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

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Fall Fun

by Allyson Hoffman

Take your kids to one of the most magical shows with Disney On Ice: Dream Big. This production held in Rosemont, Illinois at the Allstate Arena on September 28th and 29th, brings well-known fairy tales to life on the ice where children will enjoy their favorite Disney characters. Tickets start at $24. For additional details or to purchase tickets, visit the Disney On Ice: Dream Big Website.

Perhaps you can also make time this weekend for the 2017 Grayslake Fall Festival of Arts and Crafts Show in Grayslake, Illinois. The event will be held September 30th and October 1st at the Lake County Fairgrounds. Guests can visit the numerous booths with handmade goods, wood-crafted furniture, painted windows and glass, handmade soap and many other items – something for everyone’s tastes!

Either way, enjoy the start of fall with great options for you and your family!

 

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 Aral Tasher on Unsplash

Buyer’s and Seller’s Costs – Know Who Pays for What

by Allyson Hoffman

The day of closing is typically an eagerly-anticipated day for both the buyer and seller in a real estate transaction. It’s the day when the loan is finalized and the property exchanges hands. It’s also the day when the buyer and seller must pay their share of closing costs. Whichever side of the table you’re on, you should know who is responsible for which charges before that day arrives.

Keep in mind that states differ on how closing costs are apportioned and who is responsible for which expenses. Some items are standard while others may be negotiable. Typical closing costs include the following payments:

  •    - Origination fee for the loan
  •    - Appraisal
  •    - Attorney costs
  •    - Credit report
  •    - Survey
  •    - Flood certification
  •    - Postage/courier to pay off loan
  •    - Taxes
  •    - Title insurance
  •    - Transfer Tax – applied in some municipalities
  •    - Broker’s commission

While this is a good list, there may be other agreed closing costs such as a home warranty, certificate of compliance for building codes, association dues and utility bills.

The buyer is responsible for the loan origination fee, the cost of the credit report, appraisal and the home inspection services. Both title insurance and a survey may be paid by one of the parties or negotiated, depending on the state where the sale is occurring. For instance, in Illinois it is the seller’s obligation to pay for a survey and seller title charges while the buyer assumes the obligation for title insurance provided to their lender.

Each party covers the costs of their own attorney while the seller pays the broker’s commission.  This fact presumes that the buyers’ offer is sufficient, given this known commitment. It may also be possible for the seller to contribute funds towards the buyer’s portion of closing costs. The allowed amount will vary based on the type of loan and location of the transaction.

When a lender accepts an application for a mortgage from a buyer, they will provide a good faith estimate of the closing costs -- these numbers aren’t etched in stone, but are best estimates. Be sure to use these numbers to plan ahead for closing charges. As a seller, you also will have to plan for closing costs. These can be obtained even before listing your property for sale. With your Realtor’s market analysis you should have a selling price range for your home and your real estate agent can prepare a net sheet estimating your expenses based upon that range. By additionally consulting with your attorney, you can be prepared for these costs in advance of your closing date.

For additional information regarding buyer’s or seller’s closing costs, 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.
   

From Apples to Artists

by Allyson Hoffman

Enjoy a beautiful fall weekend as you’re out and about, beginning with Apple Fest from September 22nd-24th where you can experience the wonderful tastes of apples like never before. Discover apple lattes for those chilly days or apple popcorn to satisfy your sweet tooth. Visit the Pop-Up Apple Orchard to chat with vendors and try out new products. Live music will entertain you while children can check out the Kid Zone where an apple pie-eating contest and games like tug-o-war will be held. Located in historic Long Grove, Illinois’ downtown, you can come by from 11AM – 11PM on Friday, 10AM – 11PM on Saturday and 10AM – 6PM on Sunday. The cost is $5 per day. Children 12 and under can attend free. To find out more, visit the Long Grove Apple Fest Webpage.

Alternately, or additionally, you could plan to stroll through downtown Highwood, Illinois at the Starving Artists Show. This event will feature local artists, live music and delicious food as well as plenty of activities for the kids. Admission and parking are free. The event will be held Saturday, September 23rd and Sunday, September 24th, from 10 AM – 5 PM.

 

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 Couleur/pixabay.com

In the real estate world, people use a lot of terms that may be unfamiliar to buyers and sellers. Some of the most common include real estate agent, REALTOR® and broker. Many people think these terms are interchangeable, all meaning the exact same thing. While all three may be involved in real estate transactions, they are not identical.

