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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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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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A Guide to Purchasing Property Efficiently

Purchasing any kind of property with cash is not a problem and you can do that without any complication but what if you are not having enough cash and you want to purchase some property? This article will guide on some alternatives you can look forward to for the purchasing of property.

Purchasing Property with an Associate

Look for groups in your community or town who basically are investors of real estate. Meetings are held between these groups and there are two kinds of people in there. One group is always in want of something and ready to purchase whereas another group is full of sellers and they sell all kinds of property material. You need to take note of everything you hear about in the meeting and also get their names and number note down.

Here a question arises in your mind. How this information is going to exaggerate my property purchasing power? You just need to play smart here and look for property available for selling and then put your offer on that by mentioning in about someone you are eventually going to give right on that property. After this, call people on your list who are looking for a property you just figured out, and they will then play a part as your partner by financing in the deal or giving in the down payment.

Peoples without having enough money are always looking for associates to finance their deals on the purchase of property and you can earn a lot of money if you are having good deals, profitable for both you and your associates.

The Elegant Two-Note System

This is a technique that seems complicated at first but on the whole it is not at all. With the help of two-note you can purchase property without losing anything and getting a handful. For instance, there is property and seller is selling it for $250,000 or $255,000 and expecting to get around $240,000 for it and it’s a rental property but you are offering $260,000 for this property. Now the question here is why to offer more than the price being asked? The whole deal has been financed by the seller himself because he is in need of cash so here you will be having the advantage of selling one of the notes which are known as loan notes.

Here is the explanation of the above example. You are offering mortgage notes and a total of them are two. One is for $150,000 and second is for $30,000. Now you will get payments on both of these notes and on a note of $150,000 the payment will be around $1000 and $200 on the note of $30,000. Make sure one thing here that you are still having the cash flow with you. Now taking into consideration the part of the offer you made, you have carried on a sale which is for the second note and it is closing for around $22,000. At this instant the seller is getting a total of $22,000 as cash and $1000 for around 30 years on a monthly basis. What about the $200? Well, $200 per month is the note your respective investor is getting as the other payment.

The number of dollar amounts will vary in different types of deals and here what you need to see is that you are making cash from the financing done by the seller and there can be chances that seller is looking for much cash and for that reason, you will need to have higher amount offered on your second mortgage note.

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A Great Time to Invest In Real Estate! Has the Market Turned or Is It a Mirage?

Throughout the United States residential real estate sales values are showing signs of stabilization. Well located properties in major metropolitan areas and many resort locations are selling faster and at higher prices. Many national and local home builders are experiencing higher sales volume than in the past several years. This is not to say that the morass is over but there is every indication that there is a renewed confidence in real estate as an investment among a significant number of potential buyers.

Florida properties are experiencing an unexpected resurgence driven in part by a significant number of foreign investors. Even with cash transactions rental properties can generate 8% to 10% cash on cash return on a low-risk investment. Many Realtors indicate that they have “buy orders” for multiple properties from foreign investors for any suitable property that is listed for sale.

Whereas there are fewer active buyers in today’s real estate marketplace compared to the “boom years”, there is also lower inventory available for purchase. It all comes down to inflation and supply vs demand. Inflation at some level is pretty much a given. In the long term, inflation dictates that the property must sell for a higher price, or builders can’t show a profit on the homes they build. Supply vs demand is a more intricate issue to contemplate. Obviously, when supply and demand are out of balance appreciation or depreciation occurs. The market is no longer flooded with properties for sale in the more stable markets. Statistics indicate that foreclosures and short sales are down 20% to 50% and even greater depending on the economics of the marketplace. Those who just could not handle the burden of the downturn are mostly gone leaving those who have found the means to persevere. A substantial number of homeowners can’t sell without taking a serious loss. This has virtually eliminated a large portion of the “move up” market. On the other hand, the resulting reduction in market inventory is offset by the years of pent up demand.

It has been said that every event or change in market conditions creates a new investment opportunity. Since the beginning of the real estate market downturn, rental values have increased at a steady rate and they are likely to continue to do so for the predictable future. The foreclosure and short sale victims have virtually insured this escalation. With the advent of depreciated property values and exceptionally low interest rates, the market for income-producing properties has accelerated as never before. The investors are out in droves. As a result of all of these factors working in tandem, most residential property purchased with a 20% down payment will create positive rental cash flow. Over the decades, properties purchased for rental purposes comprised approximately 5 to 15% of the market whereas today it could be as high as 40% in some markets.

The “show stopper” could be the overall economy. The public wants to believe in a prospering economic future and there are currently enough positive signs to indicate that the worst is over. However, it wouldn’t take much of an economic tailspin to erode a very tenuous return to consumer confidence. Most of us believe in real property as an investment vehicle for the long haul. When considering all of the industries that are dependent upon the housing market it is difficult to conceive of the possibility of a robust economy without an appreciating real estate market.

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