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Controversial real estate lenders use questionable deals to prey on homeowners in Chicago. The dream of homeownership is an exciting prospect, and something many work hard over their lives to achieve. Unscrupulous investors seeking to prey on those facing hardships can quickly jeopardize Illinoisans’ homes and financial security.
The right of first refusal (ROFR) in real estate is common with a renter, lessee, family member, company, or other party who has priority over other parties to buy a property. The right of first refusal clause in contracts outlines that holders have the right, but not the obligation, to get involved in buying the property.
Millions of Americans look at buying real estate each year, and thousands of those home buyers are looking at the Chicago area.
When a seller breaches a real estate contract, buyers may need to contact a real estate attorney to sue for damages. In most cases, sellers are eager to close on real estate transactions.
Lease options are agreements that give tenants an option to purchase a property during or at the end of their leasing period. These agreements allow investors to sell rental properties to their tenants without entering into a new agreement.
A breach of contract occurs when one or both parties fail to perform a necessary term of the contract, such as payment or provision of services. Contracts are binding agreements which describe the reciprocal duties each party to the contract must perform.
The FHA 203K loan is a type of loan used to refurbish or refinance a home. Further, FHA 203K loans are earmarked for those living “primary residences,” so they are specifically useful for families who want to rehabilitate their current home. These loans allow regular people and investors to fix up their homes using a single, affordable loan.
Selling a home in a buyer’s market (i.e., a slow market) is more complicated, but it is possible. Sellers can remodel and repair their home to update it for the modern buyer. Sellers can also work with a reputable real estate agency to stage the home and photograph it attractively for buyers.
The pandemic is furthering the divide between luxury homeowners who experienced a boom in equity accumulation and lower- and middle-income families struggling to purchase their first home.
A new home construction trend is repurposing shipping containers to create standalone tiny homes, multilevel single-family homes, and even multi-family dwellings. Millions of shipping containers are sitting unused worldwide, which provide ample supply for thousands of container homes.
For the past 40 years, home prices have sharply risen and homeownership has become increasingly out of reach for many American families. However, a collaborative approach involving builders and lenders can begin to bridge this gap.
Buying a house at auction presents many opportunities and risks. For example, auctions usually don’t allow buyers to inspect a property before placing a bid.
Purchasing a home takes time and planning. Preparing for homeownership means reducing debt, narrowing expectations, and collecting savings.
According to the Mortgage Bankers Association (MBA), experts predict that mortgage rates will rise in 2021 despite the Federal Reserve’s efforts to keep rates low. The MBA also asserts that the 2020 mortgage market will exceed $3 trillion – an amount not seen since the boom in 2003.