the wasserblawg

These days, it (still) is really very hard to find Buyers who are willing to submit a written purchase offer. and perhaps a somewhat less obvious truth: That's just half the battle. Its just as hard (harder?) to get contracts to close. Doubt me on that one? Ask any realtor or real estate lawyer, mortgage broker or loan officer. Ask at the title companies too. They will all likely sigh heavy and confirm it. A great many contract are taken that never close. Even the contracts that can and do close have their problems. However, with care and caution, savvy Sellers, and the real estate agents & attorneys that represent them, can minimize the risks of delay, and the disappointment of failed closings. This series explores some steps proactive sellers can take to improve the odds Tip #3 INSPECTIONS CONTINGENCIES ARE NOT FOR THE FAINT OF HEART No buyer should go forward on a contract without a professional home inspection. That inspection give Buyers re-assurance that the home they ...

Our real property disclosure covers 21 specifically enumerated types of material defects ranging from unsafe drinking water, to defects in the roof or ceiling, to boundary and lot line disputes. This disclosure is a critically important safeguard for home buyers and is one of the very first things I look for when I am representing Buyers and Sellers. Last fall, I blawged about an emerging trend on the National scene , requirements that Sellers disclose their knowledge of whether or not a home has ever been used as a meth lab. Illinois seems poised to "go with the flow" on that one, and before too much longer, we will likely be adding disclosure point number 22. HB 0214 would mandate the disclosure of known usages of residential properties for the manufacture of methamphetamine. The bill was introduced by Pekin , Illinois State Rep. Michael K Smith , and flew through the legislature, passing both houses last Friday (May 15) and awaits the Governor's signature. Sure, it...

Things get a bit more complicated next month for Sellers who want to Close on Real Estate Transactions in Chicago, and the Lawyers who represent them. We've watched the progress of Public Act 95-988 for some time as it winded its way through the legislative process last year. The new law takes effect in just two weeks. Based on my conversations with several other local practitioners and title company representatives, I think that sellers can certainly expect three significant changes with regard to their intended real estate closings. First, a quick recap. Public Act 95-988 creates a pilot project that is effective June 1, 2009 and terminates June 30, 2013. The new law affects the notarization of transfers of residential real estate in Cook County. Illinois notaries public who notarize documents of conveyance of qualifying residential real estate in Cook County will be required to create a Notarial Record , Take a thumbprint of the seller(s), and providing for record keepin...

PART 2: DON'T DELAY- Do The DUE DILIGENCE NOW Current market conditions present two unfortunate realities for prospective home sellers: prices are declining. Market times are not. As a result, there are a lot of unsold homes languishing on the MLS and many, many more that are not currently active, but are available if there were Buyers willing to Buy. Worse still, merely accepting an offer does not assure an actual closing. A great many contracts are falling apart before the closing. So why do so many Sellers shoot themselves in their collective feet by not being fully prepared to go forward on acceptable offers? Sellers simply MUST do better. A great start is to compile the necessary due diligence materials when the property is first readied for market, well in advance of that acceptable offer. Every seller of residential real estate in Illinois must make certain legal disclosures, to be given to prospective Buyers. For homes and condominiums that are considered "re-sales...

CRAINS CHICAGO BUSINESS : County to lower home assessments By: Lorene Yue May 11, 2009 (Crain’s) — Residents in some suburban Cook County townships will see a reduction in the assessed value of their homes as the tax system catches up with the real estate downturn. But because tax bills are paid in arrears, it won’t be known if homeowners will see any benefit until next year. Homes in 30 suburban townships will have their assessed values lowered by 4% to 15%, Cook County Assessor Jim Houlihan announced Monday. The reduction is being made to accommodate market changes at a time when suburban areas are not up for reassessment, which happens every three years. “After careful analysis of market sales and foreclosure data, we determined those townships should not have to wait until their next reassessment for the impact to be reflected,” Mr. Houlihan said in a statement. River Forest Township will receive a 5% reduction, while C...

PART 1: QUALIFY THE BUYER BEFORE ACCEPTING THE OFFER Current market conditions present two unfortunate realities for prospective home sellers: prices are declining. Market times are not. As a result, the general perception in the marketplace is that Buyers now have the upper hand over Sellers. To the extent that there are so many more Sellers than Buyers in the active market this may be so. This makes many Sellers uneasy and quite understandably so. Once they get past the lowest low-ball offers, many Sellers are quick to accept the first "decent" price offered and then hope for the best. Reality is showing us however that merely accepting an offer does not assure an actual closing. There are still many perils and pitfalls that are keeping a high number of contracts from closing. Sellers MUST plan carefully to better the likelihood that the contract will close. This post and others that will follow in this series will offers specific suggestions to help sellers write better be...

Two days ago, I wrote about the re-emergence of multiple offer transactions. In response, I heard from a number of real estate agents who confirmed that they are encountering this phenomenon. I also have heard from another of others who essentially groaned and who all collectively wished for just one stinking offer , at this point, any offer. They are, almost certainly, still be in the majority - which lead me to states an obvious truth: These days, it (still) is really very hard to find Buyers who are willing to submit a written purchase offer. and perhaps a somewhat less obvious truth: That's just half the battle. Its just as hard (harder?) to get contracts to close. Doubt me on that one? Ask any realtor or real estate lawyer, mortgage broker or loan officer. Ask at the title companies too. They will all likely sigh heavy and confirm it. A great many contract are taken that never close. Even the contracts that can and do close have their problems. These days deals are just a...