RESTAURANT REVIEW – MAD SOCIAL

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When heading over to the West Loop for brunch, you really need to go check out MAD Social located at 1140 W. Madison Street.  We had a group of five of us so got a chance to taste a good portion of the menu.

All of our servings were a very good size, especially the crispy Brussel sprouts. One order of those could feed our whole table. Someone had the traditional steak and eggs which was quite good, especially the sweet pepper succotash. Two of our party had the Havarti Mac & Cheese. This was topped with crispy Brussel sprouts and had sweet corn and wild mushrooms in the mix. One of our party had the Tuna Tower which was a light and filling dish. One of us had the MAD Shakshouka which is a spicy skillet and can be made more spicy if you request it.

The staff was extremely good. They were there but not hovering and gave really good suggestions from the menu. As far as ambience, it was a great place to spend your afternoon. The music wasn’t too loud. The seating was comfortable. There were a couple TVs up so you could watch sports if you wanted (and this weekend the Cubs fans were out in full force).

The overall cost without drinks is very affordable between $11-30 per person. With drinks, you are probably looking at $50 per person. The location is very easy to get to and there is pretty good parking in the area.

CATHY MALLERS & DEAN’S TEAM CHICAGO

Minimum Property Requirements For VA Home Loans

There are plenty of advantages of having a VA home loan compared to a conventional mortgage, including a minimal down payment requirement, no Private Mortgage Insurance (PMI), and competitive interest rates. Most military members, veterans, National Guard members, and spouses of military members who died on active duty can apply for a VA loan and reap the rewards that come with some mortgages.

However, not only do you have to be eligible for this specialized type of home loan, so does your property. The reasons for this is to protect you against any unexpected and unpleasant surprises that can end up being very costly.

In order for a home to qualify for a VA home loan, it needs to meet Minimum Property Requirements (MRPs) to help ensure that military personnel and veterans have a safe place to live.

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Access

The property you’re trying to obtain a VA mortgage to pay for must be accessible all year long, no matter how your next-door neighbor’s property is being used. There also needs to be adequate space between your home and the one next door to allow for sufficient maintenance of each building.

Residential Needs

VA appraisers will look at a number of things about the property before it is considered eligible for a VA home loan: it needs to have a space for living, sleeping, cooking and eating, as well as a bathroom.

Water, Sewer, and Mechanical Systems

Not only does the home have to provide an actual residential living space for the occupants, it also must pass certain requirements as far as its mechanical, sewer, and water systems are concerned. The property must have:

▪ Safe waste flow into a sewer or septic tank

▪ An adequate water supply that is continuous and safe to drink, and is sufficient for all its occupants if it is shared

▪ No more than four units that share a utility room, storage space, and laundry facilities

▪ A separate shut-off for gas, power, water and sewer

▪ An adequate and safe mechanical system

▪ Proper drainage away from the building with stable ground cover

Roof

The roof of the home can’t have any leaks, and if any repairs were done in the past, at least three layers of shingles had to have been removed before replacing the roof with new shingles. 

Attic and Crawl Space

These spaces need to have natural ventilation that is void of any dirt or dust, and have plenty of room for any ductwork, plumbing, and electrical repair.

Structure

The actual building itself needs to be in good shape. That means no termite damage, mold, rotting wood, broken windows, bad construction, moisture, or exposed electrical wires should be present.

The Bottom Line

Basically, the MPRs associated with VA home loans require that a home should be safe, sanitary, and structurally sound for those who live in it. A VA appraiser will need to assess the home and the lot it sits on to ensure that it meets these requirements before a VA home loan can be approved.

THIS WEEKEND IN CHICAGO — Celebrating the Festival for the Dead – Halloween!

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Did you know that Halloween is said to be more Irish than St. Patrick’s Day? Its origins come from an ancient Celtic festival for the dead called “Samhain.” The Celts believed the ghosts of the dead roamed Earth on this holiday, so people would dress in costumes and leave “treats” out on their front doors to appease the roaming spirits. Well, here in Chicago, we’ll be appeasing those roaming spirits ourselves this weekend!