Brokers

In the State of Illinois, there are two classes of brokers. The first is a standard broker who upon the completion of the required training and passage of the licensing exam is permitted to list property for sale and/or represent buyers in their home purchase. However, brokers must work in an office under the supervision of a second class of brokers, the managing broker.

Managing brokers have additional training, pass a special exam and are required to have twice the numbers of hours of continuing education in each license renewal period. These licensees can open a brokerage office, manage a brokerage office for the company owner and/or engage standard brokers to work under them.

Real Estate Agent or REALTOR®

Two other similar, but different terms, are real estate agent and REALTOR®. A real estate agent is anyone who has completed the required State real estate licensure training, passed the exam and received their license to list and sell real estate. They can be either standard brokers, as previously described, or managing brokers who can open or run an office.  They can also be REALTORS®, but they do not have to be REALTORS®.

Not all real estate agents are REALTORS® but all REALTORS® will be real estate agents.  The major difference distinguishing them from each other is that all REALTORS® are members of the National Association of REALTORS®.  As such they agree to abide by the association’s Code of Ethics and receive ongoing required ethics training from their local or state REALTOR® associations.

Does It Matter?

Yes, it does matter. While all three – brokers, agents and/or REALTORS® – may be licensed by their State to list and sell real estate, not all of them belong to the National Association of REALTORS®. Those who have joined as members of this organization are held to a high standard of conduct. Their Code of Ethic outlines REALTOR® duties to clients and customers, the public and other REALTORS®. The Code ensures that by “Accepting this standard as their own, Realtors® pledge to observe its spirit in all of their activities whether conducted personally, through associates or others, or via technological means, and to conduct their business in accordance with the tenets set forth” in the Codes’ Articles and Standards of Practice.

 

So, if you are considering a home sale or new purchase, hiring a REALTOR® provides you assurances regarding that agent’s commitment to the ethical and professional practice of the real estate sales. For additional information regarding the pledges detailed in the REALTORS® Code of Ethics or the buying and selling process, please 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.    

August 2017 Midwest Real Estate Market Reports

by Allyson Hoffman

The August 2017 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.

Arts and Crafts and Fun with Your Pets

by Allyson Hoffman

Enjoy the beautiful fall weather as you attend the various events around Chicago. Start out with Expo Chicago at the Navy Pier where visitors can see special exhibits of contemporary art. Expo Chicago joins with Palais de Tokyo for Singing Stones, which will open to the public on September 12, bringing together 11 artists for a spectacular exhibition. This is just one of the many programs guests can enjoy. The event is being held September 13-17, 2017. Additional details are available at www.expochicago.com/visit.

If you prefer a suburban event, check out the Chicago Botanic Garden this weekend to see the 33rd Annual American Craft Exposition on September 15-17. Guests will enjoy the work of more than 140 artists and their unique creations including various media from paintings to photographs, beadwork, jewelry making and more. For additional information visit the American Craft Exposition website.

Lastly, for all pet lovers, this weekend you can bring your furry friends along to the Chicago Pet Show held at the Libertyville Sports and Fitness Complex on Saturday and Sunday, the 16th and 17th of September. Alternately, you can also stop in and choose a new forever friend. Learn about different kinds of pets as well as the tools and supplies available for each of them. Visit with vets to learn about pet care or talk to dog trainers to find out how to make your canine pal a sociable, obedient buddy. Adult admission is $7 with free parking. For additional details, visit the Chicago Pet Show website.

 

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.  

Information Your Real Estate Agent Knows that Might Surprise You

by Allyson Hoffman

When you choose a real estate agent to help you purchase a home or sell the one you have, you may not be fully capitalizing on their knowledge, experience and all the ways they can guide you through the process beyond just showing properties and negotiating contracts.

Listen to Their Advice

Real estate agents, especially those with years of productive experience, have seen it all. They understand market trends and how to benefit from a good deal. They can help you sort through the emotional pull of some homes to minimize confusion when deciding on the critical and important features you’d like in a property.

So be sure to take advantage of their knowledge and ask for their advice. Let them suggest properties for you to view. Listen to their words of wisdom.  Chances are reasonably good that they’ve previously worked with someone similar to you whose experience can help you in your efforts.

