Illinois Real Estate 40 Contract: Fill & Download for Free

I first began to work in new construction in 1978, in the drywall trade, drywalling houses in the Phoenix Arizona area. So, now it’s 2020, and that was 42 years ago. 1. Homes were a lot smaller. Mostly luxury hones were much over 1,200 square feet or so. 2. Bathrooms were smaller. Master baths were usually 3/4 baths with just a shower, and were also only 5 feet by 7 or 8 feet. 3. 8 foot ceilings were common. Vaulted ceilings began to start in high use around 1980. 4. Single glazed aluminum windows were common in new homes ! 5. Water piping was copper, and we were using solder with lead in it. 6. Package air conditioners on the roof, were quite commonly installed. 7. Carports or 2 car garages were very common. 8. FHA mortgages were fully assumable without qualifying for the next buyer. 9. Real estate contracts were 1 page, and copies. 10. Most kitchen countertops were good old formica. 11. Kitchens were also smaller. Galley style kitchens with only 3 feet between counters were not uncommon. I never designed kitchens that way, even in any of the 50 homes I designed and built. 12. House lots were bigger, usually at least 60 feet by 100 feet. 13. Shingle roofs were common. 14. Americans were a lot skinnier, so rooms and baths did not have to be as large. Small bedrooms as little as 8 feet by 9 feet were ok. 15. In 1978, we actually worked on some homes which were only 2 bedrooms. This is unheard of in 2020. 16. In 1978, Adjusted for inflation, housing prices were less than half what they are in 2020. Maybe even 1/4 of 2020 prices when we add in the loss of wage increases relative to the cost of living. ……….These are the main things I have observed in my 41 years in new construction. In the 1960’s, my father and I remodeled 3 apartment buildings in Chicago, Illinois, while I was a teenager. I looked up these buildings on google. They have all been remodeled again since we did it. Future owners changed our smaller apartments and replaced them with much larger more luxurious and very expensive apartments in these buildings. One more thought. Tiny houses on wheels were unheard of 40 years ago, and even 20 years ago.

sell your house fastAnyone who knows me knows that I am obsessed with technology. As an engineer, I pour over bits and bytes, bending and prodding them to my will. I spend countless hours crafting intelligent code. Then countless more debugging and optimizing it. And for the past two years, I've been trying to solve this problem. It's a big problem. The question is, how can you create a platform and a marketplace to sell your home in lightning speed and still get top dollar? And how do you do all of that without actually using a real estate agent to navigate the entire process?That was the genesis of Kribbz, the real estate company I've been building for the past couple of years. It's a platform that uses blockchain, the safest and most secure way to store data -- transactions are immutable and indisputable. In the near future, my hope is that it will remove all necessity for forking over a 6% real estate commission just to sell your home.But today, right here and right now, there are other ways to sell your home quickly. No, it's not instantaneous like the platform we're building. It's a bit slower than that. Yet, if you play your proverbial cards right, there are methods and techniques you can use to get the most bang for the so-called buck. Again, it all depends on your definition of fast. Can you sell your home as fast as you can order an Uber? Not yet at least. But you can sell it moderately quickly. Here's how.Understanding the mechanics of home sellingThere are some factors when it comes to selling your home that simply cannot be changed. These impact the speed of the sale. They're things like location. You hear it all the time. Location, location, location. If your home is in a highly desirable neighborhood or located directly on the water, you're probably in luck. It will most likely sell fast. Also, market forces. Is it a seller's market? Or is it a buyer's market? You can't really change that aside from waiting it out. But you never know how long each will last.Related: 6 Amazing Tips on Turning Real Estate Into a Real FortuneSo how long does it typically take to sell a property? According to Zillow Research, the national average number of days a home spends on the market is 68 days. Of course, that depends on location and whether it's a seller's or buyer's market. But it also depends on the price. If you're looking for top dollar, expect to wait. And, if your home is in poor condition, don't expect top dollar. For example, Zillow says that homes in Palo Alto, CA spent an average of 36 days on the market. In Peoria, Illinois? 136 days.1. Sell your house to a wholesalerWhat most people don't understand is that nearly 40% of all real estate transactions that happen in this country happen using all cash. That means there are no banks involved. It also means that most of the traditional hurdles of underwriting are gone. But wholesalers do something a bit more unique. They help middle man your house. Not for top-dollar. But you'll get a fair amount. That's for certain. They've lined up cash buyers on their end who tell them what inventory they're interested in.All the wholesaler does is put your house under contract and flip it to a cash buyer. Often, this involves little to no money out of their pocket. So why would you flip it to a wholesaler? Well, it's fast. Certainly faster than attempting to list it with a traditional agent. Now, how do you find a wholesaler? That's a bit more complicated. They often find you. In their search for distressed sellers, they look for signs that properties are ready to sell at a deep discount.So what do you do if you don't want to wait for them to find you? Use one of