Becky L's Guide to Selling Your Home

Thank you for the opportunity to provide you with my Home Seller Guide!

Selling a home is a process, that involves many people, personalities, legal documents and variables, and I would help you from start to finish!

I begin with a FREE & NO-OBLIGATION consultation to discuss your goals and provide a package that includes a hard copy of this guide, a detailed Market Report, an Estimate of Costs, and sample copies of the documents that you would sign. I will do a walk through of your home, make a list of suggestions that could help sell your home faster and/ or for a better price, and afterwards, I provide a written recap of our meeting.

I received the Senior Real Estate Specialist® certification, from the National Board of Realtors®, and understand the emotional and financial aspects of selling and/or buying a home for those who haven’t been through a transaction in a long time.

With that said, I offer the following advice before listing your home:

1. Speak to your financial advisor about your intention to sell your home.

2. Speak to your attorney about your intention to sell your home.

3. Consider having a home inspection.

4. Know where you are moving.

5. Hire me to sell your home! :=)

Choosing a Realtor to represent you in the sale of your home is a big decision and experience really does matter!

Berkshire Hathaway HomeServices Starck Real Estate, locally owned for the last 50 years, is in the Top 1% of Real Estate companies nationwide, and I offer 30+ year of a high level of Real Estate experience and customer service! Together we would be committed to selling your home quickly and for top dollar!

If you have any questions regarding the information in this guide, please let me know!

Sincerely,

Becky “L.” Lippstreuer

Becky “L.” Lippstreuer Broker

224.612.2277

BeckyLSells@StarckRE.com

www.BeckyLSells.com

Homes By Becky L.

Becky “L.” Lippstreuer

Broker, Senior Real Estate Specialist®

224.612.2277

BeckyLSells@StarckRE.com

www.BeckyLSells.com

Becky “L” Lippstreuer, is a seasoned Realtor® with a passion for serving her clients and her community. Raised in Winnetka, IL, Becky is a second-generation Realtor® who began her real estate journey in Florida, in 1982. She was a Residential Property Manager, for a national company, until she earned her Florida Real Estate license in 1992. With a genuine desire to provide a high level of real estate service, and an innate drive for success, she quickly established herself as a top producer of home sales on both coasts.

In 2007, Becky returned to the Midwest and settled in Mount Prospect, IL. to raise her two young daughters. She specializes in Chicago’s Northwest suburbs because she is knowledgeable of the top-rated schools and all of the wonderful amenities that these areas offer.

Embracing her dedication to professional development, Becky obtained her Senior Real Estate Specialist® (SRES) certification from the National Association of Realtors® in 2015, a testament to her commitment to understanding and meeting the unique needs of her clients.

Consistently recognized for her outstanding performance, Becky has achieved the prestigious Hall of Fame and 100% Award that are based on her high volume of sales during her career. What sets Becky apart is her genuine dedication to listening to her clients, ensuring their needs are not just met, but exceeded.

Beyond her professional achievements, Becky is an active member of the Mount Prospect Downtown Merchants Association, further immersing herself in the fabric of her community.

But Becky’s impact extends beyond the realm of real estate and believes in giving back. She’s been a proud supporter of the Children’s Miracle Network for 10 years and, as a recent breast survivor herself, she now makes a donation to the Susan G Komen organization after every closing.

With Becky “L” Lippstreuer, you’re not just getting a Realtor®, you’re gaining a trusted advisor, a dedicated community member, and a beacon of excellence in the real estate industry.

Arlington Heights 6 E. Miner Street

Heights, IL 60004 847.870.1155

Barrington Area 319 W. Northwest Highway Barrington, IL 60010 847.806.8440

Belvidere 323 S. State Street Belvidere, IL 61008 815.544.1005 Bloomingdale 181 S. Bloomingdale Road

Reasons to Work With a REALTOR®

REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. I am also a member of my Local and State of Illinois Board of Realtors.

1. An expert guide.

Selling a home requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. There is a lot of jargon involved, so you want to work with a professional who speaks the language.

2. Objective information and opinions.

REALTORS® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. REALTORs® can use that data to help you determine if the property has what you need.

3. Property markveting power.

Property doesn’t sell due to advertising alone. A large share of real estate sales comes as the result of a practitioner’s contacts with previous clients, friends, and family.

4. Negotiation knowledge. Many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective.

5. Up-to-date experience.

Most people sell only a few homes in a lifetime, usually with quite a few years in between each sale. Even if you’ve done it before, laws and regulations change. REALTORS® handle hundreds of transactions over the course of their career.

6. Your rock during emotional moments.

A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.

7. Ethical treatment.

Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters.

When it comes to one of the biggest transactions in your life, do you want to trust just anyone?

My Job Description

My services include:

• Explaining Real Estate “Agency” & the process of selling a home.

• Explaining the Listing and Sale Contracts & all required Disclosures.

• Explaining the costs associated with selling and providing an estimated “Net” sheet.

• Providing a well researched estimation of value to determine a proper “list price”.

• Assisting the seller with the preparation of getting their home “Market Ready”.

• Explaining how the proration of Property Taxes works at closing.

• Paying and arranging for all marketing & advertising of the property

• Making the arrangements for all “showings” and providing “showing feed back”.

• Watching the market activity on a daily basis & keeping the Seller informed.

• Preparing, Presenting or Negotiating all “Offers”.

• Ensuring all T’s are crossed & I’s are dotted when an Offer becomes a Contract.

• Explaining the contractual “Attorney Review” process in advance.

• Ensuring that the Contract is forwarded to the Seller’s Attorney.

• Ensuring that all Escrow (Earnest) monies are collected in a timely manner.

• Explaining the Home Inspection process in advance.

• Ensuring all contractual obligations are met & keeping clients informed.

• Attending the “Appraisal” & having supporting comparable sales for the home.

• Explaining the “transfer tax / stamp” system & ensuring stamps are purchased.

