Law Office of Jack Levin

Law Office of Jack Levin I will be writing a blog about developments in real estate and sharing articles about the buying and

08/08/2016

More good news from the housing market. Two new mortgage programs for homebuyers from Fannie Mae and Freddie Mac. Targeted to individuals with credit scores under 700, and those that don't have money for a down payment. Ask your lender about HomeReady from Fannie Mae and Home Possible Advantage from Freddie Mac. 3% down payment and other no minimum cash contributions required. Check it out. Time to buy that new house!

07/31/2016

Great news for the condo market. Congress has jointly passed new legislation that will require the FHA to lessen its condo financing regulations. This will result in lower down payments for FHA loans and make them much more available! This should result in a boom in condo purchases and sales.

03/01/2016

There is a new mortgage option available that was just introduced into the marketplace. The Affordable Loan Solution plan allows for a down payment for Buyers as low as 3% with no minimum cash reserves. Loan amounts can be as high as $417,000.00. Amazingly enough, there are 'no charges' for PMI insurance. In addition, this new program allows for consideration of "nontraditional" forms of credit such as monthly rent payments, utility bills, etc. Another major breakthrough is that there is no minimum required contribution required toward the down payment and closings costs. See your mortgage lender or realtor if you want to take advantage of this newest mortgage vehicle.

02/08/2016

Did you know that selling your home in the winter can reduce competition? Keep in mind as we start to approach spring, more homeowners will be placing their homes on the market. More supply means more competition and supply shifts leverage to Buyers- the old law of supply and demand! Redfin found that the average seller earn above their asking price from December through March more than they do in the summer months. The same study found that in the winter months a home is on the market for an average of 26 days, compared to 33 days in non-winter seasons.

01/28/2016

For those of you who are planning on buying or selling a home now, you should know that December was a great month for home sales. It was the strongest selling month in the past 10 months! New home sales were up 10.8%. The sales of new homes rose 14.5% last year. NOW is the time to buy or sale. No reason to wait. I can help you with a realtor and assist you in the sale or buy process.

01/27/2016

A 3rd problem when buying a home involves the appraisal process. If the appraisal says that the home is not 'worth' the sale price offer, the Seller may have to decide whether he/she is willing to lower the sale price. If not, the contract may have to be canceled, or the Buyer can decide to borrow less by agreeing to put up more of the purchase price thereby borrowing less from the mortgage lender. That is rare but it is a possibility.

01/26/2016

An additional problem a Seller can have when selling a home is based upon the home inspection. If the inspection list defects or major repair issues with the property will the Seller be willing to make repairs before the closing or agree to a repair credit. A seller can hire an inspector and have a pre-listing inspection. This gives the Seller an opportunity to make repairs and fix any defects and offset the recommendations by the Buyer's inspector.

01/24/2016

There are some problems buyers experience when attempting to purchase a home. Financing issues, appraisal that don't support the purchase price and inspection issues. If your credit score changes between your loan approval and closing, it could make you ineligible for that final 'clear to close.' Always make sure you disclose ALL your debts to your loan officer and don't incur any significant debts while you are waiting to close. I will post more tomorrow.

One of several people who inspired me to become an attorney and serve those in need.
01/18/2016

One of several people who inspired me to become an attorney and serve those in need.

01/18/2016

Did you know that foreclosure buyers may be liable for previous owner's unpaid association fees? The Illinois Supreme Court has ruled that under certain circumstances a buyer of a foreclosed condo unit may be responsible for unpaid common expenses aka assessments not paid by the previous owner. This could be as much as six (6) months not paid by the previous owner.

Address

666 Barberry Road
Highland Park, IL
60035

Opening Hours

Monday 12am - 12pm
Tuesday 12am - 12pm
Wednesday 12am - 12pm
Thursday 12am - 12pm
Friday 12am - 12pm
Saturday 12am - 12pm
Sunday 12am - 12pm

Telephone

+18479150144

Website

Alerts

Be the first to know and let us send you an email when Law Office of Jack Levin posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Practice

Send a message to Law Office of Jack Levin:

Shortcuts

Share

Category