That is the number of Illinois homes that received a foreclosure filing in November, according to the latest RealtyTrac data. Illinois ranks #8 among the top 10 states with the highest foreclosure rates.
If you are facing foreclosure, call my office for a free 15-minute consultation. You do have options available to you!
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, December 29, 2011
7 crazy local laws and HOA rules
I saw this on houselogic (www.houselogic.com) and thought they were pretty funny. These are the 7 craziest local laws and Homeowners Association rules.
1. Can't park your car in your own driveway.
In Odessa, Fla., a resident was fined by his board for parking his pickup truck in his own driveway because it wouldn’t fit in his garage. Not our problem, the HOA basically told him before slapping him with a lawsuit. After a protracted legal battle, he has since won the right to park his car, but only after two years and $200,000 in legal fees.
2. Don’t plant too many roses.
While foreclosure is an increasingly real threat to homeowners, few expect to lose their house based on gardening infractions. But that’s exactly what happened to a Rancho Santa Fe, Calif., resident who planted too many roses on his property. After $70,000 in fees, he lost his legal battle against the HOA and ultimately lost his home to the flower debacle.
3. Indoor drying only.
As seen in a Colbert Report expose, a Bend, Oregon, resident was shocked by her HOA’s rejection of her outdoor clothesline. Her natural drying method was dubbed a hazard, and they began levying fines that totaled nearly $1,000. She eventually took down the offending line, even after the Right 2 Dry movement got behind her.
4. No mothers-in-laws allowed.
If you’re a married man in Iowa, the government grants you a special privilege: you’re allowed to bar your mother-in-law from your home. While certainly useful to men trying to ditch their spouse’s mom, this law does not extend to women.
5. Only use sanctioned paint.
What appears to be an inoffensive pale blue house has caused a stir recently in one Georgia neighborhood. Unaware of his HOA’s rules, a homeowner painted his house before having the color officially approved by his board. And with a $25 per day fee levied every day his house bares the offending hue, he’s already racked up $6,800 in fines on top of legal fees.
6. No service dog for the hearing impaired.
A Fort Collins, Colo., HOA fined a hearing-impaired resident for keeping Pookee, her Pomeranian service dog. The HOA even threatened to put a lien on the property. All this despite the fact that Fair Housing Act requires condo and home owner associations to make reasonable accommodations in their procedures and rules to allow a person with disability to reside in a unit. This includes allowing service animals.
Have an issue related to service animal? Contact your local HUD office or local or state human rights agency.
7. Don't use 'inconsistent' shingles.
As if it wasn’t tragedy enough when a plane fell out of the sky destroying a Sanford, Fla., man’s home, his HOA then challenged his rebuilding efforts. It threatened litigation because the shingles and elevation in his new house’s plans didn’t match his neighbors’.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
1. Can't park your car in your own driveway.
In Odessa, Fla., a resident was fined by his board for parking his pickup truck in his own driveway because it wouldn’t fit in his garage. Not our problem, the HOA basically told him before slapping him with a lawsuit. After a protracted legal battle, he has since won the right to park his car, but only after two years and $200,000 in legal fees.
2. Don’t plant too many roses.
While foreclosure is an increasingly real threat to homeowners, few expect to lose their house based on gardening infractions. But that’s exactly what happened to a Rancho Santa Fe, Calif., resident who planted too many roses on his property. After $70,000 in fees, he lost his legal battle against the HOA and ultimately lost his home to the flower debacle.
3. Indoor drying only.
As seen in a Colbert Report expose, a Bend, Oregon, resident was shocked by her HOA’s rejection of her outdoor clothesline. Her natural drying method was dubbed a hazard, and they began levying fines that totaled nearly $1,000. She eventually took down the offending line, even after the Right 2 Dry movement got behind her.
4. No mothers-in-laws allowed.
If you’re a married man in Iowa, the government grants you a special privilege: you’re allowed to bar your mother-in-law from your home. While certainly useful to men trying to ditch their spouse’s mom, this law does not extend to women.
5. Only use sanctioned paint.
What appears to be an inoffensive pale blue house has caused a stir recently in one Georgia neighborhood. Unaware of his HOA’s rules, a homeowner painted his house before having the color officially approved by his board. And with a $25 per day fee levied every day his house bares the offending hue, he’s already racked up $6,800 in fines on top of legal fees.
6. No service dog for the hearing impaired.
A Fort Collins, Colo., HOA fined a hearing-impaired resident for keeping Pookee, her Pomeranian service dog. The HOA even threatened to put a lien on the property. All this despite the fact that Fair Housing Act requires condo and home owner associations to make reasonable accommodations in their procedures and rules to allow a person with disability to reside in a unit. This includes allowing service animals.
Have an issue related to service animal? Contact your local HUD office or local or state human rights agency.
7. Don't use 'inconsistent' shingles.
As if it wasn’t tragedy enough when a plane fell out of the sky destroying a Sanford, Fla., man’s home, his HOA then challenged his rebuilding efforts. It threatened litigation because the shingles and elevation in his new house’s plans didn’t match his neighbors’.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, December 20, 2011
Home values over the next six months
According to http://blog.homegain.com/homegain/homegain-releases-4th-quarter-2011-national-home-values-survey-results/
Most real estate professionals and homeowners continue to expect home values to stay the same or decrease through the end of the year. Forty-three percent of agents and brokers and 48 percent of homeowners think that home values will stay the same over the next six months.
Forty-two percent of real estate agents and brokers and 37 percent of homeowners think that home values will decrease in the coming six months.
Fifteen percent of real estate professionals expect home values to increase in the next six months, up four percent from last quarter. Fifteen percent of homeowners also expect home values to increase in the next six months, up three percent from last quarter.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Most real estate professionals and homeowners continue to expect home values to stay the same or decrease through the end of the year. Forty-three percent of agents and brokers and 48 percent of homeowners think that home values will stay the same over the next six months.
Forty-two percent of real estate agents and brokers and 37 percent of homeowners think that home values will decrease in the coming six months.
Fifteen percent of real estate professionals expect home values to increase in the next six months, up four percent from last quarter. Fifteen percent of homeowners also expect home values to increase in the next six months, up three percent from last quarter.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, December 13, 2011
Do I Need an Attorney to Handle a Real Estate Transaction?
Do I Need an Attorney to Handle a Real Estate Transaction?
The real estate agent will handle the negotiation over the price however they are under no obligation to protect your legal interests in the transaction. Because of that, in the Chicago area, Buyers and Sellers almost always hire an Attorney to represent them. With such a big purchase or sale, the small fee an Attorney will charge (typically $500) is well worth it.
Attorney Bradford Miller at Bradford Miller Law, P.C. has a great reputation when it comes to Real Estate transactions. Click here to see testimonials from Realtors and Clients: http://www.bradfordmillerlaw.com/Testimonials.shtml
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
The real estate agent will handle the negotiation over the price however they are under no obligation to protect your legal interests in the transaction. Because of that, in the Chicago area, Buyers and Sellers almost always hire an Attorney to represent them. With such a big purchase or sale, the small fee an Attorney will charge (typically $500) is well worth it.
Attorney Bradford Miller at Bradford Miller Law, P.C. has a great reputation when it comes to Real Estate transactions. Click here to see testimonials from Realtors and Clients: http://www.bradfordmillerlaw.com/Testimonials.shtml
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, December 6, 2011
Free legal representation for short sales
Are you thinking about doing a short sale? Chicago short sale attorney Bradford Miller offers free legal representation to homeowners doing a short sale. The first step is to call Attorney Bradford Miller for a free 15 minute phone consultation. If we accept you as a client, our representation will be free to you. Homeowners should know what their options are and what to expect. Call Attorney Bradford Miller today at 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, December 1, 2011
Freddie Mac Amends Short Sale Affidavit Policy
On Nov. 18, 2011, Freddie Mac amended its policy regarding its mandatory short sale affidavits.
The purpose of the affidavit is to prevent fraud by requiring the buyer, the seller, the real estate brokers, the escrow/closing agent, and any transaction facilitator to make various certifications (including that the short sale is an arm's length transaction and the buyer will not resell within 120 days unless there are substantial improvements).
Here are the key changes to the affidavit:
• The certification is now made based on "the best of each signatory's knowledge and belief." Freddie has retained the statement that a signatory making "a negligent or intentional misrepresentation" agrees to indemnify the servicer and Freddie Mac for losses. The addition of the knowledge standard significantly reduces this liability.
• Only a signatory who makes a negligent or intentional misrepresentation, based on the best of his or her knowledge and belief, is responsible for indemnifying the servicer and Freddie Mac for any loss. No signatory is responsible for the certification of any other signatory.
