, please contact me.  I would be happy to answer any questions about the real estate market and how to make it work best for you.

 

 

 

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!

Facebook
Twitter
LinkedIn
Google +1
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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 Michelle Meiklejohn at FreeDigitalPhotos.net

Long Grove Cocoa Crawl

by Allyson Hoffman

Calling all hot cocoa lovers!  The Long Grove Cocoa Crawl is this Saturday, February 2nd.  You first stop should be at the Long Grove Visitors’ Center to pick up your map of participating businesses. Then, proceed on and enjoy your time visiting contributing vendors and sampling delectable cocoa-inspired treats while shopping in Long Grove’s quaint and inviting downtown that’s filled with charming stores and restaurants. Lastly, return to the Visitors’ Center where you can enter your name to win various prizes being donated by the participating stores.

Visit the Long Grove official website for additional information. Be sure to bring your friends and family -- you are sure to have a “choco-lot” of fun! 

 

 

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!

Facebook
Twitter
LinkedIn
Google +1
YouTube

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 by rawpixel on Unsplash

Displaying blog entries 1-8 of 8

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Allyson Hoffman & Paul Wells
RE/MAX of Barrington
306 W. Northwest Highway
Barrington IL 60010
Allyson: 847-310-5300
Paul: 847-913-6100

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(847) 310-5300
[email protected]

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