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Real Estate

Industrial Real Estate in Demand in Chicago

The demand for distribution centers and warehouses in Chicago continues to skyrocket. Builders are working around the clock to try and keep pace with the booming demand. According to CommercialEdge, sales reached $1.52 billion within just the first half of 2021. That figure is likely to surpass the $2.13 billion in sales recorded the previous year. Industrial Real Estate Demand in Chicago A Colliers International report shows that as of November 2021, an estimated 19.5 million square feet … [Read more...]

Preparing to Buy Your First Home? Here’s What You Should Know

Buying a home for the first time requires diligence and careful preparation. Making oneself attractive to lenders and working with a lawyer from the start can make the home buying and ownership process less hectic. Choosing the right home and planning a smooth transition from renting is also a crucial part of the first steps towards a home purchase.  Practical Tips for Buying the First Home Making Oneself More Attractive to Lenders Lenders generally want people who have good credit and … [Read more...]

Arlington Heights Property Owners: Are the Bears Moving to Your Back Yard?

On September 29, 2021, the Chicago Bears announced the signing of the Purchase and Sale Contract for the 326-acre Arlington International Racecourse property in Arlington Heights. The team will part with $197.2 million for this property. The most likely plan is for the Bears to relocate from Soldier Field and settle in Arlington Heights. The spacious racecourse will enable the team to construct a modern football mega stadium and a magnificent entertainment district. Impacts of the Chicago … [Read more...]

Your Guide to Raw Land Purchase Agreements in Illinois

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...]

How to Use an FHA 203K Loan to Rehab Your Investment Property

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...]

Just How Hot Is the Arlington Heights Real Estate Market?

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...]

Did You Receive a Notice of Lis Pendens?

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...]

Chicago Sees Record Number of Real Estate Closings

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...]

What You Should Know About Foreclosure Protections

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...]

Rising Home Prices Are Straining the Real Estate Market

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...]

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