All Forum Posts by: Jorge Leon

Hi all. My sister is looking to put in an offer on a property in Chicago, first time homebuyer, cosigning with my mother, they have a pre approval letter. I am a new agent and this is my first conventional sale/transaction. Buyer is willing to pay asking price but was wondering if seller could pay for some of the closings costs. What is the norm for buyer to request? The reason I am asking this on BP and not my sponsoring broker is because he is unreachable a few days. I wanted to get a head start. What, if any, is the average credit requested by the buyer? Any guidance would be greatly appreciated.

I recently bought a cash deal in Illinois, in order to pay Escrow I need a bid of the work that needs to e done to bring it up to code. Am I supposed to goggle a GC? Would the city have any contacts?

Thanks.

Hello everyone. 

My family has a 60 acre plot of farm land near a major city, the area has been booming with industrial/warehouse construction for the last 10 years, we are next up in the corridor and have decided to sell. Someone offered us 6.3 million 2 years ago, the deal fell through. We are now in a marketing agreement with an experienced well know name in the area, he has received offers for 6.75 million but says we can end up with 7 million (after counter offer). My father says he wants 8 million (with no real justification other than some questionable comps). Can we have an appraisal done for this type of land? How do we know our broker is not in cahoots with the buyer and/or underselling our land. How can we get a realistic valuation? Any advice welcome. 

 Awesome, thank you so much.

My father has a commercial building in a very busy street in Chicago. A church is currently leasing it for $5,000 a month. The church people asked my dad if he would sell them the building. They would have to finance.

If my father's asking price is higher than the appraised value, will the lender still approve the loan? Or would we have to adjust the price to the appraised value?

Would the buyers need to put 20% down since it is not a residential building?

Would real estate agents be needed if the they come to an agreement in terms of the price, or would we just be dealing with the mortgage lender?

Looking for any input, thanks.

 Hi, can you elabrotate on how that would work? This agreement should be singed by both before I start selling the property or once I find the buyer?

He has a contract locked up for $45,000. He said we can go 50/50 on profits. Since it’s my first time dealing with him, how do I make sure I get paid at closing? And how do I know that I’m really getting half or profits?

Anyone? 

First time homebuyer. Looking at HomeReady or HomePossible with 3% down for a 4 unit property. Will current rent rolls be used to calculate rental income even if they are well below market value?

Also, how am I supposed to occupy one of the units if (potentially) all units are occupied?

Thanks.

I have been buying and selling for a few years now, I see my competition killing me in terms of acquiring properties. I'm missing some quality bird dogs and I'm looking for successful strategies on how to acquire these. I do work with some wholesalers, but their fee really cuts into the profits (I don't blame them). In this industry, people keep their leads a secret and I can't really blame them. Any advice would be very much appreciated.