• Explaining property surveys & ensuring that the survey is competed

• Assisting in the Condo/Homeowners Association processes.

• Ensuring that all required home repairs are completed prior to the Closing.

• Staying on top of Buyer’s mortgage process & ensuring a “Clear to Close” is received.

• Ensuring a “Final Walk Through” of the property is completed before Closing.

• Reviewing the “Closing Statement” with the Seller before Closing.

• Ensure that all final details are attended to!

Representation/Agency

In a Real Estate Transaction Designated Agency

Agency is a legal framework that allows a person to act through a representative.

Common examples are an attorney representing you in a business transaction, a stockbroker buying and selling investments on your behalf and a Real Estate Broker assisting you in buying, selling or leasing real estate.

In the State of Illinois, a Realtor should provide a “Designated Agent Disclosure”, to all customers and clients at first substantive contact at the earliest, and definitely before an Agreement to Purchase/Rent Contract or a Listing Agreement is signed.

For Sellers or Landlords… although you have a listing agreement with a RE Brokerage firm, the firm appoints one (or sometimes more) agent (s) to be your Legal / Designated Agent, to perform specific duties on your behalf. For Buyers and Renters…..the same concept applies.

Designated Agency is 100% representation for an individual party in a transaction.

The Broker and all other agents in that office may be “Designated Agents” for other buyers, sellers, landlords and/or lessees and end up being the legal agent of the opposite party in your transaction.

A Designated Agent’s Duty is to promote your best interests as follows:

1. Seek a transaction that meets the terms of your agency agreement or is otherwise acceptable to you.

2. Present all offers to you or from you, unless you direct your agent otherwise.

3. Disclose material facts about the transaction that agent actually knows about and the information is not confidential to someone else.

4. Accounting for all money/property received from you or for your benefit

5. Obeying your lawful instructions

6. Promoting your best interests above the agent’s or someone else’s best interests.

7. Exercise reasonable skill and care in performing brokerage services.

8. Keep your confidential information, confidential.

9. Comply with the Real Estate Act of 2010 and other laws that may apply i.e. Fair Housing and civil rights statutes.

Examples of situations where an Agent’s actions would not be Agency violations:

1. Showing the same or similar properties to other interested buyer or tenant clients.

2. Being compensated a higher fee if the purchase/lease price is higher.

3. Providing false information to you if the false information was given to the agent by a customer and the agent did not know the information was false.

What is Dual Agency & No Agency?

I begin my relationships as a Designated Agent, who offers 100% representation to a client, and very rarely practice “Dual Agency”.

There are times when another customer or client of a Designated Agent wants to see, and possibly make an offer on, a home of another client represented by that Designated Agent. This situation could arise if a prospective buyer found your listing on my website, social media sites, yard sign, Open House, or are a Buyer that I am already working with.

This is not necessarily a bad thing, because both parties will have attorneys to protect them, and I always check with clients at the beginning for their preference.

If a prospective Buyer reaches out to me and is working with a Realtor® already, I encourage them to contact their Realtor® and have them see the home!

If they are not working with a Realtor®, I provide this same explanation of “Agency” so that they are informed of their options.

A prospective seller decides, in the Listing Agreement, if they will allow their Real Estate Broker to work as a Dual Agent, should the situation arise. This means that the agent can represent both parties, in a limited role.

The Realtor® can still provide the majority of the services outlined for a “Designated Agent”, however, they cannot give opinions of value or strategy during negotiations.

They must simply help a Buyer & a Seller have a “meeting of the minds” with a mutually agreeable Contract for the Sale & Purchase of the seller’s home!

If my Seller clients have chosen to not allow Dual Agency, in the Listing Agreement, and an unrepresented buyer inquires about that listing, I will refer that buyer to another Realtor so that both parties have 100% representation.

This scenario does not occur often and my Real Estate license means everything to me. I am a rule follower who works in the detriment of no one. I have zero lawsuits or ethics complaints, because I follow the rules, and intend on keeping it that way!

For further information, contact the Illinois Department of Financial & Professional Regulation Real Estate Division at 217-782-3000 or visit www.illinoisrealtor.org

How Much is Your Home Worth?

There is no exact science to pricing a home and value is a matter of perspective depending if you are the seller, the buyer or the appraiser! When I am asked “How much is my home worth?”...I always ask…. “How fast do you want to sell it?”

Below are some variables that I look at when determining a good “list price” for a home.

• Location

• Neighborhood

• Recent comparable sales

• Condition

• School Districts

• Current Availability

• # of BR & Baths

• Basement

• Square footage

• Garage

• How quickly someone wants to sell!

Location, Price and Condition are three of the most important variables.

• Upgrades

• Lot size

Naturally everyone wants to get the highest price possible, however, if you are testing the market and the home doesn’t sell right away, then you need to decide if you want to “go to the market” (price adjustment) or wait for the market to come to you.

The number of “showings” that you have is key and says a lot about price.

If you get showings and no offers, then you are probably too high for the market at that given moment. The property will have to “appraise” for a buyer to get a mortgage.

We live in an area of older homes and, aside from price and location, location, location, condition is increasingly becoming a very important variable in the equation.

There is a fair amount of “flipping” again and the majority of today’s buyers are busy people who would prefer to move into a home that requires little to no work. If there is work to be done, they are going to calculate that in their offer price.

I am not suggesting that people put on a new roof or remodel a kitchen, unless absolutely necessary. I am suggesting to make your home look the best that it can and price the home accordingly. I believe that painting, flooring, cleaning & making the front entry nice are important. A seller can offer a credit to overcome challenges as well.

When determining the value of a home, I look at:

• What other homes are “Available” at that time (supply)

• The homes that are “Under Contract” (not closed but will be a comparable when it does)

• The similar homes that have “Closed” (in a 1 mile radius) in the last 4 months

The market changes by the hour and I keep my Sellers informed on a daily basis!