• Although Freddie Mac is requiring all signatories to sign one affidavit, the amended policy no longer allows the affidavit to be an addendum to the sales contract.
Servicers are required to implement the changes by Jan. 1, 2012, but are encouraged to do so immediately. Each servicer covered by the policy must update its forms to comply with the revised policy.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
The purpose of the affidavit is to prevent fraud by requiring the buyer, the seller, the real estate brokers, the escrow/closing agent, and any transaction facilitator to make various certifications (including that the short sale is an arm's length transaction and the buyer will not resell within 120 days unless there are substantial improvements).
Here are the key changes to the affidavit:
• The certification is now made based on "the best of each signatory's knowledge and belief." Freddie has retained the statement that a signatory making "a negligent or intentional misrepresentation" agrees to indemnify the servicer and Freddie Mac for losses. The addition of the knowledge standard significantly reduces this liability.
• Only a signatory who makes a negligent or intentional misrepresentation, based on the best of his or her knowledge and belief, is responsible for indemnifying the servicer and Freddie Mac for any loss. No signatory is responsible for the certification of any other signatory.
• Although Freddie Mac is requiring all signatories to sign one affidavit, the amended policy no longer allows the affidavit to be an addendum to the sales contract.
Servicers are required to implement the changes by Jan. 1, 2012, but are encouraged to do so immediately. Each servicer covered by the policy must update its forms to comply with the revised policy.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, November 17, 2011
78% of recent home buyers said their home is a good investment
I just read an interesting press release by the National Association of Realtors. Here is the link: http://www.realtor.org/press_room/news_releases/2011/11/home_buyer_and_seller?cid=WR11172011:34813&ed_rid=580659
The highlights include...
Seventy-eight percent of recent home buyers said their home is a good investment, and 45 percent believe it’s better than stocks. According to survey results, most buyers believe in the long-term value of home ownership.
The study shows the median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study. The typical first-time buyer purchased a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794. The typical repeat buyer was 53 years old and earned $96,600, notably higher than the $87,000 median reported in the 2010 profile. Repeat buyers purchased a median 2,100 square foot home costing $219,500, with an estimated median payment of $1,006.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
The highlights include...
Seventy-eight percent of recent home buyers said their home is a good investment, and 45 percent believe it’s better than stocks. According to survey results, most buyers believe in the long-term value of home ownership.
The study shows the median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study. The typical first-time buyer purchased a 1,570 square foot home costing $155,000; the estimated median monthly mortgage principal and interest payment was $794. The typical repeat buyer was 53 years old and earned $96,600, notably higher than the $87,000 median reported in the 2010 profile. Repeat buyers purchased a median 2,100 square foot home costing $219,500, with an estimated median payment of $1,006.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, November 1, 2011
Senate Bill 1259 headed to Governor
Senate Bill 1259 passed both chambers and is headed to the Governor for signature. It requires the mortgagee (bank) to respond to the mortgagor (homeowner) within 90 days if the mortgagor sends a bona fide written offer to purchase from a third party and requests in writing that the mortgagee approve the sale. A “short sale” is when the mortgaged real estate is being sold for less than the amount owed to the mortgagee on the mortgage note.
I believe this Bill will have a positive impact on short sales. In a nutshell, it states that the banks must respond to short sale offers within 90 days. Most banks are already doing that but once in a while a bank will take over 90 days.
Are you a homeowner interested in doing a short sale? Call Attorney Bradford Miller for a free phone consultation.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
I believe this Bill will have a positive impact on short sales. In a nutshell, it states that the banks must respond to short sale offers within 90 days. Most banks are already doing that but once in a while a bank will take over 90 days.
Are you a homeowner interested in doing a short sale? Call Attorney Bradford Miller for a free phone consultation.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Saturday, October 29, 2011
Bradford Miller Law PC offers free legal help for short sales
If you are a homeowner who owes more on your mortgage than your home is worth and you would like to sell your home, contact my office to see if you qualify for a short sale. Attorney Bradford Miller of Bradford Miller Law, P.C. offers a free 15-minute phone consultation to homeowners contemplating a short sale.
We charge no fees of any kind to homeowners seeking to do a short sale.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
We charge no fees of any kind to homeowners seeking to do a short sale.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Latest Illinois market stats
Statewide home sales totaled 9,182, a 13.5 percent increase from 8,088 home sales in September 2010, according to the latest Illinois Association of Realtors report. The statewide median price in September was $136,850, down 5.6 percent from $145,000 last year.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Sunday, October 23, 2011
Land Trusts
Land trusts are used extensively in Illinois. There are many uses and purposes for land trusts but the most popular use is for privacy. Ownership of real estate in a land trust can insure privacy since the names of the owners are not public record. Another common use is when a property is owned by multiple people. A land trust can simplify some of the complex issues that arise when multiple people own a property.
If you are interested in establishing a land trust, Attorney Bradford Miller offers a free 15-minute phone consultation.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
If you are interested in establishing a land trust, Attorney Bradford Miller offers a free 15-minute phone consultation.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, October 20, 2011
Free short sale help
If you find yourself in a situation where you can no longer afford your home, please call my office. There are options available to you - some of which are at no cost. The worse thing you can do is nothing.
Many Americans believe that simply walking away from their home is a viable option. The truth is that a short sale almost always makes more sense. Short sales are becoming a bigger and bigger part of the real estate market. The key to a successful short sale is having a good team. My office handles short sales every day. Call my office for a free 15 minute phone consultation on the short sale process.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Many Americans believe that simply walking away from their home is a viable option. The truth is that a short sale almost always makes more sense. Short sales are becoming a bigger and bigger part of the real estate market. The key to a successful short sale is having a good team. My office handles short sales every day. Call my office for a free 15 minute phone consultation on the short sale process.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Existing home and condo sales up, prices down in Chicago area
Chicago Tribune, Oct 20, 2011
Sales of existing single-family homes and condominiums in the Chicago area posted another expected year-over-year sales gain in September but sales of distressed homes continued to drag down prices, according to new data released Thursday.
Home sales in the nine-county Chicago area rose 13.3 percent in September, to 6,035 properties sold, while the median price of $160,000 was an 8.6 percent decline from the $175,000 recorded a year ago.
All counties except DeKalb County enjoyed sales volume gains during the month that ranged from 2 percent in Lake County to almost 40 percent in McHenry County. Likewise, all counties had lower median prices during the month. While the price decline was a relatively small 5.3 percent in Cook County, September's median price declined 20 percent in Kane County.
Within the city of Chicago, sales of all properties rose 6.8 percent last month, to 1,498 homes sold. The median price posted a 5.6 percent increase, to $190,000 in September. Condos sales rose 6.5 percent, to 855 units sold, but the median price slipped 2.1 percent to $235,000.
Loretta Alonzo, president of the Illinois Association of Realtors, tempered any enthusiasm about the sales gain.
"The slow economy and job recovery are severe drags on the market, plus many able buyers are hitting roadblocks on financing a home purchase due to the overcorrection in mortgage underwriting requirements," she said in a release. "The fact that (Federal Housing Administration) home loan limits lowered on Oct. 1 for Chicago area counties and several downstate counties is another blow for would-be buyers."
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Sales of existing single-family homes and condominiums in the Chicago area posted another expected year-over-year sales gain in September but sales of distressed homes continued to drag down prices, according to new data released Thursday.
Home sales in the nine-county Chicago area rose 13.3 percent in September, to 6,035 properties sold, while the median price of $160,000 was an 8.6 percent decline from the $175,000 recorded a year ago.
All counties except DeKalb County enjoyed sales volume gains during the month that ranged from 2 percent in Lake County to almost 40 percent in McHenry County. Likewise, all counties had lower median prices during the month. While the price decline was a relatively small 5.3 percent in Cook County, September's median price declined 20 percent in Kane County.
Within the city of Chicago, sales of all properties rose 6.8 percent last month, to 1,498 homes sold. The median price posted a 5.6 percent increase, to $190,000 in September. Condos sales rose 6.5 percent, to 855 units sold, but the median price slipped 2.1 percent to $235,000.
Loretta Alonzo, president of the Illinois Association of Realtors, tempered any enthusiasm about the sales gain.
"The slow economy and job recovery are severe drags on the market, plus many able buyers are hitting roadblocks on financing a home purchase due to the overcorrection in mortgage underwriting requirements," she said in a release. "The fact that (Federal Housing Administration) home loan limits lowered on Oct. 1 for Chicago area counties and several downstate counties is another blow for would-be buyers."
