Why a Buyer’s Loan Can Still Be Denied Before Closing One of the biggest surprises for home sellers is learning that a buyer’s financing is not fully final until the very end of the transaction. After a contract is signed, many sellers assume the mortgage is already approved and the closing is essentially guaranteed. In reality, lenders continue reviewing the loan file throughout the transaction, and several final checks occur shortly before closing. Most of the time everything proceeds smoothly. But when something changes late in the process, a buyer’s loan approval can still be affected. Understanding how this works helps sellers avoid panic if a transaction suddenly slows down…
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Don’t Be a Victim of Hidden Issues: Secure Your Home Purchase with Loftus Law
The housing market can be daunting, even for seasoned professionals. That’s why “The HomeBuyer’s Hour” on WCPT AM820 brings together experts to guide you through the complexities. In the latest episode, B Fontaine, Patrick Loftus (real estate lawyer), Steve Davis (real estate agent), and Joey (mortgage broker) tackled crucial topics like the importance of legal counsel, agent integrity, and making informed buying decisions. Let’s unpack the key takeaways: Protect Yourself with Experienced Legal Expertise: Patrick Loftus emphasizes the importance of partnering with a qualified real estate lawyer. Their experience safeguards you throughout the transaction, ensuring informed decisions and protection from potential pitfalls. Remember, real estate deals involve significant investments, and…
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Complex Markets, Financing, and Increasing Short and Long-Term Returns | The HomeBuyer’s Hour
Looking for insights on the latest market trends, affordable housing options, and community-driven initiatives? The recent episode of “The HomeBuyer’s Hour” offered valuable information for buyers, sellers, and those interested in supporting meaningful causes. Let’s delve into the key takeaways: Connecting with the Show: The episode kicks off with an invitation to join the podcast on YouTube or Facebook, ensuring wider accessibility for listeners. Meet the Experts: Introductions from the attorney, real estate broker, and mortgage expert in the studio provide viewers with the contact information and areas of expertise of each panelist, fostering trust and familiarity. Market Pulse: Interest Rates & Applications: Exciting news for potential buyers! Dropping interest…
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Building Connections of Relationships in the Real Estate Industry | The HomeBuyer’s Hour
Navigating the real estate market requires trust, transparency, and accurate information. In the latest episode of “The HomeBuyer’s Hour,” Dennis Hike (mortgage educator), Patrick Loftus (real estate attorney), and Joey Matthews (VA loan expert) shed light on crucial topics like VA loan requirements, current interest rates, and the importance of creditworthiness. Let’s unpack the key insights: Trust & Accuracy: The Foundation of Success The episode opens with a strong emphasis on building trust with clients through truth and accuracy. This ensures smooth transactions, informed decisions, and ultimately, satisfied clients. Engaging Communication in the Digital Age Dennis uses a fun challenge to connect with listeners, while Patrick highlights the importance of…
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A Guide to Successful Real Estate Investing Strategies | The HomeBuyer’s Hour
Investing in real estate can be a powerful wealth-building tool, but navigating the process requires knowledge and strategy. In the latest episode of “The HomeBuyer’s Hour” on WCPT AM820, host Fontaine brought together seasoned experts Luminita Isas (real estate investor and developer), Patrick Gles (real estate attorney), and Joey Matthews (VA loan expert) to demystify the world of investing, specifically focusing on opportunities for veterans through VA loans. Let’s unpack the key takeaways: Numbers & Cash Flow: Your Investment Compass Luminita emphasizes the importance of crunching the numbers before diving in. The goal is to find a property where 75% of the rental income covers 100% of the expenses, leaving…
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What’s In The Multi-Board 7.0 Contract?
In a couple of weeks, the Multi-Board 7.0 is going to drop, with the intention of retiring the 6.1 sometime in February or March 2019. Though the 6.1 served us well, the industry evolves, and our contract need to evolve with us. Here are 3 quick takes from the new form. 1. Realtors no longer have to pick a mortgage contingency deadline. For those of you who have been in the business for awhile, this is going to feel really weird to start. The new form sets the deadline at “forty-five (45) days after Date of Acceptance or five (5) days prior to the date of Closing, whichever is earlier.” …
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The Multi-Board 7.0 Contract Form Is Coming! What’s In It?
Since 2015, the Multi-Board 6.1e has been the contract to use for real estate professionals in the Chicago area. This year, the Illinois Real Estate Lawyers Association (IRELA) has been hard at work on the new and improved version, the 7.0. The IRELA lawyers working on 7.0 have kept their cards close to their vest, but there are a few details that have been leaked… Word on the street is that the new form will have some kind of appraisal contingency. Honestly, this makes sense, because it’s become standard for buyer attorneys to request that the contract be contingent on the appraisal coming back for at least the amount of the…
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Park District Releases Updated Plans For Renovation of Jackson Park and South Shore Golf Courses
In case you hadn’t heard, Tiger Woods is coming to the south side. Sort of. In 2016, his golf course design company, TGR Design, signed on to oversee the “restoration” of the Jackson Park and South Shore golf courses into a PGA tournament caliber course. However, plans for the restoration released this past June received a mixed response from the public. As a result, TGR went back to the drawing board in an attempt to appease some of the critics. Local residents and long time patrons of the courses had a number of concerns about the plans. First and foremost, they do not want an beautiful course that they can no…
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Spreading Some Non-Profit Love
LoftusLaw is decidedly for profit. However, it is important to give back. Not only does it feel good to give, it is just the right thing to do. Hopefully I can inspire some giving here, by telling you a little bit about my favorite charities. World Wildlife Fund I like WWF, because of their support of professional wrestling… ha ha, /r/dadjokes. Actually, my support of WWF began after a few glasses of wine and a WWF commercial starring some adorable elephants. I was compelled by the opportunity to ‘adopt’ an elephant, although I am not sure the customer service representative appreciated my somewhat inebriated pattern of speech at 11:00pm on…
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It Always Feels Like Somebody’s Watching Me!
At first glance, this picture does not look particularly controversial or even interesting. But if you look closely, there is something extremely important going on here. Mark Zuckerberg, CEO of Facebook, has placed a piece of tape over the webcam on his computer. It’s a remarkably low-tech solution to a fairly high tech problem, which is that hackers have figured out how to access the camera in your computer to spy on you. The process of hacking a webcam is a bit too complicated to explain concisely here. If you are curious about the details, I recommend checking out episode 5 of the Hackable? podcast. How you can protect yourself:…