At the end of the day, we are in a “Seller’s Market”, due to the low availability of homes for sale. I will help you to show your home in it’s best light and determine a realistic “list price”, based on current market!

The States of a Real Estate Transaction

Selling a home is a process and my job is to explain it to my clients at the beginning.

There are many people involved in this process and, while we cannot control everything that happens, my job is help clients through each stage with the end goal in mind!

1. Pre-Listing Education and Property Information

• Market Analysis and an estimated “Net Sheet” provided

• Property Information form completed & Property Taxes explained

• Review Seller’s Guide, Listing Contract and Sale Contract

• My Experience, Real Estate services provided and Client Testimonials

2. List the Property with a Realtor

• Determine List Price

• Photos taken & Brochures Created

• Listing Contract & Disclosures signed

3. Prepare the Home for Sale (and photos!)

• Personal items packed up & valuables/ medicines put away

• Landscape, Painting, Flooring, Cleaning, Closets, Basement & Garage

4. Introduce the Property to the Market

• Sign installed

• Broker Open and Open Houses set up with feedback to seller

• Just Listed Flyer Mail-Out

5. Implement the Marketing and Advertising Plan

• Copies provided to seller

• Social Media and Digital Advertising set up

6. Manage the “Showings” of that listing

• ShowingTime & Lockbox systems set up

7. Receive, Review & Negotiate all “Offers”

• An offer is an offer until it is signed by all parties = Contract

• Price & terms—the options are always t accept, reject or counter-offer

8. Contract to Closing

• Mortgage Lender & Process

• Earnest Money Received

• Attorney Review & Inspection Period

• Surveys

• Mortgage Pay-Offs

• Appraisals

Preparing Your Home to Sell

The goal is to think about how you want your home to look in the professional photos.

These are what are used in the MLS, the Virtual Tour, social media sites and in the brochures!

Following are some suggestions:

• Get rid of clutter and this includes basements & garages. Clean out drawers, closets, cabinets, etc...

• Remove personal items.  De-personalize your house! You want perspective buyers to think of your home as their home, and is difficult for them to imagine if your home is full of your memories & tastes!

• Remove unwanted furniture. Be realistic about the pieces of your furniture that you are taking with you to your next home. Always ask before getting rid of pieces in case they can be used in staging! If not, donate, sell or throw away! Consider renting a storage unit, if necessary.

• Home or Estate sales are an option. Always get a few estimates.

• Have wallpaper removed and paint as needed. This includes your front door, railings, ceilings & trim!

• Neutral Colors.  It’s best to cover up bright colored walls with a fresh coat of neutral colored paint

• Add color. Throw pillows, towels, green plants, bedspreads, bathroom accessories, coffee table books, matching lamps, mirrors & fruit in bowls.

• Make a small room appear larger.  One trick that stagers use for small rooms is to paint it the same color as an adjoining room.  A small kitchen & adjacent dining room will look bigger if they are the same light shade.  Using the same color drapery as the walls is another trick to make a small room appear larger.

• Paint basement and garage floors if needed. Really makes a huge difference!

• Expose and/or refinish hardwood floors. This is what buyers are looking for & costs little to just expose.

• Consider painting kitchen cabinets if needed. Always get an estimate but cheaper than replacing!

• Replace old electrical fixtures with new and use LED bulbs. Not a lot of money &makes a big difference.

• Replace old plumbing fixtures with new. Not a lot of money &makes a big difference.

• Have the home professionally cleaned just before showings are to begin. Windows too!

• If there are “big ticket” repairs, get estimates. DOES NOT COST MONEY but you’ll have the information.

• Consider having fireplace cleaned & inspected. Coming up on a lot of inspections. $200 for inspection

• Consider having a sewer “scope” for blockage. Have the line rodded if necessary. Cost $250 for test.

• Consider having a radon test. Cost is approximately $250-$300 and mitigation is $100-200.

• Concrete is a big issue too. It’s not cheap but is something you can get a “return on your money” if done.

• Let your association know when you decide to sell. Determine if there are any upcoming assessments.

What Do You Do With All of the Stuff?

Keep & Pack Up • Sell • Donate /Give Away • Throw Away

Effectively those are your choices and, if you’ve lived in your home a long time, it can be overwhelming . It’s hard for some to detach emotionally from “things” but will feel good later, I promise! :=) Homes that are clean and organized, do sell quicker and for more money.

Estate Sales Get more than one estimate and visit one of their sales, if possible. Ask their availability, the % of gross sales that they charge, and what happens with the items that do not sell.

Brie

Donation Centers

St. Vincent DePaul  773-779-6700

They don’t take mattresses, items in bad shape & car seats. Tell them what items you want picked up when you schedule your appt. It’s at the driver’s discretion

They charge by the space that your items need on their truck. You can negotiate.

Tips on Showing Your Home!

The goal is to think about how you want your home to look in the professional photos.

These are what are used in the MLS, the Virtual Tour, social media sites and in the brochures!

Following are some suggestions:

• Get rid of clutter and this includes basements & garages. Clean out drawers, closets, cabinets, etc...

• Remove personal items.  De-personalize your house! You want perspective buyers to think of your home as their home, and is difficult for them to imagine if your home is full of your memories & tastes!

• Remove unwanted furniture. Be realistic about the pieces of your furniture that you are taking with you to your next home. Always ask before getting rid of pieces in case they can be used in staging! If not, donate, sell or throw away! Consider renting a storage unit, if necessary.

• Home or Estate sales are an option. Always get a few estimates.

• Have wallpaper removed and paint as needed. This includes your front door, railings, ceilings & trim!

• Neutral Colors.  It’s best to cover up bright colored walls with a fresh coat of neutral colored paint

• Add color. Throw pillows, towels, green plants, bedspreads, bathroom accessories, coffee table books, matching lamps, mirrors & fruit in bowls.

