From time to time, I get a contract in the office where the property is being sold “as is.” Sellers rejoice when they accept an “as is” offer, because they feel secure knowing that the 18 year old roof and 15 year old furnace are not going to cost them during inspection. However, as Lee Corso is fond of saying, “Not so fast, my friend.” As simple a concept it seems to be, “as is” can be tricky. Experience suggests that, more often than not, “as is” buyers still make inspection request. Why do Buyers do it? What is the justification for it? How do we prepare our clients to…
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LoftusLaw Hockey Places 7th at Pond Hockey Nationals
Congratulations to the LoftusLaw pond hockey team for placing seventh in the Bronze 21+ Division of the 2016 Labatt Blue/USA Hockey Pond Hockey Nationals! The tournament was held this past weekend, February 5 through February 7 on Dollar Lake in Eagle River, Wisconsin. The team finished with an overall record of 3 wins and 1 loss. The team started strong with a 3-0 record in pool play before succumbing to eventual Division runners-up, Tribute Brewing Company, hailing from Eagle River. LoftusLaw is a massive supporter of hockey; sponsoring teams at Johnny’s Ice House and at the pond hockey nationals. You can spot a friend of LoftusLaw by their…
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Get Your Real Estate Tax Assessment Appeals Ready!
You probably just received the first installment of your 2015 real estate tax bills, and once the panic over the upcoming second installment subsides, you want to know how to lower that bill. As I talked about a couple of weeks ago right here, some of the assessments went absolutely bananas for 2015, and you can expect the second installment of your tax bill to deliver a real sucker punch if you are not prepared. One way to combat the ever-increasing property tax bill is to appeal the assessment. Believe it or not, appealing your assessment can be relatively simple. Many people choose to use an attorney to…
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Chicago Real Estate Agents – Avoiding TRID Delays
These days “TRID” is about the worst four-letter word an agent can hear. It seems to mean delay, delay and more delay. Although the vast majority of TRID’s requirements are aimed at lenders and title companies, there are some things that the real estate agent can do to help the process. Send your commission statement to the attorneys and lender as soon as is practical. Generally speaking, the broker commission will not change once attorney review and inspection are complete. By sending your commission statement to the attorneys and the lender early in the process, there is less chance of a delay in completing the Closing Disclosure. Provide the…
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If It’s Not In Writing, It Doesn’t Exist
We have all heard the saying, but what does it mean for your clients? Let me illustrate by telling you the story of Antonio. After Antonio’s offer on a condo in Lake View was accepted, the seller offered to throw in the $1,500 gas grill on the balcony for no additional cost. At the time, the seller did not want the trouble of moving it. Both agents agreed over the phone to the arrangement, but they did not tell the attorneys, and nothing about the inclusion of the grill was put in writing. Antonio’s agent was familiar with his counterpart, and Antonio trusted that the seller’s agent had everything covered…
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Chicago Real Estate Agents – How To Deal With The 2015 Property Re-Assessment
The 2015 triennial re-assessment for City of Chicago property brings a huge increase to real estate assessments on the North and Northwest sides of the City. Although the median increase among the 184 city neighborhood areas is 10.4%, it would be a mistake to think that a 110% tax proration will provide a sufficient credit for all of your Buyers. Individually, the are some properties where the assessed value has increased nearly 50%! If you have clients who are buying or selling real estate on the North or Northwest Side, especially in East Village, Ukranian Village, Streeterville, River North, Gold Coast, Bucktown, Wicker Park, Lake View, Logan Square, Lincoln Square…
