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|Violet and I
Chicagoland real estate purchases, real estate sales, short sales, foreclosures, first-time buyer
representation, Illinois condominium association representation, estate planning for everyone, powers of attorney, quit claim
deeds, landlord/tenant issues, forcible detainer/evictions, civil unions, foreclosure defense and more...
office serves clients in real estate transactions of all types. I also assist clients with estate planning for everyone, including
the GLBT community, and represent Illinois condominium associations as needed. I help real estate investors who are renting
their properties deal with difficult renter issues, and I advocate for renters dealing with difficult landlords.
I work with clients in Chicago and all over the Chicagoland area, including
Wilmette, Skokie, Morton Grove, Plainfield, Wheaton, Glencoe, Lake Forest, Naperville, Oak Park, Winnetka, Des Plaines, Orland
Park, Berwyn, Carol Stream, Arlington Heights, Crystal Lake, Barrington, Palatine, Park Ridge, Gurnee, South Holland, Park
Forest and more.
My goal is to give each
and every client personal, friendly and competent service at a reasonable price. I also strive to use technology in the best
way possible to keep my clients informed.
My legal background includes working for a major Chicago
developer and working for a boutique firm in their real estate division. I am also a landlord of a three flat building in
Rogers Park and I am managing broker of a small real estate brokerage.
I work with all different
types of clients, including developers, first-time buyers, buyers of second (or third!) homes, all sellers and the gay, lesbian
and transgender community.
My real estate blog is below. Please make sure to check back on a regular basis
to check out what's new. I update my blog about once a week and welcome any questions that you may have.
me too about help with personal injury, divorce, and any other legal issues!
N. Seeley Avenue, Suite 1, Chicago, IL 60645
Recommend my site by clicking here!
Check out my interview, Expert
Advice on Buying a Foreclosed Home on Illinois Homes, one of the top sites
for Illinois homes for sale, including Wheaton,
IL real estate. Illinois Homes also services Michigan homes for sale and Pennsylvania homes for sale.
Tuesday, August 12, 2014
New Formula Could Change Credit Scores
11:16 am cdt
The company responsible for one of the most
widely used measures of credit health is making changes to its current model that could boost credit scores nationwide.
In an announcement on Thursday, analytics and decision
management firm FICO said its new credit model, FICO Score 9, "introduces a more nuanced way to assess consumer
collection information," resulting in greater precision for lenders measuring a borrower's credit stability. The model
will be available to lenders through the country's various reporting agencies starting in the fall.
"FICO Score 9 uses a more refined treatment of consumers
with a limited credit history and those with accounts at collection agencies, so that lenders can grow their credit and loan
portfolios more confidently," said Jim Wehmann, EVP for Scores at FICO.
The key difference in the new model is that strikes from medical collections will
have a lower impact, reflecting the relatively low level of credit risk they represent. From just that change, the company
expects the median FICO score will increase by 25 points among consumers whose only credit dents come from unpaid medical
FICO isn't alone in its push
to reassess how medical debts are reflected on a borrower's credit profile. In May, the Consumer Financial Protection Bureau
(CFPB) released the results of a study finding that credit scores may underestimate creditworthiness by as much
as 10 points for consumers owing on medical costs and by up to 22 points for consumers who have repaid their debt.
Often, consumers aren't even aware their debt has
been sent to collections, CFPB said.
change in the FICO Score 9 model is that it will also discount any overdue payments that have already been made, leaving only
unpaid collections as a mark.
the changes may have a significant impact on approval rates for credit cards and auto loans, the effects will be more subtle
for borrowers and lenders in the mortgage space, says Greg McBride, chief financial analyst for personal finance website Bankrate.com.
"These changes are going to be a positive for
consumers, but it's not something that moves the goalposts," McBride said in a phone call. "These changes aren't
going to take a consumer with bad credit and suddenly make them appear as if they have good credit."
Rather, for consumers whose credit scores sit on the threshold
between poor, adequate, or good, the expected boost could make a difference in terms of required down payments or interest
The Score 9 model also promises
to help lenders make decisions on consumers with little to no credit history—though McBride doesn't expect to see an
immediate impact in mortgage approvals for credit-lacking millennials.
However, if those young consumers have an easier time securing lines on smaller loans, however,
that could balloon out into the mortgage space in the future.
"You [have to] knock over the dominoes," McBride said.
Thursday, June 12, 2014
1:46 pm cdt
From Crain's Chicago:
MTV's "The Real
World" show, where seven strangers move into a building together and allow cameras to film the inevitable drama for all
the world to see, wants to set up shop in the Randolph-Fulton area in the West Loop.
An affiliate of Van Nuys, California-based Bunim/Murray Productions is planning
to film an edition of the long-running reality show at 1100 W. Randolph St., according to people familiar with the project.
