Real Estate

how to get started in commercial realty in Ontario?

admin — Sat, 19 May 2012 04:25:46 +0000

i am about to write the final exam and then i will be looking for a sales job, but do most brokerages offer training? OREA courses don’t do much for you at all in terms of the reality of commercial realty representation, so i’m going to be needing a lot of hands-on training. thanks.

I imagine it works similar to the way it works in the US. In the US the individual brokerage would provide on the job training or some sort of mentor-ship, but commercial brokers are a great deal more picky about rookies coming into the business so if you don’t have any sales experience it will be tougher to find a good broker. Often there is continuing education apart what is necessary for licensing that is valued. Where I am from one such program is with CCIM (see link) which can add to your credibility to your commercial real estate peers, and clientele.

What percentage take is average for realestate agents?

admin — Thu, 17 May 2012 04:30:26 +0000

Selling my house and wondering what a reasonable percentage for them would be.

3% to buyers agent and 3% to sellers agent.

Should I try to refinance?

admin — Fri, 11 May 2012 08:54:10 +0000

In 2005 I bought my home for $90,000. It appraised exactly what it needed to. I then went and pursued a 2nd mortgage in September 2006. It again appraised what I needed to to close on that loan (approx. $101,000). I now have the first mortgage with a balance of approx $82,000 (6%) and the second mortgage a balance of $11,800 (14.5%). I spoke with with a local mortgage broker and got pre-approved for a refinance. I could go 15 year mortgage at 4.25% that would raise my total payment by only $30 a month. Or go 20 year mortgage at 4.75% and lower my payement by about $75 a month. Both of those options have thier pros and cons and are both a lot better than I have now.

So I really have two questions. First, should I even try to do this. It will cost me $325 for the appraisal and I have no idea if it will be high enough or not. I know they do things a lot differently than they did back in 2005-2006 when I got into this mess, so no guarantee that the appraisal will come in. Anywhere to look where I can find a reliable estimate of what my home is worth? Have any of you realestate people seen many of these come in not high enough?

2nd question is, which one of the two mortgage options would be by best bet? I know the 15 is probably the way to go, and I could afford the $30 that it will cost more a month, but an extra $75 a month would always be nice as well. How much cost savings would I be looking at in the long run if I went with the 15 year? We plan on being here for probably at least 7-10 more years.

Look at the current homes in the area that are for sale, that are comparable to your property. If they are for sale for more than the $101K, it’s a pretty good bet you won’t have a problem getting appraised at what you need.

As for the 15 vs 20 year option. I would go with the 20 year option. Because once you are locked in at the 15 year amount you are locked into it. Where as if you choose the 20 year option, you can make additional payments each year (4 payments) and that keeps you on track for a 15 year payoff but you aren’t "locked" into it. If you need an additional $110 per month ($30 you aren’t pay by going to 15y, plus the $75 you can save with the 20y), you have it available to you by not making the additional payments.
- confirm how additional payments will be processed (do they go to principle) before taking this option?

If you are currently on a 30y loan and looking to gain equity in your property, I would definitely go with the refi.

Real Estate AS degree/certificate or license?

admin — Wed, 15 Feb 2012 21:12:16 +0000

I’m 24.. I haven’t done squat with my life.. But I’ve had a epiphany and realised my life is going no where and I better get on top of my life. So after looking around my local community college I think I want to pursue a Certificate of Achievement for Real Estate and then eventually transition to a AS degree. Is it worth it to go into the real estate game? or is it pretty bad since housing market is in a slump?

Here is the over view of the community college program.
http://www.losmedanos.edu/business/recourses.asp
and
http://www.losmedanos.edu/realestate/gainful/

How about something like this?
http://www.realestatelicense.com/
Is that any good or just a scam? If it’s legit what’s the difference between getting just a real estate license and a AS degree/certificate? Is the degree just more knowledgeable/professional compared to just a license?

I took the class thru long and foster then went and took the test and got my license. Having a license allows you to be an agent. I have no idea why you would need a college degree. Id take the class and get a license and if you enjoy it go for the bigger education.

Personally, I didnt like it. Wasnt making money and to expensive to keep at it. So i went inactive when my eeo insurance fees and others fees where due again.

My fiance also got his. Hes been at it for about 2 years (hes part time) and it took him a while, but things are picking up for him and he has some clients.

