Advantages of a 20% Down Payment

Saving for your first home can be hard but putting 20% down has it's advantages:

• A 20% down payment is viewed as ideal by lenders because you are investing a significant amount of your own money in your home. The lenders risk is reduced making it easier to obtain a loan. 
• You eliminate the need for private mortgage insurance. PMI  provides insurance to the lender in case you default on your loan. This is an additional monthly expense added to your mortgage payment that you will not have to pay.
• A 20% down payment will qualify you for a slightly lower interest rate. 
• You instantly have 20% equity in your home, which you can get back as part of your profit when you sell or borrow against in the future. 

Our experienced Real Estate Attorneys have been representing buyers for several years and have earned membership in the Better Business Bureau. Once you decide to purchase a home, Bradford Miller Law can help you with your transaction at a very reasonable rate. Feel free to visit our website for information about our firm and information about buying a home. If you have any questions about the process, give our office a call.

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, Estate Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Chicago-area homeowners are still underwater

On April 17, 2014, Mary Ellen Podmolik of the Chicago Tribune reported  that  almost 1/3 of Chicago-area homeowners are still significantly underwater. She states that  despite improving home prices, 31 percent of Chicago-area homeowners with a mortgage were seriously underwater in March, owing at least 25 percent more on their home loans than the property’s value.

We can help you get back on track. You have options and we at Bradford Miller Law can provide you with information about the Short Sale process. This option is not as damaging to a person's credit as a foreclosure or bankruptcy. Bradford Miller Law can help you make an informed decision and legally guide you through the short sale process. Give us a call at (312) 238-9298 for a free 15-minute consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs.

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, Estate Planing Lawyer, 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.

Are foreclosures on the rise in Chicago?

On April 9, 2014, Mary Ellen Podmolik, of the Chicago Tribune reported that foreclosure activity in the Chicago area in March, 2014 was down more than 30 percent from a year ago, but the pace was greater than in February.

Mary Ellen states that about 7,400 properties in the Chicago area received notices in March that foreclosure proceedings had begun, the home was scheduled for a court-supervised auction or the home had been repossessed and become bank-owned, according to data from RealtyTrac. The total level of activity declined 33 percent from March 2013 but was up 22 percent from February.

Also reported last month, 1,865 Chicago-area homes, including 1,001 in Cook County, became bank owned. During the first quarter, 5,853 homes became bank owned in the region that extends from Kenosha, through the Chicago area and to Northwest Indiana.

In addition, the company’s report also found that it took an average of 830 days for an Illinois property to complete the foreclosure process during the first quarter.

You have options if you are facing foreclosure. Contact Bradford Miller Law for information about the Short Sale process. We can talk to you about this option, as it is not as damaging to a person's credit as a foreclosure or bankruptcy. Give us a call at (312) 238-9298 for a free 15-minute consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs. We can help you make an informed decision and legally guide you through the short sale process.

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.

Pros and Cons about making a smaller down payment.

Pros:

• You may have additional cash to cover emergencies, maintenance and repairs. 

Cons:

• You will need to pay Private Mortgage Insurance (PMI) to your lender.
• Your loan will be larger therefore, your monthly payments will be more.
• Typically, the interest rate will be a little higher than the ideal 20% down payment. 

The decision about the size of your down payment depends on a variety of factors. You will need to consult with a lender to evaluate your loan options.

Once you decide to 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 buyers for several years now and have earned membership in the Better Business Bureau.  Please feel free to visit our website  for information about our firm and information about buying a home. If you have any questions about the process, give our office a call.

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.

Short Sale? Check out our website.

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.

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.