the wasserblawg

by  Michael H. Wasserman, Attorney at Law Cook County property owners wee mailed last week. Better start asking around if you did not receive yours yet - those bills are all due by March 1st. If you know a property's PIN, you can look them up at the County Treasurer's web site.  If you do not know the PIN, you can look that  up at the Cook County Assessor's site . How to Hold  Your Cook County Tax  Bill QUICK TIPS FOR HOME BUYERS Home buyers especially for first time home buyers, should not panic after looking at a 1st installment tax bill. Sure it looks  like a 10%  increase over last year. Yes, the tax bill  may (probably will?) go up, but for now - it is just too soon to tell. First installment bills are estimates only . They are automatically set at 55% of the previous year's levy. County and Municipal taxing bodies still have to finalize their respective budget processes and the actual tax bills will not be computed or ...

Assessor's Web Site Screen Grab by  Michael H. Wasserman, Attorney at Law Whenever a client hires me in connection with a local real estate purchase or sale, one of the first things I do is check out the local county assessor’s web site. For Cook County transactions, that would be here . The property search function allows home buyers, owners, and the professionals that represent them, many data points that can be critical to their deals. I am on this site every day. What the Assessor’s Office Does The Assessor sets the valuations (worth) of each of Cook County’s 1.8 millions parcels of property. These assessments are then plugged into the mathematical formula used to calculate our annual property taxes. Your property’s assessed value, in part, determines how much you will pay in property taxes. Taxes are likewise impacted by the use (or failure to claim) any of several recognized tax “exemptions.” Why I Search A check in with the County Assessor helps me assure cli...

by  Michael H. Wasserman, Attorney at Law A must read from Broderick Perkins over at Realty Times for all home buyers who want to use mortgage financing. A shocking number of folks manage to sink their own ships by making one of these four mistakes along the way. Do Not make random, large, undocumented cash deposits, transfers, or withdrawels  - Your lender is going to see these on your bank statements and unless you can explain / prove where the money came from / is going, you are at risk Avoid Big Purchases -  Resist the temptation to buy a new car or furnishings for your new home until after  the closing. It will show up on your credit report, lower your score, and scare the bejeezus out of your lender. Pay your Bills -  Harken back on the advertising slogan - Just do it. Even if you want or need to dispute the charges with your creditor. Timing is everything and now is not the time to slip up. Credit scores man. They mark down for late payments....

by  Michael H. Wasserman, Attorney at Law My clients, and the friends that refer them mean the world to me.  In their honor, I donate a portion of my fee from each successful Chicago area real estate closing to a worthy charitable organization selected by my clients from a list of ten pre-approved organizations. The  Thanks to You  program - now in its third year is both my expression of gratitude to my clients and our collective efforts to build a stronger communities.  Together, we have shared nearly $10,000 with worthy organizations that support better education, better health, and the fine arts. 2011 marked the first time a client matched my pledge. 2012 marked the first time a Realtor did so too. I work with some terrific people. This year's program should be even better. Our 2013 grant recipients will be: WORKING IN THE SCHOOLS  - Promotes literacy and the love of reading among low-income and minority students...

Changes afoot at the City of Chicago, Department of Water Management may be having (adverse) impacts on real estate closings.  Over the course of the last several weeks, I have seen an uptick in closings being delayed as some Sellers are finding it harder to some required paperwork from the City. One source described a six week backlog for some certification requests. At least two contracts have been outright cancelled because of the delays. Buyers simply could not, or would not wait any longer. In order to close on home purchase or sale involving Chicago real estate, the Sellers must present a "Full Payment Certification" to show that the water bill is current. These certificates are typically obtained directly from the water department's basement lair at the DePaul Center, 333 South State Street. If you have never been there, the offices are uninviting, inhospitable, and doing business there has long been (for my, anyway) unpleasant. Slow and unfriendly to say th...

by: Michael Wasserman Good news for anyone interested in buying & flipping single family homes. The FHA has extended it's "90 day anti-flipping" waiver for another two years. The extension leaves open some great money-making opportunities for individuals and enterprises interested in real estate transaction. It should also be a benefit to communities burdened by vacant/run down/abandoned housing stock. (Not bad for those of us who facilitate home purchases and sales either).  In this context, "flips"   are two-step real estate deals where a distressed home is purchased cheap, fixed-up quickly and then resold at a profit. The art of the deal involves finding the right homes at the right price, making the right repairs, and then reselling as quickly as possibly to minimize the "carrying costs" associated with owning the property.   THE PROBLEM WITH FLIPS: Historically, flipping can be a very profitable enterprise. Unfortunately, many such ...

by: Michael Wasserman The City of Chicago Department of Buildings has quietly announced a January 1st increase in the cost of a Zoning Certificate of Compliance. In the new year, the fee will rise from $90 to $120. The certificate is required at the time of closing for all single family homes and multi-unit buildings with up to five residential dwellings. It does not apply to the transfer or sale of condominiums or cooperative buildings. Chicago Zoning Certificate A Seller applies for the certificate at the Building Department's City Hall offices (room 905), stating the number of residential units Seller believes exist at the property location. The Building Department either "agrees" with the Seller's representation and certifies, or denies certification as it believes another number may exist. The purpose here is to prevent buyers from acquiring property with illegal dwelling units. The process notifies both the seller and the buyer as to how many lawful un...