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| Lawrence & Broadway |
Flying the Chicago Cubs 2016 World Series 'W' in the Uptown neighborhood of Chicago.
Geno Petro | CHICAGO REALTOR®
@genopetro
Showing posts with label chicago real estate. Show all posts
Showing posts with label chicago real estate. Show all posts
Monday, November 07, 2016
Chicago Uptown 'W'
Flying the Chicago Cubs 2016 World Series 'W' in the Uptown neighborhood of Chicago.
Geno Petro | CHICAGO REALTOR®
@genopetro
Tuesday, March 08, 2016
Chicago Real Estate Rubble
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| Western/Belmont/Clybourn, Chicago March 2016 |
Pictured Above: The intersection of Western/Belmont/Clybourn Avenues near the Roscoe Village neighborhood of Chicago. What once was the Belmont 'Flyover' is now concrete and rebar rubble. Completion ETA: Not Soon Enough.
Geno Petro | CHICAGO REALTOR®
@genopetro
@genopetro
Click here for my free Chicago MLS search engine
#chicagorealestate
#chicagorealestate
Wednesday, July 22, 2015
What A 'Cash' Real Estate Deal Really Is (...and isn't)
Let me
begin by saying what a 'cash' real estate deal is not. With rare exception, it is not a shopping bag stuffed with twenties and
C-notes plopped down in the middle of a title company closing table next to the
HUD statements, complimentary pens, and customary jar of breath mints (although
I did once find myself staring, in awe, at a gym bag full of stacked and banded
currency in the lap of a potential foreclosure buyer--but I'll save that for
another post on another day).
Also, a 'cash' deal is not always a wired money transfer to the title company on closing day, nor is it necessarily a certified bank check brought by the purchaser for the full purchase amount. Of course, both of these examples are fairly common occurrences when the buyer has already sold and closed on a previous property; or, a corporate relocation company is involved in the deal via an agreed buy-out scenario; or, the purchaser is just plain rich.
The type of 'cash' deal I'm referring to is something more commonly used as a Real Estate 101 negotiation tactic, particularly in a multiple offer situation. Simply put, it is a waiver (and absence) of any 'mortgage contingency' attached to the initial contract. Such a waiver usually does not prohibit a buyer from getting some form of financing--the deal just can't be dependent on it. In other words, the buyer is declaring his/her liquidity for the offered amount, or is absolutely certain in their ability to obtain a real estate loan outside the legal wording of the deal (usually backed by a large bank account, portfolio of paid-off properties, etc). A verified Proof of Funds letter should be required in any case.
Also, a 'cash' deal is not always a wired money transfer to the title company on closing day, nor is it necessarily a certified bank check brought by the purchaser for the full purchase amount. Of course, both of these examples are fairly common occurrences when the buyer has already sold and closed on a previous property; or, a corporate relocation company is involved in the deal via an agreed buy-out scenario; or, the purchaser is just plain rich.
The type of 'cash' deal I'm referring to is something more commonly used as a Real Estate 101 negotiation tactic, particularly in a multiple offer situation. Simply put, it is a waiver (and absence) of any 'mortgage contingency' attached to the initial contract. Such a waiver usually does not prohibit a buyer from getting some form of financing--the deal just can't be dependent on it. In other words, the buyer is declaring his/her liquidity for the offered amount, or is absolutely certain in their ability to obtain a real estate loan outside the legal wording of the deal (usually backed by a large bank account, portfolio of paid-off properties, etc). A verified Proof of Funds letter should be required in any case.
And while such 'cash' deal offers (mortgage contingencies
waived) may appear to be stronger than offers merely accompanied by a glowing
'pre-approval’ letter on watermarked
stationery, the seller should not be too quick to jump. I've found, over the
years, that most offers with a 30% - 50% down payment (and the balance
financed) close escrow with equal or better success than any of the scenarios
mentioned above. Deals that begin as 'cash' sometimes morph into 'financed'
after initial acceptance, depending on the savvy of the real estate attorneys
involved--and usually after the property has already been flagged as 'Pending'
in the MLS and tied-up in Attorney/Inspection Review for a week, or two, or
three, or.... At this point, many sellers just decide to move forward and work
with the deal they already have in hand rather than killing it (not as easy as
it sounds), and re-listing.
Bottom line: at the very the end of the real estate day--if the
deal successfully closes escrow, the seller walks with 'cash' anyway; be it
from a closed loan, certified bank check, money wired from standing assets, a
shopping bag of bundled swag, or otherwise. And that, dear readers, you can
take to the bank.