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, short sale attorney Chicago. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, October 13, 2011
U.S. foreclosures edged higher in 3Q
More U.S. homes are entering the foreclosure process, but they're taking ever longer to get sold or repossessed by lenders. The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter, RealtyTrac Inc. said Thursday.
That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industrywide foreclosure processing problems emerged last fall. Those problems resulted in a sharp drop in foreclosure activity this year.
The surge in default notices means homeowners who haven't kept up their mortgage payments could now end up on the foreclosure path sooner. Initial default notices are first step in the process that can eventually lead to a home being taken back by a lender.
A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. housing market. Experts say a revival isn't likely to occur as long as there remains a glut of potential foreclosures hovering over the market. The third-quarter increase in initial defaults was largely a product of a spike in August. In September, default notices were off 10 percent from August, RealtyTrac said.
Still, the jump in initial defaults during the July to September period is significant because it is the first increase after five consecutive quarterly declines, suggesting banks are gradually addressing their backlog of homes in foreclosure and are now beginning to move on more recent home loan defaults, said RealtyTrac CEO James Saccacio.
"While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up," Saccacio said.
Foreclosure activity began to slow last fall after problems surfaced with the way many lenders were handling foreclosure paperwork, namely shoddy mortgage paperwork comprising several shortcuts known collectively as robo-signing.
Many of the nation's largest banks reacted by temporarily ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors.
Other factors have also worked to stall the pace of new foreclosures this year. The process has been held up by court delays in states where judges play a role in the foreclosure process, lenders' reluctance to take back properties amid slowing home sales and a possible settlement of government probes into the industry's mortgage-lending practices.
Those settlement talks, led by a group of state attorneys general, have been undermined in recent weeks after state officials in some states, including California and Massachusetts, have broken with the rest of the states. While banks appear more willing to start the foreclosure countdown on borrowers, they haven't put a dent in the overall length of the foreclosure process.
In the third quarter, it took an average of 336 days, or 11.2 months, for a U.S. home to go from receiving an initial notice of default to being foreclosed by a lender, RealtyTrac said. That's up from 318 days, or 10.6 months, in the second quarter and represents the largest average span of time for the foreclosure process since the first quarter of 2007, the firm said.
In some states, it's even longer. It took an average of 986 days, almost three years, for the foreclosure process to play out in New York in the third quarter -- the longest stretch of time of any state, RealtyTrac said.
New Jersey was a close second at 974 days, while Florida was third at 749 days, or just over two years. Not all states are seeing an increase in the time it takes for homes to move through the foreclosure process, however.
In Texas, homes made it through the foreclosure process in an average of 86 days during the third quarter, down from 92 days in the second quarter, RealtyTrac said. In all, 195,878 properties received a default notice in the third quarter. Despite the sharp increase from the second quarter, the total was still down 27 percent versus the third quarter last year, RealtyTrac said. Lenders took back 196,530 homes during the quarter, down 4 percent from the second quarter and down 32 percent from the same quarter last year. Banks remain on track to repossess some 800,000 homes this year, down from more than 1 million last year, Saccacio said.
RealtyTrac had originally anticipated some 1.2 million homes would be repossessed by lenders this year.
Courtesy of the Chicago Tribune, October 13, 2011
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industrywide foreclosure processing problems emerged last fall. Those problems resulted in a sharp drop in foreclosure activity this year.
The surge in default notices means homeowners who haven't kept up their mortgage payments could now end up on the foreclosure path sooner. Initial default notices are first step in the process that can eventually lead to a home being taken back by a lender.
A pickup in foreclosure activity also means a potentially faster turnaround for the U.S. housing market. Experts say a revival isn't likely to occur as long as there remains a glut of potential foreclosures hovering over the market. The third-quarter increase in initial defaults was largely a product of a spike in August. In September, default notices were off 10 percent from August, RealtyTrac said.
Still, the jump in initial defaults during the July to September period is significant because it is the first increase after five consecutive quarterly declines, suggesting banks are gradually addressing their backlog of homes in foreclosure and are now beginning to move on more recent home loan defaults, said RealtyTrac CEO James Saccacio.
"While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up," Saccacio said.
Foreclosure activity began to slow last fall after problems surfaced with the way many lenders were handling foreclosure paperwork, namely shoddy mortgage paperwork comprising several shortcuts known collectively as robo-signing.
Many of the nation's largest banks reacted by temporarily ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors.
Other factors have also worked to stall the pace of new foreclosures this year. The process has been held up by court delays in states where judges play a role in the foreclosure process, lenders' reluctance to take back properties amid slowing home sales and a possible settlement of government probes into the industry's mortgage-lending practices.
Those settlement talks, led by a group of state attorneys general, have been undermined in recent weeks after state officials in some states, including California and Massachusetts, have broken with the rest of the states. While banks appear more willing to start the foreclosure countdown on borrowers, they haven't put a dent in the overall length of the foreclosure process.
In the third quarter, it took an average of 336 days, or 11.2 months, for a U.S. home to go from receiving an initial notice of default to being foreclosed by a lender, RealtyTrac said. That's up from 318 days, or 10.6 months, in the second quarter and represents the largest average span of time for the foreclosure process since the first quarter of 2007, the firm said.
In some states, it's even longer. It took an average of 986 days, almost three years, for the foreclosure process to play out in New York in the third quarter -- the longest stretch of time of any state, RealtyTrac said.
New Jersey was a close second at 974 days, while Florida was third at 749 days, or just over two years. Not all states are seeing an increase in the time it takes for homes to move through the foreclosure process, however.
In Texas, homes made it through the foreclosure process in an average of 86 days during the third quarter, down from 92 days in the second quarter, RealtyTrac said. In all, 195,878 properties received a default notice in the third quarter. Despite the sharp increase from the second quarter, the total was still down 27 percent versus the third quarter last year, RealtyTrac said. Lenders took back 196,530 homes during the quarter, down 4 percent from the second quarter and down 32 percent from the same quarter last year. Banks remain on track to repossess some 800,000 homes this year, down from more than 1 million last year, Saccacio said.
RealtyTrac had originally anticipated some 1.2 million homes would be repossessed by lenders this year.
Courtesy of the Chicago Tribune, October 13, 2011
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, October 11, 2011
Closing costs for Sellers
What kind of closing costs can I expect when I am selling my home?
First, let me clarify that I consider realtor commissions, taxes, title related fees, etc all to be "closing costs." Others may only call title-related fees "closing costs."
For Sellers, the largest closing cost tends to be the Realtor commission. This commission is typically 5% of the sale price. The next largest cost is real estate property taxes. In Cook County, we pay property taxes in arrears - which means that in 2011, we are paying the 2010 property taxes. So when you sell your home, you must give a property tax credit to the Buyer for the time you spent in your home in the current year. This property tax credit can be negotiated and a formula is used to calculate the actual amount. The remaining costs include title related fees, city, county and state taxes.
Overall, Sellers can typically expect to pay around 8% of the sales price in total closing costs. This includes the Realtor commissions of 5%, taxes and title related fees. For example, on a $200,000 home, the Seller can expect to pay around $16,000 in total closing costs. Again, each transaction is different, and if no Realtors are involved, the closing costs will be much lower since there will be no commissions to pay.
Whether you live in Chicago or the suburbs, if you are trying to sell your home contact our office immediately so we can begin working on the documents. Our office phone number is 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
First, let me clarify that I consider realtor commissions, taxes, title related fees, etc all to be "closing costs." Others may only call title-related fees "closing costs."
For Sellers, the largest closing cost tends to be the Realtor commission. This commission is typically 5% of the sale price. The next largest cost is real estate property taxes. In Cook County, we pay property taxes in arrears - which means that in 2011, we are paying the 2010 property taxes. So when you sell your home, you must give a property tax credit to the Buyer for the time you spent in your home in the current year. This property tax credit can be negotiated and a formula is used to calculate the actual amount. The remaining costs include title related fees, city, county and state taxes.
Overall, Sellers can typically expect to pay around 8% of the sales price in total closing costs. This includes the Realtor commissions of 5%, taxes and title related fees. For example, on a $200,000 home, the Seller can expect to pay around $16,000 in total closing costs. Again, each transaction is different, and if no Realtors are involved, the closing costs will be much lower since there will be no commissions to pay.
Whether you live in Chicago or the suburbs, if you are trying to sell your home contact our office immediately so we can begin working on the documents. Our office phone number is 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, October 4, 2011
More Investors Bypass 'Flipping' for Renting
The days of flipping houses for big profits have all but vanished in many markets as more investors see bigger profits in rentals, according to an article by CNNMoney.
Investors flipped half of their purchases in July, which is down from 75 percent a year prior, Tom Popik, research director for Campbell Surveys, told CNNMoney. The other properties were being held onto to rent out, he notes.