• Make a small room appear larger.  One trick that stagers use for small rooms is to paint it the same color as an adjoining room.  A small kitchen & adjacent dining room will look bigger if they are the same light shade.  Using the same color drapery as the walls is another trick to make a small room appear larger.

• Paint basement and garage floors if needed. Really makes a huge difference!

• Expose and/or refinish hardwood floors. This is what buyers are looking for & costs little to just expose.

• Consider painting kitchen cabinets if needed. Always get an estimate but cheaper than replacing!

• Replace old electrical fixtures with new and use LED bulbs. Not a lot of money &makes a big difference.

• Replace old plumbing fixtures with new. Not a lot of money &makes a big difference.

• Have the home professionally cleaned just before showings are to begin. Windows too!

• If there are “big ticket” repairs, get estimates. DOES NOT COST MONEY but you’ll have the information.

• Consider having fireplace cleaned & inspected. Coming up on a lot of inspections. $200 for inspection

• Consider having a sewer “scope” for blockage. Have the line rodded if necessary. Cost $250 for test.

• Consider having a radon test. Cost is approximately $250-$300 and mitigation is $100-200.

• Concrete is a big issue too. It’s not cheap but is something you can get a “return on your money” if done.

• Let your association know when you decide to sell. Determine if there are any upcoming assessments.

The Importance of Professional Photography

They say that “a picture is worth a thousand words” and I always suggest that sellers take a good look at their homes through the lens of a camera!

Visual marketing makes your home stand out from the crowd and HDReal® photography combines the art of photography with artificial intelligence & the science! The result is stunnnig images proven to sell real estate faster and for more money.

The photos are everything and I am unable to start brochures, social media campaigns & MLS listings without them. You’ll see garbage cans, unmade beds, etc...in other MLS photos but not in mine :=) It is so important to present your home to the market when it is 100%.

In today’s market, with the 24-36 hour turnaround (no weekends) on receiving the photos after the shoot, I am getting photos back after the home is sold! I like having the pictures in the event that they are needed, no matter what.

On the day of the shoot, we have an hour to get 25 good photos (they take lots more) and following are some tips for a successful session:

• Cars off driveway

• Toilet seats down

• Missing light bulbs replaced & window wells cleaned out

• Color by front door (flowers) - mulch your front at least - lawn mowed

• Patio sets - umbrella up and pads on chairs

• Counters cleared except for items we discussed

• All lights on and blinds open

• No rugs, towels, garbage cans, toilet brushes in bathrooms and shower cleared of shampoos, etc

• No front door rug

• Garbage cans in garage

• Put large air fryers, rice cookers, etc away for the shoot

• Beds made

• Let the photographer do their job. I will be there ad they will show us pics at the end

• Feel free to hide things in closets, cabinets & drawers and bring back out after photos :=)

All shoots include two virtual tours...one branded to me that I use in my personal Real Estate marketing and one unbranded that is reuired in the MLS. Additional services such as floorplans, night shoots, and 3D imaging are available and used accordingly.

I invite you to see photos of my listings at: www.BeckyLSells.com

Advertising Your Property

FIRM NAME RECOGNITION Berkshire Hathaway Homeservices is one of the biggest and most recognized Real Estate companies in the world! The Starck family has been helping buyers and sellers since 1950, has 18 offices, with over 600 agents, and we love to sell each other’s listings!

SIGNAGE I utilize professional and reflective signs, with my direct number on them, so calls on my listings come to me directly and not someone “on floor” duty.

MULTIPLE LISTING SERVICE The “cooperation” by other Realtors, via the MLS system, is very important. I keep the description of your property fresh and highlight all the home’s great qualities.

PROPERTY PHOTOS

I use many photos of your property and a virtual tour so that an agent who is considering “showing the property” or a buyer who may be viewing the listing “on-line” can actually “see” your property and hopefully make an appointment to see it!

Statistics say that approximately 80% of buyers today actually “bought the home”, from the photos on the Internet, before they walked through the door!

CUSTOM MARKETING FLYERS and BROCHURES I design and distribute different types of marketing flyers tand brochures hroughout the listing period. A color brochure for your property and a “Just Listed” announcement are first steps and Berkshire Hathaway

E-MAIL and INTERNET MARKETING In today’s technological world, the two methods have proven to be a very valuable source in the marketing of Real Estate. Once listed, just put your address in any web browser and see all the different websites your property is listed on!

SOCIAL MEDIA

OPEN HOUSES Some believe that Open Houses are for nosy neighbors & generating new buyers for the agent!

I believe that every effort I make to sell one of my listings is a potential lottery ticket of possibility. I use professional Open House signage & love when neighbors come by because they usually end up “selling” the neighborhood to nonneighborhood prospects!

Every property is unique so I develop a marketing plan with you at the onset of the listing and keep you posted along the way!!

Real Estate Websites & Social Media

The Multiple Listing Service (MLS) is the mechanism that sends listings to the Real Estate websites! Once listed in the main MLS, you can “google” your address to see every website your home is being advertised on!

MRED (Midwest Real Estate Data) is the company our Board of Realtors uses. It’s a great system and database of listings, and is accessed by 35,000 Realtors in Illinois, Wisconsin and Indiana

www.BeckyLSells.com

www.REALTOR.com

www.HOMES.com

www.BHHS.com

www.StarckRE.com

www.FACEBOOK.com/ BeckyLSells

”Like” my page if you would like to connect and receive my RE info!

www.linkedin.com/in/BeckyLippstreuer

Miscellaneous Websites

Our listings are featured on many other websites including Zillow and Redfin

The Multiple Listing Service (MLS)

The real estate market is competitive, and the business is unique in that competitors must also cooperate with each other to ensure a successful transaction.

My local Board of Realtors® (Mainstreet) utilizes the Midwest Real Estate Data (MRED) MLS system. MLS systems facilitate that cooperation and is a private offer of cooperation and compensation, by listing brokers, to other real estate brokers.