Geno Petro | CHICAGO REALTOR®
@genopetro
Tuesday, July 21, 2015
Chicago Side Streets
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| Albany Park, Chicago |
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| Edgewater Beach, Chicago |
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| Buena Park, Chicago |
Took a spin through a couple Chicago Neighborhoods over the weekend and came across all kinds of ways to relax and enjoy the nice weather. (+ Free Chicago MLS Search Engine)
Geno Petro | CHICAGO REALTOR®
@genopetro
Saturday, July 11, 2015
Uptown Chicago Coffee Spot
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| Heritage Outpost |
Monday, July 06, 2015
Dog Friendly Chicago Rentals -- July 2015
Click Here >> for the latest New, Price Changed & Re-Activated Chicago Dog Friendly Rentals
Apartments | Houses | Condos | High Rise | Mid Rise | Townhomes | Walk-ups | Lofts | Short Term | Long Term | Newly Listed | Price Changed | Re-Activated | Back on Market
@genopetro
Monday, May 25, 2015
Clark Street, Chicago
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| N Clark Street, Chicago |
Foot traffic is a little light today near Clark & Webster in the Lincoln Park neighborhood of Chicago.
Geno Petro | CHICAGO REALTOR®
@genopetro
Wednesday, February 25, 2015
Chicago Real Estate.House on Facebook
Tuesday, December 09, 2014
Calling All Uptown Chicago Hipsters (ok... Indies, too)
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| The Riviera Theatre In Uptown Chicago |
The Riviera Theatre in Chicago's Uptown Neighborhood is perhaps the most iconic concert venue on the city's North Side. Here are a few local (and historic) facts:
*Location: 4746 N. Racine Avenue
*CTA 'L' Stop: Red Line -- Lawrence Avenue (or get off at Wilson and run like hell for two blocks)
*CTA 'L' Stop: Red Line -- Lawrence Avenue (or get off at Wilson and run like hell for two blocks)
*Built: 1917 as a neighborhood movie house
*Seating Capacity: 2500
*Seating Capacity: 2500
*Architectural Design: French Renaissance Revival by Rapp and Rapp
*1917 Ticket Price: $0.10 for 'Cleopatra'
*2014 Ticket Price: $60.25 for 'Wilco'
*1917 Ticket Price: $0.10 for 'Cleopatra'
*2014 Ticket Price: $60.25 for 'Wilco'
*Hip Factor: 8 on a 1-10 Scale (gotta knock off points for no AC in the summer)
Additional notes: as I mentioned above, it can get a little stuffy in there (especially in August) so you may want to tuck a flask of H2O into your summer flannel--but there is a bar in the back if you're so inclined, i.e. age 21+ and not in a 12 Step Recovery program. Also, word is: 'Security' can get a little rough at times so behave yourself. Remember, it's Uptown and they're not above yanking you to the sidewalk by your lumberjack beard.
Additional notes: as I mentioned above, it can get a little stuffy in there (especially in August) so you may want to tuck a flask of H2O into your summer flannel--but there is a bar in the back if you're so inclined, i.e. age 21+ and not in a 12 Step Recovery program. Also, word is: 'Security' can get a little rough at times so behave yourself. Remember, it's Uptown and they're not above yanking you to the sidewalk by your lumberjack beard.
Friday, January 13, 2012
Wednesday, November 23, 2011
Ghetto Yacht
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| I can understand why someone might want to get drunk and fall off of this neighborhood eyesore. What I cant understand is who (worth fighting over) would be on the thing in the first place. I suppose that one man's yacht is just another man's crime scene. Ah splendor in da grass... |
Geno Petro
follow me on http://twitter.com/genopetro
Monday, November 14, 2011
Wednesday, October 12, 2011
Tuesday, April 26, 2011
Monday, April 11, 2011
Sign of da Chicago Times
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| Charlie Sheen has apparently left the building. |
Geno Petro
follow me on http://twitter.com/genopetro
Saturday, November 20, 2010
A Little Sweat Equity, Please...
Anyway, a new color for a new Chicago Real Estate year. Just keeping the Forest Glen house fresh and showable in case we get the urge to shuffle off to Buffalo Grove for good. *COL!
Not sure painting does much for home equity these days but there is only so much dancing one guy can do. And ....it, no duh, makes the missus happy. Speaking of showing houses and dancing etc, check out my latest post (along with all my BHB archived contributions) on Bloodhound Blog:
'Wheeere's Johnny?'
*(Crying Out Loud!)
(Oh, and if your phone has some smarts, then you can follow me on it as well.)
Geno Petro
follow me on http://twitter.com/genopetro
sneak photo by Mona Petro
Saturday, November 06, 2010
Memoirs of a Big, Fat Liar
Lightning In A Bottle
Actually, a bunch of big fat liars. I'll include myself in the group for this exercise (as an embedded observer, of course) although I can state here comfortably--eyeball to eyeball, without flinching and safely nested behind the double locked doors of my home office library--that my truthfulness in business dealings consistently falls within the soupy gray boundries of acceptable sales chatter. In other words, I try not to exaggerate or overblow my Real Estate accomplishments when things fall nicely into my lap nor do I whine and moan (or shriek like a little girl...anymore) at the first sign of a market correction or the foreshadow of a lenghty Listing stint.
