Loretta Lomax has joined the growing team of dedicated Realtors® at OwnACondo.com, many of whom have earned accredited buyer representative (ABR) designations.
She brings to our company more than three years of experience in real estate sales, as well as a professional philosophy. In addition to being a Realtor, she is also a business owner and has a professional background in computer technology. The companies she has owned since 1997 include Lomax Enterprises and Lomax Real Estate Solutions.
Her specialties include:
-
-
Townhomes
-
Downtown Chicago real estate
-
North Cook County real estate
-
South Cook County real estate
-
Will County real estate
-
Lake County real estate
-
DuPage County real estate
When she is not working on helping her buyers, Loretta Lomax has a wide range of interests, including running, tennis, sewing and cooking. She also donates her time to non-profit organizations such as Jobs for Youth and Urban Prep Academy. She also is assistant manager of the Chappel Condo Association and holds membership in several industry organizations. These include Association of Information Technology Professionals, and e-Marketing Association Network, as well as National Association of Realtors®, and Computing Technology Industry Association (CompTIA) Certified Professionals.
Her educational background includes a degree in Business Administration from Harold Washington College and certification in information technology and digital media from the Computer Systems Institute.
“Having bought and sold a personal residence, and lived in and assisted in the management of a condo complex, I feel I have an up-close and personal connection with consumers interested in buying real estate. Prompt, patient and professional is my philosophy,” Loretta Lomax said.
Contact Loretta at llomax@ownacondo.com if you have questions or would like help finding your dream home.
OwnACondo.com welcomes Sotiraq Vando to our growing team of dedicated Realtors®, many of whom have earned the accredited buyer representative (ABR) designation.
Sotiraq Vando, in addition to being a civil engineer, has more than five years experience as a Realtor® and is a licensed real estate broker. He has qualifications in accounting and as a loan originator also. His specialties include:
- Condos
- Foreclosures
- Single-family homes
- Investment real estate
- Financing condos
- Rental properties
- Downtwon Chicago real estate
- Chicago North real estate
- North Cook County real estate
“I like to work with people and because of that, real estate has always been an interest of mine. I like working with people and finding a way to help them get their condo financing, even in difficult situations.”
Fluent in Albanian in addition to English, Sotiraq Vando is married with two daughters. He earned a degree in civil engineering from the University of Tirana (Albania) in 1977, and has several other professional certifications also.
“I am always learning and adjusting in this changing industry,” Sotiraq said, adding that he enjoys all the customer-focused aspects of real estate, from helping buyers find just the right property for them to preparing presentations and contracts. He said he is very proficient in using the Multiple Listing Service, allowing clients to narrow their search and save time and money.
You can reach Sotiraq Vando at svando@ownacondo.com if you have any questions or would like him to help you find your dream condo, an investment property, or any other piece of real estate.
OwnACondo.com welcomes Denise Arnold, an experienced Realtor® and appraiser, to our team of dedicated professionals.
She brings a wealth of real estate experience to our staff, including 10 years as a certified appraiser and six years as a Realtor® with nationally known companies. Her specialties include:
• Appraisals
• Investors
• Foreclosures
• First-Time Home Buyers
• Condos
• Rental properties
In addition to her real estate qualifications, Denise Arnold also has a Bachelor of Arts degree in communications from Eastern Illinois University. She is a member of the Illinois Coalition of Appraisal Professionals, and said she uses her appraisal knowledge to benefit her clients.
“I am not going to let my clients overpay. If they want to, it won’t be because they were not informed,” she said. A resident of Chicago’s south suburbs, she is married and has one daughter and a stepdaughter.
“The best part of being a Realtor® is working with people, helping them find the right condo or house. I like meeting new people and I have an outgoing personality, which helps in this industry,” said Denise Arnold, who focuses on the real estate market in the Chicago Loop as well as the North Side, South Side, and suburban Cook County.
Denise can be reached at darnold@ownacondo.com if you have any questions or would her to help you find a condo or other property.
