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Realty FAQ

Sellers FAQ

Do I need an attorney to sell my property?

Yes, in McLean County, the seller usually needs to have an attorney in order to prepare contracts, provide legal council and review documents. The attorney also represents the seller at closing.

How do I know what price to sell my property?

Lipic Homes will provide a comparative market analysis of your property that will outline what other comparable properties to yours have sold for in recent months, or are currently on the market, assuming there are some.

How long will it take to sell my property?

Many factors play into this equation, the main ones being price and condition of property. A good gauge of this is the length of time on market of already sold similar properties in your area.

Why do I need Lipic Homes to sell my home?

Selling a home without a Realtor can be overwhelming. At LipicHomes, we use the most effective means of advertising your property. These include but are not limited to several local publications, multiple listing service, internet and realtor.com to name a few.

Buyers FAQ

Do I need mortgage pre-approval before I purchase?

Yes, you will need a loan pre-approval prior to submitting an offer to purchase. Lipic Homes recommends obtaining this prior to viewing properties for sale.

Will I need money to make an offer on a property and how much?

Yes, you will need money to make an offer, which is known as “earnest money”. Assuming both sides agree to the terms of the offer, earnest money is held in escrow (non interest bearing account) until closing and will be applied to the purchase of the property. The amount of earnest money varies, but typically ranges from $500 to 1% of the sale price of the subject property.

Do I need an attorney?

No you do not need an attorney when purchasing, however, Lipic Homes recommends that you obtain legal council to review contracts and other documents.

Are there costs and fees I am required to pay for in regards to inspections?

Typically, the buyer can do any inspection on a property during the inspection period at the buyer’s cost. These inspections are not limited to radon, home inspection, termite, septic and well, and the costs vary depending on the inspection company.

How soon can we move in?

Typically, once a property is under contract, the closing can occur usually no sooner than 3 weeks and usually no longer than 60 days.

Why should I use a Lipic Homes to purchase?

Our agents will be there to show you properties that fit the needs of your family and lifestyle. We will guide you all the way through the process from start to closing. However it doesn’t stop there, we at Lipic Homes hope to gain your trust and friendship for many years to come.

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