Did You Know?
Park Forest is a village located south of Chicago in Cook County, Illinois, with a small southern portion in Will County, Illinois. The village was originally designed as a planned community for veterans returning from World War II. As of the 2010 census, the village had a population of 21,975. Park Forest has multiple public and private schools. In addition to the arts and culture scene including Tall Grass Arts Association and the Illinois Theatre Center, residents also have access to a myriad of recreational opportunities for both children and adults such as the Park Forest Aqua Center. Notable people from Park Forest include the former artistic director of the Illinois Theatre Center, Etel Billig. Park Forest is bordered by Olympia Fields to the north, Chicago Heights to the east, University Park to the south, and Richton Park and Matteson to the west.
Developers Nathan Manilow, Carroll F. Sweet and Philip M. Klutznick held a press conference in the Palmer House in Chicago on October 28, 1946, to announce the planned development of a new self-governing community in Chicago's south suburbs. This project, soon to be referred to as Park Forest, was to be developed by American Community Builders (ACB). The village of Park Forest was partly designed by town planner Elbert Peets in the tradition of planned communities around the nation to provide housing for veterans returning from World War II.
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What Types of Seller or Buyer Queries Do Park Forest Licensed Brokers and Realtors Handle?
The first step of home buying process is?
Getting pre-approved for a mortgage is the first step of the home buying process. Getting a pre-approval letter from a lender gets the ball rolling in the right direction.
First, you need to know how much you can borrow. Knowing how much home you can afford narrows down online home searching to suitable properties, thus no time is wasted considering homes that are not within your budget. (Pre-approvals also help prevent disappointment caused by falling in love with unaffordable homes.)
Second, the loan estimate from your lender will show how much money is required for the down payment and closing costs. You may need more time to save up money, liquidate other assets or seek mortgage gift funds from your family. In any case, you will have a clear picture of what is financially required.
Finally, being pre-approved for a mortgage demonstrates that you are a serious buyer to both your real estate agent in Park Forest and the person selling their home.
Most real estate agents will require a pre-approval before showing homes - this is especially true at the higher end of the real estate market; sellers of luxury homes will only allow pre-screened (and verified) buyers to view their homes. This is meant to keep out "Looky Lous" and protect the seller's privacy. What's more, by limiting who enters their home, sellers are given extra security from potential thieves trying to case the home (like identifying security systems, locating expensive artwork, or other high-value personal property).
Sellers take how long to respond an offer?
Written offers should stipulate the timeframe in which the seller should respond. Giving them twenty-four hours should be sufficient.n theory, sellers can take as long as they want before responding. But in practice? Most sellers (or their agents) will usually get back to you within a few days.
"As a courtesy, the Realtor will notify the buyer's agent in Park Forest when the seller responds regarding an offer," says Benjamin Ross, a Realtor with Mission Real Estate Group. As the seller's agent, "we like to respond within 48 hours, but that also depends on when we get the seller's response."
Some agents have even stricter expectations when it comes to response time.
'ťCommon courtesy dictates that a seller should respond within 24 hours or less," says Karen Parnes, broker and owner of NextHome Your Way. 'ťThis gives them the time to think about your offer, sleep on it, and respond."
While 24 to 48 hours is the standard observed by many professionals in the industry, exceptions happen. Here are some of them.
How much do I need for a down payment?
The national average for down payments is 11%. But that figure includes first-time and repeat buyers. Let's take a closer look.
While the broad down payment average is 11%, first-time homebuyers usually only put down 3 to 5% on a home. That's because several first-time homebuyer programs don't require big down payments. A longtime favorite, the FHA loan, requires 3.5% down. What's more, some programs allow down payment contributions from family members in the form of a gift.
Some programs require even less. VA loans and USDA loans can be made with zero down. However, these programs are more restrictive. VA loans are only made to former or current military service members. USDA loans are only available to low to-middle income buyers in USDA-eligible rural areas.
For many years, conventional loans required a 20% down payment. These types of loans were typically taken out by repeat buyers who could use equity from their existing home as a source of down payment funds. However, some newer conventional loan programs are available with 3% down if the borrower carries private mortgage insurance (PMI).