When it’s time to put your house or condo on the market, many people wonder if they are better off selling as a “by owner” or using the services of a realtor. The reason for the quandary is typically a financial one. It is a common myth that the seller will net greater proceeds from the sale of their own home or condo if they sell it themselves. In reality, buyers are typically looking for the “by owner” to drop the price of the realtors commissions as much as 6=10% below the price of comparable homes listed by real estate companies. Buyers can find a more selection of homes and a more trusted sale if they use the services of a realtor.
What are some of the benefits of using a Realtor?
- Your Realtor can help you understand the home selling process from putting your home on the market through closing.
- Advises you as to the right price for the home based on their knowledge of what comparable homes sold for in the last 6 months to 1 year.
- Assists you in determining the necessary home improvements required to get you property in the best selling condition possible and at the lowest possible cost to you.
- Develops your personalized marketing plan and places your home in the Multiple Listing Service to reach as many qualified buyers as possible.
- Handles the showing of your property so your schedule is not tied up keeping appointments with prospective purchasers.
- Negotiates the offer to purchase objectively to obtain the highest possible price for your home.
- Leads you through the home inspection phase and negotiates on your behalf
- Tracks the various stages of the sale from contract to closing.
- Coordinates with all parties involved to provide all the information needed to bring the sale to a successful close.
When using the services of a realtor these are only a few of the things they do for you, the seller. Selling your home is a big deal and most people don’t sell more than two homes in their lifetime so it is not something in which they develop an expertise. There are ever changing laws, ethical considerations and practical considerations that most home sellers do not want to learn through trial and error. Your home is most likely your most valuable financial asset and the last thing you want to do is jeopardize that, it’s just not worth the risk.
You have found the condo of your dreams and are ready to buy but hold on. You need to do some homework before you buy and find the perfect condo specialist. Not every real estate agent is a condominium specialist, in fact there are not that many. Your condo specialist can help you in many ways from showing you the properties in which you are interested all the way to getting the offer accepted and closing on that place you always wanted. But hold on, there are a lot of things to think about.
Buying a condo is different from most single family homes because they have an association which can mean living in a pleasant environment or that nightmare you often hear about but your condo specialist can help you make the right decision. In regards to the condo association most people don’t think about the association board meetings. This is where you can find out about all about what the owners may be complaining about from the plumbing to the gardener’s absence. By getting a copy of the minutes of the association board meeting you will be able to tell what gripes the owners have and if the complex is having management difficulties. Even if there are no complaints the minutes can tell you the types of projects that are under way or on tap that the owner may have neglected to tell you. The minutes will also tell you the delinquency rates of the present owners which can be a sign of discontent or an indication the association might be underfunded.
When you are buying a single family home many people can do without an attorney but there is so much more involved when buying a condo. Contact a local real estate lawyer who is familiar with condo associations and have them look over the by-laws. Simple areas to investigate are if the association by-laws are consistent with state laws and do they coincide with the style of condo complex. Your lawyer can also screen the association at the local courthouse to see if any owners may have filed a lawsuit against it.
Finding the right condo specialist can be easy. Go online and find the real estate company in your area who specializes in listing and selling condos. Their website should have a plethora of information regarding all the ins and outs of buying or selling your condo.
Purchasing a home always involves reading through the contract and signing on the dotted lines. Most people that purchase a home, surprisingly do not read through the whole contract. They just seem to trust the fine print and the person guiding them through it. Most contracts are pretty standard and most people have a general idea what it contained. When reading through a contract, it is a good idea to know not only what the contingencies are, but also what they mean.
In every contract, there should be an attorney review. Typically the period is 3-5 days on a standard contract. This period is intended to give the buyer an opportunity to secure an attorney and have the attorney look over the contract. The attorney has the right to accept the contract as is or write in some modifications to the contract. The contract is still considered an offer at this point so if they modifications are not accepted then the offer becomes null and void. It is always a good idea to have an attorney review the contract before moving forward on a large purchase such as a home. This review period is put in place to protect the buyer and also to allow the buyer to rescind on the offer if need be.
