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Marketers should develop advertising messages and images that appeal to African Americans. African Americans continue to defy stereotypes about their technology usage and companies need to create evocative campaigns that incorporate social networks trusted by African Americans that deliver a fresh experience across all technology platforms. In this session a fifth generation African American female entrepreneur will share her experience as a decision maker, consumer, and social media professional. Utilize information learned in this session to help take your product or service to the next level and expand its reach.

Session Type: Solo / Double Presentation

Potential Speakers:
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Chicago Past Association Dues - Do I have to pay the $9200

Graham Evans
Home Buyer
Outside U.S.

Sun May 29 2011, 02:31 - Home Buying in Chicago - 13 answers

I bought a condo in Chicago last may 2010. I was told by the attorney that deals with the association that i have to pay the past association dues/lien, if this is not paid they could take possession of my unit. This worried me so i have been paying the past fees off and now owe $3600 of the $9200. I have been speaking with an agent in chicago about this' he seems to think that this may have been against the law for the association to make me pay all of the past dues. So i just want a second opionion please. Is this the case? Have i paid something i might not have had to pay?

I bought the property from a foreclosure company.

Any advice would be highly appreciated.

Thanks
Graham

Which real estate school do you recommend?

Oliviadail
Other/Just Looking
Chicago, IL

A few hours ago - Agent2Agent in Chicago - 7 answers

I am planning to become a real estate broker and take the course and test in May. Has anyone had an exemplary experience at a particular real estate school in the Chicago Area? Thanks for your help

OliviaDail, I would highly recommend the classes provided through the Center for REALTOR Professional Development at the Chicago Association of REALTORS located at 200 S. Michigan Ave. As the Chairman of the Chicago Association of REALTORS Education Foundation it would be an honor to see your application for the REALTORS Real Estate School Broker Class: http://chicagorealtor.com/displaycommon.cfm?an=1&subarti… You make take the classes through RRES and pass the state exam in order to receive reimbursement through CAREF. Right now Illinois is at the start of a transition period so I would recommend you review the following as everyone will have to transition their license (except brokers remaining brokers)and we will be a Broker only state: http://www.illinoisrealtor.org/licenselaw. I am the 2010 Illinois Real Estate Educator of the Year, and RRES is where I take the majority of my classes unless they do not offer the class I want to take. Web Reference: http://about.me/markilemons

What are the fees associated with transferring title of investment property from personal name to LLC in Chicago? How long will the process take?

Mark
Home Buyer
60611

Yesterday, 07:02 - Property Q&A in Chicago - 3 answers

Also, will there be any income tax consequences?
The property is in my name going to my LLC, where I am the sole member.
Any advice on the process and how to go about it would be appreciated.

I do think you should talk with an attorney. However, it might be advantageous to transfer the property to a trust. Mortgages tend to have a" Due_On_Sale Clause", therefore if you transfer the property ownership to an LLC the total balance due the bank becomes due immediately. Also, you can transfer ownership through a Quit Claim Deed (it offers no warranties) but it is quick(a day) and only cost about $30 in Cook County, http://www.ccrd.info. You can recorder the Quit Claim deed at the Cook County Recorder of Deeds, the office is at City Hall. The biggest obstacle is to get someone to notarize the document. Web Reference: http://about.me/markilemons

what is redemption period after the sheriff sale in illinois? FIRST ANSWER In Illinois the redemption period is up until the time of Sheriff Sale. If the property sales to a third party at the time of auction for less than what is owed then the homeowner is entitled to "special redemption" after the sale. Even though the property would sell for less than what is owed the homeowner is still responsible for the entire balance including accrued interest, unpaid taxes, force placed insurance, and the cost to foreclose. Web Reference: http://about.me/markilemons

i want to buy a duplex down. the other 2 units in the building (2 & 3 fl) sold at $270k. How much more should the duplex be? it is 1st fl &

Duplex
Home Buyer
Chicago, IL

A few hours ago - Home Buying in Chicago - 6 answers

garden?

Duplex, Real estate is a local business and In Chicago a duplex condo is considered a single family attached unit and is not considered income property. When did the units sell? If the units closed in the past 3 months then an old rule of thumb would be to add 30% to the other units and that would put you at $351k. If the units sold more than three months ago you should have a CMA(comparative market analysis) performed to get a more accurate assessment of what the value is today. You should have the CMA performed regardless. The CMA should look at similar units that have closed in close proximity (less than a mile or closer) starting with going one month back in time (in one month increments) ideal up to three months. Web Reference: http://about.me/markilemons

If I buy a unit in a condo bldg, do I need to worry about extra costs beyond usual monthly assessments if many units are short sales and forclosures?

Lori
Home Buyer
Chicago, IL

A few hours ago - Property Q&A in Chicago - 8 answers

Will each unit owner (bank or private) still legally have to pay their individual unit monthly assessment costs, or is there any chance that the owners in good standing would have to carry more than their load to keep builing upkeep and amenities intact?

