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What is the Real Value of Orland Park Real Estate?

Orland Park, Illinois is a suburb located approximately 21 miles northwest of the Chicago Loop.

Orland has over 15,000 residents (the Orland Park community comprises approximately 4,000 households). Orland ranks as the seventh wealthiest city in Illinois according to Forbes magazine.

Orland Park Real Estate Market

Orland has one of the most stable home values in the area. This also means property prices have declined significantly in the area since the start of the housing boom. In the two years from 2010 to 2019 homes in this town grew by an average of 11.6%. While other housing markets throughout Illinois have decreased in value by 30% or more, Orland has approximately $2 in difference in value for every $2 invested.

Orland Park Homes for Sale

Orland has a wide range of homes in many price ranges to choose from. High-end homes can run as high as $450,000. Many of these have lakefront views and are near golf courses. The average listing price for a home for sale in this area is $190, Naples, and this represents a three-year low according to the Orland Park Association of Realtors.

Who the Orland Park Home Builder Is

Shea Homes, Towns car Homes, and Herald Homes. Spin is still experiencing a buyer’s market. This comes at a time when builders are reporting strong sales and the pendulum has started to move the homeowner builders market back in their favor.

The history of Orland studio as a homebuilder, shows ten years of Orland Homes building, selling for $25,000 and struggling to sell at $25,000 from 2010 to 2019. Leaving aside high-end houses, the next highest median price home is in taverns at $132,200, a two-bedroom home built-in 2015.

Orland Homes post-2010 Median Price

gauges, on average homes, have lost 9.2% of their value since 2010, with a peak in 2016 and a current median price of $professionals of $for sale listed at $timer, with a few homes listed at $105,000.

Whoa! How is that possible? Well, the bust in the housing market and high construction costs of the last few years led builders to aggressively sell homes to the public. In some cases, a house has gone up in value by $13,000 since it was built. But, for every house that flowed off the builder’s hands, many others sit on the market.

So, caution arrives with new home construction and, especially, Orland Homes due to the new and stricter building code requirements. According to the local building department, they received 46 permits for new houses for the year 2014. This shows that boom times through the early 2010s led to the permits being pulled, and now many houses were never built. And it is for these reasons that many real estate professionals are calling for a cooling-off period before new houses are permitted. They say that the houses that were built from 2010 to 2018 are the real developers and builders who had an impact on property values in Illinois.

In my professional opinion, I believe this period is nearing its end, and analysts and developers are keen to slow down. Money will still have to be spent to bring units to market but at a slower pace. According to the real estate professionals in Illinois, the last two years have seen hundreds of thousands of building permits being pulled because they were never properly permitted. Therefore, the number of new homes that will be sold during this period should stay about the same instead of diminishing. Local builders like Shea Homes are even encouraging homebuyers who wouldn’t get into Orland Homes’ and other new homes in the area just a few years ago to act now so that the new homes in Orland Park will be built instead of on speculation — the fear is that when construction starts again, local worries about the income from these homes will surface and the value of the neighborhood will begin to sink cutting into the pocket of the new homebuyer and in this type of market no one is sure how long it will last.

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Purchasing a Home With No Downpayment

New homebuyers are told that they need a 20% downpayment in order to purchase a home on the Phoenix MLS. Some view this as proof that the Arizona Arizona home market, and the entire country, is going through a downturn and is in a museum for the next 25 years. While this may be true in the Great Grand Old West, no one should view 20% down as being forever outdated. While some mortgage products require a larger amount down in getting Your Dream Home Dallas, the conditions are very different from what is available in Maricopa and Pinal county.

What’s available in front of your broker may be a CMBS (collateralized debt obligations) or a state-sponsored FHA product, also called 100% financing. It’s true that 100% of loans are part of the CMBS purchases that go through FHA. Most of these loans require a 3% to 5% down payment. A percentage point of the loan amount and PMI insurance are paid for with the monthly mortgage payment. The difference is paid in a monthly charge.

What’s available with no money down on the Maricopa side and an FHA backing for the no money down AZ refi option is the ABC Mortgage product. This loan is fully assumable with either a 3% down or no down payment. The closing costs are minimal with only $900 due at the time of closing on a $300,000 purchase. This is the best product available to accomplish the goals of the 20% down requirements. It’s also available to those buying premium properties.

When looking at the CMBS products available, the first thing that comes to mind for many homebuyers is the FHA product, but there are slight differences. These CMBS loans have mortgage insurance added on and are subject to mortgage insurance and a PMI charge.

FHA loans have received a lot of negative press in the last year. aluminum and energy claims have been blamed on FHA loans, so do double checks on borrowers with FHA loans before closing.

If you need 20% down, the CMBS option is the best. It comes with no down payment requirement and requires mortgage insurance. Mortgage insurance is added to the monthly mortgage payment, reducing the borrower’s cash flow. It doesn’t reduce the loan amount, but it slashes the cash flow of the smart homebuyer. The amortization of this property is 30 years with a 30 year fixed rate. This means that it will take 30 years to reduce the principal loan amount by 20%.

