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.
What’s in a Million? An Awful Lot (of Foreclosures, That Is)
By Anthony Caciopo
You've got to admit, a million of anything is a heck of a lot, even in these days of hyper-realistic, super-sized everything.
A million YouTube hits? That's a pretty darn popular video. A million stars in the sky? Try counting 'em. Good luck. Contact us next summer to tell us how that's going. And how about a million bucks? Well, even though a million doesn't have the impact it used to (consider that financial planners regularly advise people that they had better have at least a million dollars in 401(k) plans, savings and other investments to see them comfortably through their golden years)...yes, despite the fact that even ONE MILLION DOLLARS doesn't buy what it used to, I think most of us would still be tickled pink to get our itchly little fingers on a million bucks, thank you very much.
One seriously sobering statistic in which one million is figured prominently is the number of homes that were repossesed by lenders in 2010, the highest on record. In fact, the total was actually more than one million homes, according to RealtyTrac which publishes the largest database of foreclosures and bank-owned homes in the United States.
With total U.S. population currently standing at approximately 310 million people, you might be wondering how more than one million repossesed homes figures into the total housing picture. After all, 310 million people includes a lot of children and adults who reside together.
The answer is that one in 45 U.S. households received foreclosure filings in 2010. And that's just in one year. The proportion becomes even more alarming when figuring in all the previous years, too.
And speaking of alarming, the experts at OwnACondo.com's sister companies, RealEstateAuctions.com and BankREOs.com, expect that the U.S. will exceed that one million-plus figure for 2011.
Foreclosures typically sell at an average discount of 20 percent. They weigh heavily on the real estate market and tend to depress the value of all homes, even those not in foreclosure.
If you are interested in possibly purchasing a foreclosed property, or simply wish to learn more, be sure to contact OwnACondo.com. We welcome your call at 866-696-2266 (toll free) or drop us an email at info@ownacondo.com.
Alexandria Pope
Another great real estate professional has joined the OwnACondo.com team: Broker associate Alexandria Pope.
Alexandria is a condo-specialist Realtor® with OwnACondo.com and she serves buyers and sellers with knowledge and care that can’t be matched by a real estate generalist. Her enthusiasm, experience and specific training in the condo market and lifestyle means that she can provide highly focused information and services that consumers demand and deserve.
From the beginning of her real estate career in 2003, Alexandria has been devoted to upholding the industry standard of C.O.A.L.D. for her clients: Care, Obedience, Accountability, Loyalty and Disclosure. And while there probably isn't a real estate agent out there who wouldn't claim the same, with Alexandria it's different. A new acquaintance can sense her energy and passion for real estate and for her clients within the first minute or two of beginning a conversation.
Alexandria Pope's journey into a real estate career started when she decided she needed to educate herself, her family, her friends and even her community at large about several things real estate-related, including first time homeownership.
"I knew a lot of renters who should have been home owners, but they didn't have the tools" she recalls. "I also found that a lot of people simply didn't trust real estate agents. I wanted to stand up for what a true Realtor® should stand for."
Alexandria's specialties include:
- Chicago Real Estate
- Condos
- Townhomes
- First-time homebuyers
- Real estate investing
- Real estate investors
- Real estate auctions
- Leasing
- Rentals
- Foreclosures
- REO
- Short sales
- Condo financing
- Downtown Chicago real estate
- Chicago North real estate
- Chicago South real estate
Alexandria earned a master's degree in inner city studies from Northeastern Illinois University and a bachelor's degree in African American studies from Chicago State University. She's the proud mother of a three-year-old daughter and a 19-year-old son. Her son currently attends college in Arkansas, where he is studying business.
When not busy with her real estate clients, Alexandria enjoys poetry, youth mentoring and community activism. She also assists graduate-level university students with preparation for their master's thesis.
Contact Alexandria Pope via email at apope@ownacondo.com or via her a call at 773-407-4018.
Lizzette Jimenez
Lizzette Jimenez--condo owner, real estate investor and first-time homebuyer specialist-- joins the growing team at OwnACondo.com.
Fluent in English and Spanish, Lizzette’s story of how she chose OwnACondo.com is a good one, and one we’ve heard before.
“I had a great experience with one of the OwnACondo.com agents,” says Lizzette, who purchased two investment condos at a complex exclusively represented by OwnACondo.com. The service she received was obviously well-remembered.
Lizzette has 10 years of experience as a licensed real estate sales associate and is encouraged by signs the market is again warming up. She says that she decided to pursue a career in real estate because the experience she had purchasing her first condo at age 21 wasn’t particularly easy.
