Did You Know?
Lincolnwood (formerly Tessville) is a village in Cook County, Illinois. The population was 12,590 at the 2010 census. An inner suburb of Chicago, it shares its southern, eastern, and a small section of its western boundary with Chicago, also bordering Skokie to the north and west.
Lincolnwood is located at 42°0'19?N 87°44'3?W / 42.00528°N 87.73417°W / 42.00528; -87.73417 (42.005331, -87.734283).
Why Should You Choose IBA for Your Real Estate Education?
As one of our students said recently "If you need to take any real estate course, go with IBA, Iâ€™m serious." This confidence by our students from Lincolnwood and all across the Illinois areas is a result of our relentless pursuit for excellent education and service.IBA is a leading online school for aspiring Illinois real estate agents. Thousands of people in Chicago, Lincolnwood and other cities choose to become real estate agents and brokers by taking real estate courses. Get your real estate license and Launch Your Real Estate Career in Lincolnwood with IBA. Find Answers To Your Real Estate Courses FAQ about options to become licensed in Lincolnwood. Steps to Becoming a Real Estate Agent in Lincolnwood
1. Successfully complete an approved 75 clock hour Pre-Licensing course with 60 hours of Pre-Licensing education and 15 mandatory interactive hours.
2. After you complete all the course materials, meet the minimum time requirement, and pass the practice exam, you must pass a course final exam.
3. You will have 3.5 hours to take this 140-question test comprised of two portions, covering both state and national requirements.
How does one become a real estate broker? To become a real estate broker in Illinois, you must first take pre-licensing courses before you sit for the exam.
What Types of Seller or Buyer Queries Do Lincolnwood Licensed Brokers and Realtors Handle?
How a Sublease Works?
A subtenant is not a cotenant and does not have a direct relationship with your landlord. As their "landlord," you can (and should) require them to pay rent directly to you and evict them if they fail to follow through. This differs from a cotenant, who can be evicted only by your landlord. If you decide to evict your subtenant, you will need to follow the same procedures that would be required for a landlord. A month-to-month rental agreement may be better for a subtenant arrangement than a lease. Any agreement should clearly state the amount of the rent, the length of the tenancy, and any security deposit that may be required.
You should be aware that any benefits that you give your subtenant must fit within the overall rules that the landlord imposes for the property and the people who live there. Even though the subtenant did not sign your lease with the landlord, its terms apply to them as well.
You should make sure that you are confident about the subtenant's financial situation and ability to comply with the terms of the sublease and the landlord's rules. If they fail to pay rent or damage the property, you will be on the hook to the landlord for all of your own rent and the cost of any repairs. In extreme situations, such as criminal activity by your subtenant, the landlord may evict you in order to remove the subtenant. You also may face eviction if you get into a dispute with your subtenant. If they refuse to leave when you return, for example, it may be easier for the landlord to simply evict both of you.
Do Realtors get paid a salary?
Realtors are licensed individuals who help others buy a home or sell a home. Several factors determine how much a realtor makes, including the current housing market and the value of the homes they sell.
The average salary for a realtor is $86,295 per year in the United States. However, most realtors work on a commission basis and the above salary average can vary by state, city, and current market values. Some real estate agencies offer a base salary plus commission, which could be an excellent option for agents that are just starting in the industry.
Why isnâ€™t anyone looking at my home?
In a perfect world, home selling would be a linear, predictable process. You put your house on the market, you schedule a bunch of showings, and you get your offer. As anyone who has sold a house before knows though, it doesn't always work out like that, and plenty of people are left wondering why their house isn't selling'”and what they can do about it.
Homes in the United States spend about 58 days on the market, according to research from Realtor.com. (You can use their market trends forecasting tool to see the data for your specific county or metro area.) But 58 days is the average, not the rule. And that means that plenty of homeowners are finding themselves waiting longer than that to make a successful sale.
So, here's the bad news: You can't force anything if your house isn't selling. A home sale requires a number of circumstances to come togetherâ'”most importantly, the right buyer at the right time. The good news, however, is that you can try to pinpoint the reasons that your sale isn't making progress in the way that you want it to. Not all of those reasons are in your control, but many are. Sometimes, a couple tweaks can make all of the difference between a house not selling and that done deal.
If your house isn't selling and you're left wondering why here are five possible explanations.