Celebrating its 30th anniversary this year, Spooky Zoo Spectacular held at Lincoln Park Zoo (2200 N. Cannon Dr.) in the Lincoln Park neighborhood this Saturday (10:00 a.m.-1:00 p.m.) will have even more special Halloween-inspired activities for its guest. This family-friendly event features family entertainment on the main stage, a Toddler Zone filled with activities, Fall Fest rides & activities, a Haunted House, educational arts & crafts, trick-or-treating throughout the zoo and more! Don’t forget to wear a costume or the spirits will find you!!

No Halloween celebration is complete without stopping by Halloween at Navy Pier located at 600 E. Grand Ave. in the Streeterville neighborhood this Saturday, Sunday & even Monday! The Pier will be featuring a wide-variety of Halloween-themed events both free & ticketed which include Pier-wide trick-or-treating, a costume contest (Sat. 5 p.m.), an outdoor screening of “The Addams Family” in Polk Park (Sat. 6 p.m.), a spooktacular Halloween fireworks show (Sat. 9:30 p.m.), a Haunted Maze of 4,800 square feet of pure terror (Sat. 6 p.m.-10 p.m.; Sun. 4 p.m.-8 p.m.) and much more!! And, of course, Saturday night brings an evening of haunted grandeur with two parties – The Haunted Halloween Ball (Aon Grand Ballroom, 8 p.m.) and the Saints & Sinners at Lakeview Terrace for an evening of luxury and fright!!!

Don your best Halloween costume for the River North Halloween Crawl this Saturday from 8:00 p.m. to 12:00 a.m. in the River North neighborhood. Participants will crawl from bar to bar at River North’s best bars where their ticket gets them a dinner buffet, three gift cards to use on the crawl and a chance to compete in the Costume Contest! And, if you’re not ready to call it quits at midnight, the following bars are open until 5 a.m.: Clark St. Ale House, Social 25 and Boss Bar!! Celebrate safely!!!

Experience a night of thrills at Chicago’s biggest Halloween bash the Haunted Halloween Ball at the 122-year-old Congress Plaza Hotel (520 S. Michigan Ave.) in The Loop this Saturday (9:00 p.m.-3:00 a.m.). Classified as one of the most haunted hotels in the world by USA Today, costumed party-goers will experience both a luxury hotel gala and the terror and chills of a haunted house as the ballrooms are transformed into an abandoned hotel run by zombies! This experience also includes a cash bar with top shelf cocktails, celebrity DJs, VIP table service and much more!! BTW, there’s a $3,000 cash prize costume contest!!!

Lastly, The Logan Theatre (2646 N. Milwaukee Ave.) in the Logan Square neighborhood is wrapping up their 5th Annual Horror Movie Madness Festival with the following films being shown this weekend:

Nosferatu w/Live Accompaniment (1922) – this Saturday (10:30 p.m.)
A full, authentic silent film experience enhanced by Chicago’s foremost photoplay organist, Jay Warren, who brings all the color, excitement, and glamour of the silent film era back to life with his original scores for the silver screen.

Nosferatu w/Original Score (1922) – this Sunday (10:30 p.m.)
Vampire Count Orlok expresses interest in a new residence and real estate agent Hutter’s wife. Silent classic based on the story “Dracula.”

Halloween (1978) – this Saturday and Sunday (11:00 p.m.)
On Halloween night of 1963, six-year-old Michael Myers stabbed his sister to death. After sitting in a mental hospital for 15 years, Myers escapes and returns to Haddonfield to kill.

It’s The Great Pumpkin Charlie Brown – Family Matinee, this Sunday (3:00 p.m.)

Finally, for more Halloween in Chicago events & haunted tours taking place this weekend, just click this link!

Do You Dare to Join Us as We Celebrate the Festival for the Dead?

SUE MOSS & DEAN’S TEAM CHICAGO

CHICAGO NEIGHBORHOOD NEWS – Oak Park, Portage Park, Lincoln Park, Loop, Old Town

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BluIz60 / Shutterstock.com

OAK PARK

If you wind up ending your work week feeling like a zombie then slog your way out to the Culver’s at 6943 W. Roosevelt Rd. to join the 7th Annual Zombie Walk & Pub Crawl tomorrow, Friday 10/28. The organized event kicks off from 5:30 – 7:00 p.m. with zombie make-up if you don’t wear your own. Then $25 wristbands can be purchased at the crawl’s 1st stop, Commodore Barry American Legion Post (6919 W. Roosevelt Rd.), which grant you drink specials and complementary brain-free (I assume) food at the conclusion of the crawl which officially ends by 11:00 p.m. Of course neighborhood bars will remain open until their usual closing times of around 2:00 a.m. so you can continue your creepy fun if you so choose.

