Home Inspections

Sellers are required by law to disclose major problems with a home that may affect its value. This however is not a substitute for a home inspection. It is almost impossible for an amateur to perform an inspection with the same expertise and professionalism of a licensed inspector. Licensed and certified inspectors must be knowledgeable about new materials, technologies and, products in use today as well as those used in earlier years.

An inspection is a way to evaluate the property before you make a purchase. You will want to know about any serious problems and what it will take to fix them before your cancellation clause expires. If, major repairs are needed, you can get competitive bids from contractors to negotiate with the owners to either make the repairs prior to the closing or possibly reduce the sale price.

Your real estate agent or lender can be a great resource for finding competent inspectors who are familiar with local housing conditions, contractors, and building codes.

Bradford Miller Law has been helping both buyers and sellers with their real estate transactions and negotiations for several years. Call us to handle your real estate needs.

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.

 

 

Financial Reasons for buying a Home

As reported in a newly released paper on homeownership, The Dream Lives On: the Future of Homeownership in America, Eric Belsky, Managing Director of the Joint Center of Housing Studies at Harvard University reveals several financial reasons you should consider buying a home.  

·        Housing is considered a leveraged investment. Homeownership allows householders to increase any appreciation on the value of their homes by a leverage factor which can increase the return on their equity.

·        Whether you own or rent, you are paying for housing.  Renters help landlords pay down the principal of another person’s loan while homeowners pay down their own loan.

·        There are substantial tax benefits to owning a home. Homeowners can deduct mortgage interest and property taxes from their income.

·        Owning is usually considered a form of forced savings. Owning a home can overcome the tendency to defer savings to another day.

·        Owning hinders inflation. Over most time periods, housing costs and rents have gone up at a higher rate of inflation which makes owning an attractive plan.   

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.

Home sales are dipping

According to chicagorealestatedaily.com, Chicago-area home sales dropped last month for the first time in almost 2½ years.  According to the Illinois Association of Realtors this is reflecting the low supply of homes on the market.  They found that in the nine-county local area, 7,640 homes sold last month, down 1.3 percent from 7,744 sales in November 2012.

This decline snaps a streak of 28 consecutive months that local home sales rose year over year.

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, residential real estate attorney Chicago, 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.

Foreclosures are still a problem....

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.

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.

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

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.