A recent survey by the company HomeVestors found that their investor clients were 57 percent more likely than two years ago to buy a property for renting than to flip.
Rentals are serving as a bright spot in real estate. Demand for rentals has been on the rise, and rents are up about 25 percent from a few years ago. Housing analysts say that investors are buying properties cheaply and then earning good returns immediately from renting them out.
Investors haven’t completely turned their back on flipping homes for profit, though. For example, markets like San Diego are reporting home prices rebounding in some neighborhoods, which is making flipping an option there once again.
Source: “‘I Can’t Flip This House,’” CNNMoney (Sept. 29. 2011)
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Investors flipped half of their purchases in July, which is down from 75 percent a year prior, Tom Popik, research director for Campbell Surveys, told CNNMoney. The other properties were being held onto to rent out, he notes.
A recent survey by the company HomeVestors found that their investor clients were 57 percent more likely than two years ago to buy a property for renting than to flip.
Rentals are serving as a bright spot in real estate. Demand for rentals has been on the rise, and rents are up about 25 percent from a few years ago. Housing analysts say that investors are buying properties cheaply and then earning good returns immediately from renting them out.
Investors haven’t completely turned their back on flipping homes for profit, though. For example, markets like San Diego are reporting home prices rebounding in some neighborhoods, which is making flipping an option there once again.
Source: “‘I Can’t Flip This House,’” CNNMoney (Sept. 29. 2011)
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Monday, October 3, 2011
Illinois Home Sales Rise 25.9% in August
Statewide home sales totaled 10,622 in August, a 25.9 percent increase from a year ago, according to the latest IAR report. The statewide median price in August was $149,000, down 5.4 percent from $157,500 in August 2010. Looking ahead, home sales in Illinois and the nine-county Chicago region should see positive year-to-year gains in September, October and November, according to the University of Illinois REAL forecast.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Monday, September 26, 2011
I can no longer afford my home
As a Chicago short sale attorney, I get these calls almost every day. If you can no longer afford your home (for any reason), call my office for a free 15 minute phone consultation. My office offers free legal representation to homeowners seeking a short sale.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, September 20, 2011
Increased Lending, Short Sales Will Reduce REOs
NAR: Increased Lending, Short Sales Will Reduce REOs
Daily Real Estate News | Thursday, September 15, 2011
Improving access to affordable mortgage financing for qualified home buyers and investors and committing additional resources to loan modifications and short sales will help reduce current and future inventories of real estate owned (REO) properties held by government agencies, according to the National Association of REALTORS®.
In a letter sent today to the U.S. Department of Housing and Urban Development, the Federal Housing Finance Agency, and the U.S. Department of the Treasury, NAR responded to the agencies’ recent request for input and offered its recommendations for selling REO properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration.
In its letter, NAR urged the agencies to create an advisory board as they explore new options for selling foreclosed properties to ensure that efficiently disposing of agency REO properties will minimize taxpayer losses and reduce the negative effects that distressed properties have on local real estate markets.
“As the leading advocate for housing issues, REALTORS®know that foreclosures affect families, communities, the housing market and our nation’s economy,” said NAR President Ron Phipps. “We believe the government has an opportunity to minimize the impact of distressed properties on local markets by expanding financing opportunities, bolstering loan modifications and short sales efforts, and enhancing the efficient disposition of REO properties. This will help stabilize home prices and neighborhoods and help support the broader economic recovery.”
Phipps said that the lack of available and affordable mortgage financing is hurting REO sales and the entire housing market, and urged increased consumer and investor lending. While NAR supports strong underwriting standards, the lack of private capital in the mortgage market, unduly tight underwriting standards, and increasing fees have discouraged many potential home buyers from applying for mortgages. NAR believes ensuring mortgage availability for qualified home buyers and investors will help absorb the excess REO inventory.
To prevent further REO inventory increases, NAR also recommended that the agencies take more aggressive steps to modify loans and, when a family is absolutely unable keep their home, to quickly approve reasonable short sale offers that allow families to avoid foreclosure. Phipps said that while federal programs have been put into place to help keep families in their homes, many of these have fallen short of expectations, and advocated that those resources be applied toward modifying loans and expediting short sales, which are typically less costly than foreclosure.
“Loan modifications keep families in their home and reduce defaults, while short sales keep homes occupied, helping stabilize neighborhoods and home values,” Phipps said. “Expanding resources and ensuring the use of already allocated funds for pre-foreclosure efforts is the best opportunity to reduce taxpayer costs and creates more positive outcomes for homeowners and their communities.”
NAR’s letter also outlined concerns about proposals to pool large volumes of REO properties for bulk sales. While these types of transactions may help quickly alleviate high REO inventories, taxpayers would be required to accept larger losses than are necessary. Phipps said that efforts should be made to incentivize individual versus bulk sales, except in small geographic areas that meet certain criteria, since selling in bulk to large national investors puts a large section of the housing market into the hands of fewer market participants and puts individual home buyers and sellers at a disadvantage.
He also said the success of any bulk sale programs should be determined by the stabilizing effect the program has on a locale and whether it maximizes value to taxpayers. Maximizing the recovery on the agencies’ assets will depend on how property valuations are determined and that those valuations are accurate, appropriate, and reflective of market conditions, such as the valuations available through the Realtors Property Resource™, an NAR subsidiary.
NAR is also concerned about proposals that include lease-to-own elements. Phipps said that agency policies should first be focused on keeping families in their homes through loan modifications or short sales if that’s a better option, and that the agencies should not expedite foreclosures so that those properties could be included in a lease-to-own program. He added that any lease-to-own programs should not be administered by the government, but instead should include the participation of local investors or nonprofits that can manage the specialized needs and challenges of the local market.
“REALTORS® welcome the agencies’ desire to receive input and ideas to help address their REO inventory. We look forward to serving on any advisory board and working together with agency staff, real estate professionals, property managers, and others with extensive real estate industry experience to develop sound strategies and solutions to ongoing REO issues,” said Phipps.
Source: NAR
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Daily Real Estate News | Thursday, September 15, 2011
Improving access to affordable mortgage financing for qualified home buyers and investors and committing additional resources to loan modifications and short sales will help reduce current and future inventories of real estate owned (REO) properties held by government agencies, according to the National Association of REALTORS®.
In a letter sent today to the U.S. Department of Housing and Urban Development, the Federal Housing Finance Agency, and the U.S. Department of the Treasury, NAR responded to the agencies’ recent request for input and offered its recommendations for selling REO properties held by Fannie Mae, Freddie Mac and the Federal Housing Administration.
In its letter, NAR urged the agencies to create an advisory board as they explore new options for selling foreclosed properties to ensure that efficiently disposing of agency REO properties will minimize taxpayer losses and reduce the negative effects that distressed properties have on local real estate markets.
“As the leading advocate for housing issues, REALTORS®know that foreclosures affect families, communities, the housing market and our nation’s economy,” said NAR President Ron Phipps. “We believe the government has an opportunity to minimize the impact of distressed properties on local markets by expanding financing opportunities, bolstering loan modifications and short sales efforts, and enhancing the efficient disposition of REO properties. This will help stabilize home prices and neighborhoods and help support the broader economic recovery.”
Phipps said that the lack of available and affordable mortgage financing is hurting REO sales and the entire housing market, and urged increased consumer and investor lending. While NAR supports strong underwriting standards, the lack of private capital in the mortgage market, unduly tight underwriting standards, and increasing fees have discouraged many potential home buyers from applying for mortgages. NAR believes ensuring mortgage availability for qualified home buyers and investors will help absorb the excess REO inventory.
To prevent further REO inventory increases, NAR also recommended that the agencies take more aggressive steps to modify loans and, when a family is absolutely unable keep their home, to quickly approve reasonable short sale offers that allow families to avoid foreclosure. Phipps said that while federal programs have been put into place to help keep families in their homes, many of these have fallen short of expectations, and advocated that those resources be applied toward modifying loans and expediting short sales, which are typically less costly than foreclosure.
“Loan modifications keep families in their home and reduce defaults, while short sales keep homes occupied, helping stabilize neighborhoods and home values,” Phipps said. “Expanding resources and ensuring the use of already allocated funds for pre-foreclosure efforts is the best opportunity to reduce taxpayer costs and creates more positive outcomes for homeowners and their communities.”
NAR’s letter also outlined concerns about proposals to pool large volumes of REO properties for bulk sales. While these types of transactions may help quickly alleviate high REO inventories, taxpayers would be required to accept larger losses than are necessary. Phipps said that efforts should be made to incentivize individual versus bulk sales, except in small geographic areas that meet certain criteria, since selling in bulk to large national investors puts a large section of the housing market into the hands of fewer market participants and puts individual home buyers and sellers at a disadvantage.