the national companies like WeBuyUglyHouses or any of the others out there. But keep in mind that you're going to likely sell that asset at 60 to 70 cents on the dollar. Other ways are to source wholesalers on your own is to search on Google for something like "sell house for cash" followed by your state or your city name. You could also use Facebook Groups or LinkedIn to source cash buyers by searching for "cash buyers real estate" or other similar terms.2. Find the top real estate agent in your areaOkay. There's a real difference I need to highlight here amongst real estate agents. While I have nothing against them personally, here's the truth. Most agents are well-intentioned. They certainly have every intention of selling your home for top dollar. And they want to sell it fast. But is that usually case? Not often. Most lament that realtors don't quite do their job. The whole list-it-and-forget-it complaint seems to take center stage. And rightfully so. You're giving up 6% of your home price at the end of the day.In the US, there are 2 million active real estate agents. Roughly 1.35 million of those are licensed agents. That's according to the National Association of Realtors. But a very small portion of those licensed agents actually make money. And the longer they're agents, the more likely they become top producers. You develop relationships over the years and over time your business balloons. And those are the agents you want to go after if you want to sell quickly.Related: 6 Advantages of Real Estate Investing for Savvy EntrepreneursSo how do you find a top real estate agent in your area? Simple. Just do a search online. Something like "best real estate agent in los angeles" or whatever area you're in. Look for realtors with hundreds of positive reviews. Find the top producers and see if they'll list your home for you. Does that mean you'll sell it overnight? Certainly not. But going with a top producer who's already developed relationships is the best chance you have for moving that property faster than the average in your area.3. Dramatically reduce your priceLook, you can't change the location of your home. You just can't. But you can change the price. And depending on the temperature of the market, dramatically altering your price can seriously speed up the process. I'm not talking about a small price shift here. I'm talking about a major change in the asking price. If you're listed at $400,000, dropping it to $350,000 is a dramatic change in price. Dropping it by $5,000 won't do much for you here.What most people like to do is to remove the home from the MLS and relist it again. That's well and good, but there is a history created on your property. Anyone can see the number of days it spent on the market. They'll also know whether you're a serious seller or not. Rather than removing it from the market and relisting it, just drop the price. Again, price is a huge motivating factor. Keep in mind that people love to things at a dramatic discount.Also, understand that your property has to be a great deal compared to other properties in the neighborhood. If you've dramatically dropped your price and you're still pricey compared to the other homes, it won't make a difference. People want a good deal. They would much rather buy the least expensive home in a neighborhood than the most expensive one. All the upgrades might matter to some people. But if you want to sell fast, it's mostly about the price.4. Consider a short sale of your homeMost of the time, when people want to sell fast, it's because they're underwater. We call these properties distressed. Why? Because, oftentimes, the debt owed on the property is more than the value of the home. That means that equity is non-existent. Plus, when you're going through a divorce, the death of a spouse, or bankruptcy and other financial problems, it compounds the situation. And when you no longer have an income to pay the mortgage, that's when you risk losing your home entirely.Related: How to Make Money Flipping HousesIt's not a good situation. And if the bank has threatened you with foreclosure, there are things you can do. The most prominent? Ask the bank to do a short sale. What's a short sale? First, it relies on the debt being more than the value of the home. But it also counts on all the lien holders agreeing to the sale. So, if you have 3 mortgages, they all have to agree on a short sale. If you have one, clearly your chances are better to short sale your home.How do you do it? You have to contact the primary note holder. That's the largest mortgage holder on your home. If you only have one mortgage, great. Contact that bank. Tell them about your situation. Then, find out who you need to speak to in order to get out from underwater. Yes, it's embarrassing and humiliating. But it's certainly better than a foreclosure. It's better than being evicted from your own home.5. Transfer your mortgage to someone elseOkay, the last way to sell your home quickly might be to transfer your mortgage to someone else. But it also means that your mortgage must be assumable by someone else. You'll need to read your mortgage docs to figure this out. But if it is assumable, then you're in luck. This could even mean that you could stay in your home and rent it. Is this a common scenario? No. Yet it is possible. You just need to do a bit of leg work to make it happen.Keep in mind that whoever the new "borrower" is, they need to qualify for that mortgage. And that might take some hoops to jump through. And if you're truly buried under debt and can't make your payments, it might not be the fastest way to get out of your home. But it is an option. How long does it take? Again, it all depends. Contact your bank and see if this is even a thing. If it is, you'll also need to find the person who's willing to assume the mortgage in the first place.

