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Archive for January, 2010
Thursday, January 28th, 2010
When most people think of auctions they think of buying but in order to buy someone must be willing to sell. Selling at auction for real estate is definitely not for everyone. In the best of situations your property should be in the same price range as all the other properties in the auction. The last thing you want to see is that the majority of the properties in the auction are derelict homes in a low value area when you are trying to auction off your four bedroom, 3 bath, updated kitchen and family room home. You are most likely to not have much luck selling your home at market value since everyone at the auction is comparing prices on the other available properties.
Selling at auction requires a legal agreement and most auctioneers will wish to enter into a sole agency agreement. This means they will advertise your property in brochures and catalogues on your behalf with the understanding you will be liable for the costs of that advertising, as well as a portion of the room fee, regardless of whether someone buys your property or not. This may not seem fair but in reality you will have a hard time finding an auction company who will sell your property without such a legal, binding agreement. And these may not be the only fees involved so find out about the charges before you sign any documents. Once you have satisfied yourself with the agreements you should discuss pricing. Find out the likely market value of your property and seek advice at what price to advertise as the reserve bid.
Now that you have everything in place there is nothing left but attend the auction. As the seller you must attend the auction due to a variety of reasons, one of which is you may want to take a lower offer than the advertised reserve bid to get your property sold. When the gavel goes down that last time it signifies the agreement of a binding contract between buyer and seller and you have sold your home at true market value. The buyer must now pay 10% of the total sale price before leaving the auction house and in most cases must pay off the remaining balance in 30-45 days. Your responsibility as the seller is to guarantee your ability to legally convey the property to the new buyer. Selling at auction has its advantages for buyer and seller and can be the way to go depending on your motivation and comfort level.
Tags: auctions, auctions in Chicago, Chicago Condos, Chicago Real Estate, condos in Chicago, sell a condo
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Wednesday, January 27th, 2010
Buying at auction can have many advantages but it is helpful if you have a guide. There are a lot of things to consider if you want to do it right. First of all, what are some of the advantages of buying a property at an auction? There are many and we will only name a few of the most important.
Properties are offered at a competitive price and if you do purchase a property you know you have paid fair market value, no more. If more than one person is interested in a particular property the auction demonstrates free and fair competition enabling the buyer to buy the property at a price that is competitively achieved against other known bidders.
If you are the successful buyer of a property you know the seller cannot renege on his price and the property is yours upon completion.
When buying at auction the seller guarantees a clear title upon closing with no tax liens or mechanics liens assuring you of no surprises down the road.
Most auctions will offer a catalogue with the description of the properties, how to view each property and the general conditions of the sale. Ample opportunity is given to view the property and you can seek professional advice from surveyors and appraisers to help you decide on your offering price.
As a buyer at auction the sales process is accelerated for both buyer and seller. What this means to you as the buyer is you can close and take possession in as little as 30 days avoiding lengthy negotiations of price and terms. Most traditional real estate transactions can take as much as 90-120 days before you can move in. The purchase is based on your time table not the seller or the bank.
These are only some of the advantages of buying at auction which has become an increasingly popular means of buying property in recent years. The real estate market has certainly had its ups and downs over the past decade but one constant since properties have been sold since roman times is the auction. It is a tried and true method to convey property that will be around for a long time to come so look into it wherever you live and maybe you will find that home or condo you have always been looking for. It is fun, it’s exciting and the end result is everyone comes out a winner.
Tags: auctions in Chicago, Buying a condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago
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Thursday, January 21st, 2010
The American dream of owning your own home has changed over the last couple of decades. The dream is still alive but the options have changed dramatically. One of the fastest growing segments of property sales today is condo sales. Owning a condo has many things in common with owning a traditional home, but it is the differences that count. It is important before you make that jump into home ownership that you know whether a traditional home or condo is right for you.
First of all, what is a condo? Condos resemble apartments in many ways. They can consist of several units in the same building or complex, with common areas like courtyards, lobbies, pools, etc. that are shared by everyone. But condos, as opposed to apartments are owned by the individual tenants and not just rented. When you purchase a condo you may be giving up some privileges but gaining in others. It is this balance of benefits that will be most helpful when deciding what type of property to buy.
One area that you need to investigate before you buy a condo is the prices of similar properties that have sold in the complex or complexes in the immediate area. Condo sales in the area can tell you if the price you are offering is too high or too low. A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold. With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.
