Summer Brings Realtors® to BankREOs.com
By Patty Boysen
So summer is here and the sun is shining. People are out and about going for walks, bike rides or playing on the beach. BankREOs.com is not only looking out the windows at the people walking by our beautiful new offices, we are watching them walk in! We are perfectly located, nestled right along the Chicago lakefront at 540 N. Lake Shore Drive and Realtors® are catching on to this quickly. They see opportunity in a place that is in the biggest hotspot in Streeterville. We get foot traffic and drive-by traffic and the location is convenient for people to stop by and see what we are all about.
Any agent who is looking to get into real estate or even veterans looking for a new change, should definitely swing on by and take a look. There is plenty of space for Realtors® to sit down, set up and start making calls. There are also multiple conference rooms and meeting rooms for you and your clients to meet in. This is the place where deals happen. There is an energy here that is untouched!
BankREOs.com is current with the market and sees opportunity in bank owned properties. People want to sell them and buyers want to buy them. There are multiple ways to buy and sell real estate and auctions is one way. The Realtors® here at BankREOs.com can assist you with the real estate auction process so that you are informed as to exactly what you need to know to sell or purchase real estate through an auction.
While I Was Away
By Patty Boysen
I just returned back to work from my honeymoon and so much has changed since I have been gone! I drove in to work, put my flashers on and ran in to grab my parking pass that I had left at work for someone else to use while I was away. It was that moment that I decided to take a look around and see all of the new improvements that OwnACondo.com had made. I took a quick lap around our brand new office at 540 N. Lake Shore Drive to see that most of the boxes were unpacked, furniture was cleaned and pictures were hanging on the walls. I then hopped back in my car, parked it and entered back into work. Just as I sat down to start my day, my co-worker comes through the door. The questions that of course come out of my mouth right away was, “Hello, How are you?” and “What did I miss?”
After a short pause my co-worker says, “Oh, you didn’t hear what happened while you were away?” I said, “No, what?” He goes on further to say that I needed to get up right away and follow him to the conference room. Here I am thinking, oh maybe we got a new table or a new TV for the conference room or something.
As soon as I walk into the room, I immediately gasped! Yes, he explains someone drove into our conference room early Sunday morning. Needless to say there was glass everywhere, blinds broken, windows boarded up, and the bumper with the license plate on it. So my co-worker proceeds to say, nothing much really happened while you were away, just this small mishap!
So, just as OwnACondo.com gets the office spruced up and looking beautiful, a little surprise comes our way. This does not stop anything or anyone however, and work is resuming as usual. We are still recruiting and expanding all over the United States. Let’s just say, a car driving into our office doesn’t even stop us!
Chicago Real Estate Market
Chicago real estate professionals are hoping that Mayor Rahm Emanuel, who is scheduled to take office on Monday, May 16, following Richard M. Daley’s 22-year reign, will move quickly to reinvigorate the Chicago real estate market in whatever ways he can.
Emanuel has already ruled out raising property taxes to address the city’s major budget problems, which is good news for cash-strapped homeowners and anyone planning to buy a condo or other house.
Emanuel has also ruled out raising property taxes to address the city’s major budget problems, which is good news for cash-strapped homeowners and may encouraged wary homebuyers.
Emanuel noted during the campaign that local “real estate values have lost 30-40 percent during the recession–much more in low to moderate income communities.”
According to city estimates, there are approximately 19,000 vacant buildings and 10,000 to 15,000 vacant lots in Chicago. The crisis is evident looking at the high number of boarded- up homes in many neighborhoods. Emanuel has asserted that in neighborhoods hardest hit by the recession, there are severe barriers to private investment, and said city leadership and action are essential. He promised to “make sure Chicago utilizes every tool possible—like land donations, demolition liens, and non-cash bids on delinquent taxes—to make sure investments are targeted and comprehensive, to give communities the greatest chance to redevelop and succeed.” He wants to develop and implement plans for re-use of all buildings and vacant lots in targeted areas. This includes rehab and new construction, adjacent land donations, parking improvements, community gardens and urban agriculture.
During the campaign, he stressed the importance of a diverse housing market in helping Chicago remain a world-class city, and hopefully the Chicago real estate market will rebound and the sale of condos and other homes will rebound again.
In an interview with the website Hispanically Speaking News, Emanuel also pledged his support for rules mandating that new housing developments in Chicago set aside a portion of their units as affordable, to make home ownership possible for more people. In a further effort to strengthen the Chicago real estate market, he also plans to expand the Neighborhood Stabilization Program, allowing the city to acquire and fix up more vacant and foreclosed homes.
Jennifer Alcide
Jennifer Alcide has joined the growing team of condo specialist Realtors® and broker associates at OwnACondo.com, bringing financial knowledge, and a caring and perfectionist attitude—all qualities that are very beneficial to her clients.
