Tuesday, September 30, 2014

Preparing Your Vintage Home for Winter

On September 22, 2014,  the City of Chicago announced that they will be having two workshops on October 9 and October 18, 2014. The topic is "Preparing Your Vintage Home for Winter."

The City of Chicago invites you to join preservation and sustainability consultant Carla Bruni to learn about practical, cost effective strategies for enhancing the comfort and energy efficiency of your vintage home while also preserving the architectural features that make it unique. Carla will also discuss important seasonal maintenance that can improve the health and safety of your family during the heating season. To RSVP, you can call (773) 329-4243 or, or visit the Neighborhood Housing Services website at www.nhschicago.org.

Thursday, October 9, 6 pm -8pm
NHS Homeowenership Center
1279 North Milwaukee Avenue, 4th Floor
Chicago, IL 60622

Saturday, October 18, 10 am - 12 pm
Blackstone Branch Chicago Public Library
4904 South Lake Park Avenue
Chicago, IL 60615

Bradford Miller Law, P.C. can assist you with all your real estate needs. From buying, selling, renting and even helping you with a building code violation we are here to help with all your real estate needs at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. At www.bradfordmillerlaw you will find information about our firm along with helpful real estate information. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

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, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, 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, September 25, 2014

How did the Chicagoland August market do?

Phillip Buoscio, A Better Living Realty Broker published an article titled "August Market Update." Phil found that one of the biggest shifts that he has observed this year in the market is that traditional sales are finally starting to make a comeback.  Phil provided the following  the graph below, showing that traditional sales have jumped from their 3 year low in the spring of 2013 by almost 40,000.

Phil also found that on the other hand the inventory of distressed sales has continually declined over a similar time frame traditional listings have increased. Short sale listings have dropped 43% from its peak.  And REO (bank owned listings) have dropped 14%. Check out the graphs below.



Phil states that while the level of traditional sales vs distressed sales is still not typical of a "normal" market, things are improving.  The overall inventory in this region is still staying relatively low as well.  The result of this has been appreciation for most of the Chicagoland real estate market. While not all specific areas have seen appreciation necessarily, it's definitely a good sign for the overall health of the Chicago real estate market.

Phil advises that if you have been waiting to sell because you're not sure if you have any equity if your home, now is the time to check in on your value. Just like completing an annual physical for your health or annual review of your retirement accounts, it's always a good idea to track your home value.  For certain areas this fall may be the perfect time to sell.  For other areas it might be best to wait for the spring and start to prepare your house for the spring market now.  The best way to find out though is to have a complete market analysis on your property. 

Phil Buoscio is an experienced Managing Broker & Owner of Better Living Realty. He can prepare a complete market analysis of your property at no cost to you. If interested,  you can call him at 312-953-6725. His website is www.MyRealtorPhil.com 

Once you decide to sell or purchase a home, Bradford Miller Law can help you with your transaction at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. At www.bradfordmiller.com you will find for information about our firm and about buying or selling a home. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

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, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, 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.

Upcoming City of Chicago workshop

On September 22, 2014, the City of Chicago announced that they will be holding two low alert workshops concerning ways to reduce, reuse and rehab. The workshops are scheduled for September 25, and October 11, 2014. The City posted the following information on their website:

While saving and reusing existing buildings is almost always the greenest option, there are options beyond a quick and dirty demolition for entire homes and interior renovations. Join preservation and sustainability consultant Carla Bruni to learn about the differences between demolition and deconstruction, why we should care about saving the materials used to build older homes, and the financial benefits of deconstruction and visiting your local salvage warehouse for your DIY projects instead of the local big box store.

Thursday, September 25, 6-8 PM
Chicago Center for Green Technology
445 North Sacramento Blvd
Chicago, IL 60612

Saturday, October 11, 10 am - 12 pm
Blackstone Branch Chicago Public Library
4904 South Lake Park Avenue
Chicago, IL 60615

To RSVP, please call 773-329-4243 or, visit the Neighborhood Housing Services Website at www.nhschicago.org.

Bradford Miller Law, P.C. can assist you with all your real estate needs. From buying, selling, renting and even helping you with a building code violation we are here to help with all your real estate needs at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. At  www.bradfordmillerlaw you will find information about our firm along with helpful real estate information. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

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, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, 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, September 18, 2014

Let's talk about Escrow

Purchasing or selling real estate may be one of the biggest projects you ever undertake. It involves a lot of legal details, and real estate law is always changing. It's a good idea to talk with an experienced real estate lawyer to be sure you meet all the state's requirements. You can make the process a little easier by taking a few moments to learn a little about how it works. Here is some information about escrow.

Escrow: An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate.

Escrow Account: An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums, or other charges when they are due. Sometimes referred to as an "impound" or "reserve" account.

Escrow Analysis: The accounting that a mortgage servicer performs to determine the appropriate balances for the escrow account, compute the borrower's monthly escrow payments, and determine whether any shortages, surpluses or deficiencies exist in the account.

Once you decide to sell or buy real estate, Bradford Miller Law, P.C. can help you with your transaction at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. At www.bradfordmillerlaw.com you will find information about our firm and information about selling a home. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

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, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, 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.

Tuesday, September 16, 2014

10 important points to remember about short sales

1) They take time. On average, short sales take three months. But it depends on the lender. I have had some properties close in one month.