Not all real estate agents are familiar with the nuances of condo sales. Real estate transactions are most likely the biggest financial investment most people will experience in their lifetime, so it is even more important to find the right person for the job. But how do you choose the right person for the job? First of all with most any financial transactions you will want to make a thorough search which can be done quite easily by attending open houses to see how agents work and to meet them first hand. Ask the prospective agent how long they have been licensed, how long they have worked in the condo market and how many sales they have closed in recent months. Ask for references and talk to your friends and family about who they would recommend and why. Once you have found the right agent you are well on your way to realizing the American dream of home ownership.
Tags: Buying a condo, Chicago condo company, Chicago Condos, Chicago condos for sale, condos for sale in Chicago
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Tuesday, January 19th, 2010
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 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. Condominium 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.
Tags: Chicago Condo, Chicago condo company, Chicago Condos, Chicago condos for sale, Chicago Real Estate, Condominium, condos in Chicago
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Sunday, January 17th, 2010
The real estate market in California is very well-known around the world, and there is a good reason this is a fact. It’s also a well-known fact that each time the market declines and market values drop, it is only a temporary recession, and they rebound in a short amount of time.
Despite the resiliency of the market, however, Los Angeles real estate auctions are an excellent arena for both buyers and sellers.
It helps them negotiate prices that are close to the market value, and most importantly, it expedites the sales process. No lengthy negotiations are required, and no stacks of paperwork face buyers as they’re trying to close a deal. In fact, the majority of real estate auctions take less than three months from start to finish.
One of the reasons the Los Angeles real estate market is so resilient is that so much economic commerce going on in that area. People are constantly moving to California for jobs and business opportunities, and naturally, they’re going to need a place to live. Often, rather than paying high prices in rent, they would rather invest their money in real estate.
This is why Los Angeles real estate auctions are in such a high demand. The population of southern California is one of the fastest growing populations in the country, and this puts demand pressure on prices and causes prices to go up. The competition auctions foster also tends to drive the prices up.
Therefore, sellers can benefit from auctions in Los Angeles just as much as the buyers. One of the things that is most fortuitous to sellers engaging in transactions that take place at auctions is that the auction house provides advertising for the event.
They pay for advertisements on the radio and television, and they also put ads in various print publications that are tailored towards the real estate industry. This is particularly beneficial because advertisements are quite expensive, and sellers might not have the capital to invest in them while trying to move a certain piece of property.
Because of the growth of the real estate market in California, use of Los Angeles real estate auctions are a growing trend. Federal aid has been directed to California to help it get out of its financial crisis, and thousands of immigrants stream over the border each day that will need to find housing.
They will most likely be looking to purchase real estate at the lower end of the market, so this will create a price floor for the rest of the market, and people at all income levels will benefit.
Auctions offer a quick and easy way for buyers and sellers to complete transactions, but it’s important for both of them to be well-informed about the market so that they don’t get ripped off or end up losing money by becoming caught up in a bidding frenzy.
Tags: auctions, Condo Auctions, los angeles real estate auctions, real estate auction company, real estate auctions
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Thursday, January 14th, 2010
In reality, the real estate market across the country is facing a difficult time due to the national economic crisis, and the market in Miami is no different. This is why Miami real estate auctions are an excellent way to go about making real estate transactions since they expedite the process, and also offer both sellers and buyers the opportunity to make an excellent deal on property.
Since people have less money to spend on homes, there has been a lack of new developments in Miami as well as throughout the nation.
Therefore, prices have fallen, and the ones up for sale are typically below market value. This fact makes auctions all the more appealing since the competitive arena may benefit sellers by helping keep the prices closer to market value than they might be if the real estate was being sold in a conventional method.
Miami real estate auctions are perfect for people who are well-versed in this particular aspect of business. Both sellers and buyers need to be aware of market trends so they know what price point is reasonable for a certain piece of real estate.
If sellers set a minimum bid that is too high, they’ll miss out on the efficient aspect of selling real estate at an auction because no one might bid on it. Conversely, sellers need to know how much they need to be willing to spend on real estate given its location and level of maintenance.
Luckily for buyers, all properties that are up for auction have been previously inspected and are held to high standards of maintenance so they can be assured that it will be possible to move in immediately after they complete the sale.
For the past few months, the Miami real estate market has been recovering in spite of the dire economic times.
Therefore, it’s the ideal time for buyers to start searching for homes that might need a few extra repairs that someone might be looking to sell in order to avoid paying high property taxes or other expenses associated with owning property.
There is a growing number of sellers with a higher motivation to sell, which is why auctions are the ideal place for them to make a quick transaction. Although prices are continuing to drop, sellers still want to move properties.