"The Real World's" designs for the property
is another marker of growing out-of-town interest in the fast-changing
neighborhood, which has become a magnet for restaurant operators, real estate investors and tech firms, including Google Inc.
On June 20, the Bunim
affiliate is scheduled to discuss its plans before the city's Zoning Board of Appeals, according to the panel's agenda for
this month. The firm must obtain special permits to allow for “a seven-bed, temporary, group living residence”
in the property, the agenda shows. A message left for an executive at Bunim, a unit of French production firm Banijay Group,
was not immediately returned.
production company said in an application to the city it plans to use the property for five months at most, shooting the show
over a 12-week period.
Alterations it wants
to make to the property, like a new paint job, lighting, security cameras and greenery, “would be compatible with the
character of the neighborhood — we want this building to embody Chicago,” the application says.
The Bunim affiliate also wants to build shower stalls in the property and
a kitchen, the application shows. Security guards will be present 24 hours a day, seven days a week.
The company has held casting calls in Chicago to find people willing to star
in the forthcoming show, according to news reports. MTV broadcasts "The Real World."
In 2001, a season of "The Real World" was filmed in Wicker Park,
with the building at 1934 W. North Ave. serving as the cast's home base.
The production drew protesters to the building, one of whom yelled at show participants
that the crowd wanted to “to liberate you from the agents of unreality,” according
to a Chicago Reader story.
For its latest Chicago
show, "The Real World" will occupy a property owned by a venture of veteran New York retail broker David
Firestein, who declined to comment.
Greg Kirsch, executive managing
director in the local office of Newmark Grubb Knight Frank who's handling leasing at the property, didn't respond to a phone
Saturday, May 24, 2014
Happy Memorial Day!
9:52 am cdt
Happy Memorial Day, everyone! Have a safe and fun weekend.
a big thanks to all of the people who serve and have served our wonderful military. We appreciate your service!
Tuesday, May 13, 2014
3:47 pm cdt
The Spring Market Is Here!
If you have not already considered it, and you're in the market, talk to a real estate agent about selling
your home. Buyers are out there in the nice weather looking for homes to buy, and inventory is very low. You may be able to
sell your home for more than you thought!
1:05 pm cdt
Wednesday, April 2, 2014
Illinois Offers a New First-Time Homebuyers Program
4:03 pm cdt
home buyers in Illinois could receive further assistance in the process with a new loan program.
A new program,
Welcome Home Illinois, will allow qualified first-time homeowners the opportunity to receive $7,500 toward the down payment
or closing costs as well as a 3.99 percent interest rate on a secure 30-year fixed mortgage. Governor Pat Quinn announced
the program Tuesday.
Borrowers must be first-time home buyers or haven't owned a home in the past three years,
contribute the greater of 1 percent of the overall purchase or $1,000 toward the down payment and have a credit score of at
Welcome Home Illinois is funded through the Illinois Affordable Housing Trust Fund, and Illinois Jobs Now!
home buyers can find additional information about the program and a list of lenders on the Illinois Housing Development Authority website.
What Happens at a Closing?
10:26 am cdt
Many of my first time buyers ask me what exactly happens at closing, and how long it usually takes.
Here is a brief outline of what happens at a closing table.
1) First, you will sign loan
documents. Your attorney will be there to explain all the documents you're signing, and to make sure the terms that you agreed
to in your Good Faith Estimate are the terms reflected in the loan documents.
2) Your attorney
will also review Seller's documents at that time, including a deed, affidavit of title (a promise from Seller that title is
clear), title policy or commitment that has been "waived" (showing that title is clear from liens and encumbrances)
and other pertinent documents for the title company. If you are buying a single family home, and a survey is being provided
by the Seller, that will also be reviewed at that time. Keep in mind when you purchase a foreclosed or short sale property,
a survey may not be provided at closing.
3) After your loan documents are signed, they
will be sent to your lender in order for them to review them. This may take a matter of minutes, or longer, depending on how
busy the lender is. There may be some waiting involved, and this is the wild card in guessing how long a closing may take.
Some closings will take an hour or two, some may take longer. There's no way for anyone to make an educated guess as to how
long it will take because of this.
Once the lender gives a funding "number",
or funding approval, you officially have your loan, and you're a homeowner! You will leave the closing table with copies of
all documents you signed, keys to the property, and possibly a refund check if you brought too much money to the table. I'll
blog more on this in the days to come, and give more detail.
Thursday, February 20, 2014
I have been getting a lot of calls from clients to ask what they should do when they can't afford their
home. Please consult an attorney before you do anything. You DO have options. I can help!
2:10 pm cst
Friday, December 6, 2013
Chicago Bed Bug Ordinance Taking Effect This Month
4:31 pm cst
The City of Chicago has recently been named
the nation’s #1 city infested with bed bugs.
