Are you thinking about short selling your home? Bradford Miller Law, located in downtown Chicago can help you make an informed decision.
Go to our website at http://www.bradfordmillerlaw.com to find helpful information regarding the short sale process. If you wish, fill out the Short Sale information sheet under "Forms" to help us better understand your specific situation. Upon receipt, we will review your information and provide you with a free 15-minute consultation. Or, simply contact our office at (312) 238-9298 for your 15-minute free consultation.
Our office has experience handling short sales in Chicago and the surrounding suburbs. Whatever the reason, for many sellers, a "short sale" may be a viable solution. We can help.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
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 residential real estate attorney, Chicago landlord tenant law 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, March 31, 2014
Monday, March 24, 2014
As a Seller, what kind of timeline can I expect?
Although every transaction can be different, this is a general timeline from the Seller's point of view.
1. There is an offer for the property. Your Realtor receives earnest money from the Buyer.
2. When you receive an offer (or even before) you should immediately call an Attorney and fax or email the contract to their office. It is important to get the Attorney involved right away because there are deadlines that begin to run.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract, ordering and reviewing the title policy, and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, the Buyer may ask for them to be repaired or they may ask for a monetary credit. Or they could choose to cancel the contract and have the earnest money returned to them.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. For a Buyer that needs to take out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, usually after the Attorneys have come to an agreement on all terms, the Buyer will give an additional amount of earnest money. This money typically goes to your Realtor's office who then puts it into an escrow account.
7. The final walk-through takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, the above timeline typically takes around 60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
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 residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Estate Planning Attorney, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
1. There is an offer for the property. Your Realtor receives earnest money from the Buyer.
2. When you receive an offer (or even before) you should immediately call an Attorney and fax or email the contract to their office. It is important to get the Attorney involved right away because there are deadlines that begin to run.
3. The Attorney will then begin their work on the transaction which will include reviewing the terms of the contract, ordering and reviewing the title policy, and drafting the paperwork necessary for closing.
4. Inspection deadline. In a typical contract, the Buyer has the right to have the property professionally inspected. If any problems are found, the Buyer may ask for them to be repaired or they may ask for a monetary credit. Or they could choose to cancel the contract and have the earnest money returned to them.
5. Mortgage commitment deadline. This is often the deadline that matters the most to all of the parties. For a Buyer that needs to take out a mortgage, this is the deadline where the lender either "commits" to lending money for the property or decides they cannot lend money for this property. Often this deadline needs to be extended because the lenders have become more cautious then before and therefore need more time.
6. At some point, usually after the Attorneys have come to an agreement on all terms, the Buyer will give an additional amount of earnest money. This money typically goes to your Realtor's office who then puts it into an escrow account.
7. The final walk-through takes place, usually the day before the closing.
8. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.
Overall, the above timeline typically takes around 60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
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 residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Estate Planning Attorney, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Monday, March 10, 2014
Buyers closing costs
Closing costs for Buyers can be hard to estimate because so many factors are involved. Generally speaking, a Buyer can expect to pay around 3-4% of the sale price for closing costs. Every transaction is different so this is only a general estimate. Following are some of the more common fees and expenses that Buyers will have to pay:
-Appraisal Fee
-Application Fee (for Lender)
-Other lender related fees (such as lender direct fees or commitment fees)
-Prepaid mortgage interest
-Prepaid county property taxes
-Settlement/closing fee (to Title Company)
-Title insurance and endorsement fees
-Handling, messenger, FedEx fees
-Recording fees
-Transfer tax
If you are buying real estate, contact Bradford Miller Law for a free initial consultation with an experienced Chicago real estate lawyer. We charge reasonable fees for all services and have been helping people with real estate transactions for several years.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
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 residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Estate Planning Attorney, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
-Appraisal Fee
-Application Fee (for Lender)
-Other lender related fees (such as lender direct fees or commitment fees)
-Prepaid mortgage interest
-Prepaid county property taxes
-Settlement/closing fee (to Title Company)
-Title insurance and endorsement fees
-Handling, messenger, FedEx fees
-Recording fees
-Transfer tax
If you are buying real estate, contact Bradford Miller Law for a free initial consultation with an experienced Chicago real estate lawyer. We charge reasonable fees for all services and have been helping people with real estate transactions for several years.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
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 residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Estate Planning Attorney, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.
Tuesday, March 4, 2014
Thinking about a "short sale"?
Bradford Miller Law, located in downtown Chicago can talk to you about this option so you can make a informed decision. A short sale is when the lender agrees to accept a loan payoff that is less than the full amount due on the mortgage. It is true that this may adversely affect the credit score of the seller, but it is not as damaging to a person's credit as a foreclosure or bankruptcy
Contact our office at (312) 238-9298 for a 15-minute free consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs. Whatever the reason, for many sellers, a "short sale" may be a viable solution. We can help you make a decision in this matter.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
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 residential real estate attorney, Chicago landlord tenant law 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.
Contact our office at (312) 238-9298 for a 15-minute free consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs. Whatever the reason, for many sellers, a "short sale" may be a viable solution. We can help you make a decision in this matter.
Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
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 residential real estate attorney, Chicago landlord tenant law 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.
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