Raw land purchase agreements feature a few basic provisions, including purchase price, due diligence period, final closing conditions, and default and remedy. These provisions are specifically created to safeguard the interests of both the seller and the buyer. They are an important part of the purchase agreement. Purchase Price Provision A raw land purchase agreement has an important provision that deals with the purchase price and payment arrangements available to the potential buyer. … [Read more...]

A borrower can rehab an investment property with the FHA 203k loan by purchasing and renovating a multifamily (2-4 unit) property. The borrower must then reside in one of the units as his or her primary residence for at least a year to satisfy FHA’s permanent residence requirement before renting out the property. What if a Borrower Already Owns a Home? If a person has already purchased a home, he or she can refinance his or her current mortgage using the FHA 203k loan. This presents smart … [Read more...]

Arlington Heights had 503 homes on the market in June 2021, but only 24.3 percent of them sold. Approximately 59.6% remained for sale and 16.1 percent were removed from the market for different reasons. The small percentage of the sale is, however, not unusual. In any given month, only a small number of homes sell compared to the overall number of homes listed for sale. Working with an aggressive real estate attorney who knows how to properly value homes relying on their location and … [Read more...]

Lis pendens, a Latin term that means “pending litigation,” is a notice pronouncing that a suit has been lodged against a property. This notice can hurt the sale price or likelihood of a sale because any pending lawsuits are usually disadvantageous to the owner. A notice of Lis Pendens warns potential homebuyers that there is litigation concerning the property such as a foreclosure or dispute in the ownership of a property and a lawsuit has already been filed. Common Reasons for Filing a Lis … [Read more...]

The Chicago Real estate market managed a powerful start in 2021, with January recording the highest number of closings in 14 years. January 2021 reported a 17.1 percent higher closing than January last year, as the market strives to compensate for lost home sales during the early months of the pandemic. A huge chunk of the increase in sales came from condos that have been falling behind until January 2021. Condo sales increased by 21.4 percent while sales of single-family homes rose by 6.0 … [Read more...]