This summer, the Chicago City Council passed an ordinance aimed at putting an end to the spread of bed bugs
which will go into effect on December 23, 2013.
The key Landlord responsibilities are as follows:
- To supply a tenant starting or renewing a lease with an informational brochure
- To maintain a written record of bed bug control efforts
- To send a written
notice to the tenant explaining their responsibilities before the inspection
- To provide
pest control services when bed bugs are found by a pest management professional as many times as necessary to eliminate the
- To inspect within 10 days and treat if necessary the
two units on either side as well as the two units above and below of the infested unit
Tenants also have responsibilities:
- To notify the landlord in writing of any
suspected or known infestation in the tenants’ unit, clothing, furniture or personal property within 5
- To notify the landlord in writing of any recurring or unexplained bites,
stings or sores suspected to be caused by bed bugs
- To cooperate with the landlord in
the control, treatment, and eradication of bed bugs including
- To grant access at reasonable
times upon reasonable notice for inspections and treatments/to not interfere
- To prepare
unit prior to treatment including: cleaning, dusting, vacuuming
- To properly dispose
of personal property that cannot be treated or cleaned before the pest control services
The Chicago Bed Bug Ordinance also mandates the disposal
of bedding, clothing, furnishings or other infested materials. For example, you may not place, discard or dispose
of any bedding, clothing or furnishings infested on the public way (i.e. dumpsters, sidewalks, hallways). To get rid
of infested items, you must enclose the item in a plastic bag and label it as infested. Doing so should prevent neighbors
from bringing to their home infested items, therefore stalling the spread of bed bugs.
Please note that this section of the ordinance does not apply to tenants
living in assisted living or a shared housing establishment, when the establishment provides assistance with daily living
will be enforced by the Department of Buildings and the Department of Public Health. If any person is found violating
the ordinance, that person may be fined $300.00 to $1,000 per day for each offense. By
complying with the ordinance, these fees can be avoided. The full ordinance can be found at www.cityofchicago.org. You can make a request for a City inspector here.
Wednesday, October 2, 2013
New Guidelines for FHA Short Sales
2:11 pm cdt
|Effective October 1, 2013 U.S. Department of
Housing and Urban Development (HUD) has announced the following changes to their Federal Housing Administration (FHA) Short
Sale requirements: |
To review additional information about FHA requirements, please log
on to www.hud.gov. Questions can be directed to Short Sale Customer/Agent care at 1.866.880.1232.
- Eligibility Requirements: To
successfully complete a short sale under the FHA short sale program, the borrowers must meet the following requirements:
- They cannot list the property with or sell it to anyone with whom they are
related or have a close personal or business relationship. In legal terms, it must be an "arm's-length" transaction.
Any knowing violation of the arm's-length requirement may be a violation of federal law.
- Your mortgage must be in default, on the date the short sale transaction closes.
- Before closing, any additional liens against the property must be released.
A lien holder who demands a payment to release its lien must submit a written statement, and an agreement to release the lien
if that amount is paid.
- Financial Hardship
Validation Requirement: For a standard preforeclosure sale, servicers must use a Deficit Income Test (DIT) to
determine a homeowner's financial hardship. The IRS Collection Financial Standards will be used to verify homeowners
expenses not reflected in their credit report. Only owner-occupied properties are eligible for the standard preforeclosure
- New Streamlined Short Sale Option: Homeowners
eligible for a streamlined short sale may not be required to submit financial information or have a financial hardship.
Principal residences, second homes, investment properties and service members who have received Permanent Change of Station
(PCS) Orders are potentially eligible.
- Property Appraisal: The
appraisal of your property should be completed within approximately ten business days. After the appraisal, the short
sale file will be updated and prepared for review. In some cases, approval may be required by the investor and/or FHA,
which may take more time.
- Cash Contribution: As
a new condition, you might be required to make a final payment (sometimes called a cash contribution) before or at closing.
This payment will reduce the deficiency balance.
Incentive Compensation: If you are an owner occupant, acting in good faith, and successfully selling your property,
you may be eligible for an incentive of up to $3,000. If you are required to make cash contribution, you are not eligible
for this incentive.
- Short Sale Contract Addendum:
- The revised FHA short sale addendum must be signed
and dated by all parties. Under this addendum, all parties agree that the subject property must be sold through an arm's-length
transaction. An arm's-length transaction is defined as a short sale between two unrelated parties that is characterized
by a selling price and other conditions that would prevail in an open market environment. Also, no hidden terms or special
understandings can exist between any of the parties (e.g., buyer, seller, appraiser, sales agent, closing agent, and mortgagee)
involved in the transaction.
- Action Required: Review
the Short Sale FHA Program guides located on the Agent Resource Center: