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...
This
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.
7527
N. Seeley Avenue, Suite 1, Chicago, IL 60645 www.chicagolandrealestatelaw.com lawgoddess1@gmail.com 773.818.9054
office/cell 866.381.4238 efax
Recommend my site by clicking here!
Amazing first-hand testimonial of how wonderful life
is when raised by same-sex parents. It's a must-see!
The National Association of Realtors magazine's November issue had a great cover story on the crackdown
by the Chicago FBI of mortgage fraud.
On June 19, 2008, over 400 people were charged with mortgage fraud in "Operation
Malicious Mortgage". These people were all real estate professionals, including mortgage brokers, developers, attorneys
and real estate agents. They were involved in more than $170 million fraudulent mortgages.
So what are the red
flags to look for?
1) Developer Cash-Back Incentives at Closing - Be wary of a developer who wants to give a client
money "under the table" or not disclose the cash to the lender or on the settlement statement (HUD-1). Watch out
for falsification of income, employment or assets by clients, or inflated appraisals.
2) Bogus Appraisals - The
FBI finds inflated appraisals very common on renovated 8, 12, and 16 flats in Chicago. In a typical scenario the developer
buys the building, rehabs one of the units with top of the line items, then guts the rest of the units. In this case, the
appraiser knowingly uses photos of the model unit for the appraisal of all other units in the building.
3)
Stolen Identity/Home Equity Lines of Credit (HELOC) - Stolen identity is being used to take out home equity lines on property
the victim does not even own. When the victim goes to buy or refinance his or her own home, they find out that they have mortgages
on properties they don't even own.
4) Release of Liens - At closing, forged documents are provided to show
that a lien has been satisfied when it has not.
5) Stalled REO Sales - A common, new tactic is for a listing agent
of an REO (bank-owned) property will stall the sale of a home by not returning phone calls for would-be buyers. The home sits
unsold and the agent's family or friends buy the property at a greatly reduced rate.
According to a recent survey by the National Association of Realtors, the number of first-time buyers
rose to 41 percent from 39 percent of transactions in last year’s survey and 36 percent in 2006. According to the NAR
study, the median age of first-time buyers was 30, down from 31 in 2007, and the median income was $60,600. The typical first-time
buyer purchased a home costing $165,000 and plans to stay in that home for 10 years, up from seven years in 2007.
The Chicago Tribune had a great "Home Finance Toolkit" in the Home section of the Sunday paper.
According to the National Association for Business Economics, "Sales and starts activity should bottom out before the
end of 2009, that's if we can get the lending apparatus moving again. But the downward pressure on (home) prices will
take much longer, well into 2010, if not the end of 2010, as the credit crunch continues."
BUT, keep in mind
that the Chicago real estate market has fared well compared to other markest. The median selling price in Chicago for 2008
through October 27 was $295,000. Overall prices in the Chicagoland area have remained steady, but the average market time
is 139 days, up dramatically from the year 2000.
