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Frank Lloyd Wright inspired homes will be showcased in this 'on the market' compilation. An earlier post talked about 'true' Frank Lloyd Wright homes and this post is about wonderful doppelgangers! Yes, the great homes inspired by Wright and the Prairie Style.  There are a few here that I just had to show you that I think you would enjoy.

So the Prairie Style Architecture that Wright featured:   low, sweeping roof lines and large overhangs with many windows. He had massive brick or stone fireplaces in the center of the house. His rooms were very open, one leading into another.  Angled ceilings (tray ceilings we call them today) creating visual space are the beginnings of the modern day 'open floor plan'.  Wright also designed homes with carports (before most people had a car) which eventually led to the massive garages Midwesterners love so much today.

	$2,195,000 Palos Park, IL Replica of Robie House, built in 2006 with 4600 square feet, 4BR's 4.5BA's, 1 Fireplace, 4 car garage.  2.5 acre lot.     Info
	$399,900 Chicago, IL Built in 1915 designed by John VanBergen, Wright's understudy.  4BR's 2BA's, 1 Fireplace, 2 car garage, Maids quarters, Chicago Historical Landmark, 2151 square feet.      (Chicago Magazine on VanBergen) Info          Tour
	$1,495,000 St. Charles, IL Built in 2004 with 110' on the Fox River, 7700 square feet, 5BR's 5BA's, 3 Fireplaces, 5 car garage, 1.9 acres, don't forget the pool & the private pier! Info          Tour
	$895,000 Johnsburg, IL Built in 1983 with 178' on Pistakee Bay, 4800 square feet, 4BR's 3BA's, 4 Fireplaces, 5 car garage, 1.21 acres, pool & private pier! Info         Tour
	$895,000 Lakewood, IL Built in 1995 with 5160 square feet, 4BR's 5BA's, 2 Fireplaces, 3 car garage, pool, across from Crystal Lake. Info

 

Frank Lloyd Wright thruout Oak Park IL
All things Wright on the Web

Frank Lloyd Wright Home & Studio, Oak Park IL
Prairie School Architecture


Admittedly Unusual Homes Series -
Step right up and get your Castle right here!
Frances J. Dewes Mansion - Chicago IL
Lynnewood Hall - Elkins Park, PA
Mudhouse Mansion - Lancaster, OH
Is that the White House in the MLS?
Poor Kevin's House!  Home Alone
Bowling in your Basement - Hinsdale, IL
Nate Berkus sells his condo - Chicago, IL
Foreclosure Sales over the 1M mark - yikes!


MRED: Full broker contact information contained on all highlighted homes.

Frank Lloyd Wright was an exceptional architect, interior designer, writer and educator, who designed more than 1,000 projects, which resulted in more than 500 completed works.  Many of these completed works are located in our Chicago Area.

Wright was ahead of his time promoting 'organic architecture' (promotes harmony between human habitation and the natural world), was a leader of the Prairie School movement of architecture of which we are all familiar. His work included original and innovative examples of many different building types, including offices, churches, schools, skyscrapers, hotels, and museums. Wright also often designed many of the interior elements of his buildings, such as the furniture and stained glass.

So what if anything of 'Mr. FLW' is on the market now?  Plenty!  So I thought I would show you just a few samplings right here in our own backyard!

 

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Riverside IL   $2,890,000

Avery Coonley House, 5BR 5BA, 3 Fireplaces, 6000 square feet, Reflecting Pool
Built 1908-1912       Tour

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Oak Park IL   $1,295,000
W.E. Martin House, 5BR 3.5BA, 3 Fireplaces, 4336 square feet, Koi Pond

Built 1903        Tour

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Oak Park IL   $1,795,000

5BR 5.5BA, 4 Fireplaces, 5183 square feet

Built 1915

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Batavia IL   $1,450,000

5BR 3.3BA, 3 Fireplaces, 5100 square feet

Built 1906       Tour 

 

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Highland Park IL   $1,399,000

Millard House, 4BR 2.5BA, 2 Fireplaces, 3013 square feet

Built 1906        Tour

 

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Riverside IL   $1,299,000

3BR 3.5BA, 3028 square feet

Built 1909

 

 

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Glencoe IL   $550,000

3BR 1.5BA, Fireplace, 1719 square feet (As is, fixer upper)
Built 1915

 

 

 

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Frank Lloyd Wright thruout Oak Park IL
All things Wright on the Web

Frank Lloyd Wright Home & Studio, Oak Park IL
Prairie School Architecture



Admittedly Unusual Homes Series -
Step right up and get your Castle right here!
Frances J. Dewes Mansion - Chicago IL
Lynnewood Hall - Elkins Park, PA
Mudhouse Mansion - Lancaster, OH
Is that the White House in the MLS?
Poor Kevin's House!  Home Alone
Bowling in your Basement - Hinsdale, IL
Nate Berkus sells his condo - Chicago, IL
Foreclosure Sales over the 1M mark - yikes!

