Realty Trac reported that foreclosure filings in the Chicagoland area rose 30% from September to October. Its still better than last year but clearly we still have a problem with foreclosures.
Homeowners - you have options! You should not just let your home go into foreclosure. If you are having a hard time making your mortgage payments, please call my office for a free consultation.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago Real Estate Attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Thursday, November 14, 2013
Friday, November 8, 2013
What closing costs are there for a Seller?
I often get asked "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 2013, we paid the 2012 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 for a free consultation. Our office phone number is 312-238-9298.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago Real Estate Attorney fees. 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 2013, we paid the 2012 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 for a free consultation. Our office phone number is 312-238-9298.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
http://www.bradfordmillerlaw.com
Key words: Chicago short sale attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago Real Estate Attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Monday, November 4, 2013
Harder to get a mortgage in 2014
On January 10, 2014 new rules by Fannie Mae and Freddie Mac will go into effect that limits the borrower's monthly debt payments to 43% of their income. In addition, the fees lenders can charge on the mortgage origination cannot exceed 3% of the mortgage value. So what does this mean in the real world? Its going to be harder to get a mortgage and if you need a small mortgage (lets say $50,000), good luck finding a lender willing to help you if they are limited to 3%. It wont be worth their time. Maybe this will get reformed because I would think this would hurt lower income areas where prices tend to be much lower.
Posted by Bradford Miller Law, P.C.
A Law Firm Dedicated To Real Estate
Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
312-238-9298
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.
Subscribe to:
Posts (Atom)