All Forum Posts by: E J

Not sure where you're from, but since I am currently going through the same process I thought I would chime in.

In Illinois, to become a salesperson you have to pass a 45 hour course and a state exam, then find a broker who will sponsor you. I took the class online (realestateexpress.com) and it was very straightforward. It was great preparation for the state exam which I took last week.

After passing the exam, you may seek a broker to sponsor you and/or continue on to earn your broker's license, which requires an additional 75 hours of coursework. I did this online as well, and I actually finished the 75 hours of class in about 10 hours over a span of 3 days (I used realestateexpress.com again). I am now scheduled to take the broker's exam tomorrow, only 1 week after passing the salesperson exam. To me, this was well worth doing because the broker's license allows you to practice independently if you choose and because it will soon be mandatory to be a broker in Illinois (salesperson licenses are being eliminated, leaving only brokers and managing brokers). This will also improve your credibility overall education.

So, in a nutshell all you need to do is take a class, pass the class, then pass the state exam. At that point, you have 1 year to find a sponsoring broker or sponsor yourself if you did the broker class. As far as choosing an office to go work for, they all vary so you will want to interview various firms in your area to see how they split commissions, pay office expenses, and handle floor time and incoming leads. You will want to find out any other requirements they have and how they can help you as an agent grow and succeed.

I believe the distress resulted from a combination of illness and job loss. She said the place was well within her price range at the time she bought it, but because of recent circumstances she can no longer afford it. And yes Steve, I agree, as someone else mentioned earlier- who would want to rent it to her when she clearly can't afford it?

And yes Lorena if you have something to say, please say it here

Thanks everyone. I understand that there may not always be a solution that meets everyone's needs, but there are still decisions to be made which could positively or negatively affect the situation even more. Even if no investor can help her out, I still want to guide her in the right direction, which I think would be a short sale (or at least finding out if the bank will allow one). She said loan modification was denied. I will probably just tell her to call an agent I know who does a lot of short sales and see what he says. My question is: if she is going to declare bankruptcy, is there a reason for her to go through the short sale as opposed to foreclosure since her credit is going to get killed either way?

Thanks guys, I will advise her that her only solution is to do a short sale, and she will have to find a new place to live. I am not sure why an investor would want to rent to her either - I also don't believe it's legal for her to remain there after a short sale anyways

Also, if she is going bankrupt, doesn't the house get sorted out with the bankruptcy court? So even if she wanted to live there, I'm sure the court would require her to liquidate the house, no?

If she was willing to move out, would new options be opened up?

Well I recommended the short sale but she was insistent upon still being able to live in the house. There is literally no possible way in which an investor and her could work together so she can avoid foreclosure?

Hi everyone, this woman approached me today and she is about 15,000 behind in taxes and also several months behind on payments. She has no auction date yet, but is looking for a solution where she could sell the house to an investor and rent it back from them (since she will have a tough time to qualify to rent elsewhere). She is also going through bankruptcy - so I'm not sure how that affects the whole situation as well. She owes roughly 354K on the mortgage, plus the back taxes and late fees. The house is worth roughly 400K market. Is this the type of situation where subject-to or lease options work? Is there a way for someone to catch her up on payments, put the house on the market, and split proceeds? Any advice would be GREAT!

Very helpful info, Jon. Ty