Buyers Agent - WHAT IS AGENCY AND WHY SHOULD I CARE??

 
Agency Terms in Illinois - Lyn Sims at RE/MAX Suburban is a 20+ year real estate veteran that can help guide you with representation questions regarding agency in your real estate transaction.  'Who works for who?' is the best way to describe this informative post.  Ask yourself as a buyer:  'Do you want someone working directly for you and your interests?'


Seller's Agent -- When you sign a listing agreement with a real estate broker you are typically signing an agency agreement that makes that broker and all sales associates affiliated with the broker your legal agents. In a designated agency the broker would name one or more sale associates as your legal agent. The seller's agent is a limited as opposed to general agent. In other words, the listing or other agreement with the broker gives the selling agent certain authority to act on your behalf in the marketing and sale of the property. However, the selling agent does not have general powers to act on your behalf such as the power to enter into a binding contract for the sale of your real estate. In the marketing of your real estate, the seller's agent will be acting in the seller's best interest.

Dual Agency -- In this type of situation, both the seller and buyer in a transaction are represented by the same legal agent. Thus, fiduciary duties are owed to both parties. The law has stated that this is not legally possible without the consent of the buyer and seller. Thus, your consent will have to be secured to allow for this type of situation to exist. If a disclosed dual agency actually exists, the role of the sales associate will be somewhat limited and the buyer and seller will act at times on their own behalf in negotiations for the sale or purchase of the property.

Agency -- This is a framework that has developed in the law to allow individuals to act through another person or representative. This particularly occurs in commercial transactions. Examples might include hiring an attorney to represent you in a business transaction, working with a stock broker to purchase stocks or other investments, or working with a real estate broker to buy or sell real estate. Your legal agent may have unlimited or limited powers on your behalf. Your legal agent owes you fiduciary duties such as the duties of loyalty, accounting, and disclosure. In the purchase or sale of real estate you have several different options.

Designated Agency -- This arrangement with a real estate brokerage company will result in one or more sales associates being designated as your legal agent. You can enter into this arrangement either as a seller or buyer. Other sales associates in the real estate brokerage firm may be the legal agents of other buyers and sellers and may be the legal agent of the party who buys your property or from whom you buy property. The only individuals owing you fiduciary duties are those designated as your legal agent and not the real estate brokerage company itself or all other sales associates with that company. A real estate brokerage company will generally offer this service in order to provide representation for both buyers and seller.

Buyer's Agent -- A buyer may ask a real estate brokerage company to act as the buyer's legal agent in the process of purchasing real estate. This can be done by designating one or more sales associates as your legal agent in a written agreement with the broker or by entering into an agency agreement with the real estate broker which would provide that the broker and all sales associates affiliated with the broker would be acting as legal agents of the buyer. The authority of your legal agent to act on your behalf would be limited to those powers granted in the written agreement. In the purchase of real estate the buyer's agent will be acting in the buyer's best interest.
 
Sellers Closing Costs

Buyers Closing Costs 


© National Assn. of Realtors
 
 

Buyer Closing Costs

You'll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide by law a good-faith estimate of all settlement costs (HUD-1). The title company or your attorney conducting the closing will tell you the required amount for:

• Down payment
• Loan origination
• Points, or loan discount fees, which you pay to receive a lower interest rate
• Appraisal
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowner's insurance, if being paid as part of your mortgage payment
• Property tax escrow - Lenders keep funds for taxes and insurance in escrow accounts that are paid with your mortgage.  When your taxes/insurance come due in the future, your lender pays the insurance or taxes for you. The normal is usually 3 months in escrow.
• Deed recording
• Title insurance policy premiums (buyers portion) 
• Notary fees
• Document Prep Fees/FedX Shipping Fees  
• Closing itself at the title company

 

A Note About Prorations -  Because some buyers closing costs are paid on a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. 'Proration' is a way for the sellers to pay you back or for you to pay them for bills they have paid in advance. 

For example, if your association fees are $100 per month, the seller paid those fees up to the end of the month which is the 30th.  If you close on the 27th, you would owe the seller for 3 days of association fees which he has paid in advance. (30-27= 3 OR $100 divided by 30 = $3.33 X 3 days = $9.99) The bill is 'prorated' for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

A FEW NOTES ABOUT CLOSING - You must bring a certified or cashiers check to closing payable to yourself (your name) and then endorse the check over to the title company. You must bring your drivers license as identification. You must also bring a paid one years homeowners insurance policy (if applicable) with you that will be given to the lender at closing. If you are bringing a larger down payment to closing (over $50,000) you will be required to wire transfer the funds.  THERE ARE NO EXCEPTIONS.

