Marki Lemons

Author, Speaker, & Consultant

Posterous theme by Cory Watilo

Filed under: real estate training

Illinois Short Sale Listing Forms

The following forms are  to use in addition to your listing packet. All forms might not apply to every transaction however, it is better to get everything signed upfront instead of having to go back. Explain the form and inform the seller how it might apply to their transaction.

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“AS IS” Addendum: http://www.box.net/shared/fc8uu8qm2h2cczqalb7f

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Rider 20A: http://www.box.net/shared/rm102ft9jfm0u6kv6ccu

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Rider 20B: http://www.box.net/shared/96irf8m4t7z6pa65c9on

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Authorization to Release: http://www.box.net/shared/rxvg3fv05x18m52h37h3

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Arms Length Transaction: http://www.box.net/shared/s49g3zkbm476dizr8ifc

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FHA Amendatory Clause: http://www.box.net/shared/pg9h6c7rq2fh76u8kbq9

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Condo Questionnaire: http://www.box.net/shared/b1600xymdoavtqbydkv5

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MARS Disclosure: http://www.box.net/shared/7n62fvldta4lvmhtox65

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 & - Trulia Voices

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
Duplex
Home Buyer
Chicago, IL
A few hours ago - Home Buying in Chicago - 6 answers

garden?

via trulia.com
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

Must one get preapproval to work with a buyers agent in Chicago? -

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.

via trulia.com

Get APPROVED.

Always Check Your Time

Oops! I've done it again. I must always remeber when it comes to webinars to check my time EST, CST, or PST. Great thing is today I'm an hour early and better yet I'm working from home so, this mistake won't hender my ability to learn. You still have time to join me in the FREE, VIRTUAL REBAR CAMP,#VREBC.