Access Their Resources

Your agent will undoubtedly have lists of top-notch home inspectors, mortgage lenders, attorneys, contractors and appraisers whose services and expertise can benefit you in the home-buying or selling process. Aside from access to reliable repairmen and remodeling contractors, they can also typically suggest quality moving companies.  All these industries, which all overlap and offer synergies with real estate transactions, are part of an experienced agent’s go-to network where they have trusted relationships based upon ongoing successful results and referrals from former clients. So, if you’re trying to sell your home and need to make some improvements, ask your agent to provide you with a list of general contractors, stagers, interior designers, etc. who will work within your budget as you proceed.

If you’re moving to a new area definitely take advantage of your agent’s neighborhood knowledge. This important insight might even include their opinions about the best restaurants, parks and/or locations of retail stores to help you get settled in an unfamiliar place.

Let Them Fight for You

Your agent is part of your team with you as their priority. Whether they are consulting with or assisting your lender, your homeowner association, your attorney or any other participant in the deal, they should be working with your best interests in mind and the objective of facilitating requirements and meeting deadlines that conclude in your timely home closing.

When you hire a REALTOR® as your agent, you will have a partner, an advocate and a supporter at your side throughout the process. For additional information regarding buying or selling, please 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]

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.    

Music, Beer and Wine All Weekend

by Allyson Hoffman

Celebrate with your favorite beverage all weekend long and enjoy some fabulous music. Stop in at the Windy City Wine Festival. Starting on September 8th at 5PM and continuing all day on Saturday, you be able to sample over 300 wines as you learn about the different varieties from the experts. Along with wine seminars and cooking demonstrations, live music will liven up the atmosphere.

This event, held at the Grant Park Conservancy, runs on September 8, 2017 from 5 PM to 10 PM and September 9, 2017 from 3 PM to 8 PM. For more information or to purchase tickets, visit the Windy City Wine Festival website.

Alternately (or additionally), try visiting the Wurst Music and Beer Fest. For just $25, you can enjoy local beers along with bratwurst and some fabulous live bands. Listen to Murder by Death, Shiner and many others this weekend. The event will be held along Randolph and Ogden in the West Loop of Chicago.

Plan to attend anytime Friday through Sunday with Friday, September 8th hours running from 4 PM to 10 PM and from noon to 10 PM on both Saturday and Sunday. You’ll have an opportunity to become familiar with some popular eateries such as The Riot Feast, Chicago’s Dog House and Chubby Wieners. For additional information and details, visit the Wurst Music and Beer Fest webpage.

 

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 cbudd/pixabay.com

What You Should Know about Liens on a Property

by Allyson Hoffman

It’s possible to have a lien on your property without your knowledge. In fact, realizing that such an issue exists could first surface when you decide to sell your property.  Unanticipated delays can affect your ability to sell or even cause a contract to be cancelled.

What is a Property Lien?

A property lien is a legal claim to receive money from the sale of a property. Lien amounts vary, but are equal to the amount of debt owed to the lienholder who requires the property as collateral to ensure the debt is repaid. For example, a mortgage company is the lienholder for the amount still owed on the property’s financing loan. In addition to these common liens, other parties may place additional liens on the property. If real estate taxes are not paid, a lien for these taxes may be established or if a contractor has done work on the property, but not been paid for his services, a lien may be filed.

How a Lien Affects the Property Owner

As the property owner, you cannot sell your property until all liens are removed and cleared. Typically, this only occurs when the debt is satisfied. If creditors have recorded a property lien, they must receive the amount due for the lien to be removed and the title to be cleared for sale.  A clear, unencumbered title to the property is a critical part of transferring the property to a new owner.

In some cases where required payments are not being satisfied, a creditor may elect to foreclose on the property, take title to it and resell it to recoup their losses. When foreclosures occur, the debts are repaid in their order of priority with real estate tax arrearages coming first followed by the primary and any secondary mortgages.

How to Find Out About Liens

To determine if there are any unsuspected liens on your property before you are ready to sell, a search of public records can reveal these. The title company will also perform a title search as part of the sale process and if any issues arise, addressing and correcting before selling your home is advised.

When it comes to liens, it’s definitely better to deal with the problem before listing your home or entertaining offers to purchase. For additional information regarding potential obstacles that can impact the sale of your 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]

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 Clkr-Free-Vector-Images/pixabay.com

Displaying blog entries 1-9 of 9

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Photo of Allyson Hoffman & Paul Wells Real Estate
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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[email protected]

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(847) 913-6100
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