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.

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.

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