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

Saturday, May 19, 2012

A good 1st quarter for 2012

Mild weather, low interest rates and declines in pricing all played a role in home sales surging statewide in the first quarter of 2012 compared to a year ago, according to the Illinois Association of REALTORS®. What's ahead? Statewide sales volume will be 8-18 percent higher in the second quarter of 2012, according to the University of Illinois forecast.

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 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.

Sunday, May 13, 2012

A good time to be a Buyer

The real estate market is thawing this spring. Following five years of dismal sales and falling prices, the housing market is starting to see a turnaround, according to housing surveys, agent reports, and economists.

Home buyers are returning to take advantage of record housing affordability while investors are buying up foreclosures in bulk at bargain prices.

"The biggest challenge that we've had over the past four years is fear — fear that the economy is collapsing, that property values are collapsing, that the world is coming to an end," Mark Prather, a broker at ERA Buy America Real Estate in La Palma, Calif., told the Associated Press. "The fear factor is all but gone."

The signs are already there: Home sales prices are starting to edge up, even in hard-hit housing areas like Phoenix and Miami. Also, banks are issuing more mortgages. JPMorgan Chase recently reported an uptick in loan applications recently by 33 percent, and the bank said that it issued 6 percent more mortgages from January through March than last year. Wells Fargo reported an 84 percent increase in loan applications and the issuing of 54 percent more mortgages in the last year.

Still, the housing market has some ways to go, with a surge of foreclosures expected to soon hit the market and the unemployment rate still high in many parts of the country.

"This gradual healing is encouraging, but we must tread carefully as the housing market is still far from a robust recovery," Michelle Meyer, an economist at Bank of America Merrill Lynch, told Reuters News.

Source: “US home-buying season finally signaling a recovery,” The Associated Press (April 15, 2012) and “Close to Bottoming, Home Prices May Rise in 2013,” Reuters (April 12, 2012)

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 2250

Chicago, IL 60602

312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Monday, May 7, 2012

95% of REOs Need Rehab, Analysts Say

Courtesy of DAILY REAL ESTATE NEWS

Investors are buying up foreclosures in bulk, viewing the potential returns from REOs-to-rentals as better than most other investments.

But experts caution investors to be careful that they don’t take on more than they can handle, and make sure they devote some attention — and budget — into the rehabilitation of many of the properties they buy.

Nearly 95 percent of distressed homes are in bad shape and unsuitable for renting out, Morgan Stanley analysts estimate.

"The importance of getting construction — or specifically, re-construction or rehabilitation — right cannot be overstated," according to a recent report sent to Morgan Stanley clients. "The quality and cost of rehabilitation can continue to benefit or haunt the asset far past the initial completion of work. For example, shoddy plumbing or other infrastructure work can result in significantly higher maintenance costs over time, and can also affect eventual exit pricing."

Morgan Stanley provided estimates to investors in the report, citing estimates of renovation work to cost about 25 percent of the purchase price.

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 2250

Chicago, IL 60602

312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Saturday, April 28, 2012

March Illinois Home Sales Best in Four Years

Statewide home sales totaled 9,575, the best March performance since 2007, according to the latest Illinois Association of Realtors report. The statewide median price held steady at $130,000, marking the first time the median price hasn't decreased since June 2010.

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.

Sunday, April 15, 2012

Consider doing a short sale

If you are a homeowner who can no longer afford your home and owe more than the home is worth, one option available to you is a short sale. My office handles short sales every day. In a short sale, all of the costs (legal fee, realtor commission, title/closing costs) are paid by the bank. Many of my clients receive $3,000 in assistance as well.

My office offers free legal representation to homeowners seeking a short sale. Contact Attorney Bradford Miller for a free 15-minute 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

Wednesday, April 4, 2012

Have home prices finally hit bottom?

Have home prices finally hit bottom?

“Prices are bottoming now,” according to a Bank of America Merrill Lynch forecast, released this week.

In the fall, the analysts had predicted home prices would drop by 8 percent from the second quarter of 2011 through the first quarter of 2013 — but now they’re revising that forecast, realizing the housing market is stabilizing faster than they originally thought.

The analysts now predict that prices will remain flat for the next two years, as the excess foreclosure inventory is absorbed. They then expect to see a pickup in home prices by 2014.

And in the long-term, they see a big rise in housing prices. From 2012 through 2020, analysts forecast a cumulative growth of 42 percent in home prices (at 4 percent on an annualized basis).

Source: “Home Prices ‘Bottoming Now,’ BofA Merrill Lynch Analysts Say,” HousingWire (March 22, 2012)

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

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.