Category Archives: Buying a Home

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Our Champaign Urbana Real Estate Group

Category:Buying a Home Tags : 
Beringer Realty

Debbie Hensleigh started Beringer Realty with a vision for excellent customer service.

Now our little group of Champaign real estate experts is growing and here are a couple of recent additions.

Champaignn real estate

Sharon Davis is an energetic addition to our real estate group. She knows the local market well and can help you today in buying or selling your Champaign Urbana home.

Champaign homes

Jean Marie Nyembwe hails from Democratic Republic of Congo, speaks French and English, and loves the real estate investing market.

 


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Buying a Home in Champaign-Urbana IL- How Long Does it Take?

Category:Buying a Home
Ironwood Champaign

We can help you with the buying process–and it does not have to take that long!

How long does the home buying process take in Champaign-Urbana IL?

At a minimum, it will usually take 30 to 60 days because that’s how long most banks need to process a home loan once you have a signed purchase contract on a home. In other words, if you already knew which house you wanted and you negotiated a contract with the seller of that home today, then you could expect to be able to move in 30 to 60 days from now (in most cases). Occasionally it is possible for a bank to process your loan faster. However, if you’re paying cash and don’t need a loan, that time frame will be shortened significantly.

The 30 to 60 day time frame, however, does not include the time it will take for you to find the right home in Champaign-Urbana. Often home buyers will begin their search online months before they’re ready to make a purchase. When you start looking at homes with your real estate agent, it may take you a day or it may take you months (sometimes even years!) to find the right Champaign-Urbana home. The time frame will largely depend on your personal situation and how quickly you need to move forward.

The bottom line is, the time it takes to buy a Champaign-Urbana IL home can vary based on your personal needs, but for most people the process will take between 2 and 6 months. Sometimes the process can go a little faster than that, and other times, when there’s no urgency, the process can take significantly longer.


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What Does “As-Is” Really Mean? Champaign-Urbana Home Buying FAQ

Category:Buying a Home

The term “as-is” may be used by a seller to describe a Champaign-Urbana home for sale and it can be very confusing for home buyers. What does it really mean if a home is being sold “as-is”?

When it comes right down to it, all homes are being offered “as-is.” In other words, the condition of the home when you view it is the condition you can expect it to be in when you close on the sale, minus any personal belongings (such as furniture) that the sellers will remove. If, however, there are things about the home that you would like the seller to change, then you can ask the seller to do so during negotiations. An example might be to repair a broken window or replace damaged flooring, depending on the circumstances.

Usually when a home owner states that he is selling his home in “as-is” condition, it means that the seller does not WANT to make any changes or repairs to the home. Does this mean that he absolutely will NOT make any changes or repairs? Sometimes. But not necessarily.

Even if the home is listed “as-is,” the buyer may still request to have a home inspection contingency. This would give the buyer a time period during which she could have the home inspected by a professional and ask the seller to either fix major issues or give her a credit for the expense. The seller does not have to agree to a home inspection nor does he have to agree to any repairs or credits. But if he refuses, then the buyer can opt to walk away and look for a different home.

Everything is negotiable when it comes to buying a Champaign-Urbana home. The outcome of the negotiations simply depends on what both the buyer and seller are willing to agree to.

Note: The information provided here is not to be construed as legal advice. For legal advice, please consult with an attorney.


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Buying a Champaign-Urbana Home: What To Look For During Showings

Category:Buying a Home

When you head out to look at Champaign-Urbana homes with your real estate agent, the things you’ll likely pay the most attention to are the things on your “wants and needs list.” That list might include the number of bedrooms and bathrooms, the kitchen layout, whether the home has a garage or a basement, etc.

But there are less obvious features that are important, too, and will have an effect on how much you end up spending on the house in the long-term. When buying a Champaign-Urbana home, here are some things to look for during showings:

Is the home hooked up for cable?
Believe it or not, there are still older homes well within Champaign-Urbana city limits that don’t have cable hook-up. A local cable company can likely bring cable to your home, but it will be your expense to get it set up.

Are there sufficient outlets, and are they 2-prong or 3-prong?
If you’re looking at newer homes, this one won’t be an issue. But older Champaign-Urbana homes may or may not have an updated electrical system. Again, this is something that you can remedy after moving in, but it could be a major expense. Better to investigate it before rather than after making the purchase.

What kind of shape are the windows in?
Most everyone checks for the age of the furnace and a/c, roof, water heater, but often people don’t think to try out the windows. How old are they? Do all of the windows open and do the windows stay open or fall back down? Is there chipping paint, which could also be a lead paint concern?

