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All Forum Posts by: Account Closed

Account Closed has started 31 posts and replied 356 times.

Post: Flipping: How to cut closing costs - Illinois

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165

$800- sounds insane for recording fees, doubt the counties were that high, a padded bill? 

Post: Flipping: How to cut closing costs - Illinois

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165

Elbert, far and away the lowest title fees I found were with Entitle Direct, order online cuts out middlemen. 

Post: Chicagoland Newbie - Looking to Start Investing

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165

Generally speaking South side n Subs took the biggest recession hit and some never came close to full recovery. Northside and Northshore were not hit as hard and recovered faster. Condos everywhere were hit harder and are still recovering in the burbs, particularly South burbs, and West burbs.

Post: Granite Fabricator Expectations?

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165

Thanks Kenny and Max,  both responses about what I was thinking. Hopefully I will have learned a lesson, and do better next time.

Post: Granite Fabricator Expectations?

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165

Should a fabricator be telling you when they are planning to add seems? Just had black granite installed yesterday, one of the runs was about 6 feet long. The fabricator put 2 small peaces together for the run creating a seem. I had no expectation of this, its a first floor ranch style layout, easy in and out. I suspect this was done to save money by better utilizing smaller pieces. I paid $48- per SQ, a very competitive price from what Ive been told. Maybe I should be happy?

Post: IL Cook County improper Exemption

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165
Originally posted by @Peter S.:

@Account Closed, I don't think you have to worry about back taxes or penalties, that's the sellers problem.  If you are not going to be an owner occupied investor then you will just miss out on the home exemption.  Now if there is a senior freeze, then you might see a bump in your taxes.  

Peter, property taxes go up roughly 20% without exemption. 

Additionally there are huge potential fines for taking improper exemption, even if its the county's fault.

Post: IL Cook County improper Exemption

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165

Peter my concern is as a purchaser in a county where taxes are paid in arrears, I would be the one paying the 2018 tax bill improperly assesed after closing not the seller. If  county becomes aware unit was non owner occupied all of 2018, they may decide to go after someone. And the current property owner might be a better target, than the prior property owner. 

Post: IL Cook County improper Exemption

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165

Seller has a tenant in property 3 or 4 years. Tax bill in public records indicates seller is improperly taking owner occupied homested exemption. 

What potential liabilities if any does a potential buyer have for county potential demand for taxes and penalties? 

Post: More greedy seller, investors or owner occupied?

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165
Originally posted by @Dustin Beam:
Originally posted by @Account Closed:
Originally posted by @Dustin Beam:
Originally posted by @Account Closed:
Originally posted by @Dustin Beam:

We all love dirt cheap properties... Unless we're the ones selling haha. 

 So true. Real estate agents also seem to over price their own property listings.

 Maybe, maybe not. But my point is not that they are some evil seller trying to screw you. They are most likely just trying to get the best market value they can. It's up to you to decide if it works for you or not. 

Conversely, I don't make my rentals nice and cheap, I rent them for what the market decides they are worth. 

 My use of the word greedy, was directed towards how reasonable they might be on price, rather than a ethical value judgement. 

 Fair enough, but I think "reasonable" is relative. If they truly are too high, it won't sell. If it does sell, then you can't blame them. Some sellers aren't very motivated, some are. 

So back to the original question does anyone see investor sellers as a more reasonable group?

Post: More greedy seller, investors or owner occupied?

Account ClosedPosted
  • Downers Grove, IL
  • Posts 366
  • Votes 165
Originally posted by @Dustin Beam:
Originally posted by @Account Closed:
Originally posted by @Dustin Beam:

We all love dirt cheap properties... Unless we're the ones selling haha. 

 So true. Real estate agents also seem to over price their own property listings.

 Maybe, maybe not. But my point is not that they are some evil seller trying to screw you. They are most likely just trying to get the best market value they can. It's up to you to decide if it works for you or not. 

Conversely, I don't make my rentals nice and cheap, I rent them for what the market decides they are worth. 

 My use of the word greedy, was directed towards how reasonable they might be on price, rather than a ethical value judgement.