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Real Estate & Property Law

Closing Real Estate in Chicago

On getting real estate deals closed the right way.
By Peter Olson, Esq.

Post Frequency: 2.3/day

Last Entry: March 13, 2009 at 11:57:00

"Redfin" Mary

Posted on June 30, 2008
Mary Umberger touted Redfin's entry into the Chicago market in this week's column.That would be Redfin, the maverick start-up that operates mostly online and refunds two-thirds of its portion of the commission to its clients. Chicago is its eighth market.

Unfair "Combine" Criticism

Posted on June 30, 2008
I saw this little nugget recently that combines a couple of my favorite subjects, Illinois' "Political Combine" and the practice of real estate law. The piece touched on a lawyer close to DuPage County Board Chairman Robert Schillerstrom makin' some money off of the O'Hare expansion...

Tenant Friendly Courts

Posted on June 27, 2008
I wanted to share an experience from life on the circuit earlier this week that speaks to the above. I was in court ostensibly just to get a continuance and issue an Alias Summons. My client/landlord is in the process of suing two defendants, a landlord and a personal guarantor, for money and possession of a rental unit...

Touble in "Condo-ville"

Posted on June 25, 2008
Saw this sobering article entitled Collateral Damage for Condo Owners. It's a sad tale of the impact that foreclosures are having on unit owners who haven't had financial difficulty themselves when their fates are tied to others due to the shared responsibility that is condo living...

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680--the New 620

Posted on June 25, 2008
I'm not a lender but I do know that generally higher is better when it comes to credit scores. This was a recent syndicated column from Lew Sichelman regarding the increased importance of high credit scores.Just a few months ago, a credit score of 620 would garner the best mortgage rates and terms...

Neumann Homes 1 Day Auction

Posted on June 23, 2008
Get yourself a deal from the misfortune of poor Neumann Homes:Twenty-six new homes and 23 partially completed homes are slated to be sold in an upcoming auction for a bankrupt home-building company. The auction will be at 1:30 p.m. June 28 at the Westin Hotel, 400 Park Blvd...

The Rule Against Perpetuities

Posted on June 20, 2008
I had to post a little something about this case...I mean how often does "The Rule" ever come up anymore? Ah that was fun learning early in my law school career.The rule against perpetuities at common law provided "that an interest sought to bedevised to be good must vest, if at all, not later than twenty-one years and nine months aftersome life or lives in being at the creation of the interest...

"Notice" Provisions Matter

Posted on June 14, 2008
Often times people get too casual regarding Notice provisions contained in contracts and it can be costly. Notice of course is simply how a party to a contract must communicate contractual issues to another contract party...it's whether you can fax an attorney modification letter or lease termination notice to another party...

No Change in FHA Loan Max in Chicago Area

Posted on June 13, 2008
I hadn't been following the issue that closely but saw this today regarding FHA loan maximums being increased around the country in several high priced markets but not in good old Chicago. We're still at $417K. The move was part of the Economic Stimulus Act of 2008 passed by Congress in February...

The "One Voice" Rule

Posted on June 10, 2008
Of course the originator of the "One Voice" Rule is the Big Tuna, Bill Parcells, of pro football fame. Wherever he's been head coach only he is allowed to communicate with the media. Other members of the coaching staff cannot. To some degree I suppose you can't argue with his success...

Mortgage Foreclosure Videos

Posted on June 10, 2008
Our friends over at Illinois Legal Aid Online have produced a nice series of videos giving an overview of the mortgage foreclosure process in IL.

It Works with Used Cars, Why Not Your Home

Posted on June 09, 2008
I'm speaking of ZipRealty's new "24-Point Inspected and Certified" sales program for their listed properties. Here's the news:ZipRealty's sellers can opt to have their home inspected by a state-licensed home inspector and offer the buyer a home warranty for a combined fee ranging from $500 to $560, depending on the state...

Top 5 Cities Surviving the "Housing Bust"

Posted on May 10, 2008
Charlotte, Portland (OR), Seattle, Dallas, and Boston according to SmartMoney. Texas has done amazingly well during this downturn...they've been like a separate country during the last year or so of general this malaise.And frankly if you actually look at the Chicago/Illinois figures instead of the falsely alarming headlines, we ain't so bad here...

Take a RepoHomeTour

Posted on May 09, 2008
Did ya see the RepoHomeTourChicago.com bus out in the NW 'burbs a couple weeks back? Hey more power to them I say...the foreclosure crisis can only fairly be seen as a business opportunity for people in a position to profit from it. The Trib. had a piece on the tours a couple weeks back...

