Information for Buyers and Sellers of Chicago Area Residential Real Estate. Learn more at mhwasserman.com.
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Inman News: Fannie, Freddie now giving homebuyers 20-day ‘First Look’ at REOs
by Michael H. Wasserman, Attorney at Law
Starting today, Fannie Maehomebuyers who plan to be owner-occupants get a 20 day “First Look” at foreclosed homes without competition from investors. Freddie Mac has been offering the 20 day first look since December 17th. The first look window for Chicago area properties had previously been 15 days, Homebuyers shopping for homes can see which properties are restricted to First Look bidders in Fannie Mae’s “real estate owned” (REO) inventory at HomePath.com and for Freddie Mac REOs at HomeSteps.com Source: fanniemae.com and freddiemac.com.
Set aside any discussion of climate change for a moment. It’s winter. It’s Chicago. It snows. As a homeowner, you owe it to your friends, family, neighbors and delivery people to keep the sidewalks free of snow and ice.
Paying property tax bills before the end of the 2017 may help some owners save on their federal income tax liabilities.
The Tax Cuts and Jobs Act has been called the most sweeping tax reform bill in decades. Like it or
not, tax reform is coming. Others might wring their hands with glee or with worry. We are already working on ways to minimize the pain this reform might cause.
One aspect of the pending tax reform plan presents a clear challenge for most Chicagoland home owners, the elimination of deductions for State and Local Taxes (SALT). The house and senate plans both limit deductibility to $10,000. Once the tax reform is signed into law, we will pay federal income taxes on the money we use to pay our local taxes exceeding that $10,000 threshold.
Some homeowners who have the foresight (and lets face it, the savings) to act swiftly may want to pre-pay their first installment 2017 property tax bills this year before the tax laws kick in, so that those payments …