Put it on Paper

Question: 

I had a verbal agreement for the purchase of a home. Both parties had filled in the real estate contract including purchase price and earnest money amounts. All we had to do was to get together again to SIGN the contract and give the earnest money. The seller called me tonight and said the deal was off. Didn't we have a deal?

Answer: 

Nope. In real estate contracts must be in writing. There must be an "offer" and "acceptance" and there must be "consideration" such as a deposit. "Acceptance" in this case did not occur because there is no signature.

In your case what you had was a friendly chat and a bunch of paper. What you heard may not have been what the seller heard. Without signatures on a piece of paper there is no way to know what was accepted and what was not.

While the purchase price and the earnest money are important, they are just a few of the items which a typical real estate agreement might cover.

For instance, how was the title guaranteed, if at all? Who pays for the survey? Who will pay points at closing? What was the possession agreement? Do the appliances stay or go? The list goes on and on. For your benefit, and for the seller's, the entire transaction must be committed to paper, otherwise you could wind up with costly debates for years to come.

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Indiana Real Estate News you Can Use!

1. Existing home sales, September year-to-date, year-over-year change	-1.6%	-0.9%
2. House price appreciation, 2018 Q2 to 2019 Q2	5.5%	6.4%
3. Residential building permits, September year-to-date, year-over-year change	1.3%	1.7%
4. Foreclosure rate, 2019 Q2	0.9%	1.2%
5. Months supply of existing home inventory, September 2019	4.1	3.6

Source: Indiana Association of Realtors, National Association of Realtors, Federal Housing Finance Administration, U.S. Census Bureau and the Mortgage Bankers Association

                                            First column is the USA, 2nd Column is Indiana

      1. Low Inventory out there in Indiana has slowed Home Sales.

      2. Low Inventory is causing prices to rise higher than the                                                                  national average.

      3. More new construction.

      4. Indiana has more foreclosures than the national average,

      5. A 3.6 month supply of homes makes it an ideal Sellers Market.

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Hello Everyone, below you will find Real estate information that we think you'll find interesting.
The 2019 Real Estate Market has done well in NW Indiana and Illinois.
Here is some data to reflect that:

                                                                   
 Town              # of Homes Sold - Price per Finished Sq Ft
                                    2018                            2019
Schererville:          211 - $113.06              227 - $125.21

Munster:                299 - $113.00              262 - $120.48

St. John:                234 - $129.59               269 - $132.64

Griffith:                 264 - $98.33                 226 - $104.56

Dyer:                     303 - $123.10               285 - $125.32

Highland:              311 - $106.90                243 - $114.61

Lowell:                  313 - $116.21                304 - $121.06

Crown Point:       1021 - $115.19                988 - $119.15

As you can see only Schererville and St. John sold more homes in 2019 than in 2018. There is a low Home inventory in NW Indiana. Basic Economics states that Low supply and high demand equals higher prices. This is exactly what has happened in NW Indiana. Low Inventory is a home sellers best friend!  Remember, the condition of the home always determines the selling price. Beautiful, updated Homes always demand higher prices. If you can do any updates every year, it will pay off at selling time.

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ILLINOIS does not use Price per Sq ft, so we will use Average Sale Price for comparisons.

Town                    # of Homes Sold - Avg Sale Price
                                    2018                            2019

Lansing:               446 - $126,731           418 - $134,102

South Holland:    334 - $147, 098          270 - $149,837

Thornton:              38 - $102,632              42 - $106,875

Lynwood:              73 - $205,712               86 - $210,819

Crete:                   257 - $188,249             236 - $181,837

Illinois Inventory is down in 3/5 towns listed, but average Sale price is mostly up. Remember, the condition of the home always determines the selling price. 
Illinois Seniors: Don't forget to apply for your senior tax deduction in January. The tax discount is applied on the 2nd half tax bill. 

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Coldwell Banker sends out an Email promotion to their clients every month. Open this up. They are giving away a lot of gift cards almost every month. This is just out of appreciation for their clients. They will not be contacting you. Take advantage of this client appreciation promotion. We see a list of winners in our office every time they offer it. 

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CLASSIC DUNELAND BEACH HOME. Stunning spread on 120 feet of frontage in desirable Duneland Beach with only the best of the best in material choices used. Overlooking the vast horizon of Lake Michigan waters and the sandy shores, this splendid home was built with the intention of entertaining and accommodating a large family or host friends with over 10,000 finished sq ft and 4 levels of living space.There are 8 luxurious bedroom suites allowing privacy and comfort for guests plus a grand master suite with sitting room, 2 baths, fireplace & beautiful views. The living room boasts 3 stories of floor to ceiling windows, exquisite fireplace mantel, chandelier, custom cabinetry & beamed vaulted ceiling. Be impressed by the massive kitchen with Viking range/oven, plus gas & electric cooktops, Subzero refrigerator, freezer drawers, islands, dishwashers and a huge dining area for all the family to enjoy meals. No stone unturned, no penny unspent to appoint this gorgeous home.
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When considering selling your home and buying a new home, think of the big picture. If yearly home values are rising 2.5% in your area, your $220,000 home will be going up about $5,500. A $320,000 home increasing 2.5% will see an increase of approximately $8,000. 

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Interest rates are not expected to rise very much, but if something happens in this complicated World that affects the Real estate market, this could change. Here is an example:
A 250,000 loan at 4% equals a $1,511 Principal and Interest monthly payment. 30 years.
A $250,000 loan at 5% equals a $1,660 Principal and Interest monthly payment. 30 years.

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From Realtor.com:


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Why Should I pay for Closing Costs?

Question:   My neighbor said he just sold his home but he had to pay the buyers closing costs. No one ever paid for my closing costs. If I didn’t have the money, I didn’t buy it. Why is this allowed?

Answer:    First off, your neighbor did not have to pay for his buyers closing costs. He chose to as part of the negotiations. Your neighbor was satisfied with his bottom line, which is simply the net sales price of the home.  There is no difference whether he paid for his buyers closing costs or simply reduced the sales price by the same amount. The closing costs were taken out of your neighbors proceeds at closing. No money was given to the buyer upfront.  This transaction must be viewed as only a business deal. Keep your emotions out of it.

Times are different now.  Paying a buyer’s closing costs has advantages to the seller and buyer. For sellers, it presents an option in negotiations to help them sell their home.  For buyers, it allows them to either ‘buy down’ their mortgage interest rate or to have extra cash to update the home or make other improvements that may be needed.

A successful business transaction takes place when both parties are satisfied with the deal.  Apparently your neighbor was satisfied or he wouldn’t have accepted the offer.    

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