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

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?

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

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.