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Real Estate

Illinois Protecting Homebuyers: Seller-Financed Homes

A new Illinois law strengthening the disclosure requirements on homes sold with seller financing went into effect in January 2018. The new law gives buyers of seller-financed homes more protection from eviction if they miss a payment. The move by state legislatures is in response to a lawsuit filed … [...]

Beware of Foreclosure Fraud

Foreclosure fraud tends to run rampant among distressed homeowners despite increased attention from regulators, law enforcement, and the media, and people who are at risk of losing their homes should be extra cautious when considering foreclosure solutions. One of the most common schemes that … [...]

When Defects Are Discovered After the Sale

The excitement of home ownership can quickly be dashed if home defects are discovered after the real estate sale has closed, but home buyers may still have legal options. Home sellers in Chicago, Illinois must disclose to potential buyers what they know about the quality, safety, and overall health … [...]

CFPB Updates Mortgage Disclosure Rule to Ensure Improved Consumer Clarity

The Consumer Financial Protection Bureau has issued various updates to the ‘Know Before You Owe Rule’ to make the implementation process smoother. The goal of the rule is to make sure consumers understand what they are getting into when taking out a mortgage. However, the mortgage industry had … [...]

Real Estate Market in Chicago Slows

Recent data shows that the residential real estate market in Chicago is growing at a much slower pace than are the markets in other large metropolitan areas in the U.S., presenting added considerations for people planning to sell their homes and potential opportunities for prospective buyers. The … [...]

Uncertainty Causes Slowing of Commercial Real Estate Market

Because of concerns about overbuilding in big cities such as Chicago and New York, the commercial real estate market has slowed. The slowdown isn't completely unexpected as it comes after six consecutive years of booming growth. Some investors in real estate are also concerned that the tax cuts that … [...]

Important Information About Short Sales in Chicago

When a homeowner owes more on their home than its market value and they are struggling to keep up with payments, a lender may allow a "short sale" of the home. In a short sale, the lender is willing to accept less than the full amount remaining on the mortgage. This method of getting out from under … [...]

Disclosing the Realities of Real Estate

Sellers of real property in Illinois are required to make disclosures to buyers regarding the safety and condition of the property. These disclosures give buyers the information they need to determine whether a property is a good or bad investment. Sellers who fail to disclose known defects and … [...]

Tips for Buying a Bank-Owned Home

Foreclosures and bank-owned properties often present good investment opportunities for buyers, but they also present certain risks. Before investing in a bank-owned home in Illinois, a Chicago real estate lawyer should explain the risks, advantages, and disadvantages of purchasing these types of … [...]

Hiring Contractors to Fix Up a Fixer Upper

Buying real estate often means hiring contractors to fix defects or remodel a home to meet a client's specifications. When hiring a contractor, there are some necessary steps to take that can minimize risk and protect the homeowner from deficient work. Researching the Contractor Start by running … [...]