He also said the success of any bulk sale programs should be determined by the stabilizing effect the program has on a locale and whether it maximizes value to taxpayers. Maximizing the recovery on the agencies’ assets will depend on how property valuations are determined and that those valuations are accurate, appropriate, and reflective of market conditions, such as the valuations available through the Realtors Property Resource™, an NAR subsidiary.
NAR is also concerned about proposals that include lease-to-own elements. Phipps said that agency policies should first be focused on keeping families in their homes through loan modifications or short sales if that’s a better option, and that the agencies should not expedite foreclosures so that those properties could be included in a lease-to-own program. He added that any lease-to-own programs should not be administered by the government, but instead should include the participation of local investors or nonprofits that can manage the specialized needs and challenges of the local market.
“REALTORS® welcome the agencies’ desire to receive input and ideas to help address their REO inventory. We look forward to serving on any advisory board and working together with agency staff, real estate professionals, property managers, and others with extensive real estate industry experience to develop sound strategies and solutions to ongoing REO issues,” said Phipps.
Source: NAR
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, September 15, 2011
Mortgage default notices in Illinois surge 25% in August
Courtesy of Chicago Tribune, 9/15/11
Notices of mortgage default, the first step in the home foreclosure process, jumped 25 percent in Illinois last month, putting the threat of additional strain on local housing markets.
In August, 7,264 Illinois households received default notices in August, compared to 5,786 households that had foreclosure proceedings started against them by lenders in July, RealtyTrac reported Thursday. It was the most default notices filed against Illinois homeowners since March.
Illinois' heightened activity mirrors a national trend. Across the country, 78,880 U.S. properties received a default notice in August, a nine-month high and a 33 percent increase from July. Still, default notices were down 18 percent nationally from August 2010 and a 44 percent drop from the 142,064 default notices -- a monthly peak -- that were filed in April 2009.
"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac told Reuters. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here."
States where default notices rose more than 40 percent from July included New Jersey, Indiana and California.
Meanwhile, also in Illinois last month, 2,390 properties were scheduled for a court-ordered auction and 2,839 properties became banked-owned. Overall, foreclosure activity in the state rose almost 18 percent from July but was still down 25 percent from August 2010.
Commentary: This is bad but not surprising. With the economy still struggling to grow, these kinds of stories will be common for some time. If you receive a notice of default, call my office right away to discuss your options, one of which is a short sale. My office handles short sales every day. For a free consultation, call Attorney Bradford Miller at 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Notices of mortgage default, the first step in the home foreclosure process, jumped 25 percent in Illinois last month, putting the threat of additional strain on local housing markets.
In August, 7,264 Illinois households received default notices in August, compared to 5,786 households that had foreclosure proceedings started against them by lenders in July, RealtyTrac reported Thursday. It was the most default notices filed against Illinois homeowners since March.
Illinois' heightened activity mirrors a national trend. Across the country, 78,880 U.S. properties received a default notice in August, a nine-month high and a 33 percent increase from July. Still, default notices were down 18 percent nationally from August 2010 and a 44 percent drop from the 142,064 default notices -- a monthly peak -- that were filed in April 2009.
"This is really the first time we've seen a significant increase in the number of new foreclosure actions," said Rick Sharga, a senior vice president at RealtyTrac told Reuters. "It's still possible this is a blip, but I think it's much more likely we're seeing the beginning of a trend here."
States where default notices rose more than 40 percent from July included New Jersey, Indiana and California.
Meanwhile, also in Illinois last month, 2,390 properties were scheduled for a court-ordered auction and 2,839 properties became banked-owned. Overall, foreclosure activity in the state rose almost 18 percent from July but was still down 25 percent from August 2010.
Commentary: This is bad but not surprising. With the economy still struggling to grow, these kinds of stories will be common for some time. If you receive a notice of default, call my office right away to discuss your options, one of which is a short sale. My office handles short sales every day. For a free consultation, call Attorney Bradford Miller at 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, September 8, 2011
The woo hoo moment
I just had a client in my office signing some closing paperwork and he asked if it was ok to yell for a moment. I said sure! He was in fact shouting for joy! I just got him and his wife approved for a short sale on their Chicago home. No deficiency, no more worries, just an approval to move on in life. As a short sale attorney, I appreciate those woo hoo moments. It reminds me that my work does make a difference.
If you need help with a short sale, or are thinking about a short sale, feel free to give me a call. I offer a free 15 minute phone consultation. Maybe you can have a woo hoo moment of your own.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
If you need help with a short sale, or are thinking about a short sale, feel free to give me a call. I offer a free 15 minute phone consultation. Maybe you can have a woo hoo moment of your own.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, September 1, 2011
Banks Agree to More Short Sales
Banks Agree to More Short Sales
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Daily Real Estate News | Friday, August 26, 2011
Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week.
“This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”
During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week.
What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports.
Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes.
Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, August 23, 2011
July Illinois Home Sales Up 18.4 Percent from a Year Ago
According to the Illinois Association of REALTORS® (IAR) latest report, statewide home sales (including single family and condominiums) in July 2011 totaled 9,708 homes sold, up 18.4 percent from 8,197 home sales in July 2010. The statewide median price in July was $153,000, down 3.8 percent from $159,000 in July 2010. The median is a typical market price where half the homes sold for more, half sold for less.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, August 16, 2011
Investors take note
Chicago is the #3 top college town for real estate investors, according to Move.com. High demand, low vacancy rates and rising rental rates make rental properties in college towns a smart investment, says Steve Berkowitz, CEO of Move Inc.
If you are an investor looking to purchase property, contact Attorney Bradford Miller to discuss LLC formation and the purchase iteself to protect your interests.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
If you are an investor looking to purchase property, contact Attorney Bradford Miller to discuss LLC formation and the purchase iteself to protect your interests.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Sunday, August 14, 2011
Free legal representation for homeowners doing a short sale
Are you thinking about doing a short sale? Chicago short sale attorney Bradford Miller offers free legal representation to homeowners doing a short sale. The first step is to call Attorney Bradford Miller for a free 15 minute phone consultation. If we accept you as a client, our representation will be free to you. Homeowners should know what their options are and what to expect. Call Mr. Miller today at 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, August 11, 2011
IL foreclosures down 3.5% in July
I saw in the Tribune this morning that Illinois home foreclosure activity fell 3.5 percent in July compared to the previous month. RealtyTrac (a company that tracks these statistics) attributes the decreases in many states to paperwork processing delays as well as national and state efforts to help homeowners prevent foreclosure and stay in their homes.
I think many more people are also realzing the benefits of a short sale - which is NOT the same as a foreclosure. If you are a homeowner struggling to make payments, give my office a call so we can discuss your options.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
I think many more people are also realzing the benefits of a short sale - which is NOT the same as a foreclosure. If you are a homeowner struggling to make payments, give my office a call so we can discuss your options.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, August 9, 2011
Will the S&P Downgrade Affect Interest Rates?
Will the S&P Downgrade Affect Interest Rates?
Daily Real Estate News
Monday, August 08, 2011
Standard & Poor downgraded the U.S.'s credit rating on Friday, despite Congress reaching a deal in the final hours on the debt ceiling crisis last week. And now many of your customers may be asking: What does this mean for interest rates?
“The impact on your wallet of the Standard & Poor's downgrade of the nation's credit rating is similar to what would happen if your own credit score declined: The cost of borrowing money is likely to go up,” the Washington Post explained in the aftermath of S&P’s decision.
S&P downgraded the U.S.'s top-notch AAA credit rating for the first time in history, moving it down one notch to AA+; the rating reflects a downgrade in S&P’s confidence in the U.S. government’s ability to repay its debts over time. It’s not clear, however, whether S&P’s downgrade will instantly effect rates, analysts say.
The 10-year Treasury note is considered the basis for all other interest rates. And “the downgrade could increase the yields on those bonds, forcing the government to spend more to borrow the same amount of money,” the Washington Post article notes. “Many consumer loans, such as mortgages, are linked to the yield on Treasurys and therefore would also rise.”
While consumers who have fixed interest rate mortgages will be immune to any changes in borrowing costs, home buyers shopping for a loan or those with mortgages that fluctuate may see a rise in rates later on, some analysts say.
Mark Vitner, senior economist at Wells Fargo Securities, told the Associated Press that he doesn’t expect the downgrade to drive up interest rates instantly since the economy is still weak and borrowers aren't competing for money and driving rates higher. However, he expects in three to five years, loan demand will be much higher and then the downgraded credit rating might cause rates to rise.
