Did You Know?
Wilmette is a village in New Trier Township, Cook County, Illinois. Bordering Lake Michigan, it is located 14 miles (23 km) north of Chicago's downtown district (4 mi or 6 km from Chicago's northern border) and had a population at the 2010 census of 27,087. In 2020, Wilmette was ranked by Niche.com as the best place to raise a family in Cook County based on a variety of factors including public schools grade, percentage of residents with a bachelors degree or higher, crime & safety grade, family amenities, walkability grade, percentage of households with children, and access to parks and other recreational activities.
Wilmette is also home to Central Elementary School and also Romona Elementary School, both recent recipients of the National Blue Ribbon award bestowed by the U.S. Department of Education.
Wilmette is located on the western shore of Lake Michigan and is a near northern suburb of Chicago, immediately North of Evanston at 42°4'38?N 87°43'25?W / 42.07722°N 87.72361°W / 42.07722; -87.72361 (42.077178, -87.723736). The North Shore Channel drainage canal empties into Lake Michigan at Wilmette Harbor.
Why Should You Choose IBA for Your Real Estate Education?
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.
We offer 100% Online Real Estate Courses and our courses are approved by IDFPR to be delivered in Wilmette - 100% Guaranteed. You can check IBA's approval status at IDFPR
IBA provides Real Estate Courses in Wilmette and in the other suburbs of Chicago. We have been in business for 20+ years, with our head office in Roselle, IL.Get licensed however you learn best. If you enjoy learning at home, and are based in Wilmette, 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.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 Wilmette Licensed Brokers and Realtors Handle?
What to know about sublease?
Corporate real estate users usually turn to sublease space for one of two reasons: For some tenants, subleased space can be the only way to get into a full building that is desirable. At other times, tenants are drawn to subtenancy because it usually offers opportunities to get space at a discount. Some corporate tenants seek sublease space for both reasons. Whatever your reason may be, here are 5 things you should know before seeking a sublease opportunity:
1.It's Fast and Flexible
When you sublease space, you're usually taking it over from another corporate real estate user that no longer needs it, but still has to pay for it. This typically creates a situation where the sublessor, also known as the sandwich tenant, is usually very motivated to get a lease signed. As long as you can get the necessary approvals from the primary landlord, you can usually complete a sublease deal relatively quickly. You might also find that the sublessor is particularly flexible. After all, since that corporate real estate department is on the hook for the lease, any revenue that it gets from you is pure profit.
2.Take It or Leave It
Sublease space might be fast and cheap, but it usually isn't going to be customized. Given the short length of most subleases, it rarely makes sense for the landlord or sublessor to offer incentives to move you in, and you might not get adequate ROI on any leasehold improvements that you do. As such, you'll need to be flexible and adapt your business to space. However, this can be a benefit if you can find space with tenant improvements that are well beyond your budget. If you're in a market with lots of space available for sublease, it can pay to be picky.
3.Your Time is Limited
Remember that subleases are frequently short-lived. You will have the remainder of the initial lease term and in most cases, that will be all. Even if the lease has options, landlords usually give themselves the right to cancel them in the case of a subtenancy situation. With this in mind, you will either want to commence negotiations with the landlord to take over space or start looking for corporate real estate alternatives before your sublease expires.
4.Prepare for Rate Shock
If you're subleasing at a discount, the savings can be a boost to your bottom line. However, that discount can end abruptly when your sublease ends. If your sublessor is subsidizing your rent, they'll want to stop that process as quickly as it can get out of the lease. The landlord probably won't make a new rent for you at the subsidized level, either, unless the market has a significant vacancy. As such, you could be looking at a significant rate shock when your rent adjusts to the market.
5. You Don't Have to Sublease
Just because a space is available for sublease doesn't mean that you have to sublease it. Unless the building's owner or asset manager has other plans for space, a sublease situation is a problem for him even though he's still getting the full rent from the original tenant. With that in mind, the landlord may be willing to either let the original tenant out of the lease or allow the tenant to buy themself out and let you negotiate for space yourself. You might not get the same discount by taking over space on a new lease, but you could end up with tenant improvement allowances, free rent, and a long-term lease with options. Depending on your corporate real estate priorities, those benefits could outweigh any short-term savings that come from being a subtenant. Subleasing space can be a great way to alleviate corporate real estate costs.
What is the maximum Fannie loan amount?
If you are wondering whether you'll need a jumbo loan, you need to consider the limits set for conforming loans and U.S. Federal Housing Administration (FHA) loans. The agency-set maximum limits for these loans provide a baseline for jumbo loans.