Today, through more than 800 MLS systems, brokers share information on properties they have listed and invite other brokers to cooperate in their sale, in exchange for compensation if they produce the buyer. Sellers benefit by the increased exposure to their property. Buyers benefit as they can obtain information about “listed” properties, while working with only one broker.

MLSs are private databases created, maintained and paid for by real estate professionals to help their clients buy and sell property.

For future reference, the MLS system categorizes homes as follows:

AVAILABLE FOR SALE

NEW — Been on the market at least 5 days

ACTIVE — On market longer than 5 days

PRCG — Price change

RACT — Reactivated (Usually a deal that has fallen thru)

BOMK — Back on market

PEND = Pending + “Under Contract” but further along and less likely to “fall thru”!

CLSD = CLOSED Done deal and these are the sales that an appraiser is going to use.

The Private Listing Network

UNDER CONTRACT

CTG — Contingent means the home is “Under Contract” w/some type of contingency i.e.

FIN — Financing

A/I — Attorney Review and Inspection period still on going HS# — Home sale contingency w/24, 48 or 72hr kick-out clause to buyer (1st right of refusal)

HC# — Home close contingency w/a 24, 48 or 72hr kick out clause to buyer

SS — Short Sale

MRED’s Private Listing Network (PLN) is a database, that’s separate from the Standard Listing Network (SLN). It is viewable by Realtors only and not the public.

It is essentially a “coming soon” section of homes and is usually utilized by Realtors/Sellers whose homes are not ready “to show” yet.

Agents are misusing this section by adding very limited information sometimes zero photos or even a price.

An Attorney’s Role in a Real Estate Transaction

You will need an attorney to represent you during this transaction. Interview a couple of attorneys when you list your property and ask about their fee and the services that they will provide.

Some of their main duties involve:

• Reviewing the Contract & representing you during the “Attorney Review”/Transaction

• Ordering and obtaining a title examination from title examiners  for the property

• The review of the abstract of the title examination

• Obtaining municipal lien and tax information

• Obtaining and reviewing survey/plot plan information

• Obtaining and reviewing mortgage and lien payoff information

• Preparation & Issuance of a Title Insurance Policy

• Assistance in Homeowners Association processes

• Preparation and Recording of all documents

• Reviews the Closing Statement with you

• Ensures Transfer Stamps & Property Taxes are paid

Below are three Real Estate Attorneys who I trust!

You can use any attorney that you want and I will work diligently with them to make sure that the deal closes!

Trisha Chokshi

847-346-2509 - TChokshi@Law-CF.com

Chokshi Filippone Law www.law-cf.com

401 N. Prospect Mount Prospect, IL 60056

Matthew Quick

224-377-1700 - matthew@attorneymatthewquick.com

www.AttorneyMatthewQuick.com

900 N Shore Dr #166, Lake Bluff, IL 60044

James R. Nelson

847-292-0402

JNelsonJrLaw@gmail.com

617 Devon Ave, Park Ridge, IL 60068

What Happens When You Receive an Offer?

Be Smart When an Offer Comes!

There is a saying in the Real Estate business that “the first offer is usually the best offer” and I’ve have seen the theory tested more times that I wish I had!

I do require a “Pre-Approval” (not “Pre-Qualified) letter from a mortgage company with all offers on my listings. I personally speak with the mortgage representative to find out as much as possible about the prospective buyers. I attach the Real Property, Lead Based Paint & Radon disclosures that you signed to your MLS listing so that agents can have their clients sign/initial them when they make the offer.

An “Offer” becomes a “Contract” when every single agreement is signed and/or initialed by all parties and delivered back to the other party. When one party “counter-offers”, all previous bets are off.

Date of Acceptance

This is the date that the “offer” becomes a “contract” because all agreements have been initialed or signed by all parties and the complete contract is delivered to the other party. “Signed, sealed & delivered”! The timeframes for all contractual deadlines begins at 8am (Chicago time) the next business day.

Contractual Timeframes

These are based on “Business” vs “Calendar” Days.

Attorney Review & Inpsection Period

Once an “offer” becomes a “contract”, the first step is to submit the contract to the buyer & seller’s attorneys for review. Customarily this is a five (5) business day period of time, however, certain situations may require extensions of that timeframe. An attorney can accept, reject or change any part of the Contract, except for the sales price.

At the same time, the buyer has the right to have a comprehensive home inspection and any other inspections they would like (i.e. lead based paint, radon, mold, well, plumbing, roof, etc….) within an agreed upon number of days after the “Acceptance Date”. Customarily the timeframe is longer for a Lead Based Paint Inspection.

The Buyer, via their attorney and the attorney’s “Attorney Review Letter” to the sellers attorney, must submit a written list of the items found on the report, which Buyer would like “resolved” by the Seller, along with a copy of the pertinent pages of the Home Inspectors Report, within an agreed upon number of days.

The Seller then, within an agreed upon number of days, has the option of fixing some, all or none of the requested items. If Buyers and Sellers cannot reach resolution for the defects found on the Inspection report, then either party can terminate the Contract by delivering written notice to the other.

A seller should use licensed contractors and submit a receipt for all repairs made, at Closing.

Earnest Money

The Buyer will offer an earnest money deposit, sometimes referred to as a “good faith deposit” to be held “in escrow” until the closing date.

It is traditionally held by the Listing Agent’s brokerage and brought to closing on the Buyer’s behalf.

Mortgage Financing

The Buyer must make “formal” application for the mortgage, within an agreed upon number of days after the “Acceptance Date” of the “Contract”.

The Buyer also promises in the offer a date that the Seller can expect to receive a copy of the Buyer’s “Mortgage Commitment” from their lender (aka “Clear To Close”). This is basically the 95 yard line to getting to a closing!

An Appraiser is sent out by the Lender to determine value. If a property does not “appraise” for the contract price, the buyer may terminate the Contract or all parties can renegotiate.

