A woman in Florida chose to sign over the rights to her home to her husband, which would enable him to qualify for a higher reverse mortgage loan amount. According to the Buffalo News, the 62-year-old man took died shortly after taking out the loan. As chief among the man’s heirs, the wife inherited the home but had trouble getting her name on the deed. The loan requirements mandated that she qualify for a refinance in order to pay back the reverse mortgage, which is something she struggled … [Read more...]
Search Results for: sell a home
Buying property: Why pre-approval is a good idea
Posted on October 19, 2014 //
A mortgage pre-approval differs from a mortgage pre-qualification because during the pre-approval process, the lender checks a buyer’s credit and verifies their documentation to approve them for a specific loan amount. Although obtaining pre-approval for a loan may not be a priority for some buyers in Illinois, there are several reasons why going through this process is a good idea. Why is it important? The preapproval process takes the risk out of property buyers finding the home that … [Read more...]
Children and inheritance: Avoiding unnecessary battles
Posted on September 26, 2014 //
When their parents died, four children inherited the couple’s home. However, More magazine reports that outside of the property itself, there were few details given about how the siblings would divide the remaining assets and items. As a result, the children, all grown adults, wound up arguing about everything from wedding china to how, or whether or not, to sell the house. One of the children, a 42-year-old woman, said they were forced to make very tense decisions that pitted them against … [Read more...]
Buying property: Tips on making a good offer
Posted on July 15, 2014 //
After finding the perfect home or piece of property in Illinois, buyers will need to offer the seller an amount they think the property is worth. For those buying property, not understanding the market, offering an extremely low bid or failing to understand how much the home is worth can harm a purchaser’s ability to gain the seller’s consent. To elevate their chances of the seller approving an offer, buyers should be aware of what makes a good bid. … [Read more...]
Common mistakes real estate buyers in Illinois make
Posted on June 3, 2014 //
Buying a piece of property is a large transaction. For many purchasing real estate, whether it be a new home, piece of land or commercial location, this is one of the biggest purchases they will ever make. When purchasing real estate, buyers should beware of these common mistakes in order to ensure that the process resolves smoothly and in their favor. Preparing for purchase Many buyers mistakenly begin browsing through online listings, determining how many bathrooms they want and … [Read more...]
Is there a mechanic’s lien on the property you’re purchasing?
Posted on June 2, 2014 //
A number of unexpected difficulties may come up while purchasing property. One little-known problem that affects some buyers is the possibility of facing a mechanic’s lien. According to Illinois Legal Aid, more than 800 of these liens were filed last year in the Chicago area alone. This kind of lien can take many years to settle, creating serious legal difficulties for new property owners. What is a mechanic’s lien? When a construction company builds a home or business property, … [Read more...]
Avoiding Zombie Title Pitfalls
Posted on May 16, 2014 //
According to a 2009 -RealtyTrac study, foreclosure filings increased by more than 81 percent in 2008. This means that just over 860,000 families lost their homes when they were unable to keep up their mortgage payments. In Illinois, 32,000 homes were trapped in a situation where ownership of the home (and bills associated with said ownership) was unclear. … [Read more...]
Chicago Real Estate Attorneys
Attorney Marc J. Blumenthal provides expert legal assistance when it comes to Real Estate Law Chicago, helping you from the moment you start looking for property. His years of real estate experience means that he will develop a sound strategy to help you negotiate beneficial deals. Illinois Commercial Real Estate Lawyer Whether you are a buyer or a seller, Mr. Blumenthal advises his clients from the start of a transaction right down to the completion of a sale. He has a strong background … [Read more...]