It's Not the Right Market
There are two real estate market trends that play a major role in how fast a home sells:
The time of year that you're listing.
Whether it's a buyer's market or a seller's market.
In general, early spring is the time of year that homes fly off the market the fastest. From of end of March through early April, homes have 5% less competition and sell six days faster than homes that go up in late spring, when the market starts to flood. That flood tends to last through the summer, and then dwindle down to a near halt during cooler months, when fewer buyers are looking to move.
Another big factor to keep in mind is whether it's a buyer's market (lots of homes for sale but few buyers) or a seller's market (lots of buyers on the lookout but few homes for sale). In the latter scenario, you're more likely to sell your home quickly, since there's a lot of competition for properties. In a buyer's market, however, you're the one facing competition, and you may find that your house isn't selling nearly as fast you want it to, or even as fast as it might have if the scenario was flipped.
The best way to avoid a stagnant sale process due to bad timing is to be strategic with when you list. It's better to wait and get on the market when your chances for a faster sale are high than to go on the market too early and let your listing get stale.
Your Home is Priced Too High
The higher the price of your home, the smaller the pool of available buyers. Likewise, homes that are priced well above the comps in their neighborhoodsâ'”without any clearly distinguishable added valueâ'”are going to get passed over. Purchasing a home is a huge investment, and buyers want to make sure they're getting the best deal possible. A home that's overpriced is not a good deal, and it's not going to have much luck selling.
Sellers rely strongly on their realtors to guide the pricing for their houses, but realtors who suggest listing prices that are too high don't tend to have their client's best interests at heart (or might not really know what they're doing). How do you know if your home is priced too high? There are a few tell-tale signs:
1.Your home is listed higher than the comps.
2.Other homes in the neighborhood are selling but yours isn't.
3.You're not getting a lot of requests for showings.
4.Your listing pages aren't getting much traffic.
If you suspect your home is priced too high, get a second opinion from another realtor or twoâ'”it may be time for a price drop.
Your Listing is Insufficient or Outdated
Your home's listing is usually the very first place that buyers go when they're deciding whether or not they're interested in learning more about your property. But if your listing isn't doing your home justice, you're going to end up with a marketing plan that falls flat and a house that isn't selling.
An insufficient listing can mean a few different things. It might be that you didn't include enough information about the property, or that your listing is lacking in images. Or it could mean that the information and images are there, but they're not quite doing their jobâ'”think dark, blurry pictures, or wordy descriptions that leave out the stuff that really matters, like what's so great about the location or key features of the home. When a lot of care hasn't been invested into the listing, it suggests that a lot of care hasn't been invested into the home either. And that can be a big turn-off for buyers.
An outdated listing, on the other hand, says something different: that the home has been on the market for a long time. If it's early June and the listing for your home is full of pictures with snow in the yard, buyers are going to know that the house isn't selling, and they're going to wonder why. Try to avoid having your listing pictures taken with details that could date them, such as Christmas decorations. If you can't avoid it (such as if there's snow on the ground when you first list), have new pictures taken when the season changes.
Your Home Isn't Being Marketed in the Right Places
The methods that your real estate agent in Lincolnwood uses to market your home matter a lot. Gone are the days of the glossy print listing being the gold standard for home marketingâ'”today's buyers want tech.
According to the National Association of Realtor's Real Estate in a Digital Age Report, 44% of buyers look to the internet first when they're home shopping, versus just 17% who start the search process by contacting a realtor. For sellers, the tech tools that provide the highest quality leads are (1) social media, (2) MLS, and (3) brokerage websites and listing aggregator sites. And considering that 76% of all buyers find their home using a mobile device, it's safe to say that relying on tech-based marketing isn't just preferred, it's required.
Old school realtors will remember a time when this wasn't the case. It certainly would have been hard to predict that social media would outrank MLS as the go-to digital hub for finding listings, or that buyers would be significantly more likely to start their searches on their own with the help of the internet instead of reaching out to a brokerage firm. As such, some realtors might be resistant to the changing tides, which could lead to outdated marketing practices that don't meet buyers where they're at.
As a seller, it's your job to advocate for your listing and to make sure that every possible avenue for marketing is being exploredâ'”particularly the ones that are most likely to draw in buyers. It's also a good idea to engage with the marketing process yourself. Start sharing your listing with your social network and social-based real estate community groups. The more eyes you can get on your listing, the better chance you'll have of speeding up the sale process.
