We all live in a different world today when it comes to selling homes in Buffalo Grove. As a Buffalo Grove Realtor it is not easy to explain the home selling process and new values of homes from where they were two years ago.
If you recently purchased real estate, then most likely the value of your home today is lower then what you paid for it. Short Sales and Foreclosures are now considered as home comparables by the lenders. The banks do not care that you may have put in $50,000 in recent improvements; they are just looking at numbers.
I recently had two lender appraisals done on two of the properties that I sold and both appraisals came in under what the buyers of these homes paid for them. Today we have two appraisals, the first one being from an appraiser and the second one from the underwriters at the bank. The underwriters are making the final decision in the loan committees.
Real Estate Values in Buffalo Grove are Determined by Appraisals
What is so very difficult for our Buffalo Grove Home sellers to understand is that if the bank decides to come back with a different home value then the buyer will only get the loan based on the what bank says and not the sale price.
In today’s Real Estate market the Buffalo Grove home buyers are not willing to pay over the appraised value made by the bank so we go back to the beginning. The sellers do not want to reduce the price and the buyers will not pay more.
In the End, the sellers have to agree if they want to sell their home. What the banks are not telling you is that they are now sitting on millions of foreclosures that will be coming on the market and the Commercial Real Estate Market is about to start a massive foreclosure process.
This is going to drive the residential housing market in Buffalo Grove and elsewhere for years to come, so if you want to sell your home; waiting is not going to be financially beneficial.
With Elections due to happen in the near future and new banks being built on every corner, maybe it is time for us to speak up. Our Money bailed out the banks and the control they now have over our lives and retirement funds is totally out of balance.
If you are would like to find out more information about your Northwest Suburban home in Illinois contact me your Buffalo Grove Realtor, Sharron Kelley at 847-465-3638 or email me at sharron@northernillinoishomes.com. For more real estate information visit my website at www.NorthernIllinoisHomes.com.
