Bradford Miller Law, P.C. Chicago Real Estate Attorney, Chicago Short Sale Attorney: June 2015

Tuesday, June 30, 2015

Home appraisals

When selling or refinancing a home, a professional home appraisal is required. The unbiased opinion of your properties value gives potential buyers and lenders a clear picture of it's worth. The process has three major steps:

Real Estate Inspection: The appraiser closely examines the interior and exterior of your home, taking photos and noting its overall condition.

Comparables: The appraiser researches recently sold homes in your neighborhood. This helps the appraiser calculate the home’s worth based on current housing market values.

Final Report: The appraiser prepares a complete property and market analysis, which typically includes:

Your home’s size and condition
A record of any serious structural issues
Notes about recent home renovations and the surrounding area
Photographs, sketches and maps of your property

Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.

At bradfordmillerlaw.com you will find information about our firm along with helpful real estate information. Give us a call at 312-238-9298 for a FREE 15-minute consultation to discuss your pending or potential real estate transaction.

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, Illinois Landlord Attorney, Chicago Leases, Chicago estate planning attorney, Estate Planning Lawyer, Chicago Real Estate Attorney, Chicago Real Estate Lawyer, Real Estate closings, Chicago building code violations, Short Sale Attorney. This is intended to be advertising. Please consult with an Attorney before acting on any information given here.

Friday, June 26, 2015

What is the difference between a contingent and pending home listing?

A home listing that is contingent means that the listing is still considered active in the multiple listing service but an offer has been made and accepted.

The contingent nature of the listing is the numerous steps that a tentative purchase goes through, such as an attorney review, securing a mortgage and a home inspection. Realtors often show homes while a listing is contingent, just in case the offer falls through. However, some buyers write a "no showing" clause into their offers.

A home listing that is pending means all the contingency steps have been completed and the transaction is about to close. Pending listings are not considered active and the property is no longer shown.

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

Friday, June 19, 2015

Is there a difference between the loan balance and the loan payoff?

Yes, the loan balance does not equal the loan payoff. Your monthly mortgage statement includes a loan balance amount which does not include any of the mortgage interest that's accrued since that last statement. The payoff amount changes daily and when selling your home you will need to know the payoff amount.

Whether you are selling, buying, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp. At bradfordmillerlaw.com you will find information about our firm along with helpful real estate information. Give us a call at 312-238-9298 for a FREE 15-minute consultation to discuss your pending or potential real estate transaction.

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

Thursday, June 18, 2015

What is "Market time"

Market time is the number of days since a home was initially listed for sale. Market time incorporates price changes. In some cases, homes can be taken off the market and then relisted as a new listing. In the Chicago area's multiple listing service, if a home is off the market for more than 90 days and then comes back on, it's considered a new listing.

It should be noted that a home can return to the market at the same price for various reasons. Two of the most frequent are because a potential buyer was unable to secure financing or due to issues that were found during a home inspection.

Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp.

At bradfordmillerlaw.com you will find information about our firm along with helpful real estate information. Give us a call at 312-238-9298 for a FREE 15-minute consultation to discuss your pending or potential real estate transaction.

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, Illinois Landlord Attorney, Chicago Leases, Chicago estate planning attorney, Estate Planning Lawyer, Chicago Real Estate Attorney, Chicago Real Estate Lawyer, Real Estate closings, Chicago building code violations, Short Sale Attorney. This is intended to be advertising. Please consult with an Attorney before acting on any information given here.

Thursday, June 11, 2015

Seller timelines

Although every transaction can be different, this is a general timeline from the seller's point of view.

1. Offer. There is an offer for the property. Your realtor receives earnest money from the buyer.

2. Attorney involvement. When you receive an offer (or even before) you should immediately call Bradford Miller Law and fax or email the contract to our office. It is important to get the attorney involved right away because there are deadlines that begin to run.

3. Attorney review, etc. We will then begin his or her work on the transaction that 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. Money into escrow account. 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.

6. 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.

7. Final walk-through. The final walk-through takes place, usually the day before the closing.

8. Closing. The actual closing takes place which is where everyone signs the paperwork and keys are exchanged.

Overall, the above timeline typically takes around 45-60 days to complete but every transaction is different and sometimes deadlines need to be extended for one reason or another. Bradford Miller Law, P.C. can assist you with all your real estate needs at a very reasonable rate. We are adept at saving our clients time and expense while rigorously protecting their interests.

Whether you are buying, selling, renting a property or need assistance with a building code violation we can help. Our experienced Real Estate Attorneys have been representing real estate clients for several years and have earned membership in the Better Business Bureau and we have great reviews on Yelp. At bradfordmillerlaw.com you will find information about our firm along with helpful real estate information. Give us a call at 312-238-9298 for a FREE 15-minute consultation to discuss your pending or potential real estate transaction.

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

Tuesday, June 9, 2015

"As is" listings

Selling a property "as is" has become more common particularly with foreclosures and short sale transactions. This may make potential buyers hesitant but it simply can mean that the sellers just do not have the time or money to pay for some needed repairs.

Potential buyers of as is properties still have the option to have the home inspected. If lots of repairs are needed or there are major issues, buyers might gain the upper hand in negations, causing the seller to settle on a lower price or it can allow buyers to remove themselves from the transaction if there is an excessive amount of flaws found with the property.

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

FREE SHORT SALE HELP

Are you "under-water" in your home? Do you owe more then the property is worth? You should consider doing a short sale. Chicago short sale attorney Bradford Miller offers free legal representation to homeowners doing a short sale. The first step is to call Attorney Bradford Miller for a free 15 minute phone consultation. If we accept you as a client, our representation will be free to you and its possible you will even receive some money to help you relocate. Homeowners should know what their options are and what to expect. Call Mr. Miller today at 312-238-9298.

CHICAGO REAL ESTATE LAW BLOG

Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law and estate planning. This is the chicago real estate law blog. If you are interested in reading about landlord tenant law, visit that blog at http://chicagoltlaw.blogspot.com/. If you are interested in estate planning, visit http://chicagoestateplanning.blogspot.com/. The law firm's main website is www.bradfordmillerlaw.com.

This blog will focus on real estate law in the Chicagoland area. Topics include real estate transactions ("closings"), closing costs, and real estate taxes, among other things.

Helping people in this distressed real estate market

Whether you live in Chicago, Berwyn, Orland Park, Naperville, or another suburb, Bradford Miller Law, P.C. can provide the legal representation you need. Short sales are becoming more and more prevalent, currently making up approximately 35% of the market. Sellers need to understand what a short sale is and what the consequences may be. Mr. Miller offers a free 15-minute phone consultation to any homeowner contemplating a short sale.

Bradford Miller Law, P.C. also offers representation to traditional sellers. Sellers can find a variety of information at http://www.bradfordmillerlaw.com/ under the "Sellers" section. Mr. Miller offers a free 15-minute phone consultation to any homeowner looking to sell their property.

Buyers, and especially investors, are taking advantage of the real estate market. Bradford Miller Law, P.C. offers comprehensive legal representation when making a purchase. Call for a free 15-minute phone consultation.