Realtor is the trademark used by the National Association of Realtors and designates that the person who has the Realtor designation has completed the required courses need to obtain a license in the state in which they wish to list and sell real estate and a member of the national organization. Becoming a Realtor is a career choice that is not to be taken lightly and if you are entertaining this career make certain you research all that is needed to be licensed and the costs involved.
Over the past several years most states have revised and updated their requirements to become a Realtor and practice real estate. Today most states require a certain number of hours instruction, passing the required state exam and paying the fees required by the National Association of Realtors, state and local fees. Once you have passed the state test you have just begun the journey on your new career. You must find a sponsoring broker in which to “hang” your license but it does not stop there. Being a Realtor will require you to join a Multiple Listing Service in your area if you want access to properties being sold or properties that you are trying to sell. This service exposes properties listed by real estate agents to their fellow agents and is where most people will look when interested in buying a home or condo.
Being a Realtor is a rewarding career that can take a lot of hard work but the satisfaction that you are in control of your own destiny and income makes it well worth the effort.
Did you complete your brackets? As soon as March rolls around, it has become an annual tradition for many people to fill in their brackets for the NCAA Division 1 Men’s Basketball Championship, predicting which teams will advance through the rounds and eventually win the single-elimination tournament known as March Madness, one of the most popular sporting events in the United States.
March is also traditionally a popular month for prospective home buyers to start looking for condos or houses now, as people shake off the winter blahs and plan their next move. More teams than ever before were in the NCAA tournament when it began on March 15—68 to be exact, up from 64 and then 65 in recent years. Just eight teams were involved when the tournament started in 1939. Similarly, in many cities, there are more homes on the market than ever before too. This is due in part to a flood of foreclosed condos and other residential properties caused by the downturn in the economy since 2008, which resulted in a buyers’ market that can cause another form of March Madness, as people fret over what and when to buy.
But there is no need to stress out. OwnACondo.com Realtors® are well-equipped to guide you through the process of finding your dream home or investment property.
Just think, if you start your quest now, you just might find your ideal abode in time to celebrate March Madness in a big way. Who knows, if you win a bundle on the Final Four, you might take care of the home financing too—for a while, anyway.
Jazz bassist and singer Esperanza Spalding, seemed to come out of nowhere to win a Grammy award for Best New Artist award at the 2011 Grammys on Feb. 13, beating out odds-on favorites such as Justin Bieber. OwnACondo.com is looking forward to taking the world by storm too, when we move from Oak Brook to our new state-of-the-art headquarters at 540 N. Lake Shore Drive in March.
Like the accomplished jazz musician and composer, we are proud of our record of accomplishment regarding sales, condo conversions and auctions, but we may not be as familiar to industry observers as some nationally known companies. But that will change soon, because we are in the process of opening offices in Florida, California, and elsewhere around the United States. Our Boca Raton, Fla., office was the first to open, with many more to come.
Esperanza Spalding, born in 1984, grew up in Portland, Ore., so she stayed under the radar of many music aficionados who focus on cities like New York, Los Angeles and Chicago. In addition, jazz is not as widely followed as rap and rock, so she remained largley unknown. While Esperanza learned to play several instruments, she specializes in the bass, along with her songwriting and singing skills. Our Realtors® are specialists too, condo specialists. We can help clients find any type of real estate they like, but condos are our specialty.
So in short, when you are looking for the right person to help you in your condo search, think outside the box. The Justin Biebers of the world might get more attention initially, but Esperanza Spalding delivers the goods, and OwnACondo.com does too.
Mention stylish living and it's a sure bet people will think of Chicago lakefront condos.
Chicago borders the beautiful Lake Michigan shore for almost 25 miles, from far south to downtown to far north. All along this stretch can be found Chicago lakefront condos in many different styles and price ranges. Examples of some of these popular communites include:
Hyde Park, located on the South Side of Chicago, is seven miles south of the Chicago Loop and home to the University of Chicago, the Hyde Park Art Center, the Museum of Science and Industry, the Oriental Institute and The Renaissance Society. As a neighborhood, Hyde Park is generally centered around 53rd Street and the lakefront. Its boundaries are commonly regarded as 51st Street (Hyde Park Boulevard) to the neighborhood around the Midway Plaisance or simply "The Midway" (between 59th and 60th). The neighborhood's eastern boundary is Lake Michigan and its western boundary is Washington Park.
Gold Coast is a historic district, part of Chicago's Near North Side community area, it is roughly bounded by North Avenue, Lake Shore Drive, Oak Street, and Clark Street. The neighborhood is a mixture of mansions, row houses,high-rise apartments and Chicago lakefront condos.