PORTAGE PARK

Spook-tacular events abound especially at The Chicago Ballet Center. Costumes are highly encouraged but not necessary for your little ones to enjoy dancing, Halloween games and light refreshments on Sunday 10/30 from 2:00 – 6:00 p.m. at 4041 N. Milwaukee Ave.

LINCOLN PARK

With its own SpookTacular celebration on Sunday, Clark Street Lincoln Park is inviting one and all for an afternoon of Trick-or-Treating at participating businesses along Clark St. from Diversey to Armitage and on the south side of Diversey from Orchard to Lakeview during the hours of 1:00 – 4:00 p.m. Follow the link above so you won’t miss the Costume Contest’s Judging Times for your specific age-range or group. You’ll need to arrive 15 minutes prior to judging times from 2:00 – 4:00 p.m. at 2558 N. Clark so don’t be late. And the winners for the Scarecrows on Parade contest will be announced from 3:30 – 4:30 p.m. Be sure to place your vote for the best scarecrow display created by the local business owner of your choice that have been spooking up the area since October 8th.

LOOP

New sections of the Chicago Riverwalk, the $98.66 million recreation park, have been opened to the public as of this week. Water Plaza features interactive decorative fountains between LaSalle and Wells St.; The Jetty located between Wells and Franklin Streets offers fishing piers and educational sites to learn more about the underwater “fish hotel” and the Chicago River itself; and the Riverbank walk is open between Lake and Franklin/Orleans. Construction continues so that the 1.3-mile pedestrian walkway will be accessible to Wacker Dr. and Lake St.

OLD TOWN

There’s a new exhibit at the Chicago History Museum called Making Mainbocher: The First American Couturier which is running from 10/22/16 to 8/20/17, and you may be surprised at how recognizable these iconic fashions are. Mainbocher is a fashion label that was founded in 1929 by Main Rousseau Bocher and some of his most famous work include the uniforms for the World War II Navy WAVES and the Girl Scouts of America. Educated in Paris with a prolific career in New York, Bocher was born and raised in Chicago and was the first American to be regarded as a success in the couture fashion industry. His work was most popular during the 1930s – 1940s and he was selected to design the wedding dress for the Duchess of Windsor, Wallis Simpson, in 1937. Check out the exhibit for some classy Halloween costume inspiration.

CATHY MALLERS & DEAN’S TEAM CHICAGO

6 Real Estate Ad Terms to Be Wary Of

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Real estate listings are very cleverly written. After all, there’s only so much space allotted for a thorough description of a property, so just the right words need to be used to paint a good picture of the home.

However, it’s important for buyers to be able to understand when listings are highlighting positive features, while downplaying negative aspects. By looking very carefully at how listings are worded and becoming familiar with popular euphemisms, you can successfully interpret these descriptions and make a more informed decision about whether or not a property is worth a look.

Here are 6 real estate terms you should be on the lookout for that could be red flags.

1. “Cozy”

The term “cozy” may instill feelings of a welcoming, inviting environment that is pleasant to hang out in. However, the word is often used in the world of real estate to reference the small size of a home. While tiny homes are becoming increasingly popular among homebuyers, a shortage in square footage may not be right for everyone, including you. If you see the word “cozy” in a listing, don’t be surprised if the home is a tad on the small side.

2. “TLC”

If the term “TLC” pops up in a listing, that directly translates into a property that’s in need of some updating. How much updating remains to be seen, but you could very well be dealing with a home that might need extensive renovations in order to bring it up to par. This might not be what you’re looking for if you want a turn-key, move-in ready home. On the other hand, if you’re looking for a fixer-upper that you can put your personal touch on, or simply want to flip for a profit, “TLC” might be exactly what you’re looking for in a listing description.

3. “Vintage”

The word “vintage” might sound cool, and could realistically signify a home with old-world charm that’s got plenty of value in its antique features. On the other hand, it could simply be a fancy word for “old.” If you’re into homes that still have their original decor from decades ago, great. If not, you will likely be dealing with a home that needs some cosmetic updating, which can get expensive.