“I have always been interested in real estate, and I feel this is where I need to be. My educational background and skills in accounting and finance are beneficial in my real estate career,” said Jennifer, who earned a degree in accounting at the University of Illinois at Chicago in 2008 before getting her real estate broker’s license. She has been working for several years in the finance department of STATS, a Northbrook-based international sports statistics and information company.
Throughout her career, she has upheld the same strong work ethic. “I strive for perfection in everything I do. If I don’t have the answer, I will find it for you. I enjoy helping my clients get the best deal possible in this challenging market.”
A resident of Chicago's Albany Park neighborhood, her specialties include:
• Condos
• Single-family homes
• Townhomes
• First-time homebuyers
• South Cook County real estate
• Downtown Chicago real estate
• North Cook County real estate
• Suburban Chicago real estate
• Real estate investors
• Real estate auctions
• REO
• Short sales
• Condo financing
• Foreclosures
In her free time, Jennifer Alcide relaxes with water sports, such as swimming, snorkeling and boating. She also plays basketball and other sports too, and is very involved in her church. Travel is another passion. She spent many summers visiting relatives in Haiti, and most recently has gone snorkeling in Jamaica.
If you would like Jennifer to help you buy or sell property, she may be reached at jalcide@ownacondo.com or at (847) 414-5349.
Loretta Lomax
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:
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Townhomes
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Downtown Chicago real estate
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North Cook County real estate
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South Cook County real estate
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Will County real estate
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Lake County real estate
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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.
What are the services of a Realtor?
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.
Sell Your Condo
When it’s time to sell your condo and put it 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, actually, that the seller will net greater proceeds from the sale if they sell it themselves. In reality, buyers are typically looking for the “by owner” to drop the price of the realtor’s commission as much as a whopping 6-10% below the price of comparable homes listed by real estate firms. Otherwise, they can find more selection of homes and a more trusted sale if they use the services of the realtor.
Time is Money
How much is your time worth? If you don’t use a real estate professional, expect to spend at least 100 hours selling your condo – assuming there are no problems! Considering your work, family, and personal commitments, is that the best use of your time?
It’s a Big Deal
Selling a condo is a big deal. Most people don’t sell more than two homes in their lifetime, so it’s not something they develop expertise in. There are ever-changing laws, ethical practices and practical considerations that you don’t want to learn on your own through trial and error or relying on a book or information off the Internet. It’s just not worth the risk.
When selling a condo Your REALTOR®...
1 - Helps you understand the home selling process from putting your home on the market through closing
2 - Advises you as to the right price for the home based on their knowledge of what comparable condos are being sold for
3 - Assists you in determining the necessary home improvements required to get your property in the best selling condition possible for the lowest cost possible
4 - Develops your personalized condo marketing plan and places your listing on the exclusive Realtor® Multiple Listing System to reach as many buyers as possible
5 - Handles the showing of your property so your schedule is not tied up keeping appointments with prospective purchasers
6 - Conducts informative and professional tours of your home through open houses
7 - Negotiates the offers to purchase to obtain the highest price possible for your condo
8 - Tracks the various phases involved in meeting your contractual obligations as the seller
9 - Leads you through the home inspection phase and negotiates on your behalf
10 - Coordinates the supporting contractual paperwork required for settlement
11 - Organizes the details of your settlement amongst all parties to ensure a smooth transition
Why Should I Buy Now?
All we hear right now is about unemployment, health care reform and bailouts. That doesn’t mean there has not been talk of the real estate market and what is happening in that part of the economy. The question I am hearing more each day is, why should I buy now? Depending on who you listen to the market may or may not be at its bottom and who in all reality can forecast it. Many of those so-called forecasters were the ones that missed all aspects of the economy as it was tumbling downward. And down is not always a bad place to be since the only other way is up. Whether we are at the bottom, close to the bottom or on our way up it is a good time to buy your home or condo.
Why should I buy now? There are several factors that are in your favor by acting now.
Pride of ownership is the number one reason people want to buy a home. Home ownership offers you and your family a sense of stability and security while making an investment in the future.
Home ownership is currently one of the best tax shelters available with the volatility of today’s stock market. Mortgage interest is fully deductible on your tax return which lessens your tax burden year after year.
Mortgage reduction builds equity in your home. Each month you make a payment the principal portion of your loan goes down and as the principal goes down and the price of your home goes up, you are building equity or more asset value.
Another reason to ask yourself why should I buy now is interest rates are lower than they have been in years. Do you realize that you may be able get a 30 year fixed rate for less than 5% which makes a purchase start to look very appealing and if you tie that with anticipated inflation you will be paying back the loan with devalued dollars meaning you are getting more for your money than when you started. That means you can afford more home or if you want you can buy a more reasonably priced home and keep the payments low, maybe even less than you are paying in rent. Would you have imagined several years ago that you could get free money and a great interest rate on buying a home? If you are like most of us you would have laughed us out of the place, but it is happening now. We would never have guessed it, just like we are never going to guess the bottom of the housing market. So just do it!