Another contingency that can be found on a contract is the financing contingency. The amount of days the buyer has to secure a loan can vary per contract. The buyer has the responsibility to try to not only get pre-approved but also obtain a loan commitment letter as well. This loan commitment letter locks in a rate for a guaranteed period of time and also proves the buyer can qualify for the purchase of the home. If the buyer is unable to obtain financing for the home than the contract becomes null and void and all earnest money (if any) is returned. This contingency is put in place to protect the buyer and the seller.
The inspection contingency is not found on all contracts but it is a good thing to have on a contract. Inspections can make or break a deal. If the inspection does not go well then the buyer and seller have a few options. They can come to an agreement to either fix the problems or take more money off the offer so that they buyer can fix the items on their own or If the buyer does not want to fix the issues or the problems are too serious, than again the buyer has a right to rescind the offer.
There are a few other optional contingencies on a contract, such as a house to sell contingency. This is put in place if a buyer has to sell their home before the purchase of the new home. If someone else is interested in the property and they put an offer on the place without the house to sell contingency, then the buyer with the contingency typically has 72 hours to purchase the home.
Real estate agents are licensed professionals requiring completion of initial educational requirements and to maintain their license they are required throughout their career to take continuing education courses. It is not an easy task to become a licensed realtor and to succeed requires time, energy, creativity and money. Most real estate agents are independent contractors which means they pay their own expenses no matter if the market is booming or bust. As with most parts of the country real estate jobs are currently plentiful but opportunities are there for the taking if you have that entrepreneur spirit that most successful real estate agents possess.
Most people think real estate agents do nothing all day but drive around in their big cars, show a few homes, go to the country club and pick up a big check every few weeks. Nothing is further from the truth. The true job description of a successful real estate agent is longer than most CEO’s of major corporations. Agents are small or big depending on their success, independent business owners who must be counselors, financial experts, expert negotiators, educators, marketing specialists, public relations experts, and more often than not a chauffeur. When it comes to buying or selling real estate there is little a real estate agent does not do for their customer or client.
Real estate jobs in major metropolitan areas offer their own set of challenges and real estate jobs in Chicago are no different. Chicago is approximately 228 square miles covering over 77 different neighborhoods. As an agent how do you choose what areas in which to work? Obviously you would like to work close to home but that is not always possible or the best choice. Agents many times travel long distances and work long hours to service their customers and clients. Real estate agents derive most of their business from friends, family, and the referrals they generate which means they will list or show property over the entire metro area as well as surrounding suburbs and counties.
The real estate business can be a rewarding career but not for the faint of heart. Real estate jobs offer many challenges and opportunities for those who possess that entrepreneurial spirit and are willing to put in the time and effort required to be successful. For those of us who have made real estate a lifelong career there is no other job or career that can compare.
All members of CAR and MORE Associations need to abide by the MRED rules and regulations. MRED will fine any agent that does not abide by the MRED rules and regulations.
Any change in listed price or other change in the original exclusive brokerage agreement shall be made only when authorized in writing by the seller. The change shall be placed on the MLS Service within 72 hours after the authorized change is received from the listing broker.
For all CAR members, listings of property may be removed from the service by the listing broker before the expiration date of the exclusive brokerage agreement provided the seller and the listing brokers authorized the cancellation in writing. For all MORE members, the broker and seller need to authorize a cancelation before it is canceled in MLS.
If notice or renewal or extension is dated after the expiration date of the original listing, then an updated exclusive brokerage agreement must be secured for the listing to be placed into the Service. Any extension or renewal of a listing agreement needs to be signed by the seller. According to the MRED rules and regulations, an email from the seller indicating what the new expiration date is will suffice.
Once a contract is accepted by the buyer and the seller, you need to change the status to PEND in the MLS. You have 72 hours from when the contract was accepted by the buyer to change status of listing without receiving a fine. This also includes short sale contracts that have been signed by the seller and buyer, however not yet signed by the bank.
If it is your listing and it closes, always make sure to close the listing out within 72 hours of the closing and give proper credit to the buying agent by filling out the buyer agent information on the MLS. The status should be changed to say CLOSED.
If you sell a listing that is not yours, then make sure that within 72 hours of the closing, that credit is given to you on the buy side and your name is listed as the buy agent.