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4. “Back on the Market”

Why did the home have to go back on the market? While a failed deal could very well have been the fault of the buyer, there’s also a possibility that something is wrong with the home that the buyer didn’t find out until after the deal was still in escrow.

Whatever the case may be, it would be worth doing a little digging to find out if there are any potential issues with the home that could deter you from finalizing a purchase. Look out for major problems that may be hidden by quick-fix repairs, and get a reliable home inspector in to help you pinpoint any hidden issues.

5. “Lots of Character”

A home with “character” may be very attractive to one buyer, but it could also be downright weird to another. A lot of “character” in a home could just be another way of saying “odd,” “quirky,” or “off-the-wall.” If you actually visit the home for a showing, you just might be greeted with orange wall-to-wall shag carpeting, purple velvet wallpaper, or basement ceilings that require you to hunch over in order to fit.

6. “Quiet”

Depending on what you’re looking for, a “quiet” location just might be perfect. But just make sure the location isn’t too far away from civilization for your liking. Most listings tend to come with a map that pinpoints exactly where a home is located. You might be looking for a home that’s not subjected to lots of car traffic or plenty of noisy neighborhood kids, but just make sure you’re ready and willing to live in a home that is miles away from everything, including your next-door neighbor’s. 

The Bottom Line

At the end of the day, you’ll need to get a closer look at a home in person in order to accurately gauge what the condition and look it is like. Real estate agents are doing their best to attract potential buyers for their clients, so whipping up a creative listing is one of their first steps in the listing process. Most ads are honest descriptions, but it’s still a good idea to be able to decode some of the most frequently used euphemisms in order to get a better understanding of what you’re dealing with.

KATHY’S HOME & GARDEN TIPS – Natural Cleaning Hacks

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Oil stains on kitchen rugs usually meant throwing them out for me! Then I found this simple natural cleaning hack. Sprinkle the stain liberally with baking soda. Work it in with a wet cloth. Let the rug dry overnight, shake and voila, stain gone. Baking soda absorbs the grease. It’s wonderful for this as well as being a great gentle abrasive and deodorizer.

Nail polish spill on the rug? Don’t freak. Use a microfiber cloth with rubbing alcohol. Blot as much as possible with paper towels first. Drizzle with rubbing alcohol and blot with the microfiber towel. Repeat as necessary. Rinse by blotting with a clean microfiber towel and cool water.

How can the washer get dirty? But it does. Spray the entire inside liberally with vinegar in a spray bottle. Scrub thoroughly with a sponge with a gentle scrubber side. Rinse well with a small bucket of warm water, especially at the top where water doesn’t reach during a normal cycle. Add two more cups of water to the drum and run a normal cycle with hot water to reach all the places you can’t by hand. 

You can make a simple laundry stain remover with only 2 ingredients. Mix 1 cup 3% hydrogen peroxide with ½ cup liquid dish soap (I recommend blue Dawn®) in a clean spray bottle. Work into the stain by rubbing the fabric together or gently with a toothbrush. Launder as usual. This also works well on carpeting. Blot with cool water to rinse.

Your kitchen sink and drain are two of the most germiest places in the house. Here is where we need to use bleach. Always work in a well-ventilated area, wear rubber gloves and a face mask if you have any breathing problems. Fill the sink ¼ of the way with cool water. Let stand for 15 minutes. Let the water slowly down the drain. Carefully wipe down the sides of the sink. Rinse well and towel dry to prevent water spots.

KATHLEEN WEAVER-ZECH & DEAN’S TEAM CHICAGO

RESTAURANT REVIEW – ISLA PILIPINA

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Isla Pilipina Restaurant is a Lincoln Square restaurant located at 2501 W. Lawrence Avenue in the Family Plaza. It’s really easy to get there on public transportation too, either by bus (Western or Lawrence) or Brown Line. The restaurant is very casual and has a pretty homey feel to it.

I personally had never had Filipino food before so this was a lovely adventure. I have to admit that the food is amazing. They say on their website that “We are cultivators of authentic Philippine cuisine through creativity, nature, life and love.” The restaurant is BYOB. It’s highly recommended that you have a reservation on weekend/busy nights so you don’t have to wait.