Lori, You have a lot to be worried about. First due to the fact that distressed unit owners fail to pay assessments there is a likely hood that the monthly assessments will increase in order to offset the debt of non-paying owners. There could also be the cost of pending and future special assessments. It would be advantageous to look at the financial for the association to insure they reserves and you want to also make sure the association will continue because in buildings with no association you risk not having insurance, scavenger service, and public utilities because of failure to pay. Also look for additional price reductions due to short sales and foreclosures which will create a reduction in equity. If more than 15%of the current owners are in arrears on their assessments most lenders will not finance a buyer to acquire a unit therefore, units will only be sold to cash buyers. Cash buyers are looking for deep discounts and they tend to be investor purchasers and will increase the number of tenants in the association. Everything mentioned above is direct or indirect cost of ownership.

I signed a Contract with a buyers agent And realized that she has NO CLUE about what she's doing. I want to Cancel. isn't there a 3day

Newhomeowner
Home Buyer
Rockford, IL

Yesterday, 16:17 - Home Buying in Chicago - 22 answers

window in IL She didn't give me my paperwork (Signed contracts or submitted offer on a Home that has been screwed up and I may have lost out on it now) .. She told me that she would be at work at 4pm today to fax or email me the paperwork but I believe she's buying time so that I'm forced to accept her as a Realtor. After she made a Sly call behind my back (after I left her office) then was caught in a lie about it. I know that I will not use her. Is there a fast way to cancel my buyers agent contract with her ( a 3 day clause or something) ? Also I still want this particular property. I will need to withdraw my origional contract that I realized now was written wrong. How will I be able to submit a more correct offer without any knowledgable agent being sued?

Newhomeowner, As I read your question I'm wondering did you sign an exclusive buyers agreement and signed a real estate contract. If you only signed one offer and it was a contract to purchase then you would need to rescind your offer in writing and move on. However, if you signed a buyers agreement and a contract to purchase you need to contact the listing broker because all contracts are between you and the broker of record (not the real estate agent) in addition the agreement is a unilateral agreement therefore it needs to be a mutual consent to cancel. To answer your question no there isn't a 3 day right to rescission unless you did not receive a Real Property Disclosure Report at the time of making an offer and once you did receive one the form shows defects. It might be advantageous to take your time with moving forward and insure you are not responsible for paying multiple agents in addition you do not want more than one agent to believe they are the procuring cause of the sale. All sales agents aren't REALTORS. REALTORS are licensed sales agents or brokers who are members of the National Association of REALTORS and adhere to the Code of Ethics. 1) Get a mutual cancellation of the exclusive buyer agreements. 2) Rescind your original offer. 3) For trained buyers agent check out: http://rebac.net/.

How can I check to find what liens/violations are attached to the foreclosed property i'm interested in. (Addison Township)???

Home Buyer
Home Buyer
Bensenville, IL

A few minutes ago - Home Buying in Chicago - 5 answers

How do I go about negotiating the above before I make an offer?

Let me first state that I'm not sure of Addison Township. However, If I was doing a search in Cook County for Chicago I would look in two places. For liens you need to check the recorder of deeds for the county where the property is located. In Cook County that would be http://www.ccrd.info. The information on the website is only about 80% accurate so it is more advantageous to actually go to their office and pull the film. It is expensive to actually print it out. All violations aren't coming up as a lien but some do. Check with the building department of the city where the property is located and ask where you can find this information. In the city of Chicago I would go to City Hall and complete a Freedom of Information Act form and then in about 72 hours they would notify me that I can pick up my paperwork. It will give you a list of violations if any exist. When pulling title you only have information on items that are recorded and filed. The issue we are seeing is that the city can site a property with violations but are slow to take action. This past summer there was a property that was demolished and the owner had no idea it was on the demo list. However, if they would have completed the Freedom of Information Act form they would have know this. The property I'm talking about was a cash purchase with no title provided.

What are FHA appraisers and what are their qualifications? I’d like to know what makes them special because….

Dominic Valenti
Builder/Developer
Chicago, IL

A few hours ago - Financing in Chicago - 2 answers

…recently a lender I know coursed me to do a Streamline(k) renovation basically involving a new electric service and several minor improvements….no big deal right? When I got there I found a partially dismantled above ground pool deck (without the pool), a well that hadn’t been tested for water quality, no heat or water on, a new boiler that was partially assembled, a septic “pit” without a field and the appraisers report gave a $500 credit for some minor repairs and didn’t mention any of the above items. This loan went as a straight FHA Streamline(k). As an FHA 203(k) Consultant myself I was speechless. Now I don’t know if it makes a difference but this was a HUD home being sold. Can anyone expound on this transaction? Is this typical or did they select a bad appraiser or do HUD homes get treated differently? ….your thoughts?