Condo/Home Owner Associations

The seller must provide a copy of all governing document for the association and the buyer is responsible for making application with the association.

Property Taxes

Property taxes are paid in “arrears” in Cook County. Simply put, you get to use them and then you have to pay for them. As a result, a seller in Cook County pays their share of the current years taxes at the closing table via a credit to the buyer. Then buyer is responsible for the tax bill when it is issued and due.

“Free & Clear” Title to the Property

This must be provided by the Seller and the Seller will purchase an Owner’s Title Insurance policy to protect the buyer. The buyer purchases a title policy to protect the lender.

Property Survey

Survey must be no older than 6 months.

Transfer Stamps/Tax

The amount and responsible party vary from village to village. A final water meter reading is usually required in order to obtain the transfer stamps.

Review the “Closing Statement” with the Attorney

Final Walk Through

A seller must leave their property “broom swept”, per the Contract.

Closing

Usually held at a Title Company & attended by all parties. If you have proceeds due to you, you will receive your check there. If you have a mortgage on the property, the closing agent will make sure it is paid off.

You must bring all keys, garage door openers and your driver’s license to Closing!

Contingencies in a Real Estate Contract

When a buyer makes an “offer” on a home, it will include “contingencies” on certain “terms” being met, in_ order for the transaction to “close”.

Some of these “terms” are standard in contracts such as:

1. Earnest Money being delivered per the contract.

2. A Home Inspection being completed within 5 business days after Acceptance date.

3. The successful completion of the Attorney Review process.

4. A satisfactory to the lender Appraisal of the home.

5. A condition-free Mortgage Commitment (aka Clear To Close) from the lender.

6. Buyer being able to secure Property Insurance for an acceptable cost

Home Sale vs Home Close Contingencies

When there is more than one home sale involved in a transaction, there is always a level of risk because there can only be one primary contract. If that home does not sell or close, the other transactions that are contingent on that primary contract closing, will not happen. It can be trying because there are many participants and things that must fall in place, however, we do help clients through these types of transactions all the time!

As a Buyer’s Agent, I suggest that a homebuyer make the other terms of their offer as desirable as possible to entice the seller to accept a home sale or close contingency. As a Listing Agent, I would prefer to have neither of these contingencies in an offer, however, a “must close” contingency is much better than a “must sell” contingency.

If it is a Home Sale contingency, the prospective buyer must agree to have the home listed in the MLS, within 5 days, and request a certain # of days to sell their home. In today’s market, unless the situation works for the seller, I don’t advise accepting this type of contingency.

If it is a Home Close contingency, I request a copy of the primary (#1st position) contract. I need to know the qualifications of the buyer on Contract #1, where the contract is in the process (new contract vs closing in 2 weeks), check all dates and personally speak to the primary buyer’s agent, lender & attorney so I have all the facts to present to you! If this type of contingency is OK, we would request what is called a Kick-Out Clause aka First Right of Refusal) and continue to show your home and accept Back-Up Offers

This First Right of Refusal will be for a period of time (usually 24hr, 48hr or 72hr), after a seller has accepted a 2nd contract, by which Buyer #1 can remove the contingency and move forward with the transaction.

In the MLS (Multiple Listing Service) you will see the following statuses:

HS24 (48 or 72hr) = Home Sale contingency with 24, 48 or 72 h!: First Right of Refusal.

HC24 (48 or 72hr) = Home Close contingency with 24, 48 or 72 m: First Right of Refusal.

What is a Bank Appraisal?

A home appraisal is an unbiased estimate of the “fair market” value of a home.

The Appraisal is performed by a licensed appraiser and paid for by the Buyer. Lenders order an appraisal, during the mortgage loan process, to ensure that the amount of money requested by the borrower is appropriate.

After the market drop in 2007, appraisers got held partially responsible and the appraisal process changed. Lenders no longer have their own appraisers and must now order their appraisers from a pool of appraisers.

As in any business, there are good and bad appraisers and timing is important.

They must use “comparable” sales (usually in last 6 months and no more than 1 mile from the property) and make “adjustments” (up & down) to compare to the subject property.

Many people think Zillow is “like an appraisal” and it is not. It is an automated valuation system that uses data to come up with an estimate (and a wide range) but the system doesn’t know why someone is moving (urgency, no urgency, death & divorce), the condition of the home or the temperature of the market. Low supply and high demand can often mean a higher price and time of year is a factor too.

Meeting the appraiser is part of my job description. Knowing the market like I do, helps and I must have “comparables” in hand, to support the price.

Recently I had a “drive-by” appraisal! Can’t explain the reasoning, however, lenders/appraisers are super busy from the current market.

What happens if the home does not appraise? Then the lender does not lend. The majority of homebuyers are not going to pay more than the appraisal amount. Rarely do contested appraisals win but sometimes the difference can be negotiated.

Property Taxes

Property taxes are paid in arrears in Cook County & attorneys will use the last full tax bill to “prorate” the taxes at closing.

Example: If you closed on 4-30-24, you would be responsible for paying any unpaid taxes and provide a “credit” to the buyer, at closing, for your prorated share of the 2024 taxes. When the bill comes, it’s the buyer’s responsibility!

To look up your property tax information go to: https://www.cookcountytreasurer.com/setsearchparameters.aspx

If you have a mortgage being paid off at closing, and have an “escrow account” with your lender for taxes & insurance, you should receive a refund from the lender.

Title Insurance

Title insurance is a means to guard a Buyer if there are problems (or defects) with the property’s title. This can come in the following two forms:

Lender’s Title Insurance – The borrower obtains title insurance to protect the lender.

Owner’s Title Insurance – This covers the homeowner should anyone make a claim on the property from before it was purchased.

Why Would Such A Claim Happen?

• Someone might make a claim against your home based on back taxes that were not paid from before you bought the property

• There could be a lien on the property,

• Someone may claim that the property was given to them in a will

• There’s a legal dispute about who owns the property because of ambiguous will.

