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Lake County real estate attorneyIf you are preparing to move to a new home, you may be focused on meeting your requirements to obtain financing for a new home mortgage, packing up your belongings, and getting ready for your move. However, if you will also be selling your current home, you will want to make sure you can receive a good price while also avoiding any complications that could affect the sale.

Preparing Your Home For Sale

As you prepare to sell your home, taking the following steps will help you get the best return on your investment and ensure that you can complete the sale successfully:

  1. Clean and declutter the house - To make sure your house is appealing to potential buyers, you will want to do a deep clean. Make sure to mop floors, wash windows both inside and outside, wipe shelves and countertops, clear away cobwebs, fully clean all kitchen appliances, and remove trash from the garage. You will also want to remove as much of your belongings as possible and make sure the space throughout the home is clear and open so buyers can consider how they will be able to make the space their own.

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Lake County bankruptcy and foreclosure lawyerAt Newland & Newland, LLP, we regularly publish blogs that provide people with helpful information about financial issues that may affect them. Whether we are looking at how individuals or businesses can file for bankruptcy, the process of buying or selling residential real estate property, or the options for homeowners who are facing foreclosure, we want to let people know how they can address their legal concerns. We wanted to highlight some of the blogs that were most popular with our readers in 2020:

  1. What is Chapter 22 Bankruptcy? - While “Chapter 22” is not an official part of the bankruptcy code, it is an informal term that may be used to describe a situation where a company has filed for Chapter 11 bankruptcy for a second time.

  2. How Do I Get Information About an Illinois Bankruptcy Case? - We offer information about how to access public bankruptcy records.

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Libertyville IL foreclosure attorneyHomeowners who encounter financial difficulties can sometimes struggle to make mortgage payments. Unfortunately, if a person defaults on their mortgage, their lender may begin foreclosure proceedings, which could ultimately result in the loss of their home. Those who are having trouble meeting their financial obligations will want to understand the foreclosure process and the potential defense strategies that may be available.

Steps Followed in a Foreclosure

A homeowner will be considered to have defaulted on their mortgage if they fail to make payments on time or in full. After the first missed payment, a person may receive notification from their lender that they will be charged late fees, and after a second missed payment, the lender will usually advise the borrower that they may face legal action if they do not become current on their payments. After a third missed payment or delinquency of at least 90 days, the lender may contact the homeowner letting them know that they will be beginning foreclosure proceedings. This process will involve the following steps:

  1. Demand letter - At least 30 days before filing a foreclosure lawsuit, the lender must send the homeowner a notice that they are in default. This letter will provide details about how the borrower has failed to meet their obligations, describe what needs to be done to become current on mortgage payments, and provide a deadline for when payments must be made.

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Lake County real estate attorneyIf you are planning to buy a home, you will be looking for the best ways to find a property that meets your needs and that you can afford. In some cases, sellers may be looking to complete a short sale in which they will sell their home for less than the total amount owed on their mortgage. While this type of arrangement may provide some savings, buyers should be aware of the potential issues that may arise during this type of transaction, as well as the unexpected costs or delays they may encounter.

3 Potential Drawbacks of Buying a Short Sale Home

While you may be able to save some money when purchasing a home sold through a short sale, this does not mean that you will pay less than the property is worth. During a short sale, a lender will usually perform an appraisal of the property, and the purchase price of the home will be based on the fair market value as compared to other homes in the area. You should also be aware of the following issues that may arise during a short sale:

  • Longer and more complicated closing process - It can often take six months or more to receive approval for a short sale from the current owner’s mortgage lender and other creditors who may have an interest in the property. In some cases, lenders may reject an offer, or they may make a counteroffer that would require you to pay a higher purchase price. The home closing process for short sales will often be more complicated, adding additional time before the transaction can be completed.

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Libertyville real estate lawyerSome states mandate that home buyers hire an attorney for the real estate closing while others stay silent on the matter. Illinois is one of the states that does require you to have a lawyer review your purchase agreement before finalizing your home purchase. Buying a home is a significant purchase, probably one of the largest purchases you will make in your lifetime. However, that is not the only reason you should consider using a Lake County real estate attorney. Would you not want legal guidance to make sure your rights and investment are protected?

At Newland & Newland, LLP, we have decades of experience helping Illinois home buyers with their real estate needs. We offer top-quality legal services to Lake County residents and the north and northwest Chicago suburbs. If you are looking to buy a home in one of these areas, do not wait until the purchase is nearly complete before hiring an attorney. Let our legal team help guide you through the entire process so you can be assured that there are no legal issues with your dream home.

Do Not Sign a Contract Without Attorney Review

When purchasing a home, the contract should always contain a contingency clause that the purchase contract is subject to review and modification by an attorney. Without a proper contingency clause in place, a legal professional cannot modify the terms of your contract. That means the documents you signed may not adequately protect your rights, and you could be subject to perform outside of the terms you previously discussed.

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