The internet is changing (for the better) the way people shop for and view real estate. There is an new Iphone app that allows you to search listings from your Iphone. The nice thing about this app is that the GPS in the phone senses were you are located and will automatically map listings near you. [...]
Estate planning and real estate in the Land of Lincoln
Category Archives: Real Estate-Sales
Google maps to the real estate rescue
This add-on for google maps is a little hard to find. When you open google maps, there are two search boxes. Click the second box and a drop down list appears. Select real estate. Then type in whatever address you are interested in in the first box. A map with red dots representing properties for [...]
Seller & attorney approval: Beware of killing contracts
The attorney approval clause included in real estate contracts lets the attorney approve, disapprove or make modifications to the contract (other than price) within 5 business days after the contract is signed. There’s one situation in which the attorney approval clause can be very dangerous. It’s this: Let’s say the Seller accepts an offer from [...]
Fingerprinting now required to sign IL deeds
Beginning 6/1/09, fingerprinting will be required for deeds that transfer Illinois residential real estate. In the past, deeds simply required a notary. Now, the notary must take the right thumbprint of the seller and on a separate “notarial record.” The notary has to keep the notarial record for seven years. Thankfully, this does not apply [...]
Don't give Buyer the steering wheel in short sale
Recent, real-life case: Buyer makes offer on house being sold as a short sale. In the offer, buyer refuses to put down any earnest money and wants authorization to negotiate directly with the seller’s lender. So the seller would be out-of-the-loop in negotiations with his lender to try to unwind the single biggest (failed) investment [...]
Bensenville pre-closing village inspection
Bensenville is one of the few towns that requires a certificate of occupancy for closing. The village inspects the property and a creates a long list of code enforcement items that need repair. In the closing I am handling now, the village asked for 38 repair items. Either the seller has to repair the items [...]
Closing volume has nowhere to go but up
The Illinois Association of Realtors keeps real estate closing statistics. Read ‘em and weep… In the Chicago area, the number of sales, comparing 2006 to 2005, was down about 12%. The number of sales from 2006 to 2007 was down 20.5% So far this year, the number of sales is down again from 2008 to [...]
Are "Short sales" taxable?
“Short sales” are sale of real estate where the seller does not have enough money to pay off the existing mortgage(s). The lender reduces the amount owed voluntarily. The “forgiveness of debt” is taxable. However, there is an exception if you sell your primary residence in a short sale and have lived there for at [...]
How to check exemptions on Cook Co. Real Estate Taxes
The exemptions on Cook Co. real estate taxes used to be : 1. Homeowner’s exemption; 2. Senior citizen exemption; 3. Senior Freeze. We just got four more exemptions (disabled, disabled veteran, Long-Term Occupant and Returning Veteran). It used to be hard to understand, now it’s impossible! If you are considering buying a property in Cook [...]
FHA loans are back
FHA loans were largrely abandoned from about 1999-2007. They have made a big comeback and now account for a large part of the mortgage market, especially for first time buyers. Here’s a good summary of how FHA loans work.
