We Need Condo Sellers for Our Popular Rent to Own Product
OwnACondo.com has over 375 outdoor impressions that say rent-to-own condos. We''re getting swamped with over 50 calls per day, 1,500 people per month, looking for rent to own Chicago condos and suburban Chicago condos. We''re discovering that some of the buyers we''re servicing are finding the condos they want, while others are not, due to not enough of rent to own inventory.
In these times, there are strong advantages to making your condo available for purchase through our rent to own program.
If you''re a seller of a condo and want to be in our rent to own program, please call us at 866.696.2266 to go over all the details.
Free Chicago Rent-To-Own Seminar
It's about showing and educating the renting public that there are alternatives. Today OwnACondo.com hosted a free rent-to-own condo seminar in Oak Brook and witnessed delighted families expressing the desire to own their own condo. It started at 10 a.m. this morning, and with the last family leaving around 1PM it was clearly evident that this is helping people.
Consumers need a choice in today's market place. The rent-to-own program allows people to use a portion of their rent over time as part of the downpayment. It also allows the renter to have time to repair their credit.
Since OwnACondo.com inacted the rent to own programs, business has skyrocketed. The phone doesn't stop ringing, showing us all the real need in today's marketplace or rent to own programs.
We're scheduling more rent to own seminars all the time. We hold them on weekday evenings and Saturday mornings. Watch our website for updates, or get on our mailing list so you can receive the announcements. Drop us a line at: customercare@ownacondo.com
Open Thanksgiving Weekend to Show You Chicago Condos
OwnACondo.com will be keeping normal business hours this Holiday weekend. We will be open Friday, 8:30 a.m. until 6 p.m., Saturday and Sunday 10 a.m. until 5 p.m.
If you would like to get more information on our rent to own programs feel free to call 24/7. We pick up messages after hours often and we''ll make sure we get back to you as soon as possible.
Thank you for your business.
Regards,
OwnACondo.com''s Customer Care Division
866.696.2266
Chicago Condo Company
The move is official. OwnACondo.com has moved from unit 209 to Suite 102 in their Oak Brook building, located at 2001 Midwest Rd. The move allows the OwnACondo.com employees and agents to be next door to OwnACondo.com's affiliate company "RE Management." RE Management manages several investment funds including the purchasing of thousands of Chicago Condos. By being literally in the office next door, people from each organization can mingle and network.
The new suite features a brand-new buildout that has already proven to be a big hit with staff, customers and even other workers in the building, many of whom have dropped in for an admiring look during and after construction.  Â
OwnACondo.com plans on opening a Chicago office in Spring of 2009 to handle and service the thousands of buyers and sellers of Chicago Condos. If you would like more information about OwnACondo.com, please call at 866.696.2266 and we'll be happy to assist you.
Buying Chicago Condos before they go on the Market
Buying real estate can start with a look in the newspaper, a visit to a broker, or a search online. These are all good ways to find your next Chicago Condo. You''re looking at the same properties as every other investor, of course, so it''s not always easy to beat the competition to a great buy.
A better way to find good real estate investments is to look for Chicago condo properties that aren''t yet for sale, and make an offer. I bought my first condo this way. I put an ad in the paper stating what I was looking for, and soon had a call from an old couple that had been thinking about selling. I bought their place at a good price, and they saved a broker''s commission.
Buying investment real estate that isn''t for sale starts with a three step search process. First decide what you are looking for. Single family rentals or Chicago condos? Then start looking for properties that fit your criteria. Then contact the owners.
Buying Real Estate From Non-Sellers
Don''t limit yourself to "fixer-uppers" or other "problem" properties that seem more likely to have owners willing to sell. Many owners of investment condo real estate have thought of selling, so you can start with almost any building you like. You never know beforehand if or why a landlord is ready to call it quits. You find out by asking.
Tact is necessary here. Call the owner and tell him you''re an investor, not a broker. Let him know that you like what you see. Tell him you can have an offer ready in a week if he''s interested. If he''s not interested, thank him politely and hang up, but send him your card or a letter. Many investors have bought from owners that changed their minds.
If there is some interest, explain that you are an investor, so your offer will have to be based on your return on investment. This means you''ll need to be buying wholesale.
