Maggie Coakley

LICENSE: 475.133661


(847) 778-4425
(847) 495-5000 (Office)

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Home Sale Contingency in Illinois

Posted On: November 15th, 2017 12:08PM

 

There are variations in the way the home sales process works from one state to another in the US. Not all home sales are straight forward, and many questions arise in the event of a home sale contingency.

What is a Home Sale Contingency and how does a Home Close Contingency Differ?

From the moment a buyer makes an offer to the seller of a home and that offer is accepted, they enter into a contract known as a purchase and sales agreement. In the agreement all the details of the transaction, including the purchase price, are mentioned. The contract also includes any other special conditions. These conditions are called contingencies and they must be met, otherwise the agreement will be cancelled.

In a Home Sale Contingency, the buyer has made an offer to purchase while still trying to sell their current home.

In a Home Close Contingency, the potential buyer has a purchase contract executed for his home, is waiting to close.

How does a Home Sale Contingency work?

  • The buyer has the opportunity to complete their home sale first to prevent from owning two properties simultaneously.
  • The seller is protected by the time frame given within the home sale contingency, usually between 30 – 45 days.
  • If the time frame is not met the contingency expires.
  • A request for an extension can be requested, but not necessarily granted, before the expiration date.
  • Depending on the agreement, the seller can continue showing the property and accepting other offers or not show the property until the expiration of the contingency.

The ins and out of a home contingency sale in Illinois can vary. That’s why an experienced REALTOR® can be an invaluable asset. Think of me when you are ready for a smooth and satisfactory home sale.

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Make the Most of Your Fall Home Sale

Posted On: October 19th, 2017 5:45PM

Did you know? Even though fall is not considered as peak season for the real estate market, it is the second busiest time of the year for home sales.

Here are some tips to attract Autumn buyers:

Curb appeal continues to be important. Make sure that your home looks beautiful as potential buyers approach it. Your home number should be clearly visible. Plant some seasonal flowers such as chrysanthemums along the pathways or into containers.

Do some gardening. Autumn colors on trees are beautiful, but don’t forget to rake the dead leaves. Cut back any plants that have overgrown, especially those near the house to let in some light.  Remove dead flower heads from bushes and if you have roses they will most probably still be rewarding you with their last display of blooms.

Before the weather gets any cooler, check your HVAC.  Change the filter of your furnace and clean your fireplace and chimney. When buyers come to view your home on colder days it looks welcoming if the fireplace is lit.

If you have a basement area, have it neatly organized with a cozy atmosphere. On colder days this could be an area used for indoor activities.

Accessorize your home with lovely fall colors, after you de-clutter and remove personal items. Keep seasonal decorations minimal.

Light up your home during the day by opening shutters and drapes. Once daylight saving time ends it will get dark earlier so turn on every light in the house when a prospective buyer is viewing it.

Finally, fall is usually a busier time for all involved so remember to be prepared to be more flexible with viewing times and even when setting a closing date.

I offer this and much more important guidance to every seller. Reach out soon so we can strategically plan your Fall home sale for maximin profit and terms!

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Vendor Spotlight

Posted On: September 15th, 2017 6:14PM

As a home buyer once you find your dream home, have executed the contract the clock starts ticking. It is of utmost importance to hire a qualified licensed inspector. Though home inspections are not required in Illinois, I highly recommend doing so. Why? He/she may discover faults in the home that are not reported on the seller’s disclosure. Knowing where you stand in regard to repairs will help you budget the cost after move-in. It is also possible to negotiate with seller to have your major concerns repaired prior to closing the transaction.

Tip: Always ask the seller if they have conducted a home inspection recently. If so, ask for a copy of their inspection. It’s wise to also get your own inspection, but you can then compare the two.

I only refer trusted vendors I have worked with. Here’s a bit of info about Ed Miehlke and Home Team Inspection Service.

Home Inspection North Chicagoland

Before you sign a contract for a property in Chicago, IL, you may want to have a professional conduct a thorough home inspection. The staff from HomeTeam Inspections intends to help you find a great value in a timely manner because of our team approach and advanced reporting software.

Committed to Quality

As the professional leader in home inspections, we're proud to be fast, trusted, and accurate. We're accurate with our systematic approach and comprehensive reports—delivered fast through cloud-based technology. Our highly trained staff will check more than 400 points of the interior and exterior. We'll identify structural flaws and inspect electrical and HVAC systems for safety and efficiency. We'll clearly present our findings and answer any questions about potential issues.

