the wasserblawg

By Michael H. Wasserman It’s our most annoying obligation as Americans. How many of us have thought about not paying taxes? As a real estate attorney, the heart of my work is asking good questions. Larry Williams asked a whopper…and then acted upon it. Here’s what happens when you don’t pay income taxes . Fair warning, it’s a podcast. Thanks to my daughter (who also asks good questions), for sending me this memorable Planet Money podcast last year.  And before you ask; the answer is no. You can’t sell or buy real estate if you’ve haven’t paid your income taxes. 

By Michael Wasserman Whew. Real estate buyers, sellers and professionals all exhaled with relief last Friday. After lobbying from the mortgage industry, the Treasury Department has deemed Internal Revenue Service clerks (who process lending forms) as "essential" employees. Which means they can get back to work. Whether you think records clerks are essential or not, at least the government shut down won’t delay loan approvals or closings. Learn more: ‘Could you make these guys essential?’: Mortgage industry gets shutdown relief after appeal to senior Treasury officials Mortgage industry gets shutdown relief after appeal to senior Treasury officials

By Michael H. Wasserman Chicago is an ever-changing demographic kaleidoscope. Ethnic migrations, land-use transformations, and varying degrees of economic prosperity all stir the real estate pot and eventually touch every corner of the city. Chicago real estate investors are always looking for up-and-coming neighborhoods. So, how does a home buyer or real estate investor know where to find the best opportunities for property appreciation in Chicago? Three recent articles offer some perspective and guidance. 1. Gary Lucid offered a great spin on DePaul University’s recent study of resident displacement caused by gentrification (“housing affordability pressure”). Can tracking the outflow of poorer residents due to gentrification predict areas likely to appreciate? Cool interactive maps too boot! 2. An unexpected (by me anyway) WTTW review of a Northwestern University study about Divvy bike rentals. It seems that locals in Humboldt Park and other neighborhoods negatively ass

R emember to make a walk-through checklist  By Michael H. Wasserman In real estate, one would think a final pre-closing walk through is pretty straightforward: Is the house still standing? Check  Are the sellers belongings removed? Check  Are the shower heads and appliances still in place? Check Check  Are there new holes in the walls or broken windows? Check Check Yet our law firm sees SO MUCH 11th hour drama Locked storage rooms that could not examined  Crawlspaces that were not cleaned out  Broken washing machines  Backed up plumbing  Missing mailbox keys We saw all of these—and more—last year. These pain points inflame the furies of already stressed out clients. Let me suggest that we haven't been taking walk throughs seriously enough. Buyers call me with post-closing and at-closing problems that could have been avoided. They are never happy calls. Some end better than others. I’m increasingly in favor of having the final walk thru the day before closi