I’m in a BYOB group that meets once a month and this was our choice recently. We ordered almost half the menu so we could taste as much as possible. I came prepared with suggestions from several experienced Filipinos who helped me pick from the online menu as well as the reviews I found on Yelp. You definitely need to try the Lumpia Shanghai. We had one order of 20 and ended up getting another order – so delicious!  We tasted two of the pancits on the menu. Regardless of which pancit you choose, you cannot go wrong. We decided to stick with house specials and were not disappointed. The Longanisa (Filipino sausage) was a crowd hit. Also the Mixed Adobo was something new that most of us had not tried and we were so happy with the choice. We finished off our meal with Halo-Halo. I have to admit that I never thought I would enjoy “A refreshing medley of crushed ice mixed with fruit and bean preserves topped with ice cream and leche flan.”

Of course our choices could not have been as great if we didn’t have the help of our servers. The staff at Isla is fantastic. They let you know how long the dishes will take to prepare so you are ordering to keep the service going at a good clip. They also let you enjoy your meal in a relaxed way without rushing.

The price range per person is from $11-30. With the portion sizes being so large, you could probably stay within the $20 per person range and BYOB. Definitely worth the try.

CATHY MALLERS & DEAN’S TEAM CHICAGO

The Home Buying Transaction From Start to Finish

Before you get the keys to your new home, there are a few steps you’ll need to go through first. After you’ve got your credit and finances in order, got pre-approved for a mortgage, found a reputable real estate agent to work with, and found the home of your dreams, the actual real estate transaction can begin.

If you’ve never entered into a real estate contract before, these are the steps you’ll typically go through in succession.

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Making An Offer

All negotiations for the purchase and sale of real estate in California will typically be done via a written contract by way of a Residential Purchase Agreement. Your offer will be submitted to the seller through this completed document, which will include a number of components that can be negotiated, including your offer price, closing date, deposit amount, and contingencies, among others.

Be prepared for any one of these things to be negotiated by the seller. An offer is often followed by a counteroffer by the seller, which you can then counter again until an agreement can be reached that meets both parties’ needs.

Your real estate agent will make sure that the necessary contingencies are included in your purchase agreement to protect you. The most typical ones include financing and home inspections, which provide you with a certain amount of time after an offer is accepted for you to arrange for a mortgage and have a professional home inspector come into the home to identify any deficiencies, respectively. All of these items, as well as disclosure requirements and agreed-upon fees, are specified in the Residential Purchase Agreement.

Once the offer is accepted, all parties – including you, the seller, and real estate agents/brokers – must sign and date the contract. At that point, the contract is legally binding.

Entering Into a Representative Contract With Your Realtor

The California Association of Realtors (CAR) offers a standard contract that buyers enter into with their representing real estate agent: the Buyer Broker Representation Agreement. This form is an agreement between buyers and their real estate agents/brokers. It outlines what the real estate agent will do for you, and how you will be represented.

The agreement doesn’t make you obligated to the real estate agent for any services, even if the agent helps you find a home and a successful purchase agreement is entered into with a seller. Buyer representatives typically get paid through the seller or listing broker.

Even though it’s a contract, the Buyer Broker Representation Agreement can be canceled by the buyer or the agent at any time. There’s also an expiry date specified on the form, which outlines how long the agent will be representing you for.

Paying the Deposit

Once the purchase agreement is accepted and signed by you and the seller, you’ll have to provide the seller with a deposit check within the next day or so. This money is kept in an account by the listing broker, and is kept separate from any of the brokerage’s other accounts. On average, these deposit amounts are typically anywhere between 1% to 3% of the purchase price of the home. This money goes towards the down payment for the mortgage.

If, for whatever reason, the deal falls through, the deposit amount is either returned to you or kept by the seller, depending on the reason for the fallout. For instance, if you were unable to obtain approval for a mortgage and a financial contingency was included in the offer, you would typically get the deposit back. On the other hand, if no contingencies were included in the agreement and the home was sold firm, the seller often has the legal capability of keeping that deposit money.

Fulfilling the Contingencies

The majority of offers come equipped with contingencies, which can include any one of the following:

  • Financing
  • Home inspection
  • Appraisal
  • Clear title

After a purchase agreement is accepted by both you and the seller, you will be given a certain amount of time to fulfill the contingencies included in the offer. During this time, the home is said to be  ‘escrow.’ This is the time for you to get approved for a mortgage from the lender, get a home inspection completed, have a lawyer ensure the title is free and clear of any liens or other issues, or have the home appraised. 