“I felt completely lost in the process when I was a first-time home buyer,” Lizzette explains. “I decided I had to go out and educate myself.” This led to her decision to become a real estate agent and now Lizzette loves sharing her knowledge and experience with people who are in the same position as she once found herself.
“Working with first-time buyers is so much more rewarding,” she says. “There’s so much more help I can provide.”
Lizzette Jimenez's specialties include:
- Suburban Chicago Real Estate
- DuPage County real estate
- Condos
- Townhomes
- Real Estate Investing
- Real Estate Investors
- Real Estate Auctions
- Leasing
- Rentals
- Foreclosures
- REO
- Short Sales
- Condo Financing
Lizzette moved up from that first condo she purchased at age 21 to a spacious townhome where she now lives with her husband and young daughter. Lizzette enjoys yoga, fitness, international traveling and she’s also an avid reader; although with the demands of a two-year-old child, she admits with a laugh “I’m lucky I can even fit in my industry-related reading these days!”
Lizzette currently serves on her townhome association board of directors. She knows first-time home buying, condos, townhomes and real estate investing—in short, she’s a perfect addition to the team at OwnACondo.com, the best place to buy and sell condos! Contact Lizzette Jimenez, an English- and Spanish-speaking real estate agent, at: ljimenez@ownacondo.com
Real Estate Auctions Picking Up Steam
With real estate auctions expected to account for approximately 30% of all real estate sales in the U.S. by 2013 according to the National Auctioneers Association, OwnACondo.com held two auctions that proved to buyers, sellers and even curious members of the public that auctions are, indeed, a great way to transact business.
Based on those successes, OwnACondo.com founder and CEO Brian Kuzdas launched RealEstateAuctions.com to specialize in this growing trend and to provide a premier source to the marketplace for everything related to real estate auctions.
Mr. Kuzdas is currently visiting the company's new office in West Palm Beach, Florida, where he is recruiting real estate professionals and talking to bank officials about disposition services for their real estate-owned (REO) properties. The new office is the local base for not only OwnACondo.com but also BankREOs.com, which provides banks with an entire array of company services including auctions, traditional brokerage and management. As Mr. Kuzdas has spread the word about the family of companies and real estate auctions in general, he had the opportunity to speak with journalist Tagrid Shunia about RealEstateAuctions.com and the state of the industry. Ms. Shunia interviewd Brian and wrote this piece for the Miami Mortgage Examiner.
Licensed real estate brokers in Florida, the Chicago area and even other areas of the country are invited to contact Mr. Kuzdas for more information about getting involved with RealEstateAuctions.com, BankREOs.com and OwnACondo.com. Lenders and portfolio managers are also encouraged to reach out if they'd like to learn more about how the company can help them with their under-performing assets. Feel free to connect with Brian via his Linked In profile or via email at bk@realestateauctions.com.
Marie Waxton
OwnACondo.com welcomes Marie Waxton to its growing team of licensed real estate sales professionals. She is highly buyer-focused and dedicated to helping people find their dream residence.
Marie enjoys dissecting all the details that make up any particular property. "Real estate is usually the biggest investment people make. I like to make sure it's what they want and that it will fulfill their dreams," she says.
Her real estate career began in 2006 and Marie toured unique (and sometimes historic) buildings in Chicago, researching programs for their restoration. She worked with banks, making sure financing was available for these unique properties.
Highly personable and enthusiastic about Chicago and its people, Maries Waxton says without hesitation "I have a love affair with the city. I enjoy the lake, the zoo, the skyline, museums and jazz clubs." Marie originally hailed from Northwest Indiana and now resides in Chicago's Southwest suburbs.
Marie's specialties include:
- Chicago-area real estate
- Dupage County real estate
- Condos
- Townhomes
- First-time homebuyers
- Real estate investing
- Real estate investors
- Real estate auctions
- Leasing
- Rentals
- Foreclosures
- REOs
- Short sales
- Condo financing
Marie earned a degree in education and journalism from the University of Indiana, Bloomington. She encourages buyers to check out OwnACondo.com's easy condo search and to contact her at mwaxton@ownacondo.com for any information related to condos, townhomes, financing or real estate in general. Marie Waxton continues OwnACondo.com's long tradition of expert, dedicated and customer-centric service that consumers love!
John Feminis
John Feminis is the newest addition to the growing team of Realtors® at OwnACondo.com, bringing with him a wealth of customer service, sales and appraisal knowledge and experience.
