Chang and Carlin, LLP: real estate attorneys in chicago

Showing posts with label real estate attorneys in chicago. Show all posts

Monday, 26 August 2013

Selling Your House? Renovations That Might Not Add Value

Chang and Carlin, LLP has established itself as a respected real estate legal services firm representing a diverse clientele in Chicago, Illinois and surrounding areas. Their Real Estate attorneys in Chicago help you manage routine real estate matters, as well as more complex situations that require the experienced know-how of skilled real estate attorneys.

Every home owner invests in the upkeep and renovation of their homes, but there are certainly a few people who renovate their houses with the intention of increasing their home’s value for re-sale. However, there are a few commonly misunderstood renovations which add no value to your home. Even though you may really enjoy the upgrade, a buyer could be unimpressed and unwilling to factor the upgrade into the purchase price.

Common Real Estate Renovations to Avoid

Swimming pools:
Swimming pools can be a lot of fun and definitely give your homes a modern look, but they can be a hassle to have at your own home. Many potential home buyers view swimming pools as dangerous and expensive to maintain. The potential buyers with young children may be reluctant to buy houses with swimming pools. Chang and Carlin, real estate and foreclosure attorney Chicago can help you decide the things that will add value to your property and make it attractive to the potential buyers.

Landscaping:
Landscaping certainly adds to the beauty of a house, but don’t expect the home’s value to increase because of it. A beautiful yard may encourage potential buyers to take a closer look at the property, but will probably not add to the selling price.

Expensive carpeting:
While real estate listings may still boast “new carpeting throughout” as a selling point, many potential home buyers today may not be happy with the idea of having wall to wall carpeting. Carpeting is expensive to purchase and install. In addition, there is growing concern over the healthfulness of carpeting due to the amount of chemicals used in its processing and the potential for allergens.
Homeowners, therefore, need to be careful with how they choose to spend their money if they are expecting the investment to pay off.

Free Real Estate Consultation
Chang and Carlin, LLP has extensive experience providing real estate legal services in Chicago, Illinois and the surrounding areas. Our Chicago real estate lawyers are well equipped to help people navigate the complexities of real estate transactions, and to help those transactions close more smoothly. For more information on real estate law or to schedule a FREE Legal Evaluation, contact Chang and Carlin, LLP today!

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Bankruptcy Consultation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.

Thursday, 18 July 2013

Buying a Pre-Foreclosed Home? Here’s What You Need to Know

Chang and Carlin, LLP has established itself as a respected real estate legal services firm, representing a diverse clientele in Chicago, Illinois and the surrounding areas. Their Real Estate attorneys in Chicago help you manage anything from routine real estate matters, to more complex situations that require the experienced know-how of skilled real estate attorneys.

Choosing to invest in pre-foreclosed properties is an ideal way to capture a home at a great value, often below appraised and market value.

If you too are planning to buy a pre-foreclosed property, here is some information to help you safely make the best purchase possible:

What is a pre foreclosed home? A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure. His property has been listed as delinquent and will soon be taken into the custody of the lender.
Why buy a pre foreclosure house? Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home’s market value, and the deal would close quicker than would a foreclosure.
Confirm pre-foreclosure status. It’s important to find out if a property has been reinstated before proceeding as the owner can reinstate the property by paying off the amount in default. The best way to check if the property has been reinstated is to call the trustee or attorney assigned to the foreclosure.
Contact the owner. You or your real estate agent should initiate contact with the owner to express your interest in the property. Before you expend the time and effort to contact the owner, make sure you're fully prepared to buy.
How to negotiate with the owner. To determine how much you will pay the seller for the home, you should subtract all your costs as a buyer (loan balance, additional liens, and repair costs) from the estimated market value of the property and use that number as a basis for your negotiations with the owner. The experienced real estate attorneys at Chang and Carlin, LLP can help you negotiate a good deal with the owners.

Foreclosure Attorneys in Chicago

As with any investment process, the key to your successful outcome will lie in your preparation. Chang and Carlin, LLP’s experienced real estate or foreclosure attorneys in Chicago can help you with the important details that come with buying a pre-foreclosed house and succeeding in your real estate investment in Chicago.

For more information or to schedule a FREE Initial Legal Evaluation with an experienced foreclosure attorney, contact Chang and Carlin, LLP today!

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg, Joliet, and Warrenville.