These buyers closing costs are customary for the State of Illinois.  Obviously if you are in another state, customary charges could be different.

Cook County Tax Prorations

Seller Closing Costs

SmartMove Program for First-time Buyers in Illinois

SmartMove offers mortgage products with incentives such as affordable interest rates and down payment assistance.  Veterans can also apply.  SmartMove features up to $6000 for down payment and closing costs as a 10 year zero percent forgivable loan.  Obviously the program is geared toward borrowers who need extra flexibility on sources of income or who have limited funds for down payment and closing costs.

SmartMove features:

• Minimum down payment loan amounts from 96.5 to 100% (this means 3.5% down up to zero down)
• Conventional, FHA, USDA products available
• Fixed rate loans with up to 30 year terms
• Mortgage insurance at one-third less than other conventional products

Qualifications include:

• Minimum credit score = 620 (FHA and USDA loans) or 660 (Conventional)
• Buyer MUST contribute 1% or $1,000 of purchase price, whichever is greater.
• Household income limits and purchase price limits do apply
• HUD approved homeownership counseling required

SmartMove Lenders - See note below!

(when you go to the lender website page:  1) pick the county on the right  2) scroll down to homeownership resources, click both  3) click submit for participating lenders  4) scroll thru the list to see which town lenders are in)

Looking for a home in the Schaumburg Area? 

Lyn can help you and represent you as a 'buyers agent'.  Give Lyn a call today!

 

SmartMove Details - First Time Homebuyer Downpayment Assistance

Weathersfield Lakes

Weathersfield Lakes is a community of quad homes (group of 4) built by Campanelli Builders in the mid 70's.  One of the 'top 10' most popular subdivisions in Schaumburg IL, it's closely located to Volkening Lake for paddle boating in summer and ice skating in the winter months.  There is also a popular walking path around the lake for joggers and dog owners.   The association offers a large clubhouse with party or meeting rooms and an outdoor pool.  

There are 3 different models in Weathersfield Lakes and all offer a private entry and 1 car attached garage. One of the most popular is the ranch style with no stairs.  Each home offers a seperate laundry area with storage right off the garage.  Penthouse units offer extra storage room for motorcycles or hobbies if needed.

 

2BR 1BA Ranch     5 total sales in 2010 with prices ranging from $107,000 to $142,500

2BR 1BA Upper Penthouse     1 sale in 2010 at $133,000

2BR 2BA Familyroom 2Story or 3BR 2BA     3 total sales in 2010 with prices ranging from $160,000 to $179,900


There have been a total of 9 closed sales for 2010 in Weathersfield Lakes. Average Days on Market for these Weathersfield Lakes homes is 101.

 
If you are looking to sell your home in Weathersfield Lakes or looking to purchase a townhome or quad in Schaumburg, please feel free to contact me so we can begin the process.  I would welcome the opportunity to explain to you how 'Buyers Agency' works to your advantage.

Want to search Weathersfield Lakes now?  I bet there are a couple of homes on the market for us to look at right now!

 

In this special 203K FHA Loan, what types of improvements can I make?

• Repair/replace roofs, gutters and downspouts.
• Repair/replace HVAC systems.
• Repair/replace plumbing and electrical systems.
• Repair/replace flooring.
• Minor remodeling such as Kitchens and Baths
• Painting, both exterior and interior
• Weatherization
• Purchase and Installation of Appliances
• Lead-based Paint Abatement
• Repair/replace decks, patios, porches
• Basement remodeling
• Basement waterproofing
• Window and door replacement
• Septic System and or Well Repair

All these things can all be included in the 203K FHA Rehab Loan.  All repairs and work must be done by a certified contractor on HUD's approved list.  They are all places that you know and deal with on a regular basis including Lowes and Home Depot as examples.  The loan is used to bring the home up to a suitable condition without going overboard.  There are certain restrictions as to what can be done.  A good example of this would be a granite counter in your kitchen.  Will it effectively boost the value of the home OR is the cost too exorbitant to be recouped for the neighborhood?  Each situation is different.

I sold a foreclosure just this year where this loan was used and the home is now wonderfully updated.  New kitchen cabinets were added as half the old ones were stolen from the foreclosed owner.  The furnace needed to be replaced because the old owner cut out the blower motor and other mechanicals on the inside just to be nasty.  Let's not forget that the pipes froze (owner had nothing to do with this one) and those were also repaired.

It takes work and alot of patience for this type of undertaking and loan.  It can be worthwhile effort for just the right buyer with the right situation.

Lyn, I'm confused about all the dates.  Can you explain them again?

Each real estate contract (in Illinois) has a few different levels of action that need to be taken on the buyers part.  I'll do the contract dates in order that buyers must follow:

5 Day Attorney Review - this gives the buyer and seller the right to have their own perspective attorneys review the contract for their benefit.  It is also 'business days' not calendar days.