Analysts are still waiting to see if the other rating agencies, Moody’s and Fitch, follows S&P’s lead in its downgrade of the U.S. credit rating. If so, the aftermath could be much worse, analysts say.
The debt deal reached by Congress last week was expected to save the U.S. from any credit rating downgrade. However, S&P said lawmakers fell short in its deal. Congress’ deal called for $2 trillion in U.S. deficit reduction over the next 10 years; S&P had called for $4 trillion.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Daily Real Estate News
Monday, August 08, 2011
Standard & Poor downgraded the U.S.'s credit rating on Friday, despite Congress reaching a deal in the final hours on the debt ceiling crisis last week. And now many of your customers may be asking: What does this mean for interest rates?
“The impact on your wallet of the Standard & Poor's downgrade of the nation's credit rating is similar to what would happen if your own credit score declined: The cost of borrowing money is likely to go up,” the Washington Post explained in the aftermath of S&P’s decision.
S&P downgraded the U.S.'s top-notch AAA credit rating for the first time in history, moving it down one notch to AA+; the rating reflects a downgrade in S&P’s confidence in the U.S. government’s ability to repay its debts over time. It’s not clear, however, whether S&P’s downgrade will instantly effect rates, analysts say.
The 10-year Treasury note is considered the basis for all other interest rates. And “the downgrade could increase the yields on those bonds, forcing the government to spend more to borrow the same amount of money,” the Washington Post article notes. “Many consumer loans, such as mortgages, are linked to the yield on Treasurys and therefore would also rise.”
While consumers who have fixed interest rate mortgages will be immune to any changes in borrowing costs, home buyers shopping for a loan or those with mortgages that fluctuate may see a rise in rates later on, some analysts say.
Mark Vitner, senior economist at Wells Fargo Securities, told the Associated Press that he doesn’t expect the downgrade to drive up interest rates instantly since the economy is still weak and borrowers aren't competing for money and driving rates higher. However, he expects in three to five years, loan demand will be much higher and then the downgraded credit rating might cause rates to rise.
Analysts are still waiting to see if the other rating agencies, Moody’s and Fitch, follows S&P’s lead in its downgrade of the U.S. credit rating. If so, the aftermath could be much worse, analysts say.
The debt deal reached by Congress last week was expected to save the U.S. from any credit rating downgrade. However, S&P said lawmakers fell short in its deal. Congress’ deal called for $2 trillion in U.S. deficit reduction over the next 10 years; S&P had called for $4 trillion.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Friday, August 5, 2011
I need an attorney for a real estate closing in chicago
If you need an attorney for a real estate closing in Chicago, call our office right away. We offer very reasonable rates and great service. 312-238-9298. Ask for Attorney Bradford Miller.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, August 4, 2011
Bradford Miller Law handles acquisition of historic Chicago home
Bradford Miller Law recently had the pleasure of handling the acquisition of a historical Chicago home at 2801 S. Prairie. Our client plans a major renovation to the home and a possible museum reflecting the unique history of the home.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, August 2, 2011
Personal record
Client had $240,000 loan. Offer came in at under $50,000. We just got short sale approval in less than 2 weeks. No deficiency or taxes owed on the forgiven debt. Needless to say, my client is extremely happy!
Are you thinking about doing a short sale on your home? If so, call Attorney Bradford Miller for a free 15-minute phone consultation. 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Are you thinking about doing a short sale on your home? If so, call Attorney Bradford Miller for a free 15-minute phone consultation. 312-238-9298.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, July 26, 2011
Chicago-area home prices rise for first time in 9 months
Courtesy of the Chicago Tribune
http://www.chicagotribune.com/business/breaking/chi-chicagoarea-home-prices-rise-for-first-time-in-9-months-20110726,0,1108324.story
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
http://www.chicagotribune.com/business/breaking/chi-chicagoarea-home-prices-rise-for-first-time-in-9-months-20110726,0,1108324.story
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Friday, July 22, 2011
Do I Need an Attorney to Handle a Real Estate Transaction?
Do I Need an Attorney to Handle a Real Estate Transaction?
The real estate agent will handle the negotiation over the price however they are under no obligation to protect your legal interests in the transaction. Because of that, in the Chicago area, Buyers and Sellers almost always hire an Attorney to represent them. With such a big purchase or sale, the small fee an Attorney will charge (around $500) is well worth it.
Attorney Bradford Miller at Bradford Miller Law, P.C. works on real estate transactions every day. From investors to first time home buyers, he works with everyone and will provide excellent service. Click here to see testimonials from Realtors and Clients: http://www.bradfordmillerlaw.com/Testimonials.shtml
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
The real estate agent will handle the negotiation over the price however they are under no obligation to protect your legal interests in the transaction. Because of that, in the Chicago area, Buyers and Sellers almost always hire an Attorney to represent them. With such a big purchase or sale, the small fee an Attorney will charge (around $500) is well worth it.
Attorney Bradford Miller at Bradford Miller Law, P.C. works on real estate transactions every day. From investors to first time home buyers, he works with everyone and will provide excellent service. Click here to see testimonials from Realtors and Clients: http://www.bradfordmillerlaw.com/Testimonials.shtml
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
134 N. LaSalle, Suite 2250
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com/
Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Wednesday, July 13, 2011
City of Chicago Housing Data
Illinois Association of REALTORS® Statement Regarding City of Chicago Housing Data
SPRINGFIELD, Ill.—SPRINGFIELD, Ill.—The Illinois Association of REALTORS® (IAR) is investigating a technical error related to inconsistent data reporting affecting sales volume and media price reports for the city of Chicago. This error has resulted in inaccurate median price and sales volume reports for single-family homes and condominiums, in the city, possibly dating back to 2008 when IAR first began reporting city data at the request of the Chicago Association of REALTORS®.
This unintentional technical error relates only to city of Chicago housing data; county and statewide reports were not affected by the error and their accuracy is not in question.
This error was brought to our attention by a media inquiry, and we are currently investigating the matter with the Chicago Association of REALTOR® and Midwest Real Estate Data LLC to determine how this happened. The one thing we do know is that this was an error and in no way intentional. But whatever the cause, this is absolutely unacceptable to us and we will take whatever action is required to fix the problem or take other actions to ensure public confidence in our market reports.
We regret any confusion in the marketplace that may have occurred due to this situation. We recognize that consumers have certainly been challenged to understand this market and our member REALTORS® are working hard every day to communicate the challenges of the marketplace to their clients.
The IAR has been reporting accurate home sales and median price data since 1990 both on a statewide basis and for the nine-county Chicagoland PMSA region (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties).
In February 2008, IAR also began reporting city of Chicago home sales data in partnership with the Chicago Association of REALTORS®. We are trying to determine where there may have been flaws in how this information was entered and processed, and if the problem dates back to the inclusion of Chicago data in early 2008.
Again, we emphasize that the error is isolated to the city of Chicago data and the Illinois Association of REALTORS® continues to investigate this matter with our local board and MLS partners to ensure accuracy in the city data.
Housing data and trends reported on a statewide basis and for the Chicagoland PMSA remain an accurate reflection of Illinois housing market data and trends.
Data and market forecasts prepared by the University of Illinois Regional Economics Applications Laboratory (REAL), which have been issued since 2008, are not affected by the error.
The Illinois Association of REALTORS® is a voluntary trade association whose 44,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
SPRINGFIELD, Ill.—SPRINGFIELD, Ill.—The Illinois Association of REALTORS® (IAR) is investigating a technical error related to inconsistent data reporting affecting sales volume and media price reports for the city of Chicago. This error has resulted in inaccurate median price and sales volume reports for single-family homes and condominiums, in the city, possibly dating back to 2008 when IAR first began reporting city data at the request of the Chicago Association of REALTORS®.
This unintentional technical error relates only to city of Chicago housing data; county and statewide reports were not affected by the error and their accuracy is not in question.
This error was brought to our attention by a media inquiry, and we are currently investigating the matter with the Chicago Association of REALTOR® and Midwest Real Estate Data LLC to determine how this happened. The one thing we do know is that this was an error and in no way intentional. But whatever the cause, this is absolutely unacceptable to us and we will take whatever action is required to fix the problem or take other actions to ensure public confidence in our market reports.
We regret any confusion in the marketplace that may have occurred due to this situation. We recognize that consumers have certainly been challenged to understand this market and our member REALTORS® are working hard every day to communicate the challenges of the marketplace to their clients.
The IAR has been reporting accurate home sales and median price data since 1990 both on a statewide basis and for the nine-county Chicagoland PMSA region (Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties).