Slow Times for Real Estate Sales and Real Estate Blogs

Posted on May 09, 2008
Forgive me for the dearth of postings lately. It's just kind of depressing in the whole field. I could post the quarterly foreclosure numbers or another monthly or quarterly drop in home sales. But I don't want to be a blogger based solely on secondary reporting...

Cook's Eviction Process In "What's Your Problem"

Posted on May 09, 2008
A pretty realistic example of how things work in Cook County evictions in this week's What's Your Problem column in the Trib. The column asks readers to write in about their problems and then the columnist gets involved to help and solve the problem. If you work in this field at all the story of the 88-year-old landlord isn't unusual...

Another More Personal Barometer of the Real Estate Market

Posted on April 29, 2008
Just wanted to post a quick nugget about a personal experience that might say something about the health of our Northwest Suburban real estate market. So one of the non-profits I'm affiliated with had a fundraising event over the weekend. A nice event with raffles, silent auctions, ect...

Another Reason NOT to Buy a New Build

Posted on April 26, 2008
There are many reasons NOT to buy a new-build home whether condo, townhome, or single family home...unknown property tax liability (no credit at closing), very limited warranty protection from developer, well-protected Seller (from liability that is), house settling (i...

The Long Term Impact of Foreclosure

Posted on April 23, 2008
Here's the full piece from Ken Harney (He's syndicated but usually appears in the Sunday Trib...the best real estate finance writer going). But he brings up some facts that are new to me about the length of time that foreclosure or "walkaway" will impact you...

PowerPoint from IL Housing Development Authority

Posted on April 23, 2008
It's from their series of Homeowner Outreach Days that they've been holding of late.

IL Statewide Foreclosure Prevention Network

Posted on April 23, 2008
A statewide resource of 15 non-profit housing groups...888-995-HOPE.The Illinois Statewide Foreclosure Prevention Network is a coalition of 15 non-profithousing groups providing default and foreclosure counseling to families at danger oflosing their homes across the state of Illinois...

BofA to Drop Option ARMs

Posted on April 23, 2008
Probably a good move as Bank of America tries to spiff up its image as they try to get regulatory approval for their Countrywide buyout.

A House of Many Colors

Posted on April 22, 2008
Or just make sure you choose the right ones...at least if you're looking to sell your home. Here's the piece and the list:?Yellows, overall, are not selling.?Orange is popular outside the U.S. but isn't selling well here. An exception: deep corals as accents...

Question: Cook County Evictions

Posted on April 17, 2008
Do they ever answer their telephone? Anybody ever been to their window in Daley 702? You have to go there in-person to give them the Order of Possession to move forward with scheduling an eviction. Of course at least in regards to Cook County the word used shouldn't even be "eviction" any longer because that's no longer what is done...

A Fading Legal Precedent: The Merger Doctrine

Posted on April 11, 2008
Alright so the Cliff Notes definition of The Merger Doctrine (that doesn't do justice to my first year Property professor) is that in the context of a real estate transaction, all of the pre-closing agreements (generally the various contractual terms) "merge" into the deed at closing thereby extinguishing a parties right to sue based on a contractual term post-closing...

Those Evil Mortgage Brokers

Posted on April 11, 2008
Well, lets not over-generalize...I mean I don't like all those lawyer jokes.But, new research by the Center for Responsible Lending shows that subprime borrowers with brokered loans pay significantly more than their counterparts who deal directly with lenders...

So How Many Disclosures Must a Title Agent Make in a Real Estate Transaction??

Posted on April 11, 2008
I can't totally do this topic justice here, but a must-read for real estate practitioners is in the March '08 IL Bar Journal entitled "Ethics and the Attorney/Title Agent" (password protected) by Attorney Michael J. Rooney. Essentially he runs through the various conflicts of interest that exist in the typical real estate transaction where a Seller's attorney is representing a client but also acting as an agent of a title insurance company...

Property Values Do Go UP TOO!

Posted on April 11, 2008
I saw our friends down in Springfield passed legislation that would put Cook County on an annual reassessment schedule rather than our little triennials that I so now enjoy. Sounds like a tax grab and more expense for the Cook Assessors office.Here's the quote from the bill's sponsor:Rep...

Top 50 Markets by Affordability

Posted on April 09, 2008
Interesting list from Bizjournals...we check-in at 33/50 with 50 being MOST expensive. I'm a big San Antonio fan...nice climate, golf courses and not too far from the Gulf...here's to a second home there.

The Value of Home Staging

Posted on April 09, 2008
Here's the recent Tribune article. The premise of home staging is logical...something akin to appearance matters; of course. But a quote from the piece:Ninety-three percent of staged homes in the U.S. sell 31 days or less, according to Barb Schwarz, of International Home Staging, which offers a home-staging accreditation program...

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