Noone mentions that problem financing exists in today’s real estate market. Yes, there are some homes that should never have been purchased. Of course, this loan product still exists for the 20% down requirement and the amount financed is different than the full 20%. The seller’s acquisition and construction costs are transferred to the new homebuyer at the time of closing. In addition, the seller should be willing to fund one month of the buyer’s mortgage payments at the closing table.

The bottom line is to have your financing in place and your home in the hands of a qualified lender. This is not my best advice but thought it might be helpful to discuss it. If you are ready now to find your dream home, take the steps necessary to get your loan approved. A qualified REALTOR should also be able to help you with this process.

If you are considering a home purchase in the next 6 months, now is the time to take some steps to make that dream come true. You and your REALTOR should take the steps necessary to give you the best chance of success. Once that loan is approved, you are on the path to homeownership!!!

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Home Buying Tips – What to Expect at the Foreclosure Auction

One of the most important aspects of buying real estate foreclosures for business reasons is that it is a closed auction. Prior to the auction, you as a buyer have to be able to present a certified check made payable to an escrow or third party as a deposit to be used for the down payment and the cost of the house. The bidding tactics used in particulars are different in each of the states where foreclosures are available, but in all states, bidders must prove through their financial statement that they are capable of paying for the going price of the real estate.

The first participants are those who are not physically present. These are often “mortgage brokers, real estate agents, and title search people”, who attempt to wind you up and make you spend more. They are not bidding on behalf of the property owner and are not bound by a sealed contract. They are drawing lots to see if they can feel one step ahead and possibly walk away with an overbid. You being the over bidder well aware of what a kickback looks like and are not accepting the assistance to purchase the property. The second type of bidders will be those who realize that they stand to make a pretty penny and Semi-professional can put together some pretty slick games that can tip the balance in their favor. It’s in your best interest to be adept at this particular part of the bidding process.

The second type of bidder is those who are at this auction to snatch up a particular property at a really good deal. They are reasonably likely to see the property come up for auction feet-saving up to a far more comfortable 100% of the normal market value price. The third type of bidder is those who know the value of the property could make a nice profit and have their goal to still purchase the property, repair it, and resell it to a potential buyer who can not afford the normal market value.

How is this information that is being offered to those who are not physically present? If you know where you are, you can avoid this information if you are having your second round of biddings. If you are bidding on a property that has already been identified as a foreclosure, it should be as clear as day that those bidding for the foreclosure have to stick with the bid price unless the bank drops their price. If that occurs any other way, you are subject to the bank set a higher or lower price.

These secret bidding tactics used by the banks cannot be used in foreclosure auctions due to the intense experience or expertise or experience of the people bidding at the auction. They “may” be able to get a property for higher or lower than you are willing to bid and based on the experienced or “higher” bidding tactics. They might be able to pressure you to pay more or less if you have not bid already and feel that you can bid higher in all circumstances.

What is the danger of these secret bidding tricks? Consider this example:

Let’s suppose a bank was offering property for what was being called an “owner-occupied” loan. It turns out that the bank was willing to hold the property for another 120 days (at a time frame set by the bank to keep their loan from being “sellable” but not giving you a higher price than what they were already asking). However they weren’t willing to lower their price to the $2,000 above their cap rate, so they were offering it for $2,000 below the cap rate. You bid $2,000 higher for the same property, but now you are facing a higher risk of bidding too high, beating out by an over bidder, or not being able to complete. That is your bad, but the bank’s good.

However, this same bank was willing to drop the price a couple of times to get more money. Their idea was to get $15,000 over their desired cap rate to turn around an 11.4% money deposited into the bank.

They are essentially gambling you can negotiate with the bank and get the bank to drop your price. Don’t get caught up in the emotion of the game and base your costing to win your bid on whether the bank is going to dump the property or not. It’s important that you know that there are other ways that you might bid on the same property.

What if you have a bidding war and every participant agrees to start at $2,000? Well, the bank can afford to lose $4,000, so now you’re at a $4,000 drawdown and you’ll get nothing.

How much more does that cost you? An $11,000 home for $10,000 less?

Some of the pitfalls are the ones we’ve seen in the news lately, that the bank who had the foreclosed property wasn’t willing to at least see the property.

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HOA: The rollercoaster to Real Estate Community

When you visit a community, you visit one of a community. It is important to know that every community has a board of directors who are responsible for the community’s 24-hour cleanliness and regular community activities (i.e. neighborhood pool maintenance, neighborhood barbecue events, etc.)

For residents to become involved in the HOA, board members must be involved in the HOA. The community is then committed to these two things through its board members and the community as a whole.

The Homeowner’s Association (HOA) is typically formed when a specific homeowner wants to rent out a portion of his property as an HOA property. The HOA board (or association) is responsible for the property.

In many ways, bank regulations of the property do not affect the HOA. The HOA is concerned with the repair of shared spaces such as walkways, driveways, and paths. The association is responsible for these costs and maintenance.