An advantage of Miami real estate auctions is that they provide sellers with extensive advertising that they might not be able to afford on their own. All auction agencies list the properties that will be up for sale on websites that buyers can peruse before they show up to the actual auction.
They also advertise the auction through advertisements in radio shows, television broadcasts and print publications. This kind of publicity is key in getting the attention of the public, and most importantly, potential buyers, who might want to own a piece of real estate.
Even though buyers might be reluctant to complete a sale due to financial hardships, they will inevitably pay attention to advertising that suggests that they could possibly make an excellent investment and capitalize on the low market prices currently available.
Tags: auctions, Condo Auctions, condo real estate auctions, miami real estate auctions, real estate auction company
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Tuesday, January 12th, 2010
River West is a pocket in Chicago that not a lot of people pay too much attention to. Reason being is that it is a relatively new Chicago Neighborhood. It seems to be the perfect spot for residents looking for a little more peace and quiet without moving too far from downtown. It is located on the west bank of the Chicago River’s South Branch. It is part of the West Loop Community as it is bordered by Division, Grand, and the Kennedy Expressway. It also rubs elbow with Wicker Park and River North.
River West is known for its charming traditional family-owned restaurants, bakeries and flower and produce stands. River West also boasts the United Center stadium as well. The area is becoming very popular as it is being rediscovered by a new generation of city dwellers.
River West has become increasingly residential although warehouses still stand in much of River West, and there is still plenty of truck traffic shipping goods in and out along Halsted Street and Grand Avenue. The recent influx of wealthy residents came on the coattails of two major developments in River West: the backdrop of a burgeoning arts scene and an increasingly popular setting for nightlife and restaurants. Artists first moved in to capitalize on cheap rents, which started the gradual transformation from a meatpacking and manufacturing district to one that attracts flocks of art enthusiasts on the weekends.
The price of housing is not too expensive especially compared to River North. A one-two bedroom condo/loft starts in the mid $100,000s, whereas a three bedroom could cost anywhere between upper $200,000s to upper two million dollars. The average sale for a three bedroom townhouse is $423,000. River West offers dozens of new office and residential loft conversions as well as many renovated two and three flats, newly constructed townhomes an brand new loft communities rising from old warehouses and factories. Reminiscent of its industry days is definitely part of the concrete and steel jungle of city living, but the contemporary designs of the freshly rehabbed buildings provide an innovative environment that is appealing to Chicagoans of all types of people. Trendy designs and upgraded amenities have become the norm in this new aged community in the heart of the near north side.
There are many things to do and see in River West. River West residents enjoy unparalleled access to some of the most exciting districts and neighborhoods in Chicago. The city has many finer restaurants and cafes that are all along Randolph Street. Also, River west dining and nightlife is so spectacular that it is know to attract Chicagoans from outside the neighborhood.
Tags: Chicago living, Chicago neighborhoods, City Living, Condos in River West, River West, River West Condos
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Tuesday, January 12th, 2010
Schaumburg is probably best known for some of the best shopping Illinois. It is the largest center of retail development in Illinois outside of Chicago. What am I talking about, Woodfield Mall, of course, one of the largest malls in America in terms of retail square feet. That is why Schaumburg condos can be such a great value with all the conveniences of shopping, parks, transportation and recreation. The Schaumburg area has become an attractive place to live with the many transportation arteries enabling you to get to any location with a short drive or train ride.
The entire northern Illinois condo market is expected to be positively impacted by a shift in the values of the American homebuyer. Schaumburg condos offer the next generation of home buyers who are more inclined to low maintenance, high technology buildings than their predecessors an alternative to single family residential living. These prospective purchasers, the twenty-something’s and thirty-something’s have needs and preferences quite similar to the baby boomers. They want modern, high-quality homes convenient to amenities with not a lot of upkeep. Just like the baby boomers who are retiring these condo buyers are looking to be near an exciting locales. The Schaumburg area is quickly becoming one of the most sought after areas in which to live in northern Illinois.
There are a few things you may want to consider if you are thinking of buying a Schaumburg condo. Many people make the mistake of shopping for a condo the same way they would for a house. It is a similar investment but there are several things you need to consider. Many people want to buy real estate to be free of the hazards of apartment dwelling. When buying a condo you are buying a piece of a larger property, basically an apartment. Next, there will be regulations. Condo associations have regulations and bylaws that you must abide by. With these associations you will need to know where your money is going. What does the association fee take care of and what is the breakdown. Next is to thoroughly review emergency maintenance plans. Since you are buying a larger piece of real estate, other people’s problems can also affect you. Be sure you know the emergency numbers for your association and what problems they cover. Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds. If you make a wise decision, you will be rewarded with many conveniences and a great condo in a great locale.