In February 2008, IAR also began reporting city of Chicago home sales data in partnership with the Chicago Association of REALTORS®. We are trying to determine where there may have been flaws in how this information was entered and processed, and if the problem dates back to the inclusion of Chicago data in early 2008.
Again, we emphasize that the error is isolated to the city of Chicago data and the Illinois Association of REALTORS® continues to investigate this matter with our local board and MLS partners to ensure accuracy in the city data.
Housing data and trends reported on a statewide basis and for the Chicagoland PMSA remain an accurate reflection of Illinois housing market data and trends.
Data and market forecasts prepared by the University of Illinois Regional Economics Applications Laboratory (REAL), which have been issued since 2008, are not affected by the error.
The Illinois Association of REALTORS® is a voluntary trade association whose 44,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, June 14, 2011
Housing market critical to economy
Study Calculates Direct and Indirect Expenditures Related to an Illinois Home Sale
(Courtesy of the Illinois Association of Realtors)
When a family or individual purchases a home, there are direct and indirect ripple effects in the state and local economies. With any home purchase, there is more to the buyer’s and seller’s expenditures than the mortgage payment and closing costs. There are fix-up costs and replacement of household items, moving expenses and the purchase of new furniture just to name a few. None of these expenditures would take place if it were not for the sale and purchase of a home.
The Illinois Association of REALTORS® wanted to look closely at this—just how much is spent by the seller and the buyer in the average Illinois home sale? Using Advocacy Program funds, IAR commissioned a study to examine the expenses that buyers and sellers incurred in conjunction with the purchase of an average priced home in Illinois in 2010. The study further reviews the direct and indirect economic results of these expenditures made by a seller and a buyer in a single residential transaction.
Part II of the study analyzes the direct and indirect expenditures for 11 regional MSAs (metropolitan statistical areas). The studies will be used to promote the economic importance of the Illinois housing market in IAR dealings with leaders in local and state government.
Direct Expenditures
Expenditures to prepare a home for sale by the seller (e.g., repairs, home improvements).
A buyer will spend money after they purchase a home on remodeling, new furnishings and household items.
Both parties in the home sale transaction may hire professional service providers such as attorneys and real estate professionals, as well as incur fees from home inspectors, appraisers and the title company and pay taxes to local, county and state government agencies.
Categories: Construction, Retail Trade, Transportation, Finance/Insurance/Real Estate/Professional Services, Public Administration
Indirect Expenditures
Ripple Effects – or multiplier effect: How money spent in one industry goes to other industries which in turn is spent in various other industries, and so forth.
The research really underscores the importance of the housing market on the health of the overall Illinois economy.
If there are fewer home sales in a given year, there will be an impact across many related industries and the economy.
Stronger private sector job growth and improved consumer confidence are paramount to a housing market recovery.
Preserving the mortgage interest deduction (MID) and improving liquidity in the lending market will help a housing market recovery and the economy; federal proposals to eliminate MID or require a 20 percent down payment for a Qualifed Residential Mortgage (QRM) will negatively impact the housing market.
Study Methodology
For the study RCF Economic and Financial Consulting (RCF) surveyed 415 recent buyers and sellers of existing homes (no new construction), as well as a survey of title companies, research reports other data sources. IAR homes sales data was used for the one-year period 4Q09 to 3Q10. An input-output model developed by the University of Illinois Regional Economics Applications Laboratory (REAL) was used to quantify the “ripple effects” or multiplier effect on the economy (how money spent in one industry goes to other industries which is spent in various other industries). The homebuyer/seller survey was sent to people identified in county recorder of deeds offices as the new owners of homes transacted within the previous 12 months.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
(Courtesy of the Illinois Association of Realtors)
When a family or individual purchases a home, there are direct and indirect ripple effects in the state and local economies. With any home purchase, there is more to the buyer’s and seller’s expenditures than the mortgage payment and closing costs. There are fix-up costs and replacement of household items, moving expenses and the purchase of new furniture just to name a few. None of these expenditures would take place if it were not for the sale and purchase of a home.
The Illinois Association of REALTORS® wanted to look closely at this—just how much is spent by the seller and the buyer in the average Illinois home sale? Using Advocacy Program funds, IAR commissioned a study to examine the expenses that buyers and sellers incurred in conjunction with the purchase of an average priced home in Illinois in 2010. The study further reviews the direct and indirect economic results of these expenditures made by a seller and a buyer in a single residential transaction.
Part II of the study analyzes the direct and indirect expenditures for 11 regional MSAs (metropolitan statistical areas). The studies will be used to promote the economic importance of the Illinois housing market in IAR dealings with leaders in local and state government.
Direct Expenditures
Expenditures to prepare a home for sale by the seller (e.g., repairs, home improvements).
A buyer will spend money after they purchase a home on remodeling, new furnishings and household items.
Both parties in the home sale transaction may hire professional service providers such as attorneys and real estate professionals, as well as incur fees from home inspectors, appraisers and the title company and pay taxes to local, county and state government agencies.
Categories: Construction, Retail Trade, Transportation, Finance/Insurance/Real Estate/Professional Services, Public Administration
Indirect Expenditures
Ripple Effects – or multiplier effect: How money spent in one industry goes to other industries which in turn is spent in various other industries, and so forth.
The research really underscores the importance of the housing market on the health of the overall Illinois economy.
If there are fewer home sales in a given year, there will be an impact across many related industries and the economy.
Stronger private sector job growth and improved consumer confidence are paramount to a housing market recovery.
Preserving the mortgage interest deduction (MID) and improving liquidity in the lending market will help a housing market recovery and the economy; federal proposals to eliminate MID or require a 20 percent down payment for a Qualifed Residential Mortgage (QRM) will negatively impact the housing market.
Study Methodology
For the study RCF Economic and Financial Consulting (RCF) surveyed 415 recent buyers and sellers of existing homes (no new construction), as well as a survey of title companies, research reports other data sources. IAR homes sales data was used for the one-year period 4Q09 to 3Q10. An input-output model developed by the University of Illinois Regional Economics Applications Laboratory (REAL) was used to quantify the “ripple effects” or multiplier effect on the economy (how money spent in one industry goes to other industries which is spent in various other industries). The homebuyer/seller survey was sent to people identified in county recorder of deeds offices as the new owners of homes transacted within the previous 12 months.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, June 9, 2011
Still a great investment
Here is a good article from the Realtor Magazine arguing that home ownership is still a great investment. I would add that first time home buyers are in an especially good position to profit from the current housing market.
Americans: Home Ownership Still a Great Investment
Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.
Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”
When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.
More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.
The NAHB survey also found:
▪ 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.
▪ Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Americans: Home Ownership Still a Great Investment
Seventy-five percent of Americans say that “owning a home is the best long-term investment they can make and is worth the risk of ups and downs in the housing market,” according to a new survey of 2,000 bipartisan voters by the National Association of Home Builders.
Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”
When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater — those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.
More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.
The NAHB survey also found:
▪ 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.
▪ Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Wednesday, May 18, 2011
The Buyer who had no attorney
This is the story of a Buyer who thought he didnt need an attorney when buying a house in Chicago. He told his Realtor "I dont need an attorney, this is all standard stuff. I know what I am doing. After all, I have bought a house before."
He handed over a total of 5% in earnest money. Which was a total of $15,000. The Realtor then told him again, you really need to hire an attorney. Again, he shrugged it off. $500? I dont need to spend $500 on an attorney.
A little over a month later, I get a phone call from my office. Its the Buyer. He's nervous and panicked. He apparently did not send a proper notice that he needed more time to get his mortgage completed. The deadline came and went. The closing was supposed to take yesterday. "Can you help me?" he asked, hoping for a miracle. "No, I'm sorry, there is nothing I can do at this point."
The Seller kept the $15,000 as a penalty. All because this guy thought he would save $500 by not hiring an attorney.
Buyers - you need to hire an attorney for a variety of reasons. See http://www.bradfordmillerlaw.com/Buyers/10-Reasons-for-Buyers-to-Hire-an-Attorney.shtml
Dont let this happen to you - call our office today!
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer.
This is intended to be advertising. Please consult with an attorney before acting on any information given here.
He handed over a total of 5% in earnest money. Which was a total of $15,000. The Realtor then told him again, you really need to hire an attorney. Again, he shrugged it off. $500? I dont need to spend $500 on an attorney.
A little over a month later, I get a phone call from my office. Its the Buyer. He's nervous and panicked. He apparently did not send a proper notice that he needed more time to get his mortgage completed. The deadline came and went. The closing was supposed to take yesterday. "Can you help me?" he asked, hoping for a miracle. "No, I'm sorry, there is nothing I can do at this point."