In some ways, the HOA looks after the property. The responsibilities of the HOA board include hiring a contracted electrician to replace the faulty circuit breakers in the neighborhood and maintaining an on-site property manager. The board will also maintain common property, such as the tennis courts, pool, and meeting rooms, as well as insurance for that property. In addition, they will represent the community to contractors and vendors so that these interests can be served as best possible.

The Association as a whole is responsible for the maintenance of the community property and the community itself. For example, the board should keep the neighborhood exterior in good shape for several reasons: they need to have an inviting look for the neighborhood and they need to increase the value of the community by making sure its residents are secure and satisfied with the community.

An HOA is implemented when the deed for the property is transferred. When someone purchases the property, he or she becomes a member of the community. He is also named on the HOA documents as a member.

Another factor in determining association longevity involved four factors: design and planning, cost engineering and finance, and management.

Design and planning involve the way the community is laid out and how the HOA will maintain common areas. For a neighborhood with houses on it, the HOA should ensure that the houses are fit for housing and that they have no structural defects that would affect their resale. Along with homeowners association documents, the association should have a reserve study and an operating budget.

Cost engineering considers the cost of maintaining the community property as compared to its original value. A reserve study will show how much the association will need to set aside for maintenance over a period of time. When budgeting, the board should include an extra contingency fund to cover unexpected expenses. This may include a problem with the pipes at one house that would cost $2,000 to repair. The HOA should have the reserve study done by a professional.

Management involves various tasks that ensure that the association is able to provide neighborhood association services for its residents. They include getting a manager to supervise the association help residents by providing 24-hour emergency services as needed.

The association will collect fees from its members through their HOA. These fees are used to pay for association maintenance and services.

The HOA board will have some decision-making authority on expenditures, but it is important to remember that the board is only allowed to collect these fees after taking into account several factors, including interest and inflation factors, assessment rights, and property taxes. The board will make its budget and will likely try to make as much as possible for last year’s financial statement.

Once the board begins collecting fees, it should take several items into consideration. Some examples are taking care of contractual obligations, choosing a contractor, hiring a management company, and paying the homeowner association insurance premium. Some requirements should be easy to manage and should be scheduled in time so that costs can be accomplished beforehand.

Fees are truly only worth receiving if the association and its owners – the homeowner – are satisfied with the services provided. The service providers are responsible for many things, but only with the community’s approval. If the HOA is not satisfied with the services provided, the board and association would need to provide more specific reasons why.

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Sell Houses Like How the Pros Do It

Selling houses serves as a fantastic opportunity to earn huge income streams that can provide security and comfort for the family. As a real estate investor for 16 years, I’ve learned a few tricks that are very effective to quickly sell a property. The right marketing techniques coupled with persistence and hard work are some of the things that have helped me succeed in my career. Let these strategies also help those who plan to climb the real estate career ladder and make a fortune through the buying and selling of properties.

Making the first move can be quite daunting most especially if you’re a first-timer. It always begins that way and every person has to do something the first time in order to get to a goal. You can start by enrolling in a good real estate training program. These training courses will teach you how to identify good locations in which to buy and then sell a house. Training programs conducted by experts in the field will also present you with tried and tested formulas for selling houses.

Once you’ve learned the basics of real estate investing, start with one property first. Make improvements when needed and get the house cleaned to make it look attractive to your target market. When you’re buying an old property, expect to make renovations to the house. A fresh coat of paint, new carpeting, tile replacements, and yard improvements among others are some of the things that you’ll probably need to take care of. Think of how you want a house to look like if you’re the buyer and do all the fixing that’s necessary.

Market the property and inform people about it. One way of doing this is to put up an attractive “For Sale” sign on the property. The sign must include a contact number so interested buyers know where to reach you. A phone number that’s easy to remember would be a plus. Ensure as well that your signage can be easily read by passing motorists.

Prepare flyers and distribute these around the neighborhood and in areas where your target market is located. If the house is near a golf course for instance, place flyers under car wipers in the golf course parking lot. Distribute flyers where plenty of people will find it, most especially in nearby shopping malls and recreational facilities.

In marketing houses, the sales pitch is very important in getting people to notice your house and take action. Write strong adjectives and convincing words. Instead of saying, “house for sale”, write “shabby chic elegance in the city”. Include as well the best features of the house and what buyers can benefit from it. Is the house near a school? Does the house have an extra room? Tell people about it with a very persuasive sales pitch.

Placing an ad in the newspaper can be costly but it is a great way to reach a number of people. Look for someone who wants to share an ad with you to save money. Think of the days wherein more people read their papers and get your ad published in those days. The ad doesn’t need to come out every day. Twice or thrice a week should be enough to inform plenty of people that you’re selling a property.

Selling houses should be fairly easy once you get the hang of it. It’s an awesome career where you’ll learn a lot of things and meet people from all walks of life. Most importantly, it’s a great way to make a fortune at a young age and truly live life the way you want it.

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