1512 Artaius Parkway, Suite 300,
Libertyville, IL 60048

Call for a FREE Consultation

847-549-0000

Recent blog posts

Lake County REO property attorneysThere are so many avenues for buying a home that deciding what route is best for you can sometimes be overwhelming. While researching your home-buying options, you may have found information about foreclosed properties. When a homeowner cannot make his or her mortgage payments, the mortgage lender may foreclose on the property and put the home up for sale. These homes are often sold at foreclosure auctions, so it is possible that you could buy a foreclosed home for price much lower than it would otherwise be.

If the home does not sell during the auction, the home returns to the lender and becomes a “real estate-owned” property, also called an REO property. The institution will then look for ways to sell the home and recoup the money lost due to the foreclosure. If you are thinking about buying an REO property, make sure you fully research the potential advantages and disadvantages associated with this option and discuss your plans with a real estate attorney.

What to Expect With REO Sales

Real estate-owned properties are sold in a similar manner as other homes. The bank lists the property and potential buyers have the opportunity to visit and inspect the property. An REO sale will typically involve assistance from a real estate agent just like a non-REO sale. There are several advantages to buying an REO home. Buying a property that is owned by a bank instead of a homeowner often involves less competition. These properties are also often priced below market value and may also involve lower interest rates and smaller down payments.

...

Lake County real estate attorneysThe prospect of buying the home of your dreams is an exciting idea for anyone. Thinking about the specific features you want your new home to have, fantasizing about how you will decorate your home, and considering all the ways that your new home will improve your life can understandably cause anyone to be eager. However, it is important to remember that buying a home will probably be one of the biggest financial decisions you ever make. Rushing this decision can lead to major mistakes that could cause significant financial problems for you down the road.

Purchasing a Home That You Cannot Realistically Afford

Your budget for your new home will largely be determined by your mortgage lender. The lender will determine the mortgage loan based on your credit score, tax documents, and other information. However, lenders sometimes approve homebuyers for larger loans than they can actually afford. Such approvals, in fact, were among the main causes of the housing market crash of 2008 and 2009. If you end up being approved for a mortgage loan that is larger than you anticipated, it may be best not to accept this larger amount. Financially overcommitting yourself in order to buy a more expensive home may lead to years of financial struggle and even foreclosure.

Underestimating the Costs of Being a Home Owner

If you are a first-time homebuyer who has previously rented, you may be shocked when you realize just how expensive owning a home actually can be. Most homeowners will tell you that maintenance costs, utility bills, property taxes, and insurance comprise a major chunk of their yearly expenses. Asking to view the home seller’s past utility bills and finding out about the property taxes and insurance costs in the neighborhood will give you a better estimate of these costs.

...

Lake County real estate attorneysIf you are ready to buy your first home, congratulations! Being a homeowner comes with numerous benefits, but also many serious responsibilities. Your home will probably be the biggest financial investment you ever make, so it is essential to be aware of the obstacles you may experience in the home-buying process. Whether you are a first-time homebuyer or you are currently a homeowner interested in buying a new home, there are a variety of ways that a real estate lawyer can help you.

Limitations of Real Estate Agents

When someone prepares to buy a home, they may assume that the only professional they will need to consult with is a real estate agent or broker. A real estate agent can offer helpful support and advice on a variety of issues, however, his or her guidance alone is not enough to ensure the home-buying process goes as smoothly as it should.

One major limitation that real estate agents have is that they cannot offer guidance regarding any legal issues that arise during the purchase. Not only do real estate agents generally lack the legal knowledge and education needed to give quality advice about legal issues, doing so can actually threaten their broker’s license. A lawyer will be aware of the federal statutes, state laws, local ordinances, and case-specific regulations you will need to comply with in order to avoid legal problems with your new home.

...

Lake County foreclosure attorneysIf you are behind on your mortgage payments and you owe more than your home is worth, you may be wondering what will happen next. One option which may be advantageous to you and your family is a “short sale.” A short sale occurs when a home is sold for an amount of money that is less than what the owner still owes on the mortgage. Short sales are often used to avoid foreclosure. Having your home foreclosed on is not only extremely stressful but can also result in significant damage to your credit score. Some people who experience foreclosure are even forced to file for bankruptcy. A short sale is not right in every situation, but there are several advantages to short selling of which you should be aware.

Avoiding the Stigma of Foreclosure and Remain in Control of Who Gets Your Home

Life does not always go according to plan and foreclosure can happen to anyone. One out of every 2541 residences in the United States is in some stage of the foreclosure process. In Illinois, that number is one out of every 1381 residences, nearly double the national average. Dealing with foreclosure on is not necessarily something to be ashamed of, however many people who experience foreclosure do feel embarrassed when friends and neighbors find out about it.

Short selling your home is a one way to avoid the stigma associated with foreclosure. Furthermore, because you are selling your home, you maintain control over the sale. You ultimately get to decide who gains ownership of your home instead of the bank making this decision.

...

Libertyville real estate attorneysThere is no question that buying a home can be an exhilarating venture. However, it is also a process you should not take lightly. It is important that you do not rush the selection process and that you ensure you are making an informed decision. For help with home purchase contracts and trustworthy legal guidance throughout the home-buying process, contact an experienced real estate attorney. While you are house-hunting, make sure to consider all of the relevant factors. Keep a watchful eye out for the following red flags that could signal that the home you are considering is not the right option for you.

The Owner Will Not Cooperate with the Inspection Process

Getting a home inspection when you are considering buying a new home is essential. There may be major issues with the roof, water damage that is concealed by wallpaper or paint, faulty wiring, plumbing issues, and other problems which are not noticeable without a proper inspection. If the homeowner seems hesitant to allow an inspection or does not want you to use your own inspector, this could be a sign that he or she is trying to hide something.

Missing Permits for Major Work Done to the Home

When you are considering a home, ask to look over the Report of Residential Building Record or the “3R” report. This report should include the permits issued for any major renovations or additions that were done to the home since the home was built. If there has been significant work done to the home and there is no record of it, this could mean that the work was not done to code. It could also mean that the renovations were poorly executed or are now unsafe.

...
AFDA BBB IRELA Illinois State Bar Association Illinois Trial Lawyers Asscociation Manta Member NACBA North western suburban bar association Top One
Back to Top