All Forum Posts by: Mark Towey

On-market properties are publicly listed- either with an agent or FSBO- and get more exposure, which often leads to more competition and potentially higher prices. Off-market properties aren't publicly advertised and are usually sold through direct connections or behind the scenes deals. That can mean less competition and better terms for buyers, while sellers might prefer it for privacy and a quicker, smoother transaction.

 Thanks for your advice, that is good to know about the winter time home prices. Definitely trying to save as much as possible as the wedding plan is expensive but we live together and are letting people know of our plans to buy a home. We don't have much debt at all, paying off her car monthly and then we both have credit cards that we pay off in full each month. It sounds like I just need to keep my head down working, saving where I can and hope to have as much as possible for a down payment when the time does come. 

@Drew Sygit 

Thanks for the clarification — I’m aware of how PITI works and that lenders ultimately qualify buyers based on their ability to afford a monthly payment, not just a purchase price.

When I said we were approved for around $130K, I was just relaying what the lender estimated as a ballpark purchase price based on our last two years of income (mine as a 1099 Realtor and my fiancée’s W-2s), our debts, and standard assumptions for taxes, insurance, and interest rates at the time.

I also understand that payment can vary based on specific property taxes, insurance costs, and rates — and that there may be some wiggle room if we find a home where those factors are more favorable. Appreciate the input.

 Hey thanks for that response Clayton, definitely helps better put into perspective. 

Hey, thanks for sharing this — I’m still pretty new to how insurance claims work, so I had a quick question:

If the insurance company approves the $12K estimate, do they just cut you a check for that amount no matter what, or do they usually wait to see receipts or proof of work before paying it all out?

I’ve never had to file a claim like this, so I’m trying to wrap my head around what’s normal or allowed. Appreciate any insight — this was helpful to read through!

Hey everyone — looking for some input on the best path forward for my fiancée and me. We’re getting married in September and plan to buy our first home in October or November. I’m a full-time Realtor and have two years of 1099 income, but it’s not super strong. When I met with a lender in April, they estimated we’d qualify for around $130K based on my income and hers.

That said, we know we could handle the monthly payments on something in the $150K–$160K range. We’re open to options like owner financing, although I know very little about the details around it but I'm sure I could learn or even using a cosigner (one of my parents is likely willing) to qualify for more — though we don’t want to stretch ourselves too thin. We currently live in an apartment and I just hate giving money to a property management company every month when we could be building equity in a home. 

Curious if anyone has been in a similar spot or has insight on whether owner financing, a cosigner, or waiting longer would be smartest. Appreciate any thoughts!

 I'm curious to know if you still decided to do the tiered buyer agent commission after hearing these responses?

I want to help more investor clients. What are key things they look for in an agent partner?

 When you say that Illinois is an attorney state opposed to a title company state, what do you mean by that?

@Bruce Lynn Bruce, I first want to say thank you for responding to my post. This is all very good advice and as a young and still currently inexperienced agent I can definitely work to put some of these things into practice. Just a couple questions I got for you based off your response. 
1. what do you men's PODs set up in the neighborhood?

2. When you first started out as a realtor, woukd you do a lot of cold calling or would you say more of your business came from your sphere of influence?