The truth is, the Listing Agent who has the signed Exclusive Agreement when the actual Buyer walks through the door is the hero. Period. Don't let them (us) tell you otherwise. We all know this. I once lost a deal (and one of my best friends) early on in my career two days after such an Agreement expired. I had a lot of activity on the property--many showings, loads of interest--but on day 90, my just-married buddy decided that the unsold property was hurting our friendship and yanked the house from me. He fired me over the phone from Vegas--on his honeymoon. (I'd love to report here how that marriage ended up but that would be gloating now, wouldn't it?)
The new Agent was literally taking down my sign and putting his own up when the eventual Buyer came tooling along with his wife. They wrote a deal without representation (a 'double bubble' for the Agent) and Closed in 30 days. That my friends is what we Realtors call, 'lightning in a bottle.' And I've been the recipient of such happenstance, as well. I've just learned not to gloat over it when it occurs nor do I stand outside in the the middle of a thunderstorm (or worse yet, a drought), arms raised to the heavens with coke bottles in each hand, waiting for it to strike again. I have other stupid things I do...
Promising The Moon
...And this is one of them. Not so much anymore but still...I want to be liked. Deep down, I don't want to be the person to break the bad news...
"You see, Mr and Mrs Climbladder, your house is very beautiful. It's just 1.2 million dollar beautiful... not 1.7 million dollar beautiful. If it were 1.7 million dollar beautiful it would most likely be surrounded by several other 1.7 million dollar beautiful homes in a 1.7 million dollar neighborhood."Actually, a bunch of big fat liars. I'll include myself in the group for this exercise (as an embedded observer, of course) although I can state here comfortably--eyeball to eyeball, without flinching and safely nested behind the double locked doors of my home office library--that my truthfulness in business dealings consistently falls within the soupy gray boundries of acceptable sales chatter. In other words, I try not to exaggerate or overblow my Real Estate accomplishments when things fall nicely into my lap nor do I whine and moan (or shriek like a little girl...anymore) at the first sign of a market correction or the foreshadow of a lenghty Listing stint.
The truth is, the Listing Agent who has the signed Exclusive Agreement when the actual Buyer walks through the door is the hero. Period. Don't let them (us) tell you otherwise. We all know this. I once lost a deal (and one of my best friends) early on in my career two days after such an Agreement expired. I had a lot of activity on the property--many showings, loads of interest--but on day 90, my just-married buddy decided that the unsold property was hurting our friendship and yanked the house from me. He fired me over the phone from Vegas--on his honeymoon. (I'd love to report here how that marriage ended up but that would be gloating now, wouldn't it?)
The new Agent was literally taking down my sign and putting his own up when the eventual Buyer came tooling along with his wife. They wrote a deal without representation (a 'double bubble' for the Agent) and Closed in 30 days. That my friends is what we Realtors call, 'lightning in a bottle.' And I've been the recipient of such happenstance, as well. I've just learned not to gloat over it when it occurs nor do I stand outside in the the middle of a thunderstorm (or worse yet, a drought), arms raised to the heavens with coke bottles in each hand, waiting for it to strike again. I have other stupid things I do...
Promising The Moon
...And this is one of them. Not so much anymore but still...I want to be liked. Deep down, I don't want to be the person to break the bad news...
blah blah blah.
"Yes, I know it was featured in the local newspaper but no one is reading that particular issue anymore...except of course, you."
blah blah blabbity blah!
"And yes, I see you spent a couple hundred thou on the bathrooms and kitchen and I'm sure you have enjoyed them but Buyers expect such finishes at this price point. Like I said, it's beautiful...it's just not 1.7 million dollar beautiful."
blah?
"Yes, Mr and Mrs Climbladder...I'm afraid so....blah."
The point is I try not to promise the moon unless I promise a Price Reduction to go along with it. I'm very nice about it, though.
The Sunday Papers
I once heard renowned newscaster, Sam Donaldson, state in an interview, "I don't go to the casinos because winning a hundred dollars means nothing to me but losing a hundred dollars really pisses me off." I concur. I also feel the same about newspaper advertising. IMO, it only brands the company name...it doesn't sell houses. Not here in Chicago, anyway. To spend money foolishly on a longshot bet is one thing, but to advocate such a strategy as a Marketing Plan is cretinous. (You can look it up if you like but it basically means stupid.)
Marketing in this day and age goes well beyond ink on paper advertising. If it is disposable then it will be disposed of. Print advertising is untrackable, expensive, and passive. I'd rather pay-per-click any (every) day of the week though the cost of doing business is equivalent. At least I know my hard earned money isn't wrapped around a dead fish in the garbage.