How is the realestate market doing in chennai?

admin — Sat, 28 Jan 2012 01:33:30 +0000

i have a land in Sriperumbudur at nemili park.It is located near by rajiv gandhi college of eng.We bought it at 2007 at the cost of Rs 100 per sq ft .does the price increase now if so how much is the recent price.

now Rs.350 /sq ft

Can I find a californian realestate agent to sell my arizona home?

admin — Sat, 19 Nov 2011 06:55:28 +0000

I would like to put my home for sale available to the residents of california who are looking to move to arizona. Is it legal to have a realestate agent from california sell my home in arizona?
Great thanks all.

Only if the agent you pick is licensed to sell real estate in both California and Arizona.
Usually a real estate agent is licensed to sell in one state only.
You would do best to list with an Arizona realtor, and ask them to advertise in California too.

How to check if coop connection or realty connection is legitimate or scam?

admin — Wed, 02 Nov 2011 03:34:43 +0000

I am looking for apartment and I find this place from Craigslist. I want to know how long has coop connection has been in business. If they are legal business?

Craigslist is full of scams.
Never give anyone any personal information online.
Never pay any deposits or give anyone account information
Only get an apartment if you can do a full walkthrough first, and ask the person showing you the place show your their ID to make sure it matches your lease paperwork. Do a background check on the property to see who owns it.
I’ve seen many, many scams where people give a deposit online, then get a key, and the key never fits the place

What is the probability that the home will take cooper realty more than 90 days to sell?

admin — Mon, 24 Oct 2011 02:41:38 +0000

Assuming that a contract was just signed to list a home with an initial asking price of less than $150,000, what is the probability that the home will take cooper realty more than 90 days to sell?

100%

Banks, saved by the government, need to finance thousands of RealEstate now?

admin — Mon, 10 Oct 2011 00:27:25 +0000

RealEstate Progress will bring up the economy rapidly, but the banks need to corporate,
especially the ones that took buyout. This should be a part of the deal.

I am not sure what your question is, but your statement is far more perceptive than most I see on Y!A. The bailout itself was heavily tilted by the power, wealth, and political influence of its benefactors solely in favor of those benefactors.

The callous greed of these benefactors is evidenced in their obdurate opposition to any contribution on their part to rebuilding our economy. We helped the wrong people.

We would have acted much more prudently had we bailed out most of the people who have lost their homes to foreclosure. The banks and other speculators holding questionable mortgages would have been paid off and thereby avoided bankruptcy without the hundreds of billions we poured directly into their coffers. Millions of homeowners would still have their homes; these houses would not be flooding the market depressing the value of residential estate.

With millions of people able to keep their homes and their equity, personal spending would not have fallen as precipitously as it did. Portfolios would not have lost their value; as a result, the big banks, insurance companies, etc., would have remained solvent and would have been able to keep all (or most of) their employees. With more people able to spend money, fewer businesses would have lost their customers. With more businesses solvent, fewer people would have lot their jobs.

The bailouts accomplished very little beyond quickly restoring to a few ultra-rich speculators and to monopolistic Corporate America the wealth (and much more) that they had lost in the early part of the recession. Now these corporations sit awash in $2 trillion, which they do not invest, their promises to do so notwithstanding.

We can still salvage our economy. Since the greedy elite will not invest this immense treasure without assurance of immediate profit, we should take much of that idle capital through taxation and spend it on rebuilding and modernizing our infrastructure. Doing so would not be MAKING work; it is doing work that is long overdue. In the process, we could put millions of Americans back to work–and back to spending and restarting our economy.

Why do banks sometimes list foreclosed houses with fly-by-night realty companies?

admin — Wed, 15 Jun 2011 12:02:55 +0000

Most of the foreclosed (bank-owned) homes in Metro Detroit are listed with major chain realty companies (Century 21, Remax, Remerica, etc.). But some are listed with fly-by-night outfits that no one has ever heard of, and people at these offices can be extremely difficult to get a hold of (don’t answer calls, don’t return messages, etc), and have incompetent agents who couldn’t care less.

How can these outfits stay in business if they don’t seem to know the first thing about running one?

I have the same complaint! I will not even bother offering, there is no way that agent will close on the deal.

I am guessing the bank does not want to sell at this point in time and listing this way makes it appear like they are and they need that appearance for their insurance claim.