The punctual staff at HomeTeam Inspections works hard to ensure you know everything you need to be aware of before agreeing on a purchase price. If you'd like to schedule a home inspection in the Northwest Chicago area, call us. We're available seven days a week, and we'll arrive on time for your appointment.

Ensure your home is free of damaging pests.

Wood-destroying insects and other organisms can cause serious problems in the wooden structural components of a house which go undetected for a long period of time. This service has different names in different areas of the country including: Pest Inspections, Termite Inspections, Wood-Destroying Insects Inspections and Wood-Destroying Organisms Inspections, etc.

Whatever it is called in your area, the inspection is generally inexpensive—but could save you thousands of dollars in structural repairs and treatment. A pest inspection is required prior to closing in many areas of the US.

With HomeTeam, you can schedule a pest or termite inspection in conjunction with your home inspection, without the hassle of calling in separate companies and meeting them at the home at different times. A state-licensed inspector will perform each service and provide a detailed report on any existence of wood destroying organisms in the home.

Having a proactive radon inspection may help you determine if your home in Chicago, IL, is safe from a commonly encountered environmental hazard. So that you can get the information you need as soon as possible, the team from HomeTeam Inspections works as quickly as possible.

Fast, Trusted, Accurate, That's the HomeTeam Promise.

We're trusted as a national brand that's performed countless home inspections. We protect homebuyers, home-sellers, and real estate professionals alike. Our punctual and professional staff has the diagnostic equipment and industry training to determine if radon poses a health hazard to your family. We realize that radon is a colorless and odorless gas that may enter your indoor air from bedrock or as building materials break down, and we're here to ensure you're safe.

At HomeTeam Inspections, we're focused on delivering high-quality reports with the detailed information that you're searching for.

HomeTeam Inspection Service
Lake Zurich, IL 60047
847-447-0110
Owner: Ed Miehlke
Owner License # 450000388
Miehlke Inspection Service, Inc.
Business License # 451000218

Give me a call if you are a buyer or seller with home inspection questions. I am always happy to discuss the ins-and-outs of a real estate transaction.

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Baby Boomers and Their Homes

Posted On: August 14th, 2017 7:17PM

An active and involved group, baby boomers are major contributors to all aspects of our economy, with housing being one of the most impactful. ‘Boomers’ were born in the two-decade period from 1946 to 1964. The oldest of this group are approaching 70; the youngest are just beyond 50.

Research shows the current demands boomers have in a home include

  • single-story construction
  • low-maintenance
  • good lighting
  • outdoor living spaces
  • a home office
  • wide doorways
  • a layout that accommodates an aging lifestyle

Developers are scrambling to design and construct homes to meet these needs.

The average boomer is working beyond the historical retirement age, like to be close to home, and often time pursue a second-career or part-time position. This can be out of necessity, but is not always the case.

A boomer myself, I am particularly tuned-in to the needs of this large portion of our populous. My friends and I visit chat about our plan for housing in the years to come. I make an extra effort to know the trends, and what’s available in our northwest and surrounding Chicago suburbs to accommodate our housing needs.

Right here in nearby Palatine is a new development called Newberry Lane offering 16 spacious units. I’d love to share more about the first-floor master bedroom floor plans and amenities with you, as well as answer any questions you may have about down-sizing or making a housing change.

Wouldn’t you like to work with a REALTOR® who understands your specific real estate needs? Let’s talk soon.

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Starting to Look for a Home? Know What You Want VS. What You Need

Posted On: July 14th, 2017 6:39PM

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale with rose-colored glasses.

Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the man cave of your dreams be a future renovation project instead of a make or break now?

The first step in your home buying process should be to get pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.

The next step is to list all the features of a home that you would like & to qualify them as follows:

  • ‘Must-Haves’ – if this property does not have these items, then it shouldn’t even be considered. (ex: distance from work or family, number of bedrooms/bathrooms)
  • ‘Should-Haves’ – if the property hits all of the ‘must-haves’ and some of the ‘should-haves,’ it stays in contention but does not need to have all of these features.
  • ‘Absolute Wish List’ – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!

Bottom Line

Having this list fleshed out before starting your search will save you time and frustration, while also letting your agent know what features are most important to you before he or she begins to show you houses in your desired area.

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