Chicago home sellers have struggled as they attempt to “time” the market and make a profit on the sale of their home. Determining what the real estate market will do on a given day or month has been a difficult forecast to make in the last few months. This week’s loan mini-series will focus on solid steps that Chicago sellers can take to ensure success and help to move their homes along more quickly. Nationally Certified Mortgage Specialist Teresa Giannini, has been in the loan business for 23 years, and had some advice to share with our readers.
“Chicago home sellers need to be realistic about price when putting your house on the market,” Giannini stressed. “Overpricing your house will only hurt you in the end and have your property sit for way too long before you eventually have to come down in price anyway. Be realistic and price to sell and make up the loss you may have taken with the great buy on the new house,” she advised.
Giannini also suggested working with your home buyer and their real estate agent. For instance, do not rule out an FHA loan, Giannini suggested. “The seller can pay all of the closing costs up to 6% of the sales price,” said Giannini, “With FHA higher debt to income ratios are allowed. Ratios can go up to 50% depending on the scenario and some times higher. Rates are competitive with conventional programs.” Giannini went on to reveal that “Appraisal requirements have eased. As long as the property is in good condition per city code and is habitable, most appraisals pass with flying colors.”
Giannini is also a big fan of Grace Sergio and recommends her team as the way to go when selling your home. Teresa Giannini is a licensed Certified Mortgage Specialist trained for FHA, VA and conventional financing including 203k loans. Her Great Lakes Home Mortgage office is located at 1030 W. Higgins Rd. Suite 210 Park Ridge, in Park Ridge. If you would like more information, please call Giannini at 847.292.0989 ext 102 or email [email protected].