“Real estate is a fascinating business, and I really enjoy meeting people and helping them find their dream home or investment property,” said John. Before recently earning his real estate sales license, the Park Forest resident had been an associate appraiser for Blue Edge Inc. in Joliet for about five years. Prior to that, he worked for many years in customer service and retail sales. For the past year, he was a field technician for Air Serv Inc., an aviation company. But he found his calling in real estate.
“I just really enjoy the real estate industry,” said John Feminis, whose specialties include:
• Buyers' agent
• South Cook County real estate
• Chicago South real estate
• Downtown Chicago real estate
• Condos
• Multi-family buildings
• Du Page County real estate
• First-time homebuyers
• Appraisals
• Investors
• Real estate auctions
• Foreclosures
• Short sales
“I particularly enjoy working with buyers because I can focus on helping my clients find their dream home or ideal investment property, and negotiate the best deal possible. My experience and knowledge gained as an appraiser is very helpful to my clients too. Real estate is a fascinating business, and the best part of the job is meeting and working with people,” he said.
When he is not helping his clients find a condo or other property, John Feminis, who describes himself as a major sports fan, follows his favorite teams, which include the Chicago Bears, Blackhawks and White Sox. He may be reached at jfeminis@ownacondo.com or at 708-359-9496.
Chicago’s Blizzard 2011 Has Passed, But a Spring Storm is Already on Its Way
By Noel Christopher
If you thought Chicago's blizzard of 2011 was bad, wait until you see the storm that is coming this spring. The OREO storm that is. OREO, or Other Real Estate Owned, is the term that banks use for the distressed properties they have on their books. RealEstateAuctions.com is poised to service banks and institutions nationwide through our innovative auction platform offering boots on the ground in all our auction markets.
We keep hearing about the “shadow inventory” in the real estate market, right? Well, a recently released Standard & Poor’s study shows that in Chicago there is a 54-month and growing inventory of distressed properties. Many of these properties are in the shadow inventory of bank properties that are waiting for one reason or another to be put out into the market. Lately there has been a hold on foreclosures due to the Robo Signing controversy, which has added to this shadow inventory. Also adding to this inventory are all of the previously foreclosed properties that were held back from the banks to make sure they filed the right paperwork. You can see why we are drawing comparisons with Chicago's blizzard of 2011.
Although the last four months in the distressed real estate market has been a little slow here in Chicago, that is all about to change. Industry sources tell me that banks are opening up the flood gates in the second quarter of 2011. So while we just had the great Chicago Blizzard of 2011, we are about to see a deluge of REO properties hit the market, much like the snow that recently buried us all. This is more than the market can absorb through the traditional Multiple Listing Service model.
RealEstateAuctions.com is the perfect solution to fill the need of banks by supplying an accelerated marketing option through auctions. A well-marketed auction puts the most eyes on a property with qualified buyers in the room, thus getting a great price for the bank and a good opportunity for a savvy buyer pick up a great deal.
Finding a Loan: The “Lone” Lender
By Karen Moose
Finding a loan these days may seem like trying to find something out in the Wild West.
This is where the determined borrowers need to get resourceful. What they might not know is where to find unconventional loans.
I have recently stumbled upon an option that I did not know existed for the real estate investor. Small Business Association loans are a viable option and are getting more recognition. Finding an expert to help you navigate these options is the key to finding a loan. I have found a credible source for such loans. It provides the following loans for commercial real estate projects:
SBA 7(a), 504 and USDA financing offers:
- Commercial real estate loans for owner-occupied and investment properties.
- Up to 30-year amortizations, terms dependent on use of proceeds.
- Long-term fixed and variable rate options available.
Eligible Use of Proceeds
- Commercial Real Estate Purchase
- Commercial Real Estate Construction
- Special Purpose Properties
- Equipment Purchase
- Equipment Refinance
- Partner/Stockholder Buy Out
- Franchise
- Inventory
- Working Capital
- Intangible Assets/Soft Costs
- Start-ups and projection-based businesses
After making an initial eligibility determination, a more complete loan package will be requested via a letter of interest and loan checklist, typically within 48 hours of receipt of your inquiry. Upon receipt of all checklist items, the underwriting and approval process is usually completed within seven to 10 working days. If loan approval is obtained, the lender will issue a conditional commitment letter, which may be subject to receipt and satisfactory review of the appraisal and environmental reports.
If you would like more information about finding a loan through the lending resource mentioned in this blog, or about real estate auctions, please feel free to contact me at Karen@realestateauctions.com.
