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Home Selling in Chicago : Real Estate Advice

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Activity 514
Wed May 17, 2017
Emaliszewski asked:
possible ... Good morning. My name is Erin. I'm selling my property at 2042 N. Point Street in Logan Square in Chicago. If I put in the neighborhood, it doesn't immediately pop…
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Mon May 8, 2017
Paul.mcculloch275 answered:
You should always follow code, but you may want to ask your local inspector if homeowners are permitted to put in whatever they wish provided it meets state code which PEX does however Chicago is like it's own country so you will want to be careful there.

Otherwise PEX is a great product with most likely at least a 25 year warranty with a life expectancy of 100 plus years if installed correctly. What do you get with copper ...most likely a 1 year tail light warranty from the contractor.

Lastly PEX does not allow mineral build up, is flexible and is most cases freeze resistant which is a great application for hose bibs. My friend ran pex to his dog house and has been exposed to cold weather for 7 years without fail now.
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Wed Apr 26, 2017
cfrlaw answered:
When you list your property with a real estate agent, it will contain a term which describes who gets the earnest money in the event of buyer default. The purpose of an earnest money deposit is to provide assurances to the seller that the buyer has a legitimate interest in the property. When a buyer submits a purchase agreement, it will state the conditions under which the buyer will lose the right to his/her earnest money deposit. If the buyer defaults he/she forfeits their earnest money deposit.

Once there is a forfeit, you look at your contract with the real estate agent to determine who gets the earnest money. In my opinion, the seller should get the earnest money because s/he is carrying the property and incurs expenses while waiting for the deal to close. If the deal falls through, the agent can still collect his/her commission on a second sale. Moreover, if the sale falls through because the agent did not do his job (for example the agent did not properly review an "all cash" buyer and found out that the buyer does not have the funds to close the deal), it seems unfair that the agent should share in the earnest money.

I actually think that allowing an agent to get any of the earnest money is a conflict of interest for the agent. They can make money by "tanking" the deals. I had a situation where the agent got 50% of the earnest money on a million dollar listing. They had two sellers walk away because of default. The agent then sold the house to the third buyer. The the agent walked away with their full commission and earnest money payment that was MORE than their commission. Meanwhile, the owner of the house carried the house for over a year waiting for a sale and seeing sales fall through for reasons relating to the shortcoming of the agent and the agent's review of the qualifications of the buyers.

I would recommend negotiating that the seller gets 100% of the earnest money. Alternatively, the agent should get no more than what they would get if they sold the property, typically 3% or 6%. Sales people do not get paid for failing to perform, neither should real estate sales people.
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Thu Apr 20, 2017
Patrick Haris asked:
Also I have three listings on the MLS does Trulia automatically get the listings or do I have to imput them. All three are showing as OFF Market
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Sat Apr 15, 2017
Scott Godzyk answered:
First you need feedback from those showings. What do those buyers say? Why did they not put in offers? Perhaps getting a second opinion of value to make sure your home is priced right
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Sun Mar 19, 2017
Howard Bell asked:
Wed Mar 8, 2017
Webuyhousescoldcash answered:
Hello here's your best solutions and get something out of it especially saving your credit and no more debtt contact me soon
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Thu Mar 2, 2017
Aecagain2005 answered:
My son was given 60 days to move out of the house he was renting because it has been sold. He has found a new house to rent but the current LL wants him to pay rent for the entire 60 days. That doesn't seem right or legal to me. ... more
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Thu Feb 23, 2017
Jae_rex asked:
The short-sale occurred in 2012. Fast forward to 2017, they are asking for the difference between the asking price and selling price. What can I do?
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Fri Feb 17, 2017
Lplistings asked:
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