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.
Saturday, October 29, 2011
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.
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