Did You Know?
Hometown is a city in Cook County, Illinois. The population was 4,349 at the 2010 census.
Joseph E. Merrion developed inexpensive duplex houses in Hometown after World War II, targeting former GIs and their families. Hometown incorporated in 1953, and its population peaked at over 7,000 in 1958. On April 21, 1967, an F4 rated tornado tore through Hometown, devastating the area, destroying 86 homes and damaging 500 others.
Why Should You Choose IBA for Your Real Estate Education?
We also accelerated pre-license courses. These programs provides online access to the instructor with live weekly sessions and allows students to complete all 75 hours of courses completely online.IBA is a leading online school for aspiring Illinois real estate agents. Thousands of people in Chicago, Hometown and other cities choose to become real estate agents and brokers by taking real estate courses. Get licensed however you learn best. If you enjoy learning at home, and are based in Hometown, we have a format that suits you best. With a completely online option, you can complete your courses in the shortest possible time. Even though our classes are all online, we also offer a webinar method so you get the best of both options: Flexibility.
We have online classes to make sure you study in your busy schedule. The 60 hour online self study broker pre-licensing course lets you learn at your own pace and complete the work on your schedule. You can trust IBA Education to provide the best education.
Get your real estate license online with the Illinois Broker Academy! We're a fully-accredited school with some of the best online real estate classes in the industry.
What Types of Seller or Buyer Queries Do Hometown Licensed Brokers and Realtors Handle?
What are home inspections?
Before you buy a home, one of the things you should do is to have it checked out by a professional home inspector. Yes, we can hear your objection: "Buying a home is expensive enough as it is! Why would I choose to fork over hundreds more if I'm not required to?" In this article, we'll delve into what a home inspection can reveal and whether it's worth the investment.
The Home Inspection Contingency
Home inspections provide an opportunity for a buyer to identify any major issues with a home before closing. Your first clue that a home inspection is important is that it can be used as a contingency in your contract with the seller. This contingency provides that if a home inspection reveals significant defects, you can back out of your purchase offer, free of penalty, within a specific timeframe. The potential problems a home can have must be pretty serious if they could allow you to walk away from such a significant contract.
In some situations, realtors are also known to include home inspection clauses in contracts, such as those for a newly built residence. In new home construction, inspections generally cover:
a.Foundations: Checking before the concrete is poured (once poured, there is very little that can be corrected).
b.Pre-drywall: Checking the structure and mechanics before the drywall is laid.
c.Full inspection: A full walk-through is performed of the completed home.
How long you will do a 90 hour course?
The length of a course depends on two factors: the estimated number of hours of study required for each course (which is reflected in the number of credits for each course) and the amount of time that each student can devote to studying. There are 45-hour courses (3 credits) and 90-hour courses (6 credits).
For example, if you study 15 or 16 hours per week for a 90-hour course, you can expect to complete the course and its evaluation (exam) in approximately 12 weeks.
Should you join a real estate team?
Joining a team can be the fastest way to earning a commission cheque. For new agents it can take months to get established and for their marketing to start showing results. Remember, one of the best things about being a real estate agent in Hometown is that you don't have to be accountable to anyone. At the same time, the worst thing about being a real estate agent in Hometown is that you don't have to be accountable to anyone. When you join a real estate team, it is expected that you will be held accountable for the work that you do.
A quote from a well-respected real estate coach and RESAAS 2016 Real Estate Rockstar nominee - Richard Robbins, greatly sums up the purpose of accountability.
"When small actions are performed consistently, it produces great results"
'ö Real Estate Coach, Richard Robbins
Freddie and Fannie are different?
Freddie Mac is the "little brother" to Fannie Mae, the Federal National Mortgage Association. The Emergency Home Finance Act of 1970 created the FHLMC to compete with Fannie Mae. Until the Act, Fannie Mae only bought Federal Housing Association-approved loans. It was more likely to hold them on its books, rather than securitize them. Freddie changed that. It could buy any loan and securitize most of them. The prime differences between Freddie Mac and Fannie Mae are in their products and target markets. President Lyndon Johnson had turned Fannie into a publicly traded corporation two years earlier. He wanted to use his budget to finance the Vietnam War. Freddie Mac went public in 1989. The Financial Institutions Reform, Recovery, and Enforcement Act made the change in response to the Savings and Loan Crisis.
Who Owns Freddie Mac?
The U.S. government has warrants for 79.9% of Freddie Mac's common stock. The U.S. Treasury also owns senior preferred stock. Since July 8, 2010, some of Freddie's common stock has become available over the counter, but its price has been very low.´╗┐´╗┐On September 6, 2008, the federal government bailed out Fannie and Freddie. The Federal Housing Finance Agency became the conservator of Freddie Mac.The Treasury Department bought up to $100 billion in Fannie and Freddie preferred stock and mortgage-backed securities.´╗┐´╗┐Before that, Fannie and Freddie were government-sponsored enterprises (GSEs). They were quasi-governmental corporations whose goals were to maximize shareholder value, authorized by the act of Congress. Both were even listed on the New York Stock Exchange.10´╗┐´╗┐ As a result, their managers tried to function as profitably as private banking competitors. They were different from other corporations in a big way. The federal government virtually guaranteed their loans. That made them less risk-averse. They were pressured to take on risk to improve their return while knowing that they would never go bankrupt. Fannie and Freddie found that holding many of these products was more profitable. This defect in their setup was brought to light when the subprime mortgage crisis exploded. As housing prices fell in 2006, the value of the GSEs' loans plummeted.´╗┐Rather than allow them to go bankrupt, the U.S. Treasury Department, under Secretary Henry Paulson, bought out their shares.12´╗┐´╗┐ Stockholders lost all value, although they would have if the companies had gone bankrupt. If they hadn't been nationalized, there would essentially have been no housing market whatsoever. Banks just stopped lending without government guarantees. After nationalization, Fannie and Freddie owned 90% of the U.S. housing market.
WhatÔÇÖs my housing budget?
Okay, the first question you need to ask yourself is: How much house can I afford? If you don't ask this question when buying a house, you might go with whatever number a lender approves for you. And that could run you the risk of carrying a mortgage burden so large and for so long that you feel like Atlas after Zeus dropped the weight of the world on his shoulders for all of eternity.
To avoid living that nightmare, don't take on a mortgage with payments that are more than 25% of your monthly take-home pay. This includes grown-up stuff like property taxes, homeowner's insurance, and (depending on your situation) private mortgage insurance and homeowners association dues. For an easy way to see how these costs affect your house-buying budget, use our mortgage calculator.
How to know if your deed is recorder?
Few people are aware that there could be a problem with their deed until they attempt to sell their property or refinance a mortgage. To find out earlier rather than later, contact your attorney or escrow agent in Hometown and ask for a copy of the recording page for your deed.
The recording page lists the date your deed was recorded and also includes the volume and page number where your deed can be found. You can also contact the county clerk's office yourself and ask how to view land records in your county. Many counties provide access to real property records online and free of charge.
What to do if your deed was not recorded?
If your deed has not been recorded, inform your attorney or title insurance company immediately. Request that it take action to have your deed recorded as soon as possible. You should also inform your mortgage lender, as it might be able to assist you with recording your deed.
It is relatively easy to confirm that your deed has been recorded. If there is a problem, discovering it before a problem has arisen could save you from significant expense and enormous inconvenience. Contact your attorney, title insurance agent, or real estate broker to learn more.