Answers to Your Top 10 Questions About Selling Your Naperville Home

Naperville IL Real Estate Properties for Sale

Having helped thousands of families, as well as single male or female homeowners to sell their home(s) in Naperville and its surrounding suburbs, we know that reasons can vary from moving up, downsizing, relocating, and so on.

Here are the Top 10 most frequently asked questions by Naperville home sellers:

1. When is the best time to sell my Naperville house?

While it might vary, the market tends to pick up in spring, with peak times between January through May, and again September through October. Of course, this doesn’t mean that you can’t sell when the time is right for you. Keep in mind that late fall and winter are also great times to sell. According to this study by Redfin, the data shows that home sellers (yes, in Chicagoland as well), netted more above asking price, and sold faster.

2. How can I help prepare my home for sale?

A salable home is one that makes a positive impression upon prospective buyers. While it’s possible that repairs might be factored into the asking price, rather than your having to make the repairs yourself before listing your home, it is still up to you to make the overall space (both inside and out) look attractive. Cleanliness is a must – along with organization. Buyers can’t fully appreciate a home if it is cluttered, hard to walk through, dirty, disorganized, or poorly lit. Minimize such gaffes by ensuring that the lawn is well tended to, and all rooms are at least tidied and smelling fresh prior to any showings. Also remember that any repairs you decide to make will help drive up your asking price, so it definitely doesn’t hurt to do what you can ahead of time.

3. How much should I sell for?

Setting the right price is one of the most important factors in the successful sale of your home. Get an instant home value analysis now by visiting http://www.chicagolandhomecalculator.com/ -- For a concise comparative market analysis and expert neighborhood information, contact us on 630-276-7575 or email [email protected], for assistance. Results are based on sales and listings of other homes similar to yours in the area. Overall, with the right price and condition of your home, it will sell that much easier.

4. What do I need to disclose?

The type of information needed in your disclosure should pertain to the home meeting building codes and permit requirements, homeowner’s association fees, any present defects, or anything else that can materially affect the cost of your home.

5. What contingencies can be made?

Contingencies, or clauses, are written as part of your selling contract, and can include the financing (costs associated with the sale and closing of the home prior to purchase), and inspections (where the buyer has the right to have the home inspected for any problems that might not have been known ahead of time or undisclosed). During such negotiations between you and the buyer, the ultimate goal is to satisfy both parties so that you can go on to making the sale.

6. What if my house doesn’t sell fast?

Sometimes, the list price may need to be lowered in order to meet the market’s demands. If your home sale is taking a longer time than expected, then new strategies should be discussed with your Broker based on agent community and market feedback.

7. Should I sell this home before buying another one?

While it is completely up to you to decide, the answer really lies in your ultimate goal – is it selling the house (even if the sale price is lower than the listing price), or earning enough of a profit to put towards a new home?

8. Can I sell my home for less than my mortgage?

In some cases, a sale that is less than the mortgage cost is considered a “short sale.” If the lenders do not agree to negotiate for the short sale price, it can result in a foreclosure, the sale of which goes back to the lender.

9. What happens if I get a better offer after I’ve already accepted an offer?

Since it’s a contract, it can be difficult to get out of an offer once you accept it. However, it might be possible if the buyer agrees to withdraw their offer. To minimize the hassle of this from occurring, however, make all attempts at sticking to the offer you accept, once you are sure that it is right for you.

10. How will bankruptcy and foreclosure affect my credit?

Sometimes declaring bankruptcy or having your home foreclosed on is unavoidable. In bankruptcy, it is possible for you to continue living in your home, by having a repayment plan. Both bankruptcy and foreclosure affect your credit negatively, upwards of 7-10 years, and can make it difficult for you to refinance or obtain a loan for the purchase of a new home again. That being said, however, lenders can all be different, some more lenient than others. The best thing is to keep improving your credit until you can be granted a home loan once again. There are government programs you can look in to if you’d like to buy another home – research Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA) – for Veterans only. Almost all lending institutions will work with government programs.

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Teresa Ryan

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Teresa Ryan
Editor-In-Chief
Naperville Homes and Lifestyle
1288 Rickert Dr., Ste 300,
Naperville, IL 60540

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