I am confident that Internet Channels, Digital Open Houses, and other technologies along these lines are the way of the future in Real Estate. And even as I restructure my own business model for the next five years I'll still make it a point to tip the paperboy every month when he knocks on our front door. (Besides being an enterprising young kid in the image of you know who, he's the best hacker I know.)
Ladybug In A Juice glass
I won't promise 'lightning in a bottle' to a potential client but I will pledge to use my resources (spend my own money) in the most efficient manner I see fit. Let's face it, the Listing Agent is in the hole the minute he walks out the door with the Exclusive and only collects when the property actually sells--correction: ...when the property actually sells under his watch. Phone calls from Vegas are never good under any circumstance, I've found.
I'll try not to promise the Moon no matter how much I allow myself to be manipulated by the situation (potential paycheck). And that is why we do it, you know. We Realtors are, ironically, the easiest people to manipuate because we count the money before it's printed. We may say we don't but most of us secretly do. After all, we have BMWs and college to pay for. (It also stokes our Ego when we nail a Sold placard across the For Sale sign. I usually wait until rush hour so everyone stalled in traffic can watch me perform the ritual. It usually takes a good half hour depending on whether or not I have to find and unbury St. Joseph.)
I may be big, and I may or may not be fat (depending on the season or what I'm wearing), but a Big, Fat, Liar I am not. Not all three. I won't promise 'lightning in a bottle' but I will do my best to catch a ladybug in a juiceglass. Oh yeah....and work for free until I get the place sold, just like every other self-respecting Realtor.
Geno Petro
follow me on http://twitter.com/genopetro
Wednesday, October 27, 2010
OMG...
let that big ass tree fall on my BMW.
Amen.
Yours truly,
Geno Petro
follow me on http://twitter.com/genopetro
(iPhone photo by Geno Petro)
Monday, October 25, 2010
Andersonville Sidewalk Stroll
A crisp Autumn day in Chicago's famous Swedish neighborhood, Andersonville; and a stroll down Clark Street. If you find yourself searching for Real Estate in this beautiful Edgewater area, be sure to stop by here and here. Private showings are arranged with 24 hour notice.
And as always, click HERE for free registration and 24 hour access to the Chicago MLS. Search Chicagoland like a Realtor.
(Oh, and if your phone has some smarts, then you can follow me on it as well.)
Geno Petro
follow me on http://twitter.com/genopetro
(iPhone photo by Geno Petro)
Wednesday, October 13, 2010
Fallingwater Road Trip
While rolling with the wifey through the autumnal hollows of southwestern Pennsylvania this week I decided to steer the Bimmer in the direction of Mill Run, one of several Frank Lloyd Wright sanctuaries due north of the Mason-Dixon line. Home to Fallingwater (and just a few miles, as the crow flies, from Kentucky Knob), this picturesque nook of cantilevered countryside is visual poetry; flagstone, rich woods, angular beats and eye strokes. Legend goes that Wright mentally tarried for months (the house had been commissioned a year earlier by an increasingly impatient E. J. Kaufmann) over the masterpiece before actually sitting down and drawing the entire elevation, from memory, in a single afternoon. Whether fact, fiction, or folly, the structure remains a horizontal essay in 20th Century architecture. And besides all that, I like it a lot.
And as always, click HERE for free registration and 24 hour access to the Chicago MLS. Search Chicagoland like a Realtor.
(Oh, and if your phone has some smarts, then you can follow me on it as well.)
Geno Petro
follow me on http://twitter.com/genopetro
(iPhone photos by Geno Petro)
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| Fallingwater side view |
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| Fallingwater terrace |
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| Fallingwater back view |
While rolling with the wifey through the autumnal hollows of southwestern Pennsylvania this week I decided to steer the Bimmer in the direction of Mill Run, one of several Frank Lloyd Wright sanctuaries due north of the Mason-Dixon line. Home to Fallingwater (and just a few miles, as the crow flies, from Kentucky Knob), this picturesque nook of cantilevered countryside is visual poetry; flagstone, rich woods, angular beats and eye strokes. Legend goes that Wright mentally tarried for months (the house had been commissioned a year earlier by an increasingly impatient E. J. Kaufmann) over the masterpiece before actually sitting down and drawing the entire elevation, from memory, in a single afternoon. Whether fact, fiction, or folly, the structure remains a horizontal essay in 20th Century architecture. And besides all that, I like it a lot.
And as always, click HERE for free registration and 24 hour access to the Chicago MLS. Search Chicagoland like a Realtor.
(Oh, and if your phone has some smarts, then you can follow me on it as well.)
Geno Petro
follow me on http://twitter.com/genopetro
(iPhone photos by Geno Petro)
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