What is a Home Warranty?

Home warranties have both a marketing and seller benefit in the right scenario. There are many warranty companies to choose from and this is just a sample from HWA. If you have new everything, you don’t need one. There is FREE seller’s

20 Reasons to Hire

Bekcy “L.”

1. I have 30 years of Real Estate experience & a proven track record.

2. I work for Berkshire Hathaway Homes Services a recognized leader in the industry.

3. I have a team who is also dedicated to the successful marketing & sale of your home.

4. I have never been involved in an ethics complaint or a lawsuit.

5. I have a reputation for honesty, integrity, organization & hard work.

6. I’m easy to reach by cell phone, e-mail or text and I’m on call 24/7.

7. I will be straight with you regarding value of your home and suggestions to improve.

8. I use professional signage and advertising.

9. I create a strong marketing plan & keep clients informed of the results.

10. My MLS information is correct, complete & I include numerous professional photos.

11. I provide regular market reports and/or can set a seller up on an automated MLS search.

12. I offer Internet exposure 24/7.

13. use a professional showing appointment system & provide feedback received from agents.

14. I use professional and security conscious electronic lockboxes so I can track usage.

15. I have strong negotiation skills and am experienced with multiple offer situations.

16. I utilize paperless transaction systems ( i.e. Docusign) to make transactions easier.

17. I am a detail oriented individual who makes sure that “all T’s are crossed & I’s dotted”.

18. I make a donation to the Susan G. Komen organization after every closing.

19. I have a large network of support services specialists to help.

20. I am a full-time career Realtor who offers professional service with a personal touch!

My end goal is to sell your home for the most money possible, in the shortest amount of time, AND, do it in a way that you would make you refer me to your friends and family in the future!

The Listing of Your Home

Your listing contract would be with Berkshire Hathaway Homeservices Real Estate

Listing Paperwork Required

Listing Contract

PLN Addendum if needed

Seller’s Real Property Disclosure

Lead Paint Disclosure (pre-1978)

Radon Disclosure

Company Affiliation Disclosure

Home Warranty (optional)

Estimated Net Sheet

Association Info Form (if applic)

Additional Information Needed

Mortgage Information

The name of your attorney

Copy of your survey (if available)

A key & any garage remotes

Floorplan (if you have one)

Appliance /Warranty Info

Are there any “exclusions”?

Copy of a POA or Trust (if appl)

Association By-laws & Rules & Reg’s

In the Listing Contract, a Seller indicates what “fixtures” and personal property will be transferred to the new owner at closing. This usually includes appliances, window treatments, electrical fixtures, etc… unless specifically stated otherwise.

Once I have written authorization to market a home:

1. Your property will be entered into the Multiple Listing Service

2. New Listing E-mail sent to BHHS agents and my database of clients.

3. A reflective sign with Becky’s direct phone number will be installed

4. A custom brochure will be created for your home.

5. Professional Photos will be taken. .

6. A “Virtual Tour” will be created & added to all websites

7. A lockbox will be installed, if you have authorized us to do so.

8. Your property will be added to all major websites (just google your address!)

9. “A Just Listed” flyer will be sent out.

10. You will receive a copy of executed Listing paperwork, signed by my Broker.

11. An Open House will be scheduled.

12. Social Media Ads scheduled

My client’s happiness, and their referrals, are the keys to my success!

“Becky is very professional & provided great ideas on modernizing my house. She helped me extensively in preparing my house ready to sale, is trustworthy and friendly. My house sold in less than 2 weeks, for asking price, & I highly recommend her.” —Valerie S. May 2019

“I would highly recommend Becky Lippstreuer for any of your real estate needs! Becky was friendly, helpful, extremely professional and provided great service and follow up! As an out-of-town executor coordinating the sale of our dad’s home, Becky went above the call of duty to get the home prepared for sale and to find the right home buyers in a timely fashion was a pleasure to do business with & I highly recommend her for any of your real estate needs!” —Brad B. November 2018

“Becky Lippstreuer is as pleasant to work with as she is competent. Becky was my Realtor for the sale of my mother’s house. After interviewing a few agents, I hired Becky because of her past record, knowledge of the community, attention to detail, clear advice about preparing the house. I was not disappointed. This woman is truly amazing to work with!” —Pat O. October 2017

“Highly Likely To Recommend! Very knowledgeable of the Real Estate market, professional at all times, informative & personable! Becky went above & beyond to help us sell our home. She was trustworthy & highly recommend her to help you buy or sell a home!”

—Valerie & Erica August 2017

“Becky helped us sell our townhouse. It was listed & closed in under six weeks! She took great pictures of our home and developed an appealing listing. We lived out of state during the sale, so Becky made several trips to our townhouse for whatever task that needed completing. We would definitely recommend Becky!

—Rod & Gretchen K. March 2023

“We cannot thank you enough for selling our home quickly & painlessly! Moving out of the area, after living in our home for so long, was overwhelming to say the least. We will never forget how hard you worked! To help us We will refer you to anyone we know looking for a great Realtor!” —Jim & Linda C. May 2014

“John and I want to say thank you for helping us to buy our first home! With our crazy schedules & the number of homes you showed us, you always went the extra mile! We never realized how much a Realtor does & will never forget that you found us our dream home!”

—John & Julianne D. April 2014

“Becky worked hard to sell our home! Not only did she sell our home quickly but also found our new home! She was helpful with dealing with lawyers, contracters, & movers to make our transaction successful!”

—Nancy P. December 2018

“Becky “L.” is your woman! My mother recently passed away & we needed to sell our family home. This wonderful, caring, hardest working, compassionate, woman and her husband Mark went above and beyond what I ever thought a Realtor should do! If you need to sell your home or find your forever home, call Becky “L”! She will take good care of you!” —Janet M. January 2016

“Becky is the most honest and trustworthy person ever! She treated us like family. Excellent advice on getting my house ready to show! Not only did she offer her expertise, but lent a helping hand. Always available and returns emails and calls promptly. If you are looking for a Realtor who you can trust to get the job done, Becky is the key!” —Dave & Lynn U. May 2016

Client Testimonials

My client’s happiness, and their referrals, are the keys to my success!

