FREQUENTLY ASKED QUESTIONS

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Every property listed includes a custom marketing plan, including professional pictures along with a customized, dedicated website.  We will work with you closely to prepare your home so that it's market ready and appealing to buyers.  In addition to listing your property on the multiple listing service (MLS), there are a variety of other sites your home will be displayed.  The internet has become an invaluable resource and the majority of buyers have access to websites such as Zillow.com, Redfin.com, and Realtor.com.  Your home will automatically be listed on all of these sites.   

The typical commission charged to sellers is 6% of the home sale price.  The commission is split between the listing agent and the buyer's agent.  While the commission fee is technically paid by the seller, the fee can come from the purchase price the buyer pays to the seller. 

Although it is not required by law to use a real estate attorney, Illinois is considered an 'attorney state' in regards to residential real estate deals.  This mean, buyers and sellers typically hire a real estate lawyer to assist them in the real estate closing process.  It is highly recommended you hire a qualified real estate lawyer to assist in reviewing contracts and to protect your interests.  Buying a home is one of the largest purchases you will ever make and it's important and hiring a lawyer will ensure that the transaction moves as efficiently, fairly, and transparently as possible. 

In a seller's market, the demand exceeds supply.  The increase in demand for homes drives up market prices.  Demand can increase for a variety of reasons.

• Economic - labor market increases and bring additional new residents which will drive up home prices
• Decline in interest rates - homes become more affordable which creates more buyer interest
• Low inventory - fewer homes on the market due to lack of new construction may drive up prices for existing home

A buyer's market occurs when there is a greater supply of homes and a lower demand of buyers.  The amount of homes that are available for sale exceeds the number of buyers looking to purchase a home.   There are a variety of reasons that can affect the market.

• Interest rate increase - the cost of money higher due to higher interest rate which reduces the number of potential buyers on the market.
• High inventory - increase in available homes on the market gives buyers more option.  

When a buyer makes an accepted offer to purchase a home, that buyer has to include an check for a specified amount to demonstrate to the seller that their offer is genuine.  The earnest money is given in good faith and "reserves" the home.  Additional earnest money is collected once the attorney review and inspection period ends - typically 5% of the purchase price.  If the deal goes smoothly, the earnest money is applied to the buyer's down payment or closing costs.

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The earnest money is deposited into a trust account for safekeeping.  If the deal falls through, the money is returned to the buyer.  There are instances where the seller gets to keep the earnest money.  For example, if the terms of the deal are agreed to but the buyer chooses to back out of the deal, the seller may have a right to keep the earnest money. 

There are various costs you will incur when you buy or sell a home.  These are typically referred to as closing costs which are processing fees you pay in exchange for creating your loan.  Both buyers and sellers pay closing costs. Some typical items included in closing costs are: Application fee, appraisal, attorney fees, closing fees, loan origination fee, title insurance, transfer fees, land surveys, property tax, recording fee, transfer taxes, underwriting fees, origination fee.

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