Is Zillow a broker?
Unless you are new to real estate, you have heard of Zillow. Zillow is a real estate and rental marketplace that empowers consumers with everything they need to know before purchasing a home. It also connects homeowners with local professionals.
Zillow helps with the full lifecycle of owning and living in a home: buying, selling, renting, financing, remodeling, and more. With an active database of more than 110 million homes, Zillow operates the most popular suite of mobile apps.
And now they're a brokerage...
Starting in January 2021, Zillow Homes as the broker of record will present a buying solution to streamline the process for homeowners. Salaried agents and homeowners will work together through cash offers in areas such as Atlanta, Tuscon, and Pheonix with the goal of expansion in the near future.
What are the three types of deeds?
Three basic types of deeds commonly used are the grant deed, the quitclaim deed, and the warranty deed.
Grant Deed By use of a grant deed, the conveyor says, "I grant (convey, bargain, or sell) the property to you." In a number of jurisdictions a representation that the conveyor actually owns
A sample grant deed.
the property he or she is transferring is implied from such language.
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Quitclaim Deed A quitclaim deed is intended to pass any title, interest, or claim that the grantor has in the property but makes no representation that such title is valid. In effect, this type of deed states that if the grantor actually owns the premises described or any interest therein, it is to be conveyed to the grantee. For this type of deed, some state statutes require a WARRANTY by the grantor, stating that neither the grantor nor anyone associated with him or her has encumbered the property and that the grantor will defend the title against any defects that arise under and through him or her, but as to no others.
Warranty Deed In a warranty deeds the grantor inserts covenants for title, promising that such title is good and clear. The customary covenants of the title include a warranty of seisin, QUIET ENJOYMENT, the right to convey, freedom from encumbrances, and a defense of the title as to all claims.
Freddie and Fannie are different?
Freddie Mac is the "little brother" to Fannie Mae, the Federal National Mortgage Association. The Emergency Home Finance Act of 1970 created the FHLMC to compete with Fannie Mae. Until the Act, Fannie Mae only bought Federal Housing Association-approved loans. It was more likely to hold them on its books, rather than securitize them. Freddie changed that. It could buy any loan and securitize most of them. The prime differences between Freddie Mac and Fannie Mae are in their products and target markets. President Lyndon Johnson had turned Fannie into a publicly traded corporation two years earlier. He wanted to use his budget to finance the Vietnam War. Freddie Mac went public in 1989. The Financial Institutions Reform, Recovery, and Enforcement Act made the change in response to the Savings and Loan Crisis.
Who Owns Freddie Mac?
The U.S. government has warrants for 79.9% of Freddie Mac's common stock. The U.S. Treasury also owns senior preferred stock. Since July 8, 2010, some of Freddie's common stock has become available over the counter, but its price has been very low.´╗┐´╗┐On September 6, 2008, the federal government bailed out Fannie and Freddie. The Federal Housing Finance Agency became the conservator of Freddie Mac.The Treasury Department bought up to $100 billion in Fannie and Freddie preferred stock and mortgage-backed securities.´╗┐´╗┐Before that, Fannie and Freddie were government-sponsored enterprises (GSEs). They were quasi-governmental corporations whose goals were to maximize shareholder value, authorized by the act of Congress. Both were even listed on the New York Stock Exchange.10´╗┐´╗┐ As a result, their managers tried to function as profitably as private banking competitors. They were different from other corporations in a big way. The federal government virtually guaranteed their loans. That made them less risk-averse. They were pressured to take on risk to improve their return while knowing that they would never go bankrupt. Fannie and Freddie found that holding many of these products was more profitable. This defect in their setup was brought to light when the subprime mortgage crisis exploded. As housing prices fell in 2006, the value of the GSEs' loans plummeted.´╗┐Rather than allow them to go bankrupt, the U.S. Treasury Department, under Secretary Henry Paulson, bought out their shares.12´╗┐´╗┐ Stockholders lost all value, although they would have if the companies had gone bankrupt. If they hadn't been nationalized, there would essentially have been no housing market whatsoever. Banks just stopped lending without government guarantees. After nationalization, Fannie and Freddie owned 90% of the U.S. housing market.