Lincoln Park, the community, is named after Lincoln Park, the vast stretch of park belonging to the Chicago Park District. The area is anchored by the Lincoln Park Zoo and DePaul University. Lincoln Park is bordered by the community areas of Lakeview and North Center to the north, Logan Square (Bucktown neighborhood) and West Town to the west, and Near North to the south. Lincoln Park, the neighborhood, is typically defined by the boundaries of Diversey Parkway on the north, Clybourn Avenue on the west, North Avenue on the south, and on the east by the public park of the same name. More than 900 condos sold in Lincoln Park in 2008!
Rogers Park is the northernmost of Chicago community areas on the far North Side of the city. It is bounded by the city of Evanston along Juneway Terrace and Howard Street to the north, Ridge Boulevard to the west, Devon Avenue and the Edgewater neighborhood to the south and Lake Michigan to the east. The neighborhood just to the west, West Ridge, was part of Rogers Park until the 1990's. Some Chicagoans use the phrase "East Rogers Park" to refer to any area east of Ridge, but usually East Rogers Park refers only to the portion of Rogers Park east of Clark Street.
And let's not forget Edgewater, which we highlighted in a previous posting.
Each of these communities are perfect choices for Chicago lakefront condos! Check with an OwnACondo.com condominium specialist. You can even find rent-to-own condos in these great communities. And of course, if you are looking to sell a condo in these or other areas, be sure to let us help.
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.
The topic has come about and after much debate, a decision has been made and it appears that blind contingencies are not allowed when posting an MLS listing. A blind contingency is when the seller and the buyer agree to not change the MLS listing to Contingent, and/or pending when there is in fact a deal pending. There are many benefits for the seller to create this blind contingency.
A seller would chose to do a blind contingency because they still want to be able to market their home even though a deal is pending. The way the times are, anything can happen during the closing process, and nothing is set in stone until the closing is through and the key s are in your hands. Also, the seller would want to keep it on the market, for the hope that a higher offer may come along. The buyer may also agree to a blind contingency. The buyer may have a home to sell and is comfortable with the arrangement that if another offer comes in then they will go back to the drawing board.
The answer to this question is, no. By doing a blind contingency and not providing the correct information, you are going against the Code of Ethics. Part of the Code of Ethics reads that all Realtors are to cooperate with one another. This would include sharing the correct information on the MLS listing. The Code of Ethics also states that you must be honest and truthful in your communications. By advertising the property on various websites connected to MLS, you need to have the correct information, otherwise this is a violation of the Code of Ethics. The change must be made within 72 hours of the signed contract or you risk the possibility that an MLS fee could be charged.
It is important that Realtors are also upfront and honest to each other. It is always the best way to conduct business regardless of whether or not it is a violation of the Code of Ethics. It is also important to always stay compliant and play by the rules to stay out of trouble and avoid paying fines or even lose your Real Estate License. In summary, if there is a contract on a particular property then it must be noted that way on not only the listing, but any other information and advertising that is out there for the public to see.
When looking for condominium insurance there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Insurance is another area where homes and condos differ. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
What are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding your condominium insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common - building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy , as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condo association insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster or hurricane or whatever and the condo association needs major work the association will tender the claim to their commercial insurer. But would be a deductible and that deductible would be assessed against all unit owners so if there were 10 unit owners, it would be divided 10 ways. You could really be hit with bill you weren’t expecting or did not know about if you didn’t do your homework.
It is also important to know how to lower you condominium insurance. Several questions need to be asked that can factor in to reducing your costs.
- Have your agent properly estimate the value of what is being insured by you for your condo.
- Apply modification credits. For condos that can mean sprinkler systems and central monitoring burglar and/or fire alarm.
- Shop around. It is often inconvenient and may require some effort but finding the right policy and coverage can save you money in the long run. Finally, keep in mind that there may be discounts. Many companies offer discounts such as non-smoker or retired.
If you are a real estate agent the Multiple Listing Service is your guidebook or directory to all your business and you cannot live without it. Wikipedia defines “Multiple Listing Service (MLS) as a suite of services that (1) enables brokers to establish contractual offers of compensation (among brokers); (2) facilitates cooperation with other broker participants; (3) accumulates and disseminates information to enable appraisals; (4) is a facility for orderly correlation and dissemination of listing information to better serve broker’s clients, customers and the public.”
The Multiple Listing Service is where real estate agents go to find information about properties for their prospective customers or clients. If an agent is working with buyers then the MLS will enable the agent to find properties available for sale. Real estate agents who have access to the system can search specific areas, specific types of property, number of bedrooms and baths and much more. Today the Multiple Listing Service has become such a technologically advanced tool for real estate agents they cannot live without it. With the combination of many associations of realtors or groupings of associations into several large services a real estate agent has access to literally 10’s of thousands of properties for sale with such sophisticated search engines that finding the perfect property for your buyer is only several key strokes away.