Have a confidentiality agreement ready before you call. Let the owner know that you''ll sign it and deliver it to him before you see the condominium. He may not want to let the tenants know he''s thinking of selling, so inspecting the units may have to wait until you make an offer. Just make an acceptable inspection a contingency in the offer.
Why buy investment Chicago condos this way? No competition and no sales commission means you may get a better price. Also, instead of waiting for that perfect property to be listed for sale, you just find it now. Why wait until it''s for sale before buying real estate?Â
If you don''t want to take the time and trouble doing it on your own, hire a professional real estate broker. There are several advantages as well with working with a broker, mainly the savings of time. They work with real estate everyday and ultimately can save you time zeroing in on the Chicago condo of your choice.
Condo Financing
Not only is OwnACondo.com a full service Chicago real estate company focusing solely on Chicago condos and suburban Chicago condos, but it also can have them financed through their subsidiary company, FinanceACondo.com.
FinanceACondo.com can give you a quote fast and put you in front of a professional as soon as you are ready. They can also refinance your condo as well.
If you''re looking to buy, sell, finance or re-finance your condo, call us today at 866-696-2266 and we''ll be ready to answer all your questions.
Choosing the Right Condo Appraiser
When you are considering purchasing a Chicago Condo, either for investment or personal use, you will need to hire a real estate appraiser. If you are financing the purchase through your credit union or another financial institution you will most likely be required to hire a real estate appraiser to perform an appraisal on the property. This is because your Credit Union (CreditUnionRate.com)wants to ensure that your dream condo doesn''''t become a nightmare and that the purchase they are financing is really worth the amount loaned.
In the best case scenarios the appraisal is returned indicating that the fair market value of the condo meets or exceeds the sales price. The problem comes in when the appraisal indicates that the fair market value of the condo is less than the sales price. In the latter case, the prospective buyer would either need to drop the deal or renegotiate the sales price with the seller.
As you can see, it is critically important that you find a reputable and competent real estate appraiser for your Chicago condo or suburban Chicago condo. That one appraisal can easily make or break a deal. Even if you are not financing the purchase through a lending institution it is still worth the effort to insure that the property you are investing in is really worth the amount of the purchase. If you should hire a less-than-competent real estate appraiser, you''ll find out the hard way later that the property you purchased was not really worth the amount that you paid.
Real estate appraisers perform an evaluation of a property and then provide a written evaluation after consulting standardized checklists and comparing the property in question to county land value sources and sales information on nearby similar properties. The estimation of replacement costs is also taken into consideration. Finally, real estate appraisers must be able to verify legal land descriptions. As you can see, there is quite a bit of work involved in performing a competent real estate appraisal and it is important that each step be performed accurately.
You real estate agent will most likely be able to suggest a real estate appraiser but this does not necessarily mean this is the right person for the job; it merely means this is the person they most often work with. To get the job done right you need to find a real estate appraiser who is able to perform a completely objective evaluation.
Look for someone who has been formally trained and who possesses a license with the state real estate commission to perform such appraisals. Also look for someone who possesses adequate experience in performing real estate appraisals and who is knowledgeable about the local real estate market. Some states require real estate appraisers to have experience as a real estate agent and to hold a current real estate license; even if your state is not one of these it may be a good idea to look for someone with these qualities anyway because they probably have their finger on the pulse of the local real estate market.
Like real estate agents, appraisers commonly specialize in certain types of real estate. Some specialize in commercial properties while others work only with residential properties. Some appraisers even specialize in only high end or luxury properties. Many consumers find it beneficial to select a real estate appraiser who specializes in the specific type of property they wish to have appraised. Finally, don''''t forget to ask for references and/or recommendations from any real estate appraiser you consider.
About the Author
Nicole Soltau is the President and Founder of CreditUnionRate.com, The Leading Credit Union Directory.
Our Rent to Own Program
We hated to see it happen, even though we were secretly pleased.
This morning we had a visitor at our office door, a bit of a surprise because Saturdays do not typically generate many walk-in customers. Our visitor announced she was here to take part in free our rent-to-own condo seminar.
We had to tell our visitor that we held a rent-to-own seminar just a few days ago and that another was coming up at 10 a.m. Saturday, November 29. She had heard of the seminar through word of mouth and thought it was held every weekend.
