The Belden Stratford, builth in1923, is a 16 story building that is on the National Register of Historical places, that was sold this weekend for $60 million. The building was a residential hotel built in Chicago before the Depression. The building today is mostly use as a hotel and apartment. The building had rough 297 units and was located on 2300 Lincoln Park West. Based on the purchase price, the building was sold at about $202,000.00 per unit. Its the goal of the new owners to rent out the units. Its expected that rental value will increase as less and less people can afford to buy homes.
We like to take this opportunity to wish all the hard working real estate agents in Chicago and their staff and family a happy Thanksgiving on his wonderful day. Enjoy your time with your family and lets kick some ass in the new year.
Mortgage giant Fannie Mae is asking for our help again. This time in the tune of $7.8 billion to cover for their losses in the last quarter. Low mortgage rates reduces their profits and declining home prices caused more defaults on loans they had guaranteed. It is believed that they are suffering losses because more homeowners are paying less interest as more people are refinancing their loans while others are defaulting on their home mortgages. When property value decreases like it has in the last few years, people default on their loans because they are unable to afford them any more or because they owe more than their home is worth.
Every one has heard of a real estate broker but how is he or she different from a real estate agent? And what role does the broker play in my quest to sell my property? Well, when you sign your listing agreement it is with the real estate broker and not the real estate agent. Only the real estate broker can offer an agreement to list a property. After the property is sold, the broker pay the real estate agent’s commission to the agent. So in reality, the real agent broker is the main person in your quest to sell your home. The real estate agent is the one who then list your property and does the work to get the property sold but the agent must work under a real estate broker to sell and list your property. I hope that explains things.
A listing agent is a real estate agent whom you use to only list your property. They place your property on the market, on the MLS, a national property listing database, and let others realtors know about your property. They do nothing more. You can get one to do this for you for a flat rate. Then you have to take care off the rest to get the home sold, negotiated and closing escrow. This might be an attractive chose for some individuals who think they can handle this and can save you the five percentage commission the realtor charge.
If you elect to go this route, make sure you hire an attorney to make sure all the documentations are in order to finalize the sale. Its better to be safe and get an attorney and with the 5% commission that you won’t have to pay out, you can afford to pay one so don’t be cheap.
Many people are tempted with the idea of selling their property by themselves to save the cost of paying a real estate agent. So what are the benefits of having or using a real estate agent to sell your home?
First, the agent will list your home in national databases that only real estate agents will have access to, like the MLS. This means that your home will automatically appear on thousands of websites allowing hundreds and thousands of potential buyers to see it. Second, a real estate agent will know the Chicago market better than you, they sell and list homes every day, they negotiate for a living. Third, they know and work with all the necessary parties that is required to sell a home. These people range from a home inspector, appraiser, to escrow agents. Forth, they know other real estate agents and can get the word out about our property. This is particularly important if you have a nice home which can be solve very quickly by word of month.