“Becky really worked very hard to sell our house at the best price we could recieve. No detail went unnoticed or incomplete. She even helped us sell furniture we could not take to our new place. Highly recommend Becky!”

— Richard W. January 2021

“Becky went the extra mile to prepare our unit for sale. She negotiated intelligently and made great suggestions about how to deal with problems that arose . As the Executor who lived 2000 miles from the property, I highly recommend her!” —Joe B. October 2022

“Becky’s Real Estate expertise helped us have a seamless transaction when we sold our home. She is professional and very personable. She kept us apprised throughout the whole process, which is key when you’re under stress selling/buying. I would definitely recommend Becky!” —Catherine E. August 2021

“We were fortunate that we had Becky as our Realtor®! Her knowledge of the area and her expertise in selling homes came through starting with our initial meeting & continued throughout the process. She was available morning, noon, and night and really cared about us. She treated us as if we were her only client. I would highly recommend Becky!” —Teri F. November 2020

“Becky did an outstanding job! Our situation was a difficult one because our mother was moving out of a house she had lived in for 40 years. Becky has a wonderful way with people, particularly the elderly. She gets things done yet is compassionate. She has great advice, resources & put in a lot of time on this one. She responded quickly to calls or situations that arose & her humor helped! She gained the trust & respect of my older brother (a Business Exec who is quite demanding) & we could not have been more impressed with her expertise or the outcome of the sale of mom’s home!

— Sheila F. September 2015

“Becky was fantastic! My fiancé and myself bought our first house and Becky made it a great experience! She walked us through step by step, set up our showings and was with us every step of the way. She came highly recommended by a family friend and now I can see why! Would definitely use her again if we ever decide to move!”

—Brian & Sarah L. April 2023

“We highly recommend Becky! The process was not what I expected until I met Becky “L.” ! After meeting her once, I felt like I’d known her for years. She was super easy to talk to, knowledgeable, very organized & responded to my calls the same day!”

—Ruben

& Nellie G. April 2015

“Becky was a pleasure to work with while she was selling my parents home. 40 years, hey had no idea about the process. She goes above and beyond, not just in the selling period of time but all the preparation to get to the listing, and then through the sale. She helped every step of the way!” —Yildez W. September 2022

“We had a wonderful experience working with Becky to sell our home. Her knowledge of the local market conditions and years of expertise made it a smooth process. She offered great advice to stage our home and helped with the final details. She kept us informed through every step until closing. I would choose to work with Becky again in a heartbeat!”

—Renee G. November 2020

“Becky was wonderful and easy to work with on selling my mom’s home. She was professional and knowledgeable in addition to warm & friendly. She actually made me feel like a friend not just a client. She kept in touch with me every step of the way & offered to help with anything I needed. The home sold quickly & for a fair price. I’d absolutely work with Becky again!”

—Barb H. January 2019

Moving Checklist

Whether you are moving out of a home or an apartment, moving somewhere local or to another state, a Moving Checklist is an essential tool for planning and peace of mind. It’s no small task packing your things, deciding whether to rent a truck or hire a mover, and keeping the whole process organized.

When You Decide To Sell Or Buy A Home

☐ Get a written estimate from Moving Companies

☐ Research Storage Units if needed

☐ Have a garage/moving sale if needed

☐ Gather moving boxes & get started packing

☐ Create an Inventory of your personal possessions

☐ Gather all vvarranties, manuals, etc .. for new buyer

☐ Notify Association ( if applicable)

Before You Leave

☐ Post Office - Forwarding Address

☐ Update Credit Cards Accounts

☐ Notify Friends and Relatives

☐ Notify Attorney & Accountant

☐ Medical Records transferred if needed

☐ School Records transferred if needed

Bank

☐ Transfer Funds as needed

☐ Update Address on Account

☐ New checks / ATM Card

Insurance

☐ Notify Insurance Company

☐ Arrange for New Policies Utility Transfers

☐ Electric

☐ Gas

☐ Telephone

☐ Cable

☐ Internet

☐ Water

☐ Sewer

☐ Trash

Change of Services

☐ Newspapers & Magazines

☐ Landscapers

☐ Doctors

☐ Dentists

☐ Eye Doctor

☐ Pharmacy/ RX’s

☐ Veterinarian

☐ New Driver’s License

☐ New Village Sticker for car

☐ Department of Motor Vehicles

☐ Social Security

☐ Voter’s Registration

☐ Internal Revenue Service ☐ Student Loans

Important Numbers

Emergency Fire Police

Village Hall

Township

Cook County

Post Office Park District

Library Train

Gas Electric Water

Refuse

Telephone Cable TV

School District #23

School District #25

School District #26

School District #57

School District #59

School District #62

School District #214

Transfer Tax

Homepage

Wiki

911

847-870-5666

847-870-5656

847-392-6000

Elk Grove 847-437-0300; Wheeling 847-259-7730

312-603-5656

847-392-2730

847-255-5380 www.mppd.org

847-253-5675 mppl.org

847-253-5839 metrarail.com/metra/en/home.html

888-642-6748

800-334-7661

Village of Mt. Prospect 847-392-6000; Illinois American Water 800-422-2782

Arc Disposal 847-981-0091

AT&T 800-288-2020

Comcast 866-594-1234

847-870-5550 www.d23.org

847-758-4900 www.sd25.org

847-297-4120 www.rtsd26.org

847-304-7300 www.d57.org

847-593-4300 www.ccsd59.org

847-824-1136 www.d62.org

847-718-7600 www.d214.org

Amount of Tax $3/$1,000; Place of Purchase: Village Hall; Party Liable: Buyer

www.mountprospect.org

Wikipedia