We're very much looking forward to the time when we will be able to offer our rent-to-own seminars for Chicago condos on a weekly basis, or perhaps even more frequently than that. But until then, mark your calendar for 10 a.m, Saturday, November 29. We look forward to seeing you, and of course, remember you can call us any time for more information about rent-to-own at 866-696-2266.
Chicago Real estate taxes
Whenever you own a piece of land, you will be taxed for it. Whether it is commercial property or residential property, there is still a tax to pay, whether it is for a village, town, city, county, or state. Most residential private property taxes are handled on the local level, going no higher than the county. Depending on the nature of the business, it may be handled by a variety of entities, including state and federal agencies. Each specific area and state has its own way of levying property taxes. This article is intended as real estate for beginners and will focus on property taxes as they relate to residential private property. Your financial advisor can also provide a good deal of valuable information; call today to schedule your free consultation.
How property taxes are used: Each locale uses the revenue earned from property taxes for different purposes. It can be anything from road repairs and utility upkeep to firefighter salaries and emergency response. Most areas, however, use the money received from property taxes for school districts. Taxes are levied and then distributed to schools in a district according to the amount of money received from property taxes. This often puts homeowners in a bind, as most of them want quality education for children, but are reluctant to vote to pass measures that will result in a property tax increase.
How property taxes are determined: Before buying a condo, it is important for real estate beginners to understand how the amount you pay in property taxes is decided upon. Everyone pays a different amount, depending upon how much a condo is worth. The tax rate for an area is the same throughout that area, but due to varying condo values, the property tax you pay may be a little higher or lower than your neighbors.
If the property tax rate in your area is 9 percent, and your condo is assessed at 250,000 dollars, your yearly property tax would be 22,500 dollars. If your neighbor''s condo were only assessed at 235,000 dollars, he or she would pay 21,150 dollars in taxes per year. Many areas have specified periods of time required for a new assessment. Most places require a new assessment every five to seven years. This means that your taxes could go up or down as your property value changes.
What goes into a property assessment? There are some guidelines assessors use when determining the value of your condo. By being acquainted with these, you will be more likely to understand why your Chicago condo has been given a certain value. Here are the most common benchmarks taken into consideration when determining a condo's value.
1. Sale price of similar properties in the area: the assessor will know how much other condos in your immediate area are selling for, and will assess your house to reflect the value of the neighborhood.
2. Property's historical value: records of the property's value through the years will help the assessor determine whether the condo's value keeps with current trends, and whether the home increases in value over time as a general rule.
3. Cost of replacing the property: it is possible to determine how much the materials to replace the property, or to add improvements to increase value, would cost. This can figure into the value of the property.
4. Potential value of the property if it is used to make money: many people use their property as income through rental or sale, and this value can be used to help the assessor decide how much he or she should value your property for.
Disputing an assessment: Because condo values are subjective, it is possible to dispute a value. You can speak with neighbors and Realtors to discover what homes in the area are valued at. Recent Chicago condo buyers and sellers can give you a good idea of what others are paying in property taxes. Visit your tax board or the local tax assessment office to find out what the procedures are for dispute an assessment you feel is unfair.
Rent to own a condo
There are over nine million people in the Chicagoland area, and of those, more than 35% are renters. Just think of that. Over three million people rent in the Chicago area. It''''s OwnACondo.com''''s mission to change that one renter at a time.Â
It starts with educaton. Many condo renters have the ability to qualify to own a condo but have not been educated enough about how to go through the process of owning. OwnACondo.com has set up seminars that allow tenants to learn about the condo buying process from start to finish. They have rent-to-own seminars, one-on-one counseling and a website full of tips and question and answer sections to help any first time buyer.
If you really want to own, you can. If you''re credit challenged, that can be resolved. If you do not have a down payment, that can be worked through. No job? Bring in a co-signer or a roommate. There are endless solutions. You have to want to own first.Â
OwnACondo.com can take you through all the steps to buying your first condo. It starts with you. Pick up the phone and let one of their condo specialists take you through the steps. It''''s easier than you think and all of it is at no cost to you. Call them today at 866-696-2266 and get started to owning your first Chicago condo.