5 Day Home Inspection Clause - you have the right as the buyer to perform a home inspection on the property with the inspector of your choosing.  You pick the inspector, you pay for the inspector.  The inspector goes through the house in an orderly fashion making sure to cover all the home's amenities.  You should be there with the inspector during this time.  This gives you a great opportunity to spend a great deal of time in the house getting to 'know it'.  It also gives you the opportunity to actually remember everything about the house you liked on your initial walk-thru.  This is also the opportune time to have 'your Mom, Dad, Aunt Edna, Grandma, your college friend, your cousin the HVAC dude' or anyone else that wants to see the home on your behalf.

7 Day Mortgage Application - Within 7 days as a buyer you must make formal loan application with a lender or it is considered breach of contract.  This means you must pay your application fee or appraisal fee to the lender at this time to formally begin the process.  Your mortgage pre-approval that you obtained now needs to be 'attached' to a home of your choosing.  

There is a flurry of activity during the first week of purchasing a home.  This is where you finally get to plop down and take an aspirin!  Paperwork is in forward motion and it might seem that 'nothing is happening' but it really is.  It's part of the process so let others do their jobs on your behalf.

Mortgage Commitment - this is when the paperwork with your lender must be finished and is normally 30 to 45 days after your application.  Everything must be completed (job verifications, appraisal, condo certifications, survey, lots of stuff) in anticipation of the closing which is normally a week or so after this date.

Walk Thru or Right of Re-inspection - In Illinois, it is done anytime 3 days prior to closing and often times just before the close.  You have the right to go thru the home again and be sure that everything is still the same as when you purchased the home.

 

What happens if there is something wrong?

Our contract here in the Northwest Suburbs of IL states that 5 business days after the contract is accepted you have the right to hire an inspector to go through the property with you.  If something is found 'deficient' or non-working we have to notify the seller of our findings within those 5 days in writing.  It gives the seller the right or option to either repair, replace or state what will be done regarding the problem.  Not everything necessarily 'is broken' that is found at the home inspection.  Often times, there can be switches that just weren't turned on that only the seller knew about.  The seller can send us a letter of clarification on that inspection issue.

If things cannot come to an agreement after 10 business days the contract can be called null and void by either party.  This is simply so that the buyer or seller don't continually argue on a particular issue instead of working to a resolve.  If the home inspection is found to have some unacceptable deficiency to you as the buyer, your earnest money will be returned to you after notifying the seller of the contract cancellation in writing.

One thing I did want to clarify that is often misunderstood regarding a real estate contract.  The home inspection is to discover items that are not in working condition as far as habitability of the home.  It does not say that all the switch plates need to be straight, the paint a preferred color or the appliances be in perfect condition left in the home.  

Everything left needs to be in 'operational' condition for which it was intended.  If the furnace is found not to be working properly (as it effects you living in the house) it must be repaired or replaced prior to closing.  In the example of a furnace, the seller would call a certified HVAC contractor (of the sellers choosing, not your brother-in-law) to repair the furnace to get it in good working order.

The refrigerator can have a crooked handle as long as the unit is working, the food is cold and it is generally considered in acceptable condition.  If the stove knob is slightly worn from use - sorry, that's the way it comes. No need to bring up these issues during the home inspection.  

It is not a checklist for 'let's get everything fixed we find'.

 

Mr. Buyer .... I'm not going to do it

I am currently working with an REO buyer and we have looked at many a house now that needs WAY too much work.  Finally we happened upon just the right house and we made an offer.  We submitted the offer to an unlocal REO team (national it says?) to present the offer to the bank.  They tell me that the bank requires 5 to 7 business days to review the contract.  That seems just about right but I was hoping for a response sooner never the less.

The buyer has no patience, not even a smidgen.  He's calling me everyday or emailing me wondering if I've heard anything on the offer.  Nope, but I'm following up and it's a definite priority I tell him.  Mr. Jitters is getting bombarded with info from all sides.  Loan officer, friends, internet, etc while he is impatiently waiting for the bank to respond.

The other day he emails me and says I want to change the offer that the bank hasn't even looked at yet!  OK ....... he tells me in an email his new offer requirements and will meet me right away for the changes.  He increased the price and wanted the home inspection removed.

What!  No way Mr. Buyer.  You might not know what you are truly doing but I'm not removing that inspection contingency.  It's standard operating procedure for our area and the bank should know it by now.  So when we meet to initial the changes on the contract I will not remove that contingency.  It's sort of a polite butting of heads at this point.  I advise him that if he doesn't want to have an inspection that is his prerogative but I'm not taking off the inspection paragraph on this contract.  Not on an REO.  Not on your life.

This is the first time I've ever had to step in and stop a buyer right there!  If you won't look out for your own best interests Mr. Jitters, I will.