A 1031 exchange allows investors to defer capital gains taxes on sales of their investment properties. There are strict rules that the IRS has put into place that need to be followed in order for an exchange to be successful/allowed. I work with seasoned investors as well as new investors, here are the most common […]
What is a MAE Provision in Real Estate and Could it Help During the Coronavirus Pandemic?
For many who were in the middle of a real estate transaction when the coronavirus pandemic changed everything, it can seem unclear whether or not closing should or can continue under these new circumstances. Perhaps they no longer want to proceed with the sale because the agreed-upon price does not make sense given our new […]
Do Rental Terms and Lease Agreements Still Apply During the Coronavirus Pandemic?
The COVID-19 pandemic has brought a great amount of uncertainty as every corner of the country deals with this nearly unprecedented health crisis and social distancing measures. One thing on the mind of tens of millions of Americans is rent or mortgage payments. Others worry about the effects on the housing market as a whole. […]
Six Tips for a Successful Virtual Open House
These are unprecedented times for all sectors of the economy and no less so for real estate. Some will ask how can you conduct an “Open House” when the government has ordered for all to remain at home? Well, even under the current Stay-At-Home circumstances, sellers and their real estate agents are hard at work […]
Contingencies Simplified
Most real estate contracts have provisions called “contingencies,” which are intended to make the entire contract null and void if certain events occur. Contingencies are also sometimes called conditions. It’s like saying, “I will only go through with this contract if so-and-so events do or don’t happen.” Buyers or sellers can propose contingencies in order […]
A Brief Guide to Your Mortgage Options
According to some reports, in early 2020 the average home price in Chicago is $210,000 (approximately 5% below the national average). What could that mean for buyers? One answer is that it is an exciting time to invest in real estate! Fortunately for Illinois homebuyers, there are many mortgage options available that make purchasing real […]
The Pros and Cons of Buying an “As-Is” Home
When, for whatever reason, sellers are unable to make repairs or renovations on a property before putting it up for sale, they often designate it “as-is.” Perhaps they are in a rush to sell the home as quickly as possible. Perhaps they are ill or elderly and do not have the energy to organize repairs […]
Five Required Disclosures When Selling Property
When you are selling real estate in Illinois, you are required to disclose certain information to the buyer. This allows them to make a fully informed decision about whether or not they want to proceed with purchasing the property. Wrongfully withholding information can result in being sued by the buyer and you could be responsible […]
6 Things to Consider Before Signing a Residential Lease
Finding the perfect home or apartment to rent is always exciting. Once your application is approved and you’re given the lease to review, your head is probably spinning: Should the sofa face this way or that way? Should I hire movers or get a group of friends to help me? Will all my clothes fit […]
4 Things You Can Do to Avoid Foreclosure
Falling behind on your mortgage payments is obviously something that should be avoided if at all possible. If you are already past-due and are either in the foreclosure process or at risk of it happening, don’t give up hope. Millions of people have been able to fix their financial situation and keep their home by […]
