A recent Newsweek poll reveals that nearly six out of every 10 Americans are either “very” or “fairly” concerned that the U.S. housing market is going to crash within the year. Certainly, the nation’s economic news is not particularly bright, especially because the nation’s top leaders have not yet resolved serious budgetary and debt ceiling concerns. However, there are other reasons why both aspiring homebuyers and current homeowners hoping to sell soon are getting concerned.

For example, one recent Business Insider feature is entitled “The Housing Market’s Ice Age,” and its subtitle reads, “If you don't already own a home, you're going to be screwed for years to come.” The piece concerns the fact that, in much of the country, higher prices, lower inventory, and fewer sales are freezing the market over. It would be difficult to NOT be concerned about the state of the residential real estate market after reading comments like that from a trusted source. The question then becomes, how do those who hope to buy or sell a home over the next few years navigate current and likely conditions successfully?

The Housing Market Is Not a Monolith

Another recent headline – this one trumpeted by both Fortune and Yahoo Finance – should give home buyers and sellers a better sense of how to manage the current and likely future state of the market. This headline reads, “Zillow Just Got Super Bullish on These 37 Housing Markets.” This headline underscores the reality that the housing market is not a singular entity. The market conditions that affect one state, city, neighborhood, or section of a block will not always apply to every – or any! – other area.

The real estate market is not a static influence. It ebbs and flows nationally, at the state level, locally, and even within neighborhoods on a fairly regular basis. The constantly changing nature of the market means that some aspiring buyers, aspiring sellers, and current homeowners do not care to “keep up” with how the market is trending. Some find this effort to be too complicated and frustrating to be worth their time. Others assume that what will be will be. Yet, it remains important to understand what the market is doing so that anyone who is interested in engaging in a real estate transaction – or keeping their home safe from a risk of foreclosure – can better protect their interests.

What Is Going on?

Uncertainty is not a pleasant reality when individuals are looking to buy, sell, or effectively maintain real estate. Unfortunately, the current housing market in Illinois is being widely cited as among the most vulnerable in the U.S. Essentially, communities are suffering from a high risk of multiple foreclosures due to a variety of factors. This reality affects buyers, sellers, and owners alike. The challenges of this situation have cooled the market and may, in time, effectively chill it.

What Can Buyers, Sellers, and Owners Do?

Generally speaking, it is a good idea to seek legal counsel when buying, purchasing, or trying to save one’s interest in real estate when the market is not strong. Many real estate agents are knowledgeable professionals who provide valuable services. Yet, most real estate agents are not legally trained and, therefore, cannot advise buyers, sellers, and owners of their rights and options like a lawyer can. By seeking personalized guidance, individuals can better protect their unique interests when the market is vulnerable and could shift at any time and the “ordinary rules of play” may not apply.

If you are a homeowner who is facing a genuine risk of foreclosure, you may have heard that conducting a “short sale” could serve as a viable way to resolve your circumstances. When circumstances are dire, it can be tempting to jump at any suggestion that could land you back on your feet. However, it is important to understand what you are getting into before committing to a short sale.

Our firm offers free consultations to anyone who is facing foreclosure and could benefit from a confidential, no-cost case assessment. Before you attend your session, consider looking over answers to some of the most frequently asked questions that we field from distressed homeowners who are seeking solutions. Making this effort can help you to become more familiar with one of the primary ways to resolve an impending foreclosure.  

What Is a Short Sale?

“Short sale” is a real estate term that involves offering to sell a home for less than what an owner owes on their mortgage.

While most people know that buying a home is an expensive process, few people realize that selling a home comes with its fair share of expenses as well - especially if they are doing it for the first time. Not anticipating the true expense of selling a home can lead to unpleasant surprises at best, with many people suddenly realizing that they have put themselves in a desperate financial situation. 

If you are considering selling your home, an Illinois residential real estate lawyer can help you plan carefully and avoid situations where you are responding to unexpected expenses or having to make last-minute accommodations. To learn more about what you should anticipate paying for when you sell your home, read on and then contact Newland & Newland, LLP for help. 

What Do I Need to Pay For When I Sell My House? 

The exact list of expenses will vary according to the complexity of the transaction and the state of your home’s repair. However, in general, it is wise to anticipate the following expenses: 

Getting ready to move to a new home only to find out you have a lien against your current house can be surprising and frustrating. In addition to everything else you need to do to get ready to move, figuring out how to remove or contest a lien can be time- and resource-intensive. Liens on a home can prevent people from making offers and can seriously delay the selling and buying process. If you are looking to sell your home and need to learn more about how to remove a lien, an Illinois residential real estate attorney can help. 

What is a Lien On a House? 

“Lien” is a word that means somebody has a legal right to some portion of your property because you owe them money. Not all liens are bad - for example, your mortgage is a lien against your home - but liens can prevent you from doing what you want with your house. For example, some types of liens that could get in the way of selling your home include: 

• A general lien - With general liens, someone who is owed money by a homeowner can lay claim to any of the homeowner’s assets, including, but not limited to, the house itself.

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