Once these contingencies are fulfilled, the deal is done, and the title is transferred from the seller to yourself. However, if one or more contingency cannot be fulfilled by you, the deal is dead, and the home remains under title of the seller. 

Closing Day

If all goes well, the deal will close. This is when the title of the home is legally and officially transferred from the seller to yourself, legal documents are signed, the down payment and closing costs are paid, and the keys are handed over.

You will also be given a copy of an HUD-1 Settlement Statement, which specifies all the little detailed costs of the mortgage, including the interest rate, escrow fees, mortgage insurance, and title insurance fees, among others. A final copy of this document is a part of the closing of a real estate transaction. The lender is required to provide a Good Faith Estimate of the total amount due upon closing within three days of the loan application being received.

An Initial Escrow Settlement Statement is also due at closing, or within 45 days of closing, which outlines the amount that needs to be paid to cover taxes, insurance premiums, and other fees that need to be paid out from the escrow account throughout the mortgage’s first year.

The Bottom Line

The real estate transaction can be a very detailed, complex, and lengthy process, and it often is. That’s why a deal of this magnitude should only be made with the help of an experienced real estate agent licensed in the state of California. With this guidance and expertise, the transaction should be a smooth and streamlined one.

THIS WEEKEND IN CHICAGO — Halloween Just Around the Corner!

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With all the hoopla going on around here with the Chicago Cubs, Halloween is just around the corner, but before then, this weekend brings Chicagoans some great pre-Halloween festivities in preparation for Halloween!

Come out and support the 2nd annual Halloween Gathering Festival & Parade this Saturday (2:00 p.m.-8:00 p.m.) at Millennium Park (201 E. Randolph St.) in The Loop.  The Daytime Festival takes place from 2:00 p.m. to 5:00 p.m. in Millennium Park and Sir George Solti Garden with family-friendly activities that include free performances, arts & crafts, pop-up installations, an enchant tent, a kids’ costume procession, a theatricks stage and more.  And as dusk arrives, the Spectacle Parade takes place from 6:00 p.m. to 8:00 p.m. traveling north on Columbus Ave. from Balbo St. to Monroe St. with a procession filled with costumes, performances, music, dance, dramatic lighting, moving platforms and more.  Time to put on your favorite costume and join the spooky fun!!

Navy Pier (600 E. Grand Ave.) in the Streeterville neighborhood brings Halloween At The Pier with some of the following events:

Seadog Haunted Tour provided by Seadog Cruises with tours departing at 6:15 p.m. every Friday, Saturday & Sunday accompanied by a costumed tour guide while learning about Chicago’s eerie past – and, it’s even kid-friendly!

Chicago Children’s Museum offers kid-friendly fun where they can create their own costume, or paint their own face, or decorate sugar skulls and more!

Trick-Or-Treat from 12:00 p.m. to 4:00 p.m. where Pier vendors handout candy provided by the Ferrara Candy Company to costume-clad children as well as stamping a Halloween passport redeemable for a fun surprise!

Hotel Transylvania Movie in the Park (weather permitting) this Saturday from 6:00 p.m. to 8:00 p.m. in Polk Bros Park!

Dogs and their humans are invited to trick-or-treat up and down Halsted Street (3190 N. Halsted St.) in the Lakeview neighborhood this Saturday from 10:00 a.m. to 12:00 p.m. at the Lakeview Halloween Pup Crawl!  Dress-up your pup, and yourself, as you trick-or-treat and get lots of free stuff for the both of you as well as having a change to win prizes!  Afterwards at 1:00 p.m. the after-party continues at Side Tracks!!

Finally, Sunday brings the Chicago Monster Dash to Soldier Field (1410 S. Museum Campus Dr.) in the South Loop with the Monster Half Marathon (9:00 a.m.), the Monster Dash 10K (9:30 a.m.), and the Monster Dash 5K (9:40 a.m.) with the runners all decked out in their wild and wacky Halloween costumes!  Be sure to check out their website for all the updated rules as they’re trying something new this year for the costume contest!!

The Logan Theatre (2646 N. Milwaukee Ave.) in the Logan Square neighborhood is hosting their 5th Annual Horror Movie Madness Festival throughout October with the following films being shown this weekend:

Night of the Living Dead (1968) – this Saturday & Sunday (10:30 p.m.)
A group of people hide from bloodthirsty zombies in a farmhouse.

