Myrna first thing are desigantions are no substitute for experience in listing and selling REO homes. It is late to be getting into the REO field as listings start to decline. Banks are actually limiting agents and reducing their numbers as they cast aside agents who are not servicing their listings and giving them to the agents who are doing a good job. The best way to get REO listings is by completing BPO's and doing a good job at it.... more
You should consider getting rid of "stuff". Put it in the garage, rent a storage, store at your relatives place. Consider the placement of furniture to have a good tour path. It would be good to have a different set of eyes, a Realtor, look it over when you are ready. Small touchups are a given. Painting rooms doesn't add because buyers will wonder what you are covering up and their colors are different.... more
I've done many HomePath transactions - and I've found them (thus far) to be a great option for buyers. There is also no appraisal - unlike FHA - which tends to make things go a lot smoother.
Some of the other features include:
- No mortgage insurance
- Low down payments for purchasers
- Often, Fannie Mae will repaint/recarpet/repair the home, so many the properties are move in ready
I've even had them fix a few things with certain properties, even those they are all sold AS-IS. Generally, owner-occupants get "first crack" as these........often, there is a 15 day "First Look" period solely for buyers who plan to occupy the home as their primary residence. After that, investors are welcome to bid on the properties. There are quite a few mortgage brokers that offer this financing - and some of the bigger banks are starting to get in on this as well (I believe PNC is one of the only ones currently). Hope that helps!... more
For most lower priced homes at most they will clear the home of any debris and then lower the price over time until it sells. These present good deals for cash buyers. For medium to higher level homes, they may spend $x if it allows them to obtain $x + $y returns, or if it allows the home to qualify for financing.... more
0 would the lowest number, but I doubt any agent would accept it. You may have the cart before the horse. There will always be some agents willing to work for less than someone else, the question is always are they any good. Not all low fee agents are bad and not all high fee agents are good, but by focusing on the fees you will probably exclude some of the best agents who may not advertise or solicit business by advertising a low fee.
My suggestion is, and has been to find the best available agent to represent you first and focus on the fee later. If the best agent will also charge less than someone else, good for you. A good agent is worth more than their commission, but a bad agent will cost you way more than just a commission. Focus on quality and the any price will seem like a bargain.... more
Sure, if you can find one. The lien holder does not care what happens after the sale. The big issue on short sales is whether or not the lien holder will come after you for the deficiency amount. They NEVER will answer that question until after the closing.... more
I am not an attorney,however, typically in a short sale, unlike a foreclosure, the lease transfers to the new owner of the property. All the terms of the lease remain. As far as the tenant goes, their leasehold rights remain the same.... more
No, it's whatever the market will bear. In a buyers market they tend to be low, in a sellers market they tend to be higher. If you have no better offers on the table then my adivce is to try and make this one work.
The $1000 isn't meant to be compensation, if the deal fall through, it's simply to show that the buyer is serious and has some skin in the game.
Yes, there are frame 2-3 flats that were converted to condos back in the bubble years. As you might expect they would not sell as well as brick. One issue tends to be that the bedrooms are on the smaller size and closets are poor. They usually were designed as just rentals and lots of folks who want to 'own' are not willing to deal with the small size even if their furniture did fit......which it rarely does.
I am not sure this is the right market to be doing a conversion. Buyers are very particuilar and have lots of choices.... more
Contact a realtor to run for you comparables in your area and give you also the time frame in which the comparables sold, this will give you a picture of what is going on with condos in your area. This is free of charge service and is the best bet in making your choice of listing your property at this time. Debbie Bergthold-Smith Classic Real Estate... more
I'm not sure of your situation but the first place to start once you have talked to the REALTOR and have gotten no recourse from them, would be to contact his/her managing Broker at his Real Estate office. Once you have talked to them and have not gotten sufficient recourse, would be to contact his/her local MLS board and lodge a formal complaint. The MLS board will look into the allegations and start proceedings to look into the allegations. The local MLS board will guide you through the process and work on an acceptable outcome for you. With that being said I just want to let you know that there are plenty of REALTOR's out there who do a fantastic job so I don't want to sour you on working with another REALTOR in the future. I hope that you get the help you are looking for. Thanks... more
I believe you are giving too much credit for us in CONTROLLING our Clients:
This isn't 1965, we have a new breed, they are a lot more savy than they used to be.
Either Chicago is quite different, or you aren't getting the whole picture.... more
We have a process, on our computer, to point out errors and ommissions on Listings to the MLS:
I have seen a lot over the years; very few are malicious. Usually it is just oversight.
Good luck and may God bless... more
If you live in Florida, but can arrange showings and market the property then perhaps that can work. It depends on the market in your area/price point/supply-demand etc. This is a difficult market to sell as I assume you understand even in 60618.
My web site has various Listing types including a Flat Fee that might be of interest.... more
The condo HOA or board will have to be involved. First, check with the president of your condo's HOA to find out if they are on the list. If they are not, ask them if they would be willing to work with you on getting the building approved. Ask your real estate agent to help you.... more