Initial Earnest Money Due
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Stefani Residential Group (REG) exists to give you the best real estate experience. We are assisting clients around the Chicago area buy, sell, invest in and rent properties every day — and love what we do. Our teamwork, experience and humble commitment to serving our clients is the reason why our referral business continues to grow. We strive to make the search, valuation and transaction processes simple, making you feel right at home, even before we prep yours for sale.
Ferris H., Lincoln Park, Evanston & Uptown
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Stefani REG provides a comprehensive pricing study of similar properties in the area. Based on these results and current marketing trends, Chris and the team help clients determine the optimal listing price to compel buyers to tour and consider the property.
Stefani REG works with sellers to identify the property’s key promotional highlights. Promoting a property’s strengths is essential to marketing each property.
Stefani REG holds a professional photo shoot to generate a library of high-quality interior and exterior property pictures. These are utilized to produce MLS/consumer websites listings, print brochures and social media impressions.
Stefani REG submits an organized and professionally photographed property listing to the Multiple Listing Service (MLS) database. Listings reach all Chicago real estate brokers and consumer search websites. Stefani REG utilizes its dedicated marketing group along with the marketing power of with Keller Williams to differentiate itself when marketing properties.
Stefani REG’s marketing process is primarily web focused, but also employs traditional, professional marketing tools: brochures, yard/street signage, open house notices and targeted mailers. Stefani REG utilizes the most appropriate means to sell properties quickly and efficiently.
Utilizing both its own dedicated marketing team, Stefani REG offers unmatched marketing power and reach for listings. Stefani REG’s online presence begins the marketing process with a custom-built listing page, receiving tremendous exposure on both StefaniREG.com and KW.com. Listings will reach 5,000 prospects every day, and is readily accessible to the Keller Williams entire database of over 1,000,000 registered users. Chris is a Homes.com premier agent, so the team's listings will appear at the top of Homes.com search results in the listing's zip code.
Stefani REG personally shows its listings. Whether it is Chris or a team member, a dedicated/knowledgeable professional will be scheduled to for tour requests. Stefani REG believes in the personal touch of showings. Chris and the team do not lean on lockboxes to do their job. Clients hire Chris and the team, not a lockbox.
All offers are reviewed and the buyer’s financial qualifications are verified when presenting offers to clients. Stefani REG negotiates offers to reach an agreement that satisfies sellers' goals. Contingencies and sale conditions are scrutinized by Chris and the team to protect sellers' interests and assist in achieving the absolute best deal.
Everything leading up to the final closing is monitored by Stefani REG to ensure a smooth, problem-free process, including the contract review, property inspection, appraisal, financing, satisfaction of contingencies and closing paperwork.
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Initial Earnest Money Due
Within in a few days of reaching contract, buyers are expected to deliver an initial earnest money check to the property’s listing brokerage. There is no standard amount due. However, most of the time initial earnest money ranges from $1,000-$5,000 depending on the property’s purchase price and mutual agreement by both parties). Submitting initial earnest money essentially takes the home “off” the market and allows for the attorney review/inspection period. Initial earnest money is generally refundable based on the findings and further negotiations during the attorney review/inspection period.
Attorney Inspection Period
The buyer's and seller's attorneys will review and modify the contract. Modification occurs for several reasons, including tweaking of contract language and the negotiation of inspection and/or tax credits. The inspection period generally runs concurrently with attorney review period. This allotted inspection window allows the buyer to have the property inspected to review its condition for any noteworthy issues not noted during the property tour. Inspections findings are different per property, so buyers and sellers will negotiate either fixes and/or credits due to the buyer for any issues that are exposed during the inspection. Stefani REG highly encourages the use of an experienced real estate attorney and professional property inspector to assist in the buying process.
Earnest Money Balance Due
Once the parties agree to the adjusted terms negotiated during the attorney review/inspection period, the balance of earnest money check is due to the property’s listing brokerage. At this point, there are only a few ways to get the earnest money refunded (e.g., the buyer is not approved for a loan).
Mortgage Contingency Period
This time is allotted for the formal lender evaluation of the borrower’s credit worthiness and the property’s appropriate value, which entails an appraisal scheduled by the lender (paid for by the buyer). A mortgage commitment is different from a pre-approval. The pre-approval is a preliminary approval for a loan amount based on initial information the buyer provided to the lender. Once a purchase price has been agreed upon, lenders call for a formal loan application. This begins the lender’s process of reviewing the buyer’s financial information and determining if the subject property is warrantable (e.g., worthy of the purchase price, meets lender loan requirements). It is important to note that once the lender has approved the loan (provided the mortgage commitment = clear to close), the total earnest money delivered is “almost” non-refundable (depending on the specifics of the deal).
Walk-Through
A walk-thru by the buyer and both agents is usually scheduled within 24 hours prior to closing to verify the property is in good condition and that all (if any) agreed to inspection repairs were completed.
Closing
Buyers and their representatives usually meet at the designated title company to transfer property possession. Sellers sing the transfer documents prior closing day, so are generally not in attendance.
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Buyers are allowed to procure a licensed home inspector at their own cost. The final sale may depend on either the property conditions meeting the buyer’s satisfaction as-is, or with certain additional credits provided based on the results of the inspection.
Once the buyer and seller’s brokers have organized the terms of the contract, both parties are permitted to have the document examined by their attorneys, who will then maintain the legal aspects of the deal going forward.
Before the sale is considered final, the buyer must provide proof that they have secured a loan towards the purchase. This contingency allows the buyer to rescind their offer if financing does not materialize. At this point, the property will be placed back on the market.
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Although Stefani REG will manage the buying process throughout, an attorney will handle the deal’s legal aspects upon contract. An attorney examines appropriate documentation, negotiates any possible sticking points with the seller’s attorney and provides important guidance at the closing.
Utilizing a professional staging service can certainly assist in showcasing a property. Whether a home is vacant or currently populated with furniture, inexpensive yet professional staging can (depending on the property) make the difference whether a property sells quickly.
Properties routinely need minor work done prior to listing. A good handyman can efficiently correct these minor issues in and around the home (i.e. paint, electrical issues, appliance installation, HVAC maintenance).
It may be necessary to call on a professional contractor if an issue calls for a more than a handyman fix. Generally, it is best to correct any such problems prior to listing.
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Great marketing goes a long way. Stefani Residential works closely with its in-house marketing to provide listings with intelligent and effective marketing exposure.
Stefani REG's goal is to ensure your real estate journey is seamless and enjoyable, whether you're buying, selling, investing and/or renting. With our passion and expertise, we'll guide you home to the perfect property.