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...]

Mortgages financed by Freddie Mac, Fannie Mae, or the federal government have two foreclosure protections. They include a temporary suspension of foreclosures and COVID-19 hardship mortgage forbearance. These protections were availed to qualified homeowners after the enforcement of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Since then, these protections have been expanded to offer additional help to eligible homeowners under the supervision of Fannie, Freddie Mac, and … [Read more...]

With home prices rising exponentially, the supply of affordable homes has dropped significantly over the years. The scarcity of safe and reasonably priced housing is hurting more potential homebuyers almost daily. Potential effects go past individual prospective homeowners, with increasing consequences for the society as a whole. How Rising Home Prices Are Affecting Home Buying Successful homeownership fosters economic well-being. Homeowners have a high likelihood of investing in their … [Read more...]