Your Home Isn't Making a Good Impression
If you're getting showings but your house isn't selling, consider that it might be due to aesthetics. Not everyone wants to take on a project, so if your home is in poor condition and in obvious need of some repairs or a good cleaning, it's not going to be attractive to buyers, even if the bones are good. The same goes for if your home is decorated boldly, in a style that says "niche" more than widespread appeal. Again, it's not that these things can't be fixed, but that many buyers are looking for a turnkey home or at least one that isn't going to cost them a lot right at the outset in repairs and design.
To show off your home in its best light, aim for a neutral appearance. That means no clutter and no loud design choices, as well as cleaning and repairs where needed. If you're not sure how to go about tackling this task (it can be a big one), bring in a professional stager. Staging your home can be as simple as decluttering your space, or might require putting overflow furniture into storage or painting some walls. If you do it right though, you'll go a long way toward ensuring that your house makes the right impression with buyers and helps them more easily envision themselves living there.
If your house isn't selling, try to figure out why as soon as you can. The longer your home sits on the market, the less action you're going to get on it. But if you identify and take care of the issues that are preventing it from getting an offer, you could speed up the process and finally get your home sold.
What is an interim tax bill?
The interim tax bill, issued annually at the end of January, is for the first half of the years taxes. The amount levied is based on each property's taxes for the previous tax year, because the town is not able to pass the annual tax rate until later in the year. The amount is calculated by multiplying the assessment value assigned to a property for the year by a national tax rate that restates the previous years budgetary requirements for the town, region, and school boards, and then dividing that product by two.
Interim bills have two installment dates and show any outstanding or credit account balance at the time of billing. They are payable on or about February 25 and April 25.
How can I pay this bill?
There are several ways to pay your bill.
1.Online by Credit Card or Bank Account (ACH). Choose the Per Capita Tax, Real Estate Tax, and Utility Billing payment option. A 3rd party fee applies to electronic payments.
2.Over the phone. You can call 866-225-8451 to make a credit card payment by phone. A 3rd party fee applies.
3.Mail. Mail your stub(s) and money order or personal check to PO Box.
4.In-Person. Bring your stub(s) and money order or personal check to the local office is listed on your bill in the upper right-hand corner.
Can the seller see the appraisal?
It's no surprise that appraisals are part of the process when it comes to real estate sales, but sometimes low appraisals can be a surprise. When this happens, lenders may decline to finance. And, if there's a home appraisal or loan contingency, the sale may not go through.
Recently we talked to a CRES client who is the listing agent in Lincolnwood for a property. He recently learned that the buyer may back out because of a low appraisal. He wanted to know if the seller gets a copy of the appraisal.
Who Gets Copies of a Low Appraisal?
The seller often does not generally get a copy of the appraisal, but they can request one. The CRES Risk Management legal advice team noted that an appraisal is a material to a transaction and like a property inspection report for a purchase, it needs to be provided to the seller, whether or not the sale closes.
How Can You Avoid a Low Appraisal?
A number of factors can lead to a low appraisal, some of which are out of a seller's hands. Over-inflated prices or a number of foreclosures in the area can both affect appraisals as can rising or declining market values.
Being prepared in advance for the appraisal can help. While the house doesn't have to be spotless, you don't want clutter keeping the appraiser from getting to or seeing anything in the house, yard or garage. In addition, having any necessary documents available and organized helps the process along. Sometimes it'™s a matter of preparing the seller for appraisals regarding upgrades they made and setting realistic expectations based on what they see on Zillow or other sites.
Do you have questions about an appraisal â'“ or maybe another legal issue? IBA:s clients can call the IBAClaimPrevent Hotline 7 days a week. Clients receive a guaranteed response within 4 hours or next business day, with recommendations confirmed in writing.
What have you done after a low appraisal?
Who holds title in mortgage?
In title theory states, a lender holds the actual legal title to a piece of real estate for the life of the loan while the borrower/mortgagor holds the equitable title. When the sale of the real estate goes through, the seller actually transfers the property to the lender. The lender then grants equitable title to the borrower. This means that the borrower can occupy and use the property, but the lender has legal ownership over it.
In title theory states, a lender can simply step in and take possession of the property if a borrower defaults on the loan. Since the lender is technically the property owner, the lender simply revokes the borrower's equitable title and takes the property.