All listings except vacant land, new construction, confidential commercial listings and deeded parking slips must have a primary photo in the system within seven days of their entry into the system. If no photo is submitted, the listing will be placed in the HOLD status.
This is a recap of the Multiple Listing service’s rules and regulations. OwnACondo.com has a responsibility to make sure that all the agents are abiding by the MRED rules and regulations.
Compliance is an integral part of the real estate business. At OwnACondo.com, we take Compliance very seriously in making sure that not only our company is compliant, but our agents stay compliant as well. We live by the Illinois Real Estate License Law Act of 2000, the Code of Ethics, the MLS Rules and Regulations and our company policies.
The Real Estate License Law is governed by the Illinois Department of Financial Professional Regulation. They see to it that all the Real Estate offices are in compliance. They keep a close watch on the Real Estate economy to make sure that the market is controlled.
The Code of Ethics is intended to serve as a guide to the everyday professional conduct of workers. The Code of Ethics covers, an introduction, duties to clients and customers, duties to the public, and duties to other realtors. There is mandatory ethics training requirements for new and continuing REALTOR members which was established by the National Association’s Board of Directors. This was done to heighten member awareness of the key aspects of the Code of Ethics. Also, they intend to create an awareness of and appreciation for the role the Code that should play in their professional lives. It is set up to enhance professionalism and competency; and to encourage REALTORS to view their Code of Ethics as a living, working guide in their daily dealings with clients, customers and the public.
The MLS rules and regulations govern all of the Multiple Listing Services. They enforce compliance for the MLS is a system full of information and knowledge and is set up to assist realtors in making their jobs more efficient, effective and organized. The purpose of the Service is to provide a multiple listing service to its Participants and Subscribers in order to allow those Participants and Subscribers to serve their clients and customers in the sale, purchase and leasing or rental of real property. These Rules and Regulations govern the relationship between the Service and each of its Participants. They also govern the relationship between each Participant or Subscriber.
At OwnACondo.com company policies are put in place to make sure that all of the paperwork is completed within a timely fashion and that we have all the paperwork needed in case there is an audit. All of our company policies coincide with the governing bodies rules and regulations. As a result, the agents perform their jobs more effectively, they have everything in writing to protect themselves and our company runs smoothly and properly. We encourage this as a company for the benefit of all independent contractors, employees, fellow workers and the public.
Choosing the right Chicago Realtor can make all the difference in the world. Chicago contains some of the most culturally rich communities in the United States. Each neighborhood maintains a strong identity due to what immigrant population first settled the area and with the gentrification of many of these neighborhoods that original culture remains alongside many other diverse ethnic groups. Chicago is partitioned into four main sections, Downtown, the North Side, the South Side, and the West Side with over 77 different neighborhoods each offering a certain style of living. Knowing where to look could be overwhelming. Most agents only know a few of these neighborhoods so you might have to talk with several companies to get a good feel for what area in which you might want to buy.
Each of the neighborhoods in Chicago offers new construction as well as conversions of older brown and graystones and converted apartment buildings. The amenities in any of these can be quite diverse. Older buildings do not always mean older wiring or plumbing. Chicago Realtors and developers are ahead of most others using premier products and state of the art technology. Walking into some of the older conversions can seem like a walk in the past but underneath is an infrastructure of the highest quality and workmanship. Condos in Chicago today are known throughout the country for their design and quality.
With so much to look at and know what does a Chicago Realtor do for you? Most people don’t know and are sometimes reluctant to find out because they think working with a realtor is going to cost them money. In some instances this is absolutely correct but with most people looking to buy a home or condo there is no cost.
So let’s take a look at some of what a realtor can do for you.
- Send you detailed listings of areas and property types of your choice
- Make appointments and accompany you to see your selected properties
- Update and inform you on all important information in the real estate market
- Aggressively negotiate on your behalf
- Assist you with resources regarding financing matters
- Give you all my experience and guide you through the entire buying process
A good realtor does all these things and more to make sure the decision you make is one you are comfortable with and feel is the right thing to do, especially in today’s volatile market.
