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Deciphering the Listing sheet: All That Glitters Is Not Gold

By
Real Estate Agent with Chicagoland2to4Flats.info

We'll set you up with all listings that fit your price, size and neighborhood goals-and ask you to pick which properties to go visit. But therein lies a dilemma... how will you know which ones to prioritize on? It's important to understand both what the listing sheets DO say and DON'T say.

What to watch for:

•§         You'll see the terms: ‘new', ‘newer', and ‘updated'? What's the difference? ‘Newer' and ‘updated' are NOT new! A newer kitchen may be 7-10 years old. Put a new countertop in an old kitchen and it's been updated. Sometimes the terms ‘rehabbed' or ‘Gut rehab' are misused, but at least theoretically they should mean that everything is new.

•§         ‘Mechanicals' (roof, windows, heating, electric, plumbing, etc.) are important, especially for single-family homes and multi-units. If NO mention is made, unless the sheet says a gut rehab was done, you should assume they are OLD (a listing sheet won't say "old roof," but if it says nothing, don't expect a new one).

•§         Some listing sheets are heavy with FACTS (like hardwood floors, cabinet kitchen, tall ceilings, etc). "Lots of light" might make a listing sheet sound great and mask the fact that NO updating has been done. A cabinet kitchen might be 30 years old or more; hardwood floors 100!

•§         "Updating needed" or "As Is" or "Needs Decorating" or "Lots of Potential" almost always means that a LOT of work is needed. ‘Move-in ready', on the other hand, often means little.

If you would like to print out a copy of this as a worksheet, click here:

Deciphering a Listing Sheet

And, remember, at http://www.chicagoland2to4flats.info/, you can see all the ways we are prepared to support you in the purchase of your investment property.

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