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60302 : Real Estate Advice

  • All36
  • Local Info4
  • Home Buying13
  • Home Selling5
  • Market Conditions0

Activity 27
Tue Apr 4, 2017
Angelica P answered:
Hi,

I have emailed you regarding this.


Thank you for using Trulia!

Angelica
Consumer Care Advocate
0 votes 1 answer Share Flag
Mon Apr 3, 2017
Paola Daly asked:
we're prepared to make an offer on a place and found out HOA doesn't want to have any units place a gas line extension to convert stoves to gas. recs?
0 votes 0 Answers Share Flag
Wed Feb 18, 2015
Patrick Noland answered:
Angela,
We aren't allowed as realtors to indicate what schools are better or worst than others. I would be happy to provide you with a link to the state's website that ranks different school districts. ... more
0 votes 6 answers Share Flag
Mon Jan 12, 2015
Aaron and Cheree Tiry answered:
Have you checked out the "rent" section at the top of Trulia? There may be something in there. Otherwise you could also check Craigslist.com to see what they have for posted for rentals. ... more
0 votes 1 answer Share Flag
Tue Apr 1, 2014
Elaine Stratos answered:
DISADVANTAGE….Especially when the seller is not informed,uninformed consent, that the agent would be representing both sides………..first lawsuit….withholding information.…secondly very simply first offer will be accepted for the Buyer who is signed to your agent………..no multiple bids,no MLS,
no cobrokering to get the highest pice thru a pool of interested buyers.
Yes excellent location…New York City…….2010…Upper Eastside……………301 east 62nd, street…
All for Double Ending a deal………….ask your agent this important question or you the Principal tell them in no way do u want Dual Agency………Read the complicated Disclosure ,as well as Designated Agency relieves any liability for the Brokerage representing the Agent….all for Double ending a Deal…..that is Illegal or should be,or subagency………………or your attorney should make you aware

..
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0 votes 36 answers Share Flag
Fri Oct 4, 2013
Anne Forester answered:
Worst area is the Austin cooridor. Yes, it has it's "flavor", but I don't know anyone who actually likes it.
If property values go up in Oak Park, it's all the same %'s in all areas.
In Oak Park, there is NO area that holds value better than the other, unless something unusual will happen that will force your property to decline (i.e. building a McDonald's at the end of your block). If someone tries to sell you on that, they do so because they either believe you're daft or are daft themselves.

Don't count on values to increase anytime soon as property taxes are through the roof, homeowner exemptions are currently phased out and Oak Park is due for re-assessment in 2014 :D. That's all in light of increase in local crime. So, basic supply and demand law tells you, property values will actually decline in the next few months.

Good things about Oak Park: Schools are great. That's just a fact. Park district offers a lot, including nice parks, activities, however you will often find that certain facilities are hogged by non-Oak Parkers which pisses taxpayers off and Park District doesn't seem to care or do anythign about it.
Restaurants are.. meahhh.. ok. Forest Park offers more. Close proximity to Down Town via Blue or Green line is a huge bonus. The Village also offers some incentives for first time homeowners, business owners and some other odds and ends that are worth checking into prior to buying a home.
All in all, Oak Park is great only if you have kids and work down town or in the area. If not, it's really not worth investing into and mainly due to unreasonable real estate tax assessments. You will get more bang for your buck in River Forest or Forest Park depending on your situation.

(I just viewed a $400K home for sale here on Trulia with $18,000 annual Real Estate tax. That's almost 5%!!! Are you ready for that?)
... more
0 votes 4 answers Share Flag
Mon Sep 16, 2013
Linda Little answered:
The first step is to make sure your association will allow rentals. I can help you more in detail if you contact me thru my Trulia Profile.
0 votes 6 answers Share Flag
Wed Jun 12, 2013
Don Tepper answered:
Here's a link to a blog I wrote on how to find rent-to-own properties: http://bit.ly/findaleaseoption

One point: Many potential rent-to-own properties aren't listed that way. They'll be listed as either rentals or properties for sale. (Some aren't listed at all.) It takes some creativity and knowledge to turn those properties into lease-options.