How many trees are on the property and how close are they to the home?
Trees can provide shade and beauty, but can also be quite messy. If they’re close to the house, plan on cleaning out the gutters several times each year. You’ll also have to trim the trees on occasion, another expense. It’s not the end of the world, rather simply something to be aware of.

These are just a few examples that many people don’t think about when they’re buying a Champaign-Urbana home. A home inspector may take note of some or all of these items during the course of the general inspection and will certainly look at many other things in great detail. Still, a home buyer should do his or her own mini-investigation of the home as well during the showings, prior to making an offer.


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Just Because You Can, Doesn’t Mean You Should (Spend That Much)

Category:Buying a Home

One trial home buyers in Champaign-Urbana IL face, especially first-time home buyers, is figuring out how much money they’re comfortable spending on the purchase of their home…and then sticking to their budget. You may be thinking “Not me! I know what I can afford and I don’t overspend!” And if that’s the case, then great. You can stop reading now 🙂 But like with most situations in life, it’s hard to know how you’ll handle being in this exact situation until you’re in it. And I can tell you from what I’ve witnessed, the temptation of overspending is alive and well. It happens to the best of us.

Let’s pretend the bank pre-approves you for a loan up to $250,000. That’s the MAXIMUM number that the bank is willing to loan to you and that certainly doesn’t mean you have to spend that much. Usually a buyer will agree that it’s a good idea to spend less than that number so that you have a cushion. But once we begin looking at homes, it’s easy to get caught up in the excitement of picking your new home and forget about the financial goals you started with.

So here are two things I recommend doing to help keep you on track as a Champaign-Urbana home buyer:

1. Communicate your budgetary goals to your real estate agent before you begin looking at homes. Let that person know how much you’re comfortable spending so that person can help keep you in check. I’ve talked clients out of looking at homes they requested to see because I felt that it was stretching their financial means a little too thin, and my clients have appreciated this. You can always decide to increase your budget later on in the process and sometimes it really makes sense to do so. But have someone you can talk with to make sure your increase in budget is still in line with your financial capabilities and comfort zone.

2. Look at the home a second time before putting in an offer. The first time you look at a home and fall in love, it’s all about the emotions. You’re probably envisioning where your furniture will go and how much you’ll enjoy entertaining guests in the new space. Between the first showing and a second showing, you’ll have time for a little reality to sink in. You may start thinking about the cost to furnish the place or the burden of the higher property taxes (more expensive home = greater taxes owed) and you’ll be in a better state of mind to make a sound decision.

How much you spend is up to you, and only you can determine what amount you’re comfortable with. So take your time, do your homework, and enlist help. Make sure you have a trusted real estate agent or a level-headed friend to help you keep your goals in check throughout the home buying process, and you’ll be well on your way to responsible homeownership, a truly rewarding venture.


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5 Things To Do to be Better Prepared for Buying a Home in Champaign-Urbana IL

Category:Buying a Home

Thinking about buying a home in Champaign-Urbana IL? It’s a big decision, as you know, but one that can immensely improve your lifestyle, as well as put you on a path to a rewarding financial future when done with discretion.

Here are a few tips that can help prepare you to move forward with the purchase of a home:

1. Get a free copy of your credit report. You can get a free copy of the report from each of the three credit bureaus annually at www.annualcreditreport.com. Simply take a look and make sure that everything on the report is accurate. If you find errors, get in touch with the credit bureau and have it corrected, if possible, before you apply for a home loan. (Be warned that errors can sometimes take months for the credit bureaus to correct and errors, unfortunately, can negatively impact your ability to qualify for a home loan!)

2. Take a look at your lease to know when it expires and whether or not you need to give notice to your landlord that you will not be renewing the lease. I’m speaking from experience when I say that what you think you remember is on the lease from back when you signed it may not be an accurate memory, so it’s important to go back and have a look.

3. Think about how much you can afford (eventually you’ll need to talk to a lender, of course, to know for sure) and also think about how much you’re willing to spend on a Champaign-Urbana home. What is the maximum monthly payment that you’re comfortable with? Be sure to factor in that you’ll have quite a few additional expenses with owning a home than you have with renting (additional utilities, maintenance, etc.). Simply being aware of the numbers ahead of time can help keep you within your own designated budget when it comes to choosing a home.