Beetlejuice (1988) – this Saturday & Sunday (11:00 p.m.)
A couple of recently deceased ghosts contract the services of a “bio-exorcist” in order to remove the obnoxious new owners of their house.

Get Your Halloween Fix In Now Since the Cubs Hoopla May Trickle Into Next Weekend!

SUE MOSS & DEAN’S TEAM CHICAGO

Pros and Cons of Selling Your Home at an Auction

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“Going . . . going . . . gone!”

They’re the infamous words buyers and sellers will hear at auctions. These platforms have long been used to buy and sell a host of different goods, including real estate. Buyers are hoping to snag a good deal, while sellers are looking to get their properties off their hands in a short amount of time.

Property auctions can offer sellers a quicker sale and can help maximize what the home goes for. On the other hand, auctions are better suited for specific types of properties that aren’t as easily marketed and sold the traditional way.

Once that gavel falls, the deal is legal and binding. There’s no turning back. The question is, should you consider selling your home at an auction?

Let’s weigh out the pros and cons to help you make the best decision.

PROS

You’re in the Driver’s Seat

In an auction scenario, it’s the seller who sets the terms – not the buyer. There are no clauses that come along with the home. The property is sold in as-is condition without any haggling about the condition or home inspection contingencies. Once the sale is done, it’ done. The property is transferred over to the buyer without the seller having to worry about any issues that negatively affect the home. Without any clauses associated with the bid, the seller has the most control.

Staging Isn’t Needed

In the traditional world of real estate, professional home staging is an important step. Getting the property ready for the market can help attract buyers in the neighborhood, help the home sell faster, and command top dollar come sale time.

When selling at an auction, staging isn’t necessarily called for. While sellers need to sign a disclosure statement, they typically don’t have to make any changes to the home before putting it up for auction.

The Reserve Price Protects the Seller

Just because a home is being sold at an auction doesn’t mean that the seller has to risk selling for a few dollars. By setting the reserve price – which is the lowest bid accepted – the seller is protected financially. This reserve price is set based on the current market value and comparable sales of similar homes in the area that have recently sold.

Sellers have the right to refuse any bids once they are in. Essentially, properties with higher equity can be well-suited for auction sales. If the property is close to being paid off, an auction might be the ideal platform to sell.

Quick Process

The speed at which auctions proceed is another reason why some sellers choose to go this route. Usually, auctions are advertised within 30 days of when they are scheduled, and deals typically close within 30 to 45 days after the date of the auction. Such a quick turnaround time means that less money is needed to cover property insurance, property taxes, and maintenance costs.

CONS

Potentially Low Auction Attendance

Properties being sold at auctions are not necessarily as widely marketed as homes that are listed in the MLS. Just about every real estate agent and buyer has access to the MLS, offering sellers a far-reaching outlet upon which to showcase their properties.

Instead, sellers are relying on the auction company to effectively market their properties, and the auction itself. Auctioneers are tasked with promoting the auction in order to generate a large attendance where a bigger crowd of interested buyers will compete to outbid each other. The more qualified people at an auction, the better for the seller. However, if the auction company is unable to generate such a crowd due to inadequate marketing and promotion efforts, the odds of receiving higher bids is a lot lower. Not only that, low attendance can also be affected by bad weather and other factors that are out of the auction company’s control.

High Costs

Auction companies typically charge a premium of around 10% of the final purchase price of the property in order to cover their services. Buyers are aware of this extra fee that they’ll have to pay, and will keep that in mind when they place a bid. Depending on the auction company, this fee could also be charged in part to the seller. Compare that amount to the average real estate commission of 5%, which is half of what is paid out to auctioneers. 

Heavy Competition

Auctions usually cover many different properties, each of which is essentially competing against each other for the attention of the buyers present. Such a situation gives buyers an easier way to compare homes against each other before they make the decision on which property to bid on. Buyers who bid at auctions usually want to get a good return on their investment, and aren’t necessarily trying to find a certain home for their primary residence. The competition at an auction can put downward pressure on prices in order to stimulate the interest of a buyer.

The Bottom Line

Regardless of whether you go the auction route or choose to sell the traditional way, make sure you get advice from your real estate agent. Either option will require solid guidance from an industry professional. After all, the goal is to get the best price possible upon the sale of your home, while making sure the entire sale process goes smoothly without a hitch.