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.

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.