Hope that helps.
... more
0 votes 2 answers Share Flag
Thu Mar 21, 2013
Vanessa Willey answered:
Hi Brian- Rent to own was a popular solution for sellers during the 1980s when very high interest rates (which often topped 17%) limited the number of buyers. In this time period sellers who had lots of equity in their homes could afford to finance buyers who otherwise could not afford to buy, due to the high interest rates.
Although some realtors and buyers have tried to make the concept of rent to own work for this real estate market - it is not usually beneficial for either buyers or sellers. The housing market stalled not because of a lack of buyers (although there are fewer due to unemployment and poor credit), but mainly because sellers could not afford to sell their homes at the lower prices as housing prices fell from grossly inflated highs. In other words, today's sellers can not afford to finance the sale of their homes to buyers. The only way sellers who do not own their homes could do this is by inflating the value of their home - which does not benefit the buyer. These underwater sellers are either forced into short sale or foreclosure - or rent their homes.
Sellers who do have enough equity in their homes to sell, can find buyers who are able to purchase the home without assistance from the seller. The seller who can buy now is a bird in hand.
... more
0 votes 3 answers Share Flag
Sun Feb 3, 2013
Paul Cagnina answered:
Question is ambiguous. REO properties many times sell for over asking price. I tried to buy a REO at the offered price and someone paid $15,000 more than me. What's that about? Too many investors back in the market now, and they pay cash with a 30 day close. "MARKET IS CHANGING" I lived in Oak Park almost 50 years. If you would like to hear more about Oak Park and the surrounding areas, please contact me. 708-415-3268 ... more
0 votes 8 answers Share Flag
Sun Apr 24, 2011
Chris Michaelson answered:
Thanks for the thoughts on this. I am a licensed broker in Illinois and am renting a house that I own. In the Chicago area, the landlord typically compensates the listing agent a full month's rent, which is then split with the tenant's agent. In my case, if I listed it on the MLS I only need to pay the 1/2 month commission to the tenant's agent. Currently the house is only listed on Craigslist and it getting good interest at the higher price. Luckily, with today's tight rental market, bewteen the MLS and Craigslist there's only one other 3BD+ house in town competing with mine! ... more
0 votes 3 answers Share Flag
Fri Apr 22, 2011
John Potter answered:
if you have a very strong and good appraiser adding different comps makes no difference to the value. it basically is a waste of time and money. If you have an appraiser that is no good it is easy to push that appraiser all over the board. ... more
0 votes 29 answers Share Flag
Thu Apr 21, 2011
Ron Rovtar answered:
Hi Dave:

In this day and age, you will have to provide your social security number and a lot more personal information. Not only does the mortgage company have to satisfy itself that you can pay back the loan, it also has to look forward to the possibility that it will package your loan and sell it of others. Those others, whether they are private investors or Government-Sponsored Enterprises like Freddie and Fannie, will insist that every "i" is dotted and every "t" is crossed. Your SS# will be used to obtain your credit score and to help confirm other paperwork.

Best,
Ron
... more
0 votes 8 answers Share Flag
Mon Jan 17, 2011
Ken Little answered:
You are looking for an agent who will empower you to gather information and collaborate with you information from their own resources and experience to determine a median price that compels a buyer to make an offer. Seek out an agents who firm has the tools to give your home maximum internet and local marketing exposure. Seek an agent who integrates staging strategies that will impel buyers to proceed to an offer. The agent should also have tools in place to provide you feedback from showings, open houses and broker tours. It is the feedback and following through that will quickly determine why a home will not sale and turn it into a sold home. ... more
0 votes 11 answers Share Flag
Sat Jan 2, 2010
answered:
Chris,

Because you are downsizing, there are provisions that might allow you to do a short sale and still be eligible for a loan immediately.

If the reason you are moving is because you can't afford your current home (not because you want to take advantage of declining market prices) and you have not been late on your mortgage or any other installment loans such as credit cards, auto loans etc., then you can get an FHA 3.5% down without waiting.

Speak to a local FHA lender or feel free to post more information here about your situation.

Hope this was helpful.

Good luck.
... more
2 votes 5 answers Share Flag
Mon Sep 28, 2009
Rick Szekely answered:
In Oak Park you will really need to contact a realtor to help you through the deal. Your approach will vary depending on whether you are looking for a home or condo. A realtor will be able to contact homeowners on your behalf and negotiate you the best terms. Feel free to contact me here at Trulia or by email at rick.szekely@bairdwarner.com ... more
1 vote 6 answers Share Flag
Thu Aug 13, 2009
Dallas Texas answered:
I have never heard of this... where is your buyers agent assist with all these questions?

All sales go thru a title company who transfer money to lender.

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
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