The Seller kept the $15,000 as a penalty. All because this guy thought he would save $500 by not hiring an attorney.
Buyers - you need to hire an attorney for a variety of reasons. See http://www.bradfordmillerlaw.com/Buyers/10-Reasons-for-Buyers-to-Hire-an-Attorney.shtml
Dont let this happen to you - call our office today!
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer.
This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Sunday, May 8, 2011
Free short sale help
If you find yourself in a situation where you can no longer afford your home, please call my office. There are options available to you - some of which are at no cost. The worse thing you can do is nothing.
Many Americans believe that simply walking away from their home is a viable option. The truth is that a short sale almost always makes more sense. Short sales are becoming a bigger and bigger part of the real estate market. The key to a successful short sale is having a good team. My office handles short sales every day. Call my office for a free 15 minute phone consultation on the short sale process.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Many Americans believe that simply walking away from their home is a viable option. The truth is that a short sale almost always makes more sense. Short sales are becoming a bigger and bigger part of the real estate market. The key to a successful short sale is having a good team. My office handles short sales every day. Call my office for a free 15 minute phone consultation on the short sale process.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
http://www.bradfordmillerlaw.com/
Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Sunday, May 1, 2011
Square footage issues
Well, it happened again. A buyer walked away from a deal because they thought the condo they were purchasing was 1600 square feet when it was only 1450 square feet. The buyer apparently went off the MLS sheet - which did in fact say 1600. Obviously, the Seller's Realtor did not know the exact square footage.
I always recommend that unless you have a floor plan to back it up, dont guess at square footage. In today's market, even the simplest mistake can give a buyer cold feet. We know the condo is the same size as it has always been - and the buyer loved it all three times he saw it. But the minute he found out it was actually smaller than he originally thought - he backed out of the deal.
In my opinion, this could have been avoided!
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer
I always recommend that unless you have a floor plan to back it up, dont guess at square footage. In today's market, even the simplest mistake can give a buyer cold feet. We know the condo is the same size as it has always been - and the buyer loved it all three times he saw it. But the minute he found out it was actually smaller than he originally thought - he backed out of the deal.
In my opinion, this could have been avoided!
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer
Tuesday, April 26, 2011
Latest Stats in the housing market
Statewide home sales rose in March for the second consecutive month to 7,833 homes sold, up 40 percent compared to February. Year-over-year statewide total home sales declined 17.9 percent compared to a year ago, according to the latest IAR report. Nationally, March existing home sales also rose month-over-month from February. Find Illinois county-by-county statistics for March and the previous month, talking points and the latest forecast.
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer
Thursday, February 24, 2011
House Committee to Push Bill Ending Obama Foreclosure Program
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
Main: 312-238-9298
Fax: 312-379-3163
House Committee to Push Bill Ending Obama Foreclosure Program
WASHINGTON (foxnews.com) -- A House committee plans to write legislation next week ending the Obama administration's flagship effort for helping struggling homeowners avoid foreclosure and abolishing three other housing assistance programs.
At its meeting next Thursday, the highest-profile target of the Republican-run House Financial Services Committee will be the Home Affordable Modification Program. The Treasury Department has acknowledged the program won't meet its original goal of preventing 3 million to 4 million foreclosures, and last month a federal inspector general said it has been a failure.
The bill comes at a time when Republicans are proposing deep spending cuts across the federal budget. They have already pushed legislation through the House cutting this year's spending by $61 billion, despite opposition by President Obama and congressional Democrats.
The committee will also vote on GOP plans to terminate programs that help state and local governments buy foreclosed properties and sell or rent them, provide loans to unemployed people who have fallen behind in their mortgage payments, and help restructure mortgages for people who owe more than their homes are worth.
Democrats are expected to oppose the Republican effort. House Democratic aides and Treasury spokesmen did not immediately respond to requests for comment.
Financial Services Chairman Spencer Bachus, R-Ala., who announced his committee's meeting on Thursday, said the targeted programs have had little impact, have increased some homeowners' debts and may have led to additional foreclosures.
"In an era of record-breaking deficits, it's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," Bachus said in a written statement.
The Home Affordable Modification Program is designed to help financially troubled homeowners reduce their monthly mortgage payments by offering them lower interest rates and longer repayment periods.
Foreclosures have remained high, with the foreclosure listing firm RealtyTrac Inc. saying there were 2.9 million foreclosure filings last year and over 3 million expected this year.
Even so, the modification program is expected to ultimately complete only 700,000 to 800,000 permanent modifications, according to a report issued last month by the government's special inspector general overseeing the program.
The program "continues to fall dramatically short of any meaningful standard of success," the report said.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
Main: 312-238-9298
Fax: 312-379-3163
House Committee to Push Bill Ending Obama Foreclosure Program
WASHINGTON (foxnews.com) -- A House committee plans to write legislation next week ending the Obama administration's flagship effort for helping struggling homeowners avoid foreclosure and abolishing three other housing assistance programs.
At its meeting next Thursday, the highest-profile target of the Republican-run House Financial Services Committee will be the Home Affordable Modification Program. The Treasury Department has acknowledged the program won't meet its original goal of preventing 3 million to 4 million foreclosures, and last month a federal inspector general said it has been a failure.
The bill comes at a time when Republicans are proposing deep spending cuts across the federal budget. They have already pushed legislation through the House cutting this year's spending by $61 billion, despite opposition by President Obama and congressional Democrats.
The committee will also vote on GOP plans to terminate programs that help state and local governments buy foreclosed properties and sell or rent them, provide loans to unemployed people who have fallen behind in their mortgage payments, and help restructure mortgages for people who owe more than their homes are worth.
Democrats are expected to oppose the Republican effort. House Democratic aides and Treasury spokesmen did not immediately respond to requests for comment.
Financial Services Chairman Spencer Bachus, R-Ala., who announced his committee's meeting on Thursday, said the targeted programs have had little impact, have increased some homeowners' debts and may have led to additional foreclosures.
"In an era of record-breaking deficits, it's time to pull the plug on these programs that are actually doing more harm than good for struggling homeowners," Bachus said in a written statement.
The Home Affordable Modification Program is designed to help financially troubled homeowners reduce their monthly mortgage payments by offering them lower interest rates and longer repayment periods.
Foreclosures have remained high, with the foreclosure listing firm RealtyTrac Inc. saying there were 2.9 million foreclosure filings last year and over 3 million expected this year.
Even so, the modification program is expected to ultimately complete only 700,000 to 800,000 permanent modifications, according to a report issued last month by the government's special inspector general overseeing the program.
The program "continues to fall dramatically short of any meaningful standard of success," the report said.
Sunday, February 13, 2011
Real Estate market improving?
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Existing home sales activity continued up through December, increasing by a substantial 12.3% from a month ago. This marks the fifth monthly increase in the past six months and could indicate that a recovery is gaining a firmer footing. While home sales remained 2.9% below the level seen last year, the market’s upward momentum, despite the absence of the tax credit, is a welcoming sign.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
Existing home sales activity continued up through December, increasing by a substantial 12.3% from a month ago. This marks the fifth monthly increase in the past six months and could indicate that a recovery is gaining a firmer footing. While home sales remained 2.9% below the level seen last year, the market’s upward momentum, despite the absence of the tax credit, is a welcoming sign.
Saturday, January 29, 2011
Home Sales Climb
Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
December home sales climb 11.1 percent from November. Illinois ended 2010 with a December boost in home sales compared to the prior two months and declines in prices and sales also appeared to be moderating, according to IAR's (Illinois Association of Realtors) report. Statewide home sales in December totaled 7,682 up 11.1 percent from 6,915 sales in November; year-over-year sales were down 7.3 percent from 8,288 sales in December 2009. The statewide median price was $140,000 down 7.9 percent from $152,000 in December 2009. Nationally, existing-home sales also jumped in December.
For the forecast, click here http://www.illinoisrealtor.org/files/2010marketstats/U%20of%20I%20Reports/REAL%20Report%20Jan%202011.pdf
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
December home sales climb 11.1 percent from November. Illinois ended 2010 with a December boost in home sales compared to the prior two months and declines in prices and sales also appeared to be moderating, according to IAR's (Illinois Association of Realtors) report. Statewide home sales in December totaled 7,682 up 11.1 percent from 6,915 sales in November; year-over-year sales were down 7.3 percent from 8,288 sales in December 2009. The statewide median price was $140,000 down 7.9 percent from $152,000 in December 2009. Nationally, existing-home sales also jumped in December.
For the forecast, click here http://www.illinoisrealtor.org/files/2010marketstats/U%20of%20I%20Reports/REAL%20Report%20Jan%202011.pdf
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