Most Multiple Listing Services restrict their membership and access to only real estate brokers and their agents who are licensed in the state and are members of the local board or association. However, access is becoming more open due to the explosion of internet sites and the public’s increased interest in properties in their area. There has been a few legal cases involving the public’s access to their local MLS but at this point in time access is granted to licensed realtors and associate members, such as appraisers and mortgage providers.
The Multiple Listing Services database and software is used real estate agents who represent sellers to share information about properties with other brokers who may be working with potential buyers or wish to cooperate with a seller’s broker in finding a buyer for the property. The data contained on the MLS assists agents with searching out specific information provided by the seller which enables the real estate agent to find just the right property for their buyers. As stated above the Multiple Listing Service is the bible for real estate agents without which an already challenging job would become much more difficult.
There may be a time when an agent has a listing and they are working with a buyer who purchases that listing. You may ask, is this a conflict of interest when the agent you are working with is listing the property you are planning on purchasing? Dual Agency is not a conflict of interest if performed correctly. There are certain do’s and don’ts that the agent can and cannot do when performing Dual Agency.
Dual Agency can only exist with the informed written consent of all clients. The seller has the opportunity to accept or deny the consent to dual agency in the listing agreement. If the seller is ok with the agent working as a dual agent, then he/she will initial and check that they are ok with this. The buyer has to fill out “A Consent to Dual Agency form” in order for the agent to act as a dual agent. If both parties consent to this, then the agent is able to work with both clients. The contract has a paragraph that allows for the confirmation of dual agency for both clients.
There are certain things that an agent can do for clients when acting as a dual agent. Whether you are a seller or a buyer it is important to know what the agent can do. For instance they are to treat all clients honestly. This includes, disclosing all material defects in the property that are known by the agent. The agent is able to disclose the financial qualification for the buyer to the seller. The agent can also help the buyer arrange for a property inspection. If the buyer would like to know about comparables in the area that have sold, the agent is able to produce that information and assist them with any questions they may have.
Although the agents can provide a lot of information to the buyer in a Dual Agency Transaction, there are things that the agent cannot disclose to the buyer. Any confidential information from the buyer or seller is not to be disclosed to the opposite party. The agent is not able to tell the buyer what price the seller will accept as his/her bottom line. On the reverse, the agent is not allowed to mention to the seller what the highest offer the buyer is willing to pay.
If any client is uncomfortable with a dual agency, they do not have to sign to accept it. If this happens and the client does not sign off, then the client can choose another agent to work with. The Dual Agency law varies in different states, but is legal in Illinois.
Condo financing can be difficult at times but not impossible. Most conventional financing programs will require the condo to be less than four floors and have more than 50% of the condo units be occupied by their owners. The loan limits must also be under the conforming limit currently at $417,000. With these restrictions you might think that all is lost if you are buying a condo but nothing is further from the truth.
As with all condo financing there are documentation requirements which may seem daunting but is not as difficult as you may think. Which mortgage you select will determine the exact documentation requirements and listed below are the most common.
- Last two years W-2 forms
- Last two paystubs (enough to cover 1 month)
- Last two years signed 1040’s and all schedules
- Last two months bank statements, all pages
- Current statement for 401K or IRA accounts
- Complete list of your current debts (usually taken from your credit report)
- Copy of the sales contract
- Copy of your driver’s license, picture ID or passport prior to closing
- Gift letters signed by the donor and proof of receipt and ability to gift funds
- Copy of the earnest money check, both front and back
- Your insurance agent’s contact information
This may look like a lot to ask but lenders who are providing condo financing need this information to make a reasonable decision which protects everyone involved, especially the buyer.
Once you have found the condo you wish to purchase and have contacted a lender there is another consideration, closing costs. It is wise to speak with several lenders to shop rates and closing costs. It can be as varied as there are lenders available. Listed below are some common examples of closing costs on most loans.
- Origination fee
- Discount points (sometimes used to get a lower rate)
- Application fees
- Lock in fees
- Underwriting or doc prep
- Flood certification (verifies the property is not in a flood plain)
- Tax service fees
- Appraisal
- Credit report fee
- Title search
- Title insurance
- Recordation fees (fee to record the new deed)
- State and county transfer taxes as required.
This all seems like a lot of information to ask for and a lot of cost, but look at it this way. For most people you are buying the single most important financial investment you will ever make in your lifetime. When all is said and done and you move into your new condo, you will be glad you did.