Dominic, I believe this speaks to why FHA rules have changed drastically over the past year. It sounds fraudulent. I do understand the role of the FHA appraiser but was there a selling agent on the deal? In real estate there needs to be a team effort to protect the consumer. As a REALTOR I'm bound by the Code of Ethics. If a REALTOR is unfamiliar with 203(k) loans then they are responsible to get trained or enlist the help of those who are trained. I feel sorry for the purchasers unless he was in on the deal and just trying to get the deal done. I hope you killed the deal. I purchased my last home utilizing the 203(k) streamline loan and we had to increase our contingency hold back because the utilities weren't on. What is amazing is that the initial inspector in most cases would also be the inspector to complete the final inspection. Yeah, it sounds fishy. I do not believe it being a HUD home and going FHA had anything to do with it. No lender wants a non-performing loan. Remember lenders only loan the money because it is insured but the lender is not HUD themselves. Sounds like the loan officer, initial appraiser, and purchaser had something going on because the buyer would still need to select a contractor and get a bid for the work. I personally do not believe that no one in the process pointed out the other 100k in work especially if the pipes were busted, or the furnace and hot water tank could be inoperable. Just doesn't sound right.

how can you find out if the house you live in is in sale or if the house belongs to the bank already because the owner lost it?

what does it mean when a house is in lien pending?

Lis Pendens means pending litigation. That could be a default, building violations, unpaid water bill, or numerous other suits brought against a property usually to satisfy an outstanding or past due debt. You can always check http://www.ccrd.info and/or http://www.cookcountyclerkofcourt.org/. Web Reference: http://about.me/markilemons

Chloe, In todays real estate market it might not add a dime in value and the true question is what is value to you. I would recommend having a CMA-Comparative Market Analysis prepared on your home and see if the agent will come out to assess your homes condition. I recently spoke with a woman that no matter what she does to the home it will not add value because she is looking to net a certain dollar amount and she will only get one dollar for every dollar she invests in the property. Therefore, no returns or added value for her additions and upgrades. If you already owe market value then there is no value in the upgrades because if you decided to sell the home you would not receive more than the current market value. If I were to perform a CMA of your home and there is equity in the home I could give you a basement value and a bathroom value because its value is based on the community, the style of home, and the quality of workmanship and materials used. Here is an excellent link that will give you a general overview (nationally): http://www.realtor.org/rmohome_and_design/articles/2011/1101…

There are brokers with low overhead (including myself) who can charge less commission to the seller to get more listings. However, lowering the commission too much will turn away agents who won't bring their buyers by if the pay isn't there. I believe California commissions average 3% but those properties sell for more than here in the Midwest (at least they used too!).

John, This is clearly a violation of antitrust. I would recommend that what you decide to charge is your business and only your business, not to be discussed openly or with other agents or brokers. There is no average, normal, or standard. Antitrust Quiz: http://www.realtor.org/rmoquiz2.nsf/antitrustquiz?openform

As a Realtor, do you share with your condo seller's the advantages of having their buildings FHA approved?

Hey Cecelia, Yes I work with the homeowner and at the time of listing we review the condo questionnaire and what it means to them. I first inform them that they need to pay their assessments every month because if so many units are in arrears then we will be looking for a cash buyer because no lender will finance the future homeowner. I also discuss financial feasibility studies, and investor owned units. It would be great to have all condos FHA approved up to the loan limits however todays market won't allow that. My review is to insure we have a sell-able unit that can obtain financing. If not then we have to lower the price to attract cash buyers. CAREF is working with Lakeside on an awesome event that is approved for continuing education that covers the above topic. Web Reference: http://chicagorealtor.com/displaycommon.cfm?an=1&subarticlenbr=1140

Is there a way to rent my home from the bank that is foreclosing on my property? My house is under foreclosure as of yesterday. My home has not been purchased to have a tenant. I would like to stay in my home rather than give my money to a landlord.

If the notice of default was just filed yesterday you can stay in your home rent free until after the sheriff sale. Illinois is an intermediate mortgage theory state which mean that the deed is in your name and you have the right to possess the property until the deed is conveyed back to the lender through a judicial deed. The redemption time in Illinois is seven months however, we have seen numerous delays. Once the bank has the deed there is only a handful of banks who would be willing to rent the property back to the previous owner. I recommend you give your bank a call to discuss your options.

Honestly I'm reluctant to get preapproval at this point as I haven't begun looking and don't know if I will buy in the next 1-3 months. I would be happy to get pre-qualified or provide financial information to my agent so he can feel comfortable that I'm looking in the right range but right now I just want someone to show me the possibilities so we can feel confident about taking the next step. Am I better off just calling listing agents myself?

Bd,

Because you are seeking a "buyers agent" it is the duties of the agent to first discuss agency with you and their responsibilities including: obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care. But more important they owe you honesty. Due to the fact that most REALTORS have no formal training in pre-qualifications, DTI, LTV or the likes it would be unfair to you for them to just show you properties to show them to you. Your FICO score often dictates your interest rate which is a huge factor in how much you can or can not afford. Do you already own a home? What are your reserves? What % of your income comes from commission? The list of questions go on and on and on.

Because I owe consumers, customers, and clients honesty, Honestly you need to get PRE-APPROVED.

Get APPROVED.