The topic of mindfulness is near and dear to me. Last year, I was in a bit of a funk when I was fortunate enough to stumble on Dan Harris’s podcast. Some of you may know Dan as the 10% Happier guy. Dan had a man named George Mumford on his podcast. I really liked the way George talked about this thing called mindfulness, so I decided to download is audio book, “The Mindful Athlete,” and my journey began. Mindfulness has a lot of definitions, but perhaps the best is from one of the first people to bring the practice of mindfulness from India to the western world, Jon Kabat-Zinn.…
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Closing Costs Part 4 – Miscellaneous Charges
In the first three installments of my series on closing costs, I addressed real estate tax credits, title charges and lender costs. This fourth, and final, last installment will address the last category of closing costs – everything else. As you review your closing costs with your attorney at the closing table, it may feel like everyone is taking their pound of flesh from the transaction. That is because it is essentially true. Transfer Taxes Whenever you buy or sell real estate, the government sticks its hand in your pocket. The amount of the tax depends largely upon the location of the parcel. The State of Illinois always gets $1 per…
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New IHDA Program Offers Up To $50,000 In Assistance To Under Water Homeowners
The painful memories of the housing bubble are quickly fading amidst the red-hot real estate market here in the Chicago area. However, the good news is not universal. Some homeowners live in sort of a limbo where they can just afford their mortgage payment, but they cannot possibly sell their home due to the fact that they owe more than the property is worth. There may be hope for some of you. The Illinois Housing Development Authority (IHDA) has introduced a program for qualifying homeowners to receive up to $50,0o0 toward the balance due on their mortgage and refinance into a more affordable loan based on the market value of…
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Closing Costs Part 3 – Lender Charges
The third installment of my posts on closing costs focuses on charges you may incur at closing from your lender. The vast majority of buyers do not have the cash to plunk down a few hundred thousand dollars to buy a home. As a result, most real estate transactions involve a loan through a mortgage broker. Not surprisingly, lenders do not work for free, and there are a number of costs you can expect to incur in connection with borrowing their money. Unlike title charges and real estate tax credits, lender charges vary quite a bit depending on the lender and loan product you choose. However, there are some charges and costs…
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3 Negotiaton Strategies Sellers Can Use To Walk Away From Closing With More Money
Once you receive a decent offer for your home, you and the potential buyer will probably make the price the main focus of your negotiations. As important as the price is, it is not the only contract term that determines how much money the Seller will walk away with from the deal. Because the Buyer will likely be so singularly focused on the price, you may be able to gain valuable concessions from the Buyer along the way without much argument. Here are three strategies you can use increase your bottom line without making a change to the purchase price. Tip #1 – Tax Credit Percentage A frequently overlooked contact term that directly affects the seller’s…
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Checking Your Significant Other’s Email For Evidence of Cheating May Violate Federal Law
As if divorce cases weren’t bizarre and petty enough, an “innovative” divorce litigant has figured out yet another way to torture his soon-to-be former spouse. According to an article in the ABA Journal: “Paula Epstein, the defendant in the case, was sued by her husband, Barry Jay Epstein, the Chicago Daily Law Bulletin reports. The couple are in the process of divorcing, according to the opinion (PDF), and Paula accused Barry of “serial infidelity.” His attorney asked for proof, and her attorney produced email correspondence between Barry and several other women. According to the opinion, Barry did not know that Paula had access to his emails until they showed up…
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Why Should You Hire An Attorney To Buy or Sell Your Home?
Answer: Because you do not want to risk flushing your money down the toilet. You have probably heard people say that you don’t really need a lawyer for a real estate transaction. Or you may be under the impression that real estate closings are easy for lawyers, and your real estate lawyer really isn’t doing much other than collecting a check at closing. To be honest, I hope and pray that your lawyer does not have much to do, because a smooth transaction makes the herculean task of moving a lot less stressful. Unfortunately, most real estate transactions will involve some unexpected hiccups, and that’s when having an…
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The Tax Bills Are Here!
The 2015 Second installment real estate tax bills for Cook County have been released as of 10:00am this morning. For Chicago residents, this bill has been highly anticipated (dreaded) since the 2015 re-assessments were announced. As I wrote earlier this year, may of you expect to get dinged pretty hard. To see how bad the damage is, head over to the Cook County Treasurer’s website by clicking here. Once there, click “continue” and enter your PIN. If you do not know your PIN, head over to the Cook County Assessor’s website here. Click “Dont know your PIN?” and enter your address. LIFE PRO TIP!!! If you are an owner occupant, and…
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Closing Costs Part 2 – Title Charges
In the second installment of my series on closing costs, I will tackle title charges. Generally speaking, when you buy or sell a home, the closing of the transaction takes place at a title company. The title company has two main roles: 1. escrowee and 2. issuing title insurance. As escrowee, the title company receives funds from the buyer and lender and disburses the money at the end of the closing based on the parties instructions. Title insurance insures the buyer’s clear title to the property. Title companies don’t work for free, so there are some costs associated with the services they provide. Escrow/Settlement Fee This fee is for the title…
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Estimate Your Closing Costs – Part 1
If you have ever bought or sold a home, you know that there are all sorts of charges that you incur in addition to the purchase price, which are known to most as “closing costs.” We all know about them, but estimating the final number can be elusive if you are not familiar with the process. In the next four emails, I am going to shed some light on calculating the closing costs, so that you can better understand what the home is really going to cost you as a buyer or what you can expect to walk away with as a seller. Real Estate Taxes The real estate tax…
