Maurice Sanders

Your final walkthru in downtown chicago is the next to last step you'll take before you officially close on the purchase of your home/condo in downtown chicago.  It's your last opportunity to point out any issues or concerns before you officially own the property.  If you don't handle the issues now; it will be difficult if not impossible to recoup anything from the previous owner after closing.

While you should and will ALWAYS do a a final walkthru; it's more important to do so when you have a ton of issues with the inspection.  When these issues are resolved by the seller; you need to bring that checklist to the final walkthru to make sure ALL  the items on the punch list are handled. 

It's also important to schedule the walk thru about a week before closing.  This way you can make sure that if any items that wre suppossed to be handled are properly taken care of.  You'll now have te opportunity to have those items repaired, replaced, or serviced.  

This is also the time to make sure all the items that were supposed to stay with home are still in the home.  Check to make sure all the personal property and fixtures that are supposed to stay with the home are still in the home. 

Any minor issues can be addressed with the agent who'll also address your concerns with your attorney. 

Stage your downtown condo for a quick sale may sound too good to be true; but it's a proven fact that staging your property makes a HUGE difference in getting it sold.  With the market flooded with listings and too few buyers out there; your real estate team needs to separate your property from the rest of the pack. 

Sales price goes up by 17%

Listing is sold 30% faster

Why?? Because, condo buyers want the opportunity to see a property the same way it will be once they have moved in.  Instead of seeing a fireplace they can feel themselves sitting on the couch while the fireplace is blazing on a cold winter night.  An empty bedroom doesn't give you the ability imagine yourself waking up to that beautiful city view!!  Unstaged homes also have a stigma:

The condo looks empty and cold

Buyers assume the seller is desparate

It makes the space look smaller

Professional stagers have the ability to make your condo look like a model and spacious with the right size furniture and complimentary pieces.  You maybe thinking that it's too expensive to stage the property; and that it doesn't guarantee the sale.  This is true you still have to follow the other rules of selling real estate:

Top 10% in terms of price

Top 10% in terms of condition

Take a look at the above pictures.  Which condo looks more appealing?  If you're a buyer looking on the internet (more than 85% of buyers start their search online).  Which one would you want more info on?  Which property would you think -- "That seller must be desparate"?  Which space feels like home?

Showings are easy to schedule and confirm -- when your home goes on the market it is no longer a home; it becomes a commodity in the free market system.  Buyers are your customers.  Whenever they want/need to show you need to accomodate them (within reason of course).  You know that feeling when you make a late run to the store only to find out the store has your item out of stock?  It's annoying right.  The same goes for a buyer who can only see properties on weekends and has only three weekends to look at properties.  If you don't accomodate you'll be a day late and dollar (make that a FEW THOUSAND) short!!

It Doesn't Matter How Much You Owe or Want For Your 2-bedroom South Loop Condo; saying those words to a seller is the hardest thing I have to do.  I understand your pain; you've owned this r great property for a long time.  It's filled with your memories:

1.)  Your son's first home

2.)  The doorway you entered when you carried your bride over the threshold

3.)  You refinanced and since than the condo has depreciated in value

All these things are tough; and your not the only one who has to deal with similar circumstances.  Those moments we spend in our "humble abode" are priceless (meaning we cant add them to the price/value of your home).  There was a time when the only requirement for getting a home/condo loan; was having to be able to fog a mirror.  Lending guidelines were too loose and the cost of money (yep -- just like buying a gallon of milk at Dominick's; money is bought and sold in the same fashion) was exceptionally low.  Prices were going up and up and up.

It was the roaring '00s of the real estate market.  Now, the bubble has burst.  Lending guidelines are tight (too tight I might add).  The cost of money is getting higher.  Welcome to the realistic '10s; the market has corrected itself.  Housing is stable again; affordability is at an all time high.  There are people who whether they knew it or not; have been waiting for this market for years:

1.)  First-time buyers

2.)  Investors

3.)  Move-up buyers

If you fall into one of these categories -- it's a no brainer; you have to take advantage of this market.  Otherwise, in 10-20 years (and for the rest of your life) you'll be saying "I shoulda bought real estate in 2010" or "If only i had bought that great South Loop condo with the view of the lake" or "Had I known pricing was that great; I woulda bought 4 or 5 South Loop condos".  More money is made during down economies; than in up markets.

If you don't fall into one of the above categories; it simply comes down to a lifestyle choice:

1.)  You're tired of your commute

2.)  You're ready to retire to Florida, California, Texas

3.)  You're ready for a change of scenery

Many consumers say they'll just "wait" things out and there in no rush!  I hate to break it to you -- but, the wait will be a very long one indeed.  Prices dropped swiftly in the blink of an eye; but prices climb/raise alot slower. 

Imagine a roller coaster at Great America -- it takes longer for the car to make it to the peak as you patiently and anxiously hear "click,click,click" of the cart wheels.  But, once it's at the top the rest of thre ride is a blur.  It's time to bite the bullet and say "I'm not going to allow a few thousand dollars derail or delay my dreams anymore"

Renting A South Loop Condo; To Take Advantage of the Buyer's Market is a great plan B for those of you who would like to move in to a new property and take advantage of the low pricing; but can't sell their current condo.  This is the way many investors begin their portfolio; leasing a condo can be a fairly simple process.  When you buy to hold; real estate is the single best investment you can make.  More money has been made in real estate than any other investment.  Over time, property values ALWAYS go up.  The key is to make sure you take ample time to find the right tenant; i can't stress this enough.  You must take the time to find a tenant who will:

1.) Properly maintain your condo

2.) Pay rent on time (remember if they don't pay; you're still responsible for the mortgage)

The alternative is a lengthy eviction process that can take forever; in the meantime your stuck with the bill -- literally, including:

1.)  Your mortgage

2.)  Your Assesments

3.)  Taxes

4.)  Attorney, county, and city fees for the eviction process

5.)  Whatever repairs are necessary when you evict the tenant

With that being said, here's how you find a GREAT TENANT THAT WILL PAY DOWN YOUR MORTGAGE:

1.)  Hire a great agent to list your condo as a rental -- he/she will have expierence necessary to make this a smooth process.

2.)  Have your agent -- require a credit report and rental history from the prospective tenant

3.)  Price your rental 10-15% below what other units are going for in your building/area -- this makes your condo desireable to a prospective tenant who will never want to leave

4.)  Draft a strong lease that works in your favor and ensure all bases are covered

Please refrain from taking any of this advice/warnings lightly.  I have seen and experienced HORROR stories of tenants that can make your life a living nightmare.  That tenant you meet before they moved in can be the sweetest person in the world; BUT  once you move them in it's like Dr. Jekyl and Mr. Hyde.  They can make your life a living nightmare!! 

It's important to price appropriately so that your condo doesn't sit on the market for too long and become "stale"; plus the quicker you get a tenant for your property the quicker you can take advantage of the market as a buyer.  Why quibble over a $50 or $100 a month when you will make a purchase that is about $30,000 - $50,000 less than what it sold for three years ago!

Once this is done you can then become a BUYER in the best real estate market of our lifetime.  Prices and interest rates are low; inventory is high.  This means more purchasing power for you.  You then have the ability to find a property that will fit your needs today and the for the next 5-10 years.  Renting a South Loop Condo to take advantage of the buyer's market can be a lot easier then it seems.  CONTACT ME -- FOR A FREE COPY OF THE BOOK THE MILLIONAIR REAL ESTATE INVESTOR; AND SEE HOW YOU CAN TRULY BUILD A REAL ESTATE EMPIRE!