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OwnACondo.com is Continuing to Improve and Thrive in Today’s Market

Wednesday, December 30th, 2009

There are many changes going on at OwnACondo.com. We decided to kickoff 2010 in a good way by implementing new procedures, divisions and trainings. Why most companies are stretching to stay open, OwnACondo.com is expanding and continuing to grow. Our company has goals in mind and we are visualizing and planning each and every day exactly how we are going to reach those goals.

The first avenue our company decided to focus on is training. We decided to AMP up our training that we already had in place. We feel that training the agents properly will ultimately lead to more sales and more money for all. We implemented workshops, call nights, trainings, seminars and focus groups. We decided to make all the classes at different times on different days, so that the agents have options to choose from and so that there is flexibility with all agents’ schedules. We are planning to also add an OAC University to help the agents achieve more knowledge and education. Earning higher designations will also be an option for them.

We also decided to implement more procedures. We are putting a new software system in place that will make it easier and more efficient for agent’s transactions. After all, everything to do with the transaction is important. Putting a system in place so that all transactions close smoothly and all the necessary paperwork is there, is crucial to agents as well as the company. OwnACondo.com is a cutting edge company and we feel it is important to be aware of all the new technology to enhance our business. This is also important, as we expand to different states that we have a system in place.

We have added an auction division to our company as well. Auction specialists have come on board to handle all auctions at OwnACondo.com. Auctions are a big part of the pie in this market, so we have decided to not only tap in to this segment but bring specialists on board who know exactly how auctions work. This will ensure that the OwnACondo.com Auctions will be the best place to buy and sell property.

It is exciting to see that we are thriving as a company. We are always ahead of the curve and continue to stay that way. It is very important to our company that we achieve the goals set out for us so we can continue to succeed and continue to be the best place to buy and sell condos.

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Condos in Chicago

Tuesday, November 17th, 2009

If you plan to search for condos in Chicago keep in mind the condo market is expected to be positively impacted by a shift in the values of the American homebuyer.  The generation of home buyers for the next few years is more inclined to low maintenance and high technology buildings than their predecessors.   These prospective purchasers, the twenty-something’s and thirty-something’s have needs and preferences quite similar to the baby boomers but they want modern, high-quality condos convenient to amenities without a lot of upkeep.  Just like the baby boomers who are retiring these condo buyers are looking to be near exciting locales such as Chicago.

There are a few things to consider when you search for a condo in Chicago.   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 the 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 home.

Condos are king in Chicago when it comes to residential real estate.  When it comes time to search for a condo in Chicago, there are many areas in which to choose.  Chicago is certainly known for its downtown skyscrapers but there are numerous other areas that have their own flavor which offers some of the best values in residential real estate.  One definite advantage in the Chicago real estate market when buying a condo is that prices are holding steady and there are numerous developments currently underway or proposed for this year.  Construction crews are putting up new buildings and older places are being refurbishing to create condos and lofts.  It is estimated that over 4000 units will be built in Chicago in 2009 which puts buyers in a great position to get what they want for a good deal.

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REO Properties

Wednesday, November 4th, 2009

The challenges facing the real estate market in the last few years have brought to the forefront a term that many have never heard of, REO properties.  REO stands for Real Estate Owned and most times is property taken back by a bank or mortgage company when they could not sell it at the foreclosure auction.  Most foreclosure auctions do not result in any sort of bid because if there was enough equity in the property the owner would have probably sold the property and paid off the bank or mortgage company.  Most foreclosure sales begin with a minimum bid that will include the loan balance, accrued interest, attorney’s fees and any other costs associated with the foreclosure process.  Since what is owed the bank or mortgage company almost always exceeds what the property is worth, foreclosure auctions normally do not result in a successful sale which means the property reverts back to the bank or mortgage company which then becomes an REO, real estate owned property.

A bank REO property may or may not be a good deal.  Many people think that by buying these properties they are getting a great deal and making a killing in the market.  That sometimes is true but most often not.    These are things to think about before an offer is made. You should always ask, are there any inspection reports, what work has the bank agreed to, how long will it take for the bank to accept the offer and are there any special forms that will be needed to complete the sale.  Bank owned properties are almost always sold “as is” meaning there may be repairs needed or other liens on the property which will need to be satisfied before clean title will be conveyed.  It may sound like the bank is just dumping these properties but they may be of assistance with handling an eviction, do some repairs, pay off homeowner’s association fees and negotiate with the IRS to remove any tax liens.