2) The seller will need to prove a financial hardship in order for the bank to consider the short sale. If you have a lot of money sitting in your checking account and are just looking for the lender to take the loss on the property, a short sale is not for you. Through our office and your real estate agent, we will provide the necessary paperwork for the lender to consider your financial hardship. In my experience, lenders have been very responsive to the financial hardships of sellers and will likely agree that a short sale is the best option.

3) The seller typically receives no proceeds from the sale; however, my office can sometimes get "relocation assistance" funds for the homeowner. The bank pays all customary closing costs such as agent commissions, taxes, title fees and attorney's fees.

4) All real estate sales contracts should use the appropriate short sale rider.

5) The seller must still accept an offer; however, it will be subject to lender acceptance. In other words, the lender must approve the terms of the offer as well as sign off on the seller's financial hardship circumstances.

6) There is no guarantee the bank will approve the sale; however, my office has a high success rate.

7) When an offer is presented, the bank will do its own research on the property by ordering a brokers price opinion ("BPO"). This is similar to an appraisal. Therefore, if the offers are lower than what other homes have been selling for, the lender may reject the short sale or counter at a higher price.

8) It is very important that the seller, listing agent and our office work together. This will ensure that the process goes as smoothly as possible.

9) Sellers should use a real estate agent and attorney who are experienced with short sales.

10) Sellers should get our office involved immediately. If you have stopped making your mortgage payments, call us right away to get started on a short sale. Bradford Miller Law, P.C., has extensive experience with short sales and can help ensure the process goes as quickly and smoothly as possible.

If you are a homeowner contemplating a short sale, call our office, at 312-238-9298, for a free 15-minute consultation. Bradford Miller Law has been representing both buyers and sellers of short sale properties for several years. We offer free legal representation to homeowners seeking a short sale.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
http://www.bradfordmillerlaw.com

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.


Thursday, September 11, 2014

Let's discuss Short Sales

Many sellers have found that they owe more money on their property than it is worth. This is often referred to as being "upside down." Others are behind on mortgage payments because of creative financing terms ending or other issues. Of course others simply lost their jobs or face another financial hardship and can no longer afford their mortgage.

Whatever the reason may be, for many sellers, a "short sale" may be a viable solution. 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.

If you are a homeowner contemplating a short sale, call our office, at 312-238-9298, for a free 15-minute consultation. Our firm has a lot of experience handling short sales and we can answer all your questions. It does not matter whether you live in Chicago, Berwyn, Naperville, Orland Park or another suburb. We handle short sales all over the Chicago land area.

Bradford Miller Law has been representing both buyers and sellers of short sale properties for several years. We offer free legal representation to homeowners seeking a short sale. Call us to help you with your short sale transaction.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
http://www.bradfordmillerlaw.com

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.

Thursday, September 4, 2014

Purchase and sale agreement explained

Purchase and Sale Agreement: A document that details the price and conditions for a transaction. In connection with the sale of a residential property, the agreement typically would include: information about the property to be sold, sale price, down payment, earnest money deposit, financing, closing date, occupancy date, length of time the offer is valid, and any special contingencies.

Buying or selling a house involves a lot of legal details, and real estate law is always changing. It's a good idea to talk with an experienced real estate lawyer to be sure you meet all the state's requirements. Once you decide to sell or buy real estate, Bradford Miller Law, P.C. can help you with your transaction at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. At www.bradfordmillerlaw.com you will find information about our firm and information about selling a home. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

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, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, 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.

Tuesday, September 2, 2014

Offers explained

Offer: A formal bid from the home buyer to the home seller to purchase a home. The offer should be in writing. You may choose to accept or reject this offer for any reason that is not discriminatory (race, age, etc.) or submit a counteroffer changing any terms you do not like.

Counter-offer: An offer made in response to a previous offer. For example, after the buyer presents their first offer, the seller may make a counter-offer with a slightly higher sale price.

Once the seller and buyer agree to all terms of the offer you will have a ratified sales contract which will include sales contingencies, such as obtaining a mortgage of a certain type and rate, getting an acceptable inspection, making repairs, closing by a certain date, etc.

Selling or purchasing property involves a lot of legal details, and real estate law is always changing. It's a good idea to talk with an experienced real estate lawyer to be sure you meet all the state's requirements. Bradford Miller Law, P.C. can assist you with all your real estate needs. From buying, selling, renting and even helping you with a building code violation we are here to help with all your real estate needs at a very reasonable rate.

Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. At www.bradfordmillerlaw you will find information about our firm along with helpful real estate information. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

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, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, 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.

Closing information

Closing: The process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds, and, if applicable, transferring ownership of the property. In some jurisdictions, closing is referred to as "escrow," a process by which a buyer and seller deliver legal documents to a third party who completes the transaction in accordance with their instructions.

Closing Costs: The fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or other third party, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney's fee, and prepaid items, such as escrow deposits for taxes and insurance. To read more about closing costs, see "closing costs" under the Buyer or Seller tabs on my website.

Closing Date: The date on which the sale of a property is to be finalized and a loan transaction completed.

Bradford Miller Law, P.C. can assist you with all your real estate needs. From buying, selling, renting and even helping you with a building code violation we are here to help with all your real estate needs at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate clients for several years now and have earned membership in the Better Business Bureau. At  www.bradfordmillerlaw you will find information about our firm along with helpful real estate information. To discuss your pending or potential real estate transaction call us at 312-238-9298 for a Free 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602

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, Estate Planning Lawyer, Chicago leases, Chicago real estate attorney, Chicago real estate lawyer, Chicago real estate closings, 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.