Tags: Buying a condo, Chicago Condo, Chicago Real Estate, condos in Chicago
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Monday, January 11th, 2010
Auctions have many benefits to potential buyers. They can access a large selection of properties up for sale, and can obtain prices that are often lower than the market value.
They also get the opportunity to close a sale in less than one month, which is quite appealing since buying real estate in a conventional method can be a very drawn out procedure that includes lengthy negotiations and lots of paperwork.
In Chicago, real estate auctions also offer many benefits to sellers as well. This is why for all parties involved in the auction process, they are gaining popularity as a method of making real estate transactions in the evolving real estate and economic climate.
Chicago real estate auctions allow sellers to sell a property with maximum efficiency. While this is important, it’s also vital to note that they will get a fair price for what they’re trying to sell.
Due to the competitive nature of auctions, bidders often try to win the property that they most desire, and get caught up in the excitement at the auction house. This is excellent for sellers since they will want to get the most money possible for their real estate.
Especially in Chicago, it’s important to sellers that they’re able to move their property without a large time delay. Owners want the best return they can get, but they don’t want to waste time with buyers who might be inclined to back out of a deal at the last minute.
The fact that auctions close deals in a short amount of time is perfect for property owners that need to move quickly to take on a new job position, if they’ve inherited property they don’t wish to put to personal use, or if they simply need the extra cash due to the current economic crisis.
It’s also expensive to maintain property and pay property tax on it, so if sellers are able to get rid of it quickly, this will save them money overall. They might even be willing to accept a bid that’s lower than what they wanted to receive it it means it will save them a few extra months of having to deal with being a property owner.
Although auctions present numerous benefits to sellers, Chicago real estate auctions also are a great marketplace for buyers.
They benefit from quick sales just as much as the sellers; no one wants to deal with the hassle of stacks of paperwork or tedious negotiations. Buyers can also feel confident that the properties have been thoroughly inspected and are ready for them to move into as soon as the sale is closed.
Even if buyers go into the auction with a certain price in mind for a property, however, they cannot bid under a minimum bid rate if it’s been assigned by a seller. Therefore, in any case, a fair market value for a piece of property is arranged so that both parties involved in the real estate transaction can benefit from an expedited sale.
Tags: auctions, Chicago real estate auctions, Condo Auctions, real estate auctions
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Monday, January 11th, 2010
You can’t miss the talk about the economy, stimulus money and bailouts that is the topic of every newscast on every station. The real estate market is no exception and many experts feel that the only way to a lasting economic recovery is through the housing sector. Housing has in many of our other recessions lead the way with employment and the stock market not far behind. No matter what type of economy we are experiencing real estate is not unlike buying any other investment. You want to buy low and sell high but how do you do that with different types of markets.
Real estate gurus and investors talk about a variety of different types of real estate markets but there are really on three types, buyers, sellers, and neutral. In each of these types there are opportunities if you know what each type means and how to best capitalize on it. A buyer’s market is when there is more inventory or homes than buyers. Because there are so many homes available not every home will sell which continues to add to the inventory and this type of cycle can be hard to break. But the buyer’s market also facilitates potential purchasers to buy low with the hopes at some point to sell high. Timing can mean everything in this type of market but as yet no one has come up with a foolproof formula. The next type of real estate market is a seller’s market which at face value doesn’t seem like there would be many opportunities for buyers but not so fast. In a seller’s market there are more buyers than homes available for purchase. You might think sellers have the only advantage but buyers can make money by quickly flipping properties because in a seller’s market prices tend to move up quickly. Again trying to hit the right timing can make the difference in making money or losing it. The last type of real estate market is a neutral market. This is the type of market we would like to stay in for most of our economic life. The other two are far too volatile and the risks are much greater. Typically, interest rates are affordable and the number of buyers and sellers are relatively equal. Neutral markets offer positive results for buyers and sellers alike with no real indications that favor one over the other. The opportunity in this market has a positive effect on buyers and sellers. Buyers get the home they want and sellers can move up to more expensive housing or downsize preparing for retirement.
Tags: Buy a Condo, Chicago Condos, Chicago condos for sale, Chicago Real Estate, condos in Chicago, sell a condo
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