It is a lot of work but there are advantages to purchasing REO properties over foreclosed properties.  Once a property becomes an REO property most times but not always the liens are removed and taxes are paid in full.  REOs are normally listed with real estate agents and inspections are allowed prior to contract which means the property is typically restored to a salable condition.  An additional benefit with REO properties is that the bank or mortgage company will many times offer better financing than they might offer for traditional properties.  Lenders and mortgage companies do not want to hold on to these properties very long because of the cost to maintain so if you do your homework and are willing to take a risk it just might be your entry into the homeowner market.

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Condo Association Questions

Tuesday, October 27th, 2009

So you are thinking about buying a condo but you are not sure where to start.  There are many aspects to buying condos such as what areas, how big and what condo association questions should I be asking.  Condo associations were originally created as a legal entity for the purpose of developing, managing and selling the development.  It allows the developer to exit the financial and legal responsibilities typically by transferring ownership to the condo owners after selling off a pre-determined number of units.  Once this is done the important thing for any condo buyer to know regarding the association that will be overseeing their common property is what are the responsibilities of all involved?  You are spending your hard earned money and the last thing you want to do is get stuck with a lemon or live someplace that is not what you expected.

There are a lot of condo association questions to ask before you buy but we will only cover a few. 

  • 1. Ask to see the condo association board meetings minutes. What have the owners been talking about, what are their concerns and issues, are there a common thread for some of the complaints, etc.
  • 2. What is the renter to owner percentage? If the renter population is very high are there rental policies in place either in the bylaws or by an amendment. Always remember the association can change its bylaws so make sure you are well informed of any changes.
  • 3. Ask for a copy of the certificate of insurance from the association which is a summary of the association’s policy. Are the replacements costs enough to cover rebuilding if need be? Another important area to question regarding the association insurance policy is if it has a building ordinance clause. This clause insures that the building will be up to the current code if rebuilding is required.
  • 4. How much is the repair fund? This will tell you if the association has the funds available for maintenance. If the fund is not high enough then the complex may not be as well kept as it should be or be living beyond its means.
  • 5. Ask to see the delinquency rates of the current owners. When people do not pay their association dues on time it may be a sign of discontent and you will need to find out why.

Asking the right condo association questions is as important as finding the right real estate agent or the right financing.  We all want to make sound financial decisions and the only way to accomplish this is with the right questions.

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Condo Rentals in Illinois

Thursday, October 8th, 2009

Condo rentals are a means to many different types of ends.  Condo rentals in Illinois can help you to find the perfect place for you no matter what your motivation might be, from a place to call home until you can purchase or possibly for that much needed vacation residence.

Condo rentals in Chicago for your vacation are open to everyone, no matter your age, background, or lifestyle.  The jazz clubs in which Chicago is well known for will delight music lovers.  If the national pastime is more to your liking, Chicago offers two major league teams each in a different part of the city.  Everyone in the family will enjoy the many architectural and historical landmarks that Chicago is known for from the Sears Tower to Soldier Field.  Other sights to see are the many museums that are home to Chicago such as, Shedd Aquarium, Field Museum, Museum of Science and Industry and the Kohl’s Children’s Museum known for it’s hands on learning laboratory.  But that’s not all for the kids!  The attraction-filled Navy Pier and Lincoln Park zoo will make your vacation one that the kids will remember for a long time.  A relatively new addition to Chicago will excite the kids beyond belief with a trip to Millenium Park and “the bean” where reflections of the city makes incredible photos to take home to their friends.  Last but not least is Lake Michigan which is always fun when it is sunny and warm out.  If this doesn’t sound appealing to you yet then perhaps you are wondering about how affordable condo rentals in Illinois can be.  Don’t worry, you can definitely find cheap accommodations whether it is a weekly rental or one night accommodations.