Monday, 17 June 2013

Buying A Foreclosed Property? Things You Need To Know

Chang and Carlin, LLP has established itself as a respected real estate legal services firm representing a diverse clientele in Chicago, Illinois and surrounding areas. Their Real Estate attorneys in Chicago help you manage routine real estate matters, as well as more complex situations that require the experienced know-how of skilled real estate attorneys.

Chicago area saw more than 20,000 foreclosures between February of 2012 and 2013. This is good news for bargain hunters and intrepid home buyers who want to get a cheap house, but the purchase of foreclosed property—an often complex and involved process—presents would-be buyers with plenty of opportunities to make costly mistakes. Chang and Carlin, LLP’s experienced real estate or foreclosure attorneys can help you buy a foreclosed house and secure your real estate investment in Chicago.

Foreclosed Home Buying: 6 Tips

If you’re pursuing purchasing a foreclosed property, you need to learn all the possible pitfalls that come along with buying a foreclosed home. Here are a few things that you should keep in mind before you proceed:

1. Do a title search: Make sure that when you purchase a foreclosure that you are the only person who has any ownership claim.

2. Check for liens: Find out if there are any liens against the property because you will be responsible for paying them.

3. Check for a second mortgage: You don't want to be surprised by an extra mortgage that you will need to pay.

4. Not every foreclosure is open to inspection: This means that you may or may not be able to view or evaluate the property.

5. You may need to evict tenants: If you plan on buying foreclosures while they are still inhabited, either by the previous owners or renters, you will be responsible for removing them. In some cases, eviction may be necessary.

6. Determine potential repairs and their costs: Remember you have the upper hand in negotiations with regards to the bank paying closing costs and making repairs.

Contact Chang and Carlin for a Free Legal Evaluation Today!

The Chang and Carlin, LLP bankruptcy attorneys and real estate lawyers have been involved in thousands of bankruptcy and real estate matters over the years, representing debtors and facilitating real estate transactions in Chicago

If you’re working on a real estate transaction in Illinois, get in touch with Chang and Carlin, LLP for a Free Legal Evaluation today!

Tuesday, 21 May 2013

Applying for Home Loan After Bankruptcy

Bankruptcy can negatively impact every aspect of your life, but it has a particularly sinking effect on your credit score. A declaration of bankruptcy can lower your credit rating by as much as 220 points for up to 10 years. However, with the help of experts like Chang and Carlin LLP’s Chicago Bankruptcy attorneys, you should be able to purchase a home sooner than you envisioned.

While a bankruptcy will appear on your credit report for up to 10 years—depending on the type of bankruptcy you file, the good news is that most people seeking to buy a home are eligible for a mortgage within two-years of filing bankruptcy.

Is it possible to get mortgage financing before two years?

Yes. You may be able to get a mortgage sooner, but the terms (i.e., interest rate, etc.) won't be as attractive as it would be if you can wait the two years, and you'll be paying a higher interest for up to 30 years.

How to rebuild the credit score after bankruptcy?

This can be done by two ways:

· Obtaining an unsecured credit card is nearly impossible after declaring bankruptcy, so your next best option is to apply for a secured credit card. A secured credit card gives you credit- limited to the amount you have to deposit with the issuing bank.

· Though obtaining an instalment loan to rebuild your credit can be tricky because of your bankruptcy past but another way to improve your credit.

Some other useful tips:

· Obtain a co-signer. The potential co-signer must be someone who has good credit and a healthy financial status. In addition to improving your chances of loan approval, a co-signer may also be able to help you get a lower interest rate on your mortgage.

· Pay all your bills on time and work on saving money.

· Stay at the same job for a good length of time.

· If needed, seek assistance of experienced Real estate attorneys in Chicago.

Preventing Foreclosures in future

When most people buy a new home, the last thing they ever expect to contend with is foreclosure. However, when you fall behind on your loan it may seem as if it's impossible to get caught up.

Expert foreclosure attorneys in Chicago can help you explore various legal options available.

Contact Chang and Carlin, LLP for a Free Bankruptcy Consultation Today!

Chang and Carlin L.L.P has established itself as a respected Bankruptcy and Real Estate legal firm representing a diverse clientele in Chicago, Illinois and the surrounding areas. Our Real Estate attorneys help you manage everyday real estate matters, as well as more complex situations that require the experience of skilled attorneys.

Chang and Carlin, LLP, also offers expertise to clients who find themselves in financial trouble and need guidance to regain financial stability. If you are filing for Chapter 7 or Chapter 13 Bankruptcy in Illinois, get in touch with us today for a Free Legal Evaluation.