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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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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Chicago Property Tax Rebates End Tomorrow
Many of us were caught by surprise when the second installment of the 2015 real estate tax bills arrived in the mail this past July. Steep increases were the norm, especially for homeowners in parts of town that experienced healthy increases in property values over the past few years. That’s the bad news. The good news is that the City is offering many of us rebates of up to $200. The amount can be more if you are eligible for a senior or enhanced grant. From the City’s website: Eligibility: In order to qualify for a City of Chicago property tax rebate, homeowners must meet …
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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…