What if you are not looking for a vacation rental?  Condo rentals in Illinois are also an excellent source to find a place to live.  You may just need a place to rent until you decide to buy or possibly enter into a rent to own agreement which is becoming more and more popular in today’s real estate market.  Either way finding a condo in Chicago is just a click away but there are several things you show know. 

  • All rental agreements are not alike – a lease us for a definite period of time, generally one year.  A month to month rental agreement is not for a set period and continues until you decide to move or the owner asks you to leave.
  • Rental agreements do not have to be in writing, they can oral.  However, a lease for more than a year generally must in writing.
  • You have rights!  The law says that your apartment must be livable.  You must have hot and cold running water, heat, and electrical lighting in good working order.

Finding a condo to rent or buy can be a daunting task but doing your homework and finding the right real estate agent to help will pay off many times over.

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Condo Real Estate Companies

Monday, October 5th, 2009

Due to the popularity of condos over the past several years condo real estate companies are a dime a dozen or so you might think.  Nothing could be further from the truth.  Admittedly there are hundreds of companies out there that say they specialize in condos but not all are up to the level you might want when you are searching for that home of your dreams or selling to move on to a larger place or downsizing for convenience.

Condo real estate companies come in all shapes and sizes from local to international but there are several things you need to consider before you hire one to sell your condo or help you find a place of your own.  It may seem obvious but does the company cover the area that you want to sell or buy a condo.  Many companies today say they cover very large areas but have no agents or expertise in some of their publicized locations.  This could mean they do not know the market very well or if showing you condos may not know much about the community.  No matter if you are buying or selling knowing this basic information could mean the difference in what your condo sells for or what you feel comfortable paying. 

An area to consider when looking for condo real estate companies is their exposure to the local market as well as nationally.  Most companies today have websites which can drive a great deal of traffic to their offices.  How is the information handled when potential buyers and sellers make inquiries about properties in the market area?  Are they handed over to the new agents because they do not yet have many customers or are they given to the experienced, professional agents?  This may not seem that important but we all like to work with the most experienced, professional person no matter if it is having our car fixed or seeing a dentist for a yearly check up.

One last area to consider when looking for a condo company is the volume of business they transact each year.  What is there mix of single family homes, condos and rentals?  The volume of each of these property types and the locations is important to know when searching for an agent to sell or find you a condo to buy.  Based on what you find out will tell you if the company you have chosen to do business with is truly a Condo Specialist.

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Making Lemonade from Housing Market’s Lemons

Wednesday, September 30th, 2009

“Be fearful when others are greedy and be greedy when others are fearful.” The Oracle of Omaha has lived and profited by this credo for decades – enough to make him a perennial contender for the world’s richest man.

Taking this to heart in November or March, stock market investors stood to earn a return of over 60% in just 6-9 short months – the return of a lifetime – as stocks rebounded from from a 50% retraction. But alas, that once-in-a-lifetime opportunity came and went. Luckily, there are likely more opportunities like these on the horizon.

While the big picture of the present state of the economy has made many would-be investors fearful, the savviest investors are being greedy amid other people’s fear. (more…)

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Chicago condo company

Saturday, July 4th, 2009

How do I find a Chicago condo company?  If you are having that thought, believe me when I say this, it’s a good one.  A consumer should think through why it’s so important to have a real estate agency represent them that only focuses on condos.  It’s especially important when you think about all the money that’s involved in a real estate transaction.  It could be the savings of thousands of dollars.  You really want to get representation from a Chicago condo company only versus a real estate brokerage that does everything.

 

A Chicago condo company trains their realtors on how to sell condos.  They teach their staff about condo conversions, condo law, condo new construction, condominium associations and everything under the sun involving condos.  Then this incredibly knowledgeable real estate agent focused only on condos starts getting customers from their company.  What type of customers are they getting?  Clients that want to buy and sell condos.  So they service these clients by showing and representing condos all day long.  They walk the streets of condos looking and showing condos daily, weekly, monthly and yearly.  They become the best at what they do.

 

Now it’s time to sell your condominium in Chicago. You decide to choose this realtor that focuses on nothing but condominiums in a certain area of Chicago.  You meet with them and you go forward.  Now they take the information back to an office of over one hundred real estate agents that do nothing but sell condos.  Every single one of the agents in that realty agency sells condominiums.  Do you think you have a better chance at selling your condo with a firm that does nothing but sell condos?

