Section 9, Unit 1: Preparing to Work With Illinois Sellers

distressed

A __________ property is property that's in foreclosure, is a short sale, or has been repossessed by the bank and is now a real estate-owned (REO) property.

Encompasses repair or remodeling costs

A rehabilitation loan is a loan that ______.

Farming, Owner, Referrals, Cold calling, Expired listings

Different ways to find listings "FORCE"

-Price Levels -Sales Volume -Inventory Rates -Days on Market

Each market indicator gives you a slightly different perspective so you can create a more robust analysis. What types of market information should you be prepared to explain to clients how the market is affecting your suggested listing price?

The list price should be lower than the price at which similar properties were listed in the last couple of months.

If Alison's review of inventory rates and days on market in the River Valley subdivision (where the Masons live) shows that the market has slowed in that area, how will that affect the list price she suggests for the Mason's property?

short sale

In which distressed property type does the seller owe more than market value?

The percentage of clients who turn into closed transactions

The average commission you earn from each transaction is $6,000, and 20% of your leads turn into clients. Using the funnel, what else do you need to know to calculate how many leads you will need if you want to earn $50,000 in a year?

Property profile, deed, accessor;'s map

What 3 items are included in the Title Company Trio?

-The name(s) of the rightful owner(s) -Current liens on the property, especially recent financing -Market activity and indicators in the area.

What 3 things should you research Before the Listing Appointment

Property dimensions Access routes, streets, and landmarks

What is included in the Assessor's Map?

Turnover, affinity, diversity

When using the farming approach to find listings, what factors are important when identifying an area?

Amenities at time of listing

Which of the following information can be found in a subject property's former listing on the MLS?

buyers market

this is when inventory is high

sellers market

this is when inventory is low