Very few make enough so tribal members make a lot of money. There are 574 federally recognized tribes in 2020. Only about 326 have reservations. Some have casinos. Some are successful. Many don’t make much. Others made bad deals with management and casino and resort building companies and make little. Some attempted casinos are just not near major population centers and fail. Some tribes use the profits that tribal businesses make to run tribal government services, scholarships or infrastructure. Some distribute some of the profits to tribal members. It often works the same as if you owned shares in a business. You get dividends from the tribal business. Just like owning stock in GM. How much each shareholder gets depends of how many shareholders there are and how much profit is made.So, a tribe like the Navajo with over 300,000 members would need to make a lot more if it wanted to distribute money to tribal members. It does not. They use the money to try and run their government and have services and infrastructure for them tribe.The stories you hear about tribal members getting a lot of money are mostly from very, very, small tribes who have successful casinos that are near large population centers. The vast majority of the tribal reservations are west of the Mississippi and are in very rural areas. Most tribes with casinos do not have enough profit to give large yearly or monthly tribal businesses profit sharing checks to members. Most tribes are very poor. 90,000 tribal families are homeless. 40% of on‐reservation housing is considered inadequate. Unemployment is very high on reservations, often over 35%. The average household income on reservations was 68% below the U.S. average of $53,657 in 2015. Twenty percent of the households made less than $5,000 annually.Of the 574 tribes about only 220 of them have casinos. Of those, only 73 give per capita payouts from casino money. Research shows that casinos need to be within 50 miles of a metro area to be highly profitable. The rural casinos do not have enough traffic to generate large profits, they do create a few tribal jobs.The tribe you are referring to is not typical. They are the The Pechanga Band of Luiseño Mission Indians. They have only 1,300 members. They call themselves Payómkawichum. About 460 live on the reservation. The larger ethnic groups they were a part of was probably 10,000 people in the 1770s. If it were not for the genocidal actions of first the Spanish and then the early state of California there would be many many more today.Their reservation is only 6,000 acres. Thank goodness that they have the option of having casinos. If they had the land base that belonged to them they would have much of northern San Diego county, and Riverside and Orange Counties. They would be fabulously wealthy if they owned that land today. Anyone who has wealth from owning a home or property or resources in that area today only has that wealth because the Native title was forcibly extinguished. It is stolen land. The small portion they retain was set aside for them in 1893. That is not long ago. My great grandfather was 19. He lived to 1970 and I knew him.Because the land they retain is considered to predate the existence of the state of California and it is held in federal trust, this land in not subject to California state laws in many cases. This allows them to run a casino and resort. Their resort (over 1000 bed hotel), entertainment venue, and casino, and spa, and 20 restaurants and golf course is one of the largest in California and happens to be on land not far from major population centers. It opened in 2002. Before that the tribe was very, very poor. Poorer than most people in the US can imagine. The operation yields over $200 million a year. If the tribal members did not share in that success it would be a scandal and shocking.I think rather than speaking vaguely about tribes who make a lot of money (a rarity) is would be better to speak of a more typical specific tribe An example would be the Colville Confederated Tribes in eastern Washington. They are 13 different tribes who were forced to give up almost all their land and resources 125 years ago. For older people that is the time when their parents or grandparents were little. They are members of the Colville, Nespelem, Sanpoil, Sinixt, Palus, Wenatchee, Chelan, Entiat, Methow, southern Okanagan, Sinkiuse-Columbia, and Nez Perce of Chief Joseph's Band, and members of the Spokane tribe. They spoke many different languages. As of 2015, they had 9500 enrolled