 

The agency you choose to sell your condo is critical.  It’s almost mandatory nowadays to choose a specialist.  Why is Starbucks so popular?  They focus on one thing. OwnACondo.com is a real estate company selling condos.  They don’t sell mobile homes.  They specialize in one thing breaking them from the pack. 

 

Think about the money that might be saved if you get an agent that can sell your condo quicker.  Really think through every single aspect of the sales process and you’ll find that a specialist almost never can be beat by a person that doesn’t.  When you do one thing over and over again, you’re going to get great at it.  A Chicago condo company like OwnACondo.com does one thing and one thing only.  They’re naturally going to become the best.

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Condo Companies

Wednesday, April 22nd, 2009

Due to the popularity of condos over the past several years condo companies are a dime a dozen or so you might think.  Nothing could be further from the truth.  Admittedly there are hundreds of companies out there that say they specialize in condos but not all are up to the level you might want when you are searching for that home of your dreams or selling to move on to a larger place or downsizing for convenience.

Condo companies come in all shapes and sizes from local to international but there are several things you need to consider before you hire one to sell your condo or help you find a place of your own.  It may seem obvious but does the company cover the area that you want to sell or buy a condo.  Many companies today say they cover very large areas but have no agents or expertise in some of their publicized locations.  This could mean they do not know the market very well or if showing you condos may not know much about the community.  No matter if you are buying or selling knowing this basic information could mean the difference in what your condo sells for or what you feel comfortable paying. 

An area to consider when looking for condo companies is their exposure to the local market as well as nationally.  Most companies today have websites which can drive a great deal of traffic to their offices.  How is the information handled when potential buyers and sellers make inquiries about properties in the market area?  Are they handed over to the new agents because they do not yet have many customers or are they given to the experienced, professional agents?  This may not seem that important but we all like to work with the most experienced, professional person no matter if it is having our car fixed or seeing a dentist for a yearly check up.

One last area to consider when looking for a condo company is the volume of business they transact each year.  What is there mix of single family homes, condos and rentals?  The volume of each of these property types and the locations is important to know when searching for an agent to sell or find you a condo to buy.  Based on what you find out will tell you if the company you have chosen to do business with is truly a Condo Specialist.

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Chicago Condo Company

Sunday, April 19th, 2009

If you are looking for a Chicago condo company, stop looking and call us today! You don’t have to look any further than OwnACondo.com. We are the best place to buy and sell condos. We have been working with buyers and sellers since the 1990’s. Our Condo Specialists will share their knowledge on assessments, associations and property taxes. Condominiums are a great choice for any buyer. Condos offer reasonable prices from first time home buyers. They also are great from someone who has done their share of lawn mowing and home maintenance. Condos offer maintenance free living…that is what condo living is about! Condos also offer a great place for a second home. Even real estate investors look for condominiums, because the costs are reasonable.

As a Chicago condo company, we know the neighborhoods of Chicago, all 77 of them, as well as the surrounding suburbs of Chicago. You determine where you would like to live and one of our Condo Specialists can help you find the condo of your dreams. If you are looking for something close to transportation, or maybe close to work or even close to the park, we are ready to put our condo resources to work for you. We offer friendly, knowledgeable agents that know condos better than anyone. When you work with an agent from OwnACondo.com, you get more than just a Realtor you get a Condominium Specialist. From contract to closing, we are there with you every step of the way. It is what makes us stand out as one of the best Chicago Condo Companies.

Visit the “Financing Your Condo” section of OwnACondo.com’s website for a list of our preferred lenders. These lenders have been carefully selected. They understand the differences between financing a condo and financing a home. They offer programs specially designed for financing a condo. Our preferred lenders are also specialists in their field. They can explain the differences in fixed mortgages versus adjustable mortgages, points and grants. Feel free to contact one or all of the lenders for help in financing your condo.

Start thinking about the amenities you would like in a condo, and where the perfect condo would be for you to call home. Then call OwnACondo.com today. We are ready to start working for you. We can help you make the American dream of home ownership a reality. You will find out first hand why OwnACondo.com is the best Chicago condo company.

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