Posts Tagged ‘buy home in Chicago’
How long does a fix and flip take?
A fix and flip usually take two or three months to a year, depending on how much work a property needs. Not only is there the closing of the property which some investors can do quickly; usually faster than a retail buyer or someone who is using a real estate agent. There is also the…Read More
What profit do fix and flippers typically make?
This question has a lot of different factors. For instance, every investor has different values that they are trying to reach in terms of the return of investment. When a fix and flipper is doing many projects per year, they may be able to accept lower profit returns because they are hitting their mark so…Read More
What discount to market value do investors buy at?
The discount to market value that investors are looking for is dependent on an investor to investor basis. Some institutional investors may only need a small discount to market values because they are buying it in a big volume. It’s not just what the property is worth with the discount to it. Investors will also…Read More
What is Market Value?
Today Steven Wear discusses the topic “market value”. Market value is a familiar term in real estate but there is more than it meets the eye. Market value is the worth of the property on the market, seems easy to understand right? But the question is, “what is your market?”. Remember, a property is only…Read More
What is clear title?
Understanding what is a clear title When a buyer is going to purchase a property from a seller, both parties should legally be able to do that. So a title company can look into the chain of titles to look at everyone who has ever bought and sold the property to make sure all is…Read More
What is a contractor lien?
Understanding contractor lien This is placed by a contractor who did work on a home and is not paid. It states this seller is unable to sell the property until my debts are paid. What is a contractor lien?Read More
Do encumbrances need to be cleared before closing?
Do encumbrances need to be cleared before closing? That’s a good question. And the answer is yes. It can happen before or at closing. Basically, the property cannot be transferred to a new owner until the encumbrance is removed or satisfied. Do encumbrances need to be cleared before closing?Read More
What are encumbrances?
What are encumbrances? An encumbrance is something that is placed on the title of the property which says the property cannot be sold until it is removed. It can be a mortgage for example or a mechanics lien or property taxes. At Effortless Home Buyers, we deal with this all the time. What are encumbrances?Read More
What is a tax lien?
What is a tax lien? A lien is a creditor placing judgement on a property. A mortgage is an example of a lien. When you don’t pay taxes, a tax lien is placed on the property. Now the option is to sell it and use the proceeds to pay off the lien. At Effortless Home…Read More
What is pre foreclosure?
Understanding pre-foreclosure Foreclosure is a one-time event where a property is sold at an auction to the highest bidder to pay the bank back for the loan that is on it. Every point from the mortgage payment is missed until the auction, that is known as pre-foreclosure. This can happen due to many reasons. The…Read More