members. About 5–6,000 live on or near the reservation. They have 1.4 million acres. The biggest town right next to the reservation is Omak with 4,800 people. The town with the tribal headquarters is Nespelem, which has less than 500 people. The nearest big city with population that might want to gamble is Spokane which is 2 hours and 45 minutes drive from Omak. Spokane has 215,000 people. The Seattle/Puget sound area with 3.5 million people is across a mountain range and is at least a 4 1/ hour drive. Profits from casinos for the Colville Tribe is not huge. The tribe runs the Colville Tribal Federal Corporation (CTFC). It owns 13 business that include wood products and timber industry, salmon hatchery, construction, casino, resorts, tourism and retail. It employs 800 people. They make over $120 million a year in gross revenue. They have 11 small towns on the reservation. Each has a K-6 school that the tribe runs. They have a tribal museum. Tribe website: Home. Business Council website: Welcome Here is their gaming commission. About UsThe Colville Business Council determines per capita payments. If they are doing well they pay part of the annual profits to tribal members. There is also money from legal settlements. This year (2018), for example, each tribal members gets $2122 from a settlement about that taking of tribal land for the Grad Coulee Dam. In 1994 Congress passed a law to agree to a settlement for the taking of that land. There was a $53 million payment, then annual payments of at least $15.25 million, to settle 43-year-old claims for lands flooded by construction of the Columbia River dam. That money was invested and the profits are shared with tribal members (who collectively owned that land). The tribe was also party to a settlement with a number of other tribes. This class action case was over the U.S. Department of the Interior’s alleged failure to fully cover the administrative expenses tribes incur providing education, public safety and other services under the Indian Self-Determination Act. The Colville Tribe got 13.4 million of that settlement in 2015. Each tribal members got $1,410 in 2016. This is money members were owed. Many tribal members lack basic necessities of modern life on the reservation. Like phone, water, electricity and nearby food stores.Here is the land they had before they were forced to give it up.This is what they have leftCurrently the richest tribe in the US is thought to be the Southern Ute. The Southern Ute Tribe in Colorado owns and operates five energy companies and invests its energy revenues in a growth fund estimated to be worth $4 billion. It has assets in energy, real estate, construction, and private equity, spread across 14 states and the Gulf of Mexico. Today, the tribe’s 1,400 members receive dividends every year of about $70,000 from the growth fund. They have 1,059 square miles in three counties. They were forced to give up much of the most valuable land in America that had silver mines on it. A great deal of Hearst wealth is from this land.Now they have some money. They did this by making very good business decisions. They only gained control of the oil and gas contracts in the 1970s. Before that shady contracts done by the US government gave the tribe only about $50,000 a year for the whole tribe. Everyone had been very poor for a century. After they were allowed to takeover their contracts they renegotiated them to get better royalties. In 1992, the tribe formed Red Willow Production Company, its oil and natural gas company. Three years later it acquired ownership interest in a large pipeline gathering system on the reservation. The tribe developed the Growth Fund in 2000. In 2002, Aka Energy Group was established to operate in a similar fashion to Red Cedar, as an off-reservation natural gas gathering and treating company across six states. Today, 80% of their income comes from investments. GF Properties Group, LLC, the tribe’s real estate division, owns and develops properties nationwide and has $800 million in holdings. Among its largest projects include the SpringHill Suites Marriott San Diego Oceanside, and five city blocks of mixed-use development land in San Diego. They own the 681-acre Three Springs in Durango, Colorado, the 700 community in the Denver suburb of Arvada. They also own multiple apartment complexes in Houston, Dallas, Austin and Plano. And they own office or industrial buildings in Colorado, Missouri, Kentucky, Maryland, California, Texas and Illinois.Here is their growth fund headquarters.