Most parts of the country have one maximum loan amount for conforming loans. In some high-cost areas, such as Washington D.C. and certain California counties, the threshold for the maximum conforming loan is raised.
For 2021, the Federal Housing Finance Agency raised the maximum conforming loan limit for a single-family property from $510,400 (in 2020) to $548,250. In high-cost areas, the ceiling for conforming mortgage limits is 150% of that limit or $822,375 for 2021.
Those limits apply to conforming loans that follow Fannie Mae or Freddie Mac guidelines. A different loan limit kicks in if you're buying a home in 2021 using an FHA loan, which is backed by the Federal Housing Administration. The FHA loan floor for 2021 is $356,362, up from $331,760 in 2020. The maximum limit for approximately 70 high-cost counties has been raised to $822,375, up from $765,000 in 2020.
Keep in mind, the Federal Housing Finance Agency may increase conforming loan limits again for 2022. If you are planning on taking out a mortgage loan in 2022, check back here for updates on loan limits.
Jumbo Loan Requirements
Because a jumbo loan means you're taking out a larger-than-typical mortgage, lenders impose stricter requirements than they might for a traditional loan. They will examine several aspects of your financial health to assess whether you can afford a bigger mortgage and if you are likely to pay it back on schedule.
Lenders will look for qualities like a good, steady income, strong credit score and credit history, and low debt-to-income (DTI) ratio, among other benchmarks. This is because they want to know you can afford higher monthly payments and typically higher interest rates that come with jumbo loans as opposed to traditional mortgages.
Keep in mind, while a 20% down payment may not be required for conforming loans, some lenders require 20% (or more) for jumbo loans. This gives lenders increased confidence that you have skin in your new housing game.
How difficult is the estate broker exam?
Many people fail the real estate exam. Does that mean that the real estate exam is hard? In a way it does, but it is also much more complicated than that. The real estate exam is a knowledge test. It does not test applicants on information that they will intuitively know. In other words, you must study to pass this exam.
The good news is that it can be done. With proper preparation, the real estate exam is not that hard. You can pass. How do we know? More than 95 percent of the test takers who use our real estate prep materials pass the exam. We are so confident in our system that we offer a 100 percent money-back guarantee that it will work for you.
Do real estate agents get paid weekly?
Many real estate agents are paid a weekly wage, which builds up between sales. They don't earn any of their commission until it exceeds what they've earned in payments '“ kind of like a 'wage debt'.
Sellers take how long to respond an offer?
Written offers should stipulate the timeframe in which the seller should respond. Giving them twenty-four hours should be sufficient.n theory, sellers can take as long as they want before responding. But in practice? Most sellers (or their agents) will usually get back to you within a few days.
"As a courtesy, the Realtor will notify the buyer's agent in Wilmette when the seller responds regarding an offer," says Benjamin Ross, a Realtor with Mission Real Estate Group. As the seller's agent, "we like to respond within 48 hours, but that also depends on when we get the seller's response."
Some agents have even stricter expectations when it comes to response time.
'œCommon courtesy dictates that a seller should respond within 24 hours or less," says Karen Parnes, broker and owner of NextHome Your Way. 'œThis gives them the time to think about your offer, sleep on it, and respond."
While 24 to 48 hours is the standard observed by many professionals in the industry, exceptions happen. Here are some of them.
Does a grant deed give you ownership?
A grant deed is used to legally transfer ownership of real property and is an official record that a title is clear. This deed contains the name of the person or entity transferring the property and a full description of the property's details such as parcel identifier, property boundaries, and latitude & longitude. While not necessary, a notary will often witness the actual signing of a grant deed. They are most commonly used to transfer the ownership of automobiles or land between two parties. The purpose of a grant deed is to transfer title, a legal document proving ownership of a property or asset, to another person.
They are a form of such written proof that an individual owns a property that also provides title guarantees to the new owner '” i.e., insurance that the property title is free of claims or liens and the new owner has the right to sell or transfer the property to another. These types of deeds do not necessarily need to be recorded or notarized, although it is generally in the best interests of the grantee to ensure that this is done.
There are numerous types of grants depending on who is transferring property to whom. For example, an interspousal transfer grant deed is used to transfer ownership of real property from one spouse to another (often during a divorce). Real property consists of land and any property attached directly to it (such as buildings, ponds, canals, roads, and machinery) and can also entail the right to use, control, and dispose of the land.