3. Make a list of things that are important to you to have in your next Champaign-Urbana IL home. Examples: located close to where you work, at least 2 bathrooms, large backyard, granite countertops, etc. This list will most likely change a little as you start looking at homes and discover your true priorities. You’ll also realize that you most likely are not going to find a Champaign-Urbana home with everything on your list, and compromises will have to be made. But this list can serve as a great starting point for you and your real estate agent to begin the search.

4. Speaking of real estate agents, you may want to begin researching the ones in your area. No matter where you live, there will be lots and lots of real estate agents to choose from. Even so, they are not all the same, so you’ll want to make sure that the agent you choose is qualified to help you and is someone with whom you could work well. You might start by asking some friends if they know of anyone they would recommend. Another option is to visit some open houses to “interview” the agents and see who is knowledgeable and who you’d be comfortable working with. And of course, you can always research the agents online.

Any questions? Feel free to get in touch with us anytime. Good luck and happy house hunting!


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How Long Does it Take to Find the Perfect Champaign-Urbana Home?

Category:Buying a Home

Earlier today I met with clients who I’ve been working with for a few months now to find their perfect Champaign-Urbana home. We looked at 3 more homes today, but still none of them quite fit the bill, and my clients were somewhat apologetic that it was taking them so long to find the right home.

I’m here to assure you all, as I assured my clients earlier today, that it can sometimes take awhile to find the home you’re looking for. Everyone’s different regarding what features are important to them and certain things are easier to come by than others.

When my husband and I bought our home, we had been looking for almost a year, but the second we stepped foot inside the home that is now ours, we knew we’d found “the one.” Other people may find just what they’re looking for after seeing only a few Champaign-Urbana homes, and still others moving from out of town may have no choice but to pick something within a matter of days of looking.

The bottom line is that if you have the luxury of time, then you should take as long as you need whether that means days or months. Yes, there may be a point when you’ve seen everything the market has to offer, and if you’re still not committed to a home then you may need to either adjust your wish list or consider the possibility that you might not be ready to purchase a home just yet.

But don’t ever let someone rush you into buying a home that you don’t love. Take all the time you need to find your perfect Champaign-Urbana home.


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Why do you need a pre-approval letter to buy a home in Champaign-Urbana?

Category:Buying a Home

Thinking of buying a home in Champaign-Urbana? If so, you will need to get a pre-approval letter from the bank (unless you plan on paying with cash). It’s not just something we recommend doing, it’s something you will NEED to do, or you can’t put an offer in on the house you want (or any other house, for that matter)!

There are three major reasons why you need a pre-approval letter, and why it’s important:

1. How else can you possibly know what you can afford to buy? Sure, you may have a good “ballpark figure” of how much you can afford based on your rent, income, etc…but how do you know that the bank will actually give you that much money, and on terms that are agreeable to you? You don’t. You won’t know until you’ve talked with the lender. So, what are you waiting for?
2. You might fall in love with something you can’t afford. We’ve seen it happen. The buyer is “completely certain” that she will be able to get a loan to purchase a Champaign-Urbana home in a certain price range, she falls in love with a house, and then she is denied for a loan…from multiple banks. It is NOT easy to get financing these days, so before you fall in love, cover your bases and get your pre-approval letter!
3. Home sellers in Champaign-Urbana will NOT take your offer seriously (probably won’t even look at it) unless it is accompanied by a pre-approval letter. Our policy is that we won’t submit an offer without that letter, and many other agents follow the same guideline. Why? Try putting yourself in the seller’s shoes. You’re trying to sell your Champaign-Urbana home, your biggest asset, and someone who you don’t know promises that he can get a loan to buy your house. Without having any proof, would you believe him? Would you risk taking your home off the market for possibly weeks just to find out that the buyer couldn’t get a loan after all causing you to waste all kinds of time and money? I wouldn’t, and you wouldn’t either. Submitting an offer on a house without including a pre-approval letter is simply a waste of everyone’s time…including yours!

When you object to talking to a lender, you’re sending a message to everyone that you have no real intention of buying a home in Champaign-Urbana. So if you’re serious, go get that pre-approval letter!

Not sure where to begin? We’d be happy to recommend several reputable lenders in the Champaign area. Contact us today and we’ll help you get started.


Featured Listings


Wooded Lots For Sale

We have three lovely rural lots available and ideal for building... large mature trees, creeks, wildlife and an abundance of quiet. These lots are enchanting and just 35 minutes from Urbana and 20 minutes from Danville. Realtor owned. Call Debbie at 217.369.9897 for details.

Debbie Hensleigh on how we do real estate at Beringer Realty.