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Recent Blog Posts
How Illinois Treats Tiny Homes in Real Estate Deals
As a result of the current housing crisis, tiny homes are gaining popularity, despite their size (the average tiny home is about 10 times smaller than the average home). While tiny homes are certainly more affordable, with the average price at $67,000, they cost 38 percent more per square foot than full-sized homes. Almost three-fourths of tiny homeowners have no mortgage, as compared to only 29 percent of traditional homeowners with no mortgage.
The national average cost of a conventional home is $272,000. A 30-year loan at 4.25 percent interest brings the cost of that home to $481,704, which is another reason more people are considering tiny homes. If you have your eye on a tiny home, it is important that you understand how Illinois real estate law treats tiny homes – from zoning and financing, to buying, selling, and property classification.
Do You Own the Sky? Air Rights and Real Estate in Illinois
If you have never purchased property in a big city, you may not have heard the terms "air rights" or "vertical development." However, in dense areas like Chicago and New York, these terms are familiar to all real estate buyers and developers. Even if you are familiar with air rights, you may not think these rights have anything to do with residential real estate.
This is where you might be wrong. Property values in crowded cities depend on more than square footage – they can also hinge on what is above your roofline. Air rights encompass the ability to use or sell the space above your property and are often overlooked in Illinois real estate deals. Depending on the context, air rights can bring significant value or result in major headaches.
Even as a homeowner concerned about losing your skyline view, understanding how air rights work is important. If you are considering purchasing residential real estate in a crowded city area, it is always best to have an experienced North Chicago, IL real estate lawyer to help ensure you do not encounter any glitches.
Can Foreclosure Affect an Illinois Reverse Mortgage?
Increasingly, older Americans are choosing reverse mortgages, typically to supplement fixed incomes from Social Security or pensions that are insufficient to cover basic expenses. A reverse mortgage allows elderly homeowners to tap into the equity built up in their homes while remaining in their homes. Reverse mortgages are often used to pay for home repairs, improvements, and maintenance, or to cover substantial medical expenses.
Reverse mortgages can be complex and expensive when all the fees are taken into account. The loan becomes due when the borrower dies, sells the home, or permanently relocates. If the borrower dies, the heirs will need to sell the house and repay the loan. What many people are unaware of is that there are a number of triggering events that can lead the lender to declare the loan "due and payable" and begin initiating foreclosure proceedings, while you are still living in the home.
Closing Day Disasters: Avoiding Illinois Real Estate Surprises
Real estate closing day should be a celebration – the final step in buying or selling your Illinois home. Unfortunately, many find this day less than celebratory, as they are forced to engage in a last-minute scramble when unexpected issues arise.
According to the National Association of REALTORS, approximately 6 percent of contracts are terminated during closing, 14 percent of closings are delayed, and of those delayed, half are due to appraisal issues. Having a problem at closing can ruin your day and possibly even your real estate deal.
From title issues to missing documents, unexpected repair problems, or financing glitches, what can go wrong often does when details are overlooked. When you have an experienced Round Lake, IL real estate lawyer by your side throughout the process, you can avoid unpleasant closing day disasters.
Different Types of Foreclosure Workout Agreements
Facing home foreclosure can be devastating. For most people, their home is their refuge. Foreclosure makes homeowners less likely to buy another house in subsequent years, they are more likely to default on other debts, and their overall living arrangements become less secure.
Unfortunately, a new study reveals that among the states with the highest rates of home foreclosures, Illinois ranks ninth, with one foreclosure for every 3,753 homes. By comparison, the state of Missouri has a foreclosure rate that is less than half that of Illinois, with one in every 7,112 homeowners facing foreclosure.
There are some solutions to foreclosure, including workout agreements that occur early on in the foreclosure process. The best step you can take if you are facing foreclosure is to speak to an experienced Grayslake, IL foreclosure defense attorney from Newland & Newland, LLP.
What Are Some Real Estate Red Flags When Purchasing a Home?
Perhaps you have found your dream home. It has everything you want and need, and best of all, the price is amazing. Before you rush into a real estate purchase, remember that looks are often deceiving. Also, consider the old adage that if something seems to be too good to be true, it probably is.
Some of the biggest issues in homes – those issues that can suck your bank account dry within the first year – are hiding in plain sight. If you are unsure what you should be looking for, your dream home could end up being a lemon. Having a Round Lake, IL real estate attorney looking out for your best interests throughout the purchase can be extremely helpful.
What Are the 5 Things You Should Look Out for When Buying a Home?
You never want to spend the next few years regretting your home purchase. In order to avoid that, there are important issues you should look out for, or at least have someone else look out for on your behalf. Home inspections often reveal some of these issues, but not always. Before you sign on the dotted line, look closely at these issues.
Can You Buy a Home Without Waiting for Interest Rates to Drop?
If you are planning on buying a home, you may have been closely watching mortgage interest rates to see if they could drop. Right now, the interest rate for a 30-year fixed-rate mortgage is 6.76 percent, and for a 15-year fixed-rate mortgage, it is 5.89 percent. These rates are almost double what we saw during the pandemic years. Current housing market data and financial data show little indication of a coming drop in interest rates.
Add to that the fact that tariffs could make building materials considerably more expensive if you consider building a home. With all the uncertainty swirling around us, it could be smart to consider a home-buying strategy that is less about interest rates on your mortgage and more focused on home ownership. If you need assistance in your home-buying quest, you could benefit from speaking to an experienced Waukegan, IL real estate lawyer.
Where Are You in the Foreclosure Process When You Are Served?
Unfortunately, Illinois foreclosures are on the upswing, with the state now having the ninth-highest home foreclosure rates in the nation. About one out of every 3,753 homeowners in the state now faces foreclosure actions, and there are few signs that these actions will slow down in the coming months.
If you have been unable to make your monthly mortgage payments due to unforeseen circumstances, you are likely very anxious about whether you will be forced to leave your home. Many people in this situation simply choose not to think about potential foreclosure because it is too frightening. They hold onto hope that "something" will change, allowing them to catch up on their mortgage payments.
How Seasonality Could Affect Buying or Selling a Home
Seasonality is a normal pattern in the real estate market, causing the volume of sales as well as the pricing trends to peak and dip, depending on the time of year. Seasonality is the result of market dynamics, the overall economy, weather, holidays, and even school schedules.
As a seller or a buyer, you can make more informed decisions when you have a solid understanding of seasonal housing sales trends. If you are a new buyer, it can be extremely beneficial to speak to an experienced Gurnee, IL real estate lawyer before you make any decisions that cannot be undone.
What is the Traditional Seasonal Real Estate Cycle?
Barring exceptional national issues – like a recession – the real estate market follows a fairly predictable cycle. Although the specifics of this cycle can vary somewhat, based on the region, most real estate markets experience the same seasonal cycles, which include:
Can You Be Locked Out of Your Home During Foreclosure?
In 2024, Illinois ranked fifth for the number of foreclosures, after California, Florida, Texas, and New York. There were 13,082 foreclosure starts in 2024 across the state. A "start" means foreclosure proceedings were legally begun, but they may or may not have ended in actual foreclosure.
Illinois is a judicial foreclosure state, which means lenders must go through the courts to foreclose a property, which requires a judgment of foreclosure from a judge. Homeowners have the right to defend against that foreclosure and have the right to proper notice. If you are facing foreclosure of your home, speaking to a knowledgeable Libertyville, IL foreclosure attorney gives you the best chance of a positive outcome.
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