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chicago: As a Buyer - Do You Know About Exclusive Buyer Agents? (Hint - they work only for buyers - never for sellers) - 02/02/10 04:01 PM
As a Buyer - Do You Know About Exclusive Buyer Agents? (Hint - they work only for buyers - never for sellers) Here is a nice clip from CNN that covers the many conflicts of interest that can exist if you don't make sure the agent you hire will work only for you. If you are a home buyer or investor in the Chicago area - you can have the peace of mind in using my expert negotiation services. I only work for buyers - never sellers (meaning - I am an "exclusive buyer agent"). As such - I am a … (2 comments)

chicago: As an Agent - Make Sure you ID a Short Sale Situation Up-front. Listing Agents Aren't Revealing it Readily. Protect Buyer Clients Who Have a Timeline - 03/14/08 09:58 AM
Many homes that are for sale in various neighborhoods in the Chicago area, are not occupied anymore - and a number of them are pre-foreclosure or foreclosure properties.  Others - will be short sale situations.Homes that are currently occupied may be listed for a figure where the seller will come up short after paying off the principal balance of their loan(s).    If the seller can't cover the shortfall - it will be a short sale situation - meaning that the lender will have to pick up some of the shortfall.It is important to note that many agents are not advertising that … (1 comments)

chicago: Another Article About The Buyers's Market - 03/13/08 09:02 PM
I enjoy reading various articles that supposedly knowledgeable journalists write - because there are usually quite a number of mistakes or gross generalizations in every article that need to be picked apart... We agree - buy smart & buy cheap and read Ilyce Glink's "100 Questions Every First-Time Home Buyer Should Ask." I don't agree that you should conduct preliminary research online at Web sites like Zillow.com, Trulia.com and greatschools.net -- these are pretty awful sites in general. Zillow is extremely inacurrate. Trulia only has a small subset of homes in the MLS (very small subset). And you won't need cash … (0 comments)

chicago: Builders in the Chicago Area Offering Nice Price Off Discounts - 03/04/08 05:19 PM
It has been our experience in the Chicago area that builders are offering some very nice discounts off of "list price" as well as extra incentives.  Unfortunately for home buyers that"just happen to be driving by" one day - they go into a builder's development - non-the-wiser that they shouldn't be signing in without the agent along with them - that they want to represent them.Having an agent to protect you (negotiation, running comps, knowing what the past and recent deep-discounts were in a given development (so you can get the same thing or better), referring a good inspector for "pre-drywall … (1 comments)

chicago: Maryland thinks about Reducing re-set time to 60 days from 180 days for listed property. In Illinois - it is 91 days - 01/24/08 11:41 PM
In most states - the MLS calculates the number of days a property has spent on the market as a consecutive figure. That amount resets to zero if the property is taken off the market for a certain amount of time. Maryland had it at 180 days - but is thinking about reducing it to as little as 60. Here is an article about the re-set time in Maryland. In Illinois - for many years - a property had to be off the market for 181 days before being re-listed if the market time was to show zero in the MLS. … (6 comments)

chicago: Housing Appreciation Statistics from CNN Money - 07/17/07 02:46 PM
Here are some nice statistics from CNN Money The chart includes median home prices - price appreciation over the past five years, worst one year decline (and year), Forecast growth to April 2008, and the ratio of an average mortgage (not sure how they calculate that) to median income in the area. Many cities in California are very high on that scale - with Los Angeles being one of the worst. Chicago's worst one year drop was in 1981-1982 - with a 1% decline. (They must have thought the sky was falling..) That said - this year might beat that. _____________________________________________________________________
… (1 comments)

chicago: Things Your Agent Should Help You Research Before you Purchase a Condo - 07/16/07 05:48 PM
WHAT IS THE FINANCIAL CONDITION OF THE CONDO ASSOCIATION? 
 
Many times - to attract buyers the developer sets the monthly condo fees low. Watch out for inadequate allocations for replacement reserves which are sure to increase in future years as the building ages and needs repairs.
Study the replacement reserves - or any upcoming replacement reserve studies that may be in the works.  (Ask people on the board what they may know....  Some board members give you the straight scoop - and some might be pushing other agendas...) 
Depending on the building’s age and anticipated replacements, such as a new roof every 15 … (1 comments)

chicago: Good Home Buying Tips Article from CNN Money - 07/08/07 10:08 PM
Here is a good article detailing some home buying tips - from CNN Money. Part of the article states - "Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process." As our society becomes more and more "self service" for everything (it started with gas stations... & years later - self-service checkout with no discounts... etc.) - many people also … (3 comments)

chicago: Newsweek Article on the Advantages of Using an Exclusive Buyer Agent - as Opposed to a Buyer Agent - 07/08/07 02:38 PM
There's a new article in Newsweek about the advantages of using an Exclusive Buyer Agent - as opposed to a "Buyer Agent." 
The article references - "If there isn't one in your neighborhood, you can use a selling agent as a buyer agent, but do some screening." I'd have to agree with that... If you can't find an Exclusive Buyer Agent - the next best thing is a so-called Buyer Agent - preferably one with the ABR designation.
But you need to ask them what percentage of their time they spend with buyers versus trying to obtain and market listings. Obviously … (26 comments)

chicago: Kiplinger's Personal Finance - Recommends Using an Exclusive Buyer Agent - 04/17/07 11:54 AM
Kiplinger's Personal Finance - Recommends Using an Exclusive Buyer Agent in this March, 2007 article. (They have written many along the same lines in previous years..) Consumer Reports, Money Magazine, CNN Money, the Wall Street Journal, Medical Economics Magazine, the Consumer Federation of America, and many others have all done the same..
An Exclusive Buyer Agent is an agent that never lists company for sale - nor does their company.  They never represent sellers - ever.  On the other hand a "buyer's agent" works for a company that lists property for sale - and they themselves usually list property for sale.  Whether … (1 comments)

chicago: Don't Visit New Construction / Builders Without Representation! - 03/28/07 01:05 PM
As a consumer - did you know that when you sign into a new construction community by yourself - that you lose your ability to be represented at a later date on that same property (without any cash out of your pocket)?  It is a dirty little secret that the builders never tell you about.  Of course - they don't.  If you sign in on their sign-in sheet without an agent - they get to save 3-4% (what they would have paid out to the agent's brokerage.)
When you sign in to new construction - the builder has you by the … (19 comments)

chicago: Hawthorn Woods - Toll Brothers Hawthorn Woods Country Club Development - 03/01/07 02:10 PM
Toll Brothers - Hawthorn Woods Country Club development is especially flexible on their "quick delivery" homes and townhomes in this community. They have "Tournament Collection" Townhomes starting from the high 300's and single family homes- such as the "Signature Collection" starting in the low 700's, or the "Golf Villa Collection" (starting in the high 400's) - offering 3- and 4- bedroom home designs backing to the Arnold Palmer "signature golf couse." Golf membership initiation fees are in the mid 30's at the moment - and 2006 golf memebership monthly dues are $515 per month. Social Membership monthly dues are $225 per … (1 comments)

 
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