Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Cook County 2018 Property Tax Bills Are Online Now

The first installment of your 2018 Cook County property tax bill is now available online.

Cook County SealThis is the earliest the bills have been made available for payment and give property owners the ability to pay property taxes before the end of this year.

There has been a high number of requests from property owners and tax advisors for earlier tax bills and payments.

You are urged to consult with a tax professional about possible tax deductions if you pay before the end of the year.

 

Pay Your Cook County Property Taxes Online

The first installment property tax bill has been posted at cookcountytreasurer.com.

You can find your tax bill at https://cookcountytreasurer.com/setsearchparameters.aspx by using your address or 14-digit property index number.

  • Make a payment (payments are now accepted on the March 1, 2019, tax bill)
  • See if a refund is available
  • Download a copy of your tax bill
  • Sign up to receive tax bills by email
  • Find out if your delinquent taxes have been sold

First installment taxes for the 2018 tax year are 55 percent of the prior year’s total tax.

 

Cook County Property Tax Due Date – First Installment

The tax year 2018 first installment due date is Friday, March 1, 2019

 

Illinois home with tax lien

Receive Your Tax Bill by Email

Enroll in eBilling and your next tax bill will be delivered via email.

  • The bills are sent by administrator@cookcountytreasurer.com. Add that email to your address book or change your spam filters to ensure delivery.
  • The paper bill will stop coming to your mailbox.
  • If you change your email address, you must update your account with your new address.
  • If wish to return to paper billing, log into your account and unsubscribe.
  • For more information, visit Research a Topic section.

 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Real Estate Technology – What Lies Ahead?

real estate technology

Photo via Max Pixel

In this post, we review eight real estate technologies that have the potential for changing the industry in 2019 and the upcoming years.

There is no doubt that the real estate industry looks much different than it did ten years ago.

Ten years ago the industry was already different than it was ten years before that.

The real estate market keeps evolving. Tastes change, the economy fluctuates, laws change, and most of all, new real estate technologies are continuing to change it further.

Forbes magazine recently ran a story about developing real estate technologies and what is ahead for the industry.

We will examine what Forbes considers to be the biggest changes that technology will make on the market so that you can understand and begin to prepare and adapt.

 

Biggest Real Estate Technology Trends

  • Amazon-Like Closings
  • Streamlined Processes
  • Transactions Without Middle Men
  • Realtors As Consultants
  • Growing Digital Endorsements For Residential Loans
  • DocuSign, Google Maps And VR Technology
  • Improving Access To Facts
  • More Efficient Investment Cycles

 

Amazon-Like Closings

Using real estate technology on smartphoneReal estate buyers now have access to most of the same tools that realtors have. This is creating more and more transparency in the buying process.

New technologies will continue to minimize the paperwork, maybe eventually to the point where closings take place online in an “Amazon-like” vehicle for real estate.

Landlords will be able to use many tools including unlocking doors to even conducting the entire rental process online.

People will still want to visit a property in person though, so realtors will play a role similar to car dealers do today.

Prediction by Holly Williams, MQ Ventures, LLC

 

Streamlined Processes

The buying and selling process has changed for the better because of tech advancements over the past ten years.

Today buyers and sellers can use search engines, comparison databases, virtual home tours, and 3D floor plans for information gathering and education.

We can assume that the purchasing process can benefit from new technologies as well.

“I envision the process of purchasing to benefit greatly — tech advancements can streamline the process and memorialize it in a more efficient manner than currently occurs municipality to municipality, state to state, to a more formal and standardized system.”  Prediction by Stephen Kliegerman, Halstead Property Development Marketing

 

Transactions Without Middle Men

Real Estate red tape

Photo by Max Pixel

Blockchain looks to be the biggest technological disruption to real estate processes.

This could allow for real estate transaction without all of the middlemen that are typically involved in a property closing. This major change still could be decades away. – Prediction by Meg Aubale Epstein, Ca South Development.com

 

Realtors As Consultants

The industry has begun to change faster than many real estate agents have come to realize.

It is more important than ever for real estate professionals to provide real value.

“Technology will likely thin the overcrowded market of part-time real estate agents while those who are experienced, knowledgeable and dedicated will maintain a space from transactions built from solid relationships. I believe at some point real estate agents will offer more of a consultative approach to the transaction.” – Sheryl Houck, eXp Realty, LLC

 

Growing Digital Endorsements For Residential Loans

Illinois home with tax lien“I expect that more and more residential loan closings and their associated security instruments will be endorsed digitally. However, I don’t think it’s as likely to see commercial transactions follow suit as quickly.” – Brad Moree, Moree Law, PLLC

 

DocuSign, Google Maps And VR Technology

We are already seeing wide adoption of DocuSign within the real estate industry, which has helped speed up the signing process.

Newer technologies such as Google Maps, drone videos and Virtual Reality are already helping with properties that are geographically too far to visit, which has cut down on time and expenses.

We will continue to see wider and regular usage, as well as other emerging technologies to help with property buying, selling and management without having to physically travel to a location. – Prediction by Robin Bhalla, The Festival Companies

 

Improving Access To Facts

Home lending days“The main goal of technology should be to help agents and consumers make more informed decisions more efficiently. Interpreting this information and the soft skills required to make deals happen in a shifting market will still be the value-add that agents bring. Technology will help us with the facts and stats, but can’t account for the emotional side of deal-making and marketing in a shifting market.” – Kofi Nartey, The Nartey Group – Compass

 

More Efficient Investment Cycles

“I believe that technology will insert efficiencies into the entire investing lifecycle. From deal sourcing to underwriting, managing assets and even disposition, big data and machine learning can transform the speed and accuracy of real estate transactions and have a significant impact on investors’ bottom line.” – Guy Zipori, Skyline AI

 

The predictions in this blog post are based upon an article that appeared on Forbes.comfi in November 2018. 

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


More Americans Using Real Estate Agents

Real estate agent with keys

In a study that surprised many, a larger percentage of Americans than ever are using real estate agents to buy and sell their homes. 

Conventional wisdom had been saying for years that the internet and new technologies were going to result in fewer people turning to real estate agents for help in buying and selling their homes.

It was assumed this would be especially true for Millenials, that they would turn to websites and apps to buy and sell their homes.

However, the opposite has turned out to be true. Millennials are actually more likely to use a real estate agent today than Baby Boomers are.

 

Key Findings

Home lending daysThe most noteworthy finding in the study conducted by Harris Insights & Analytics was that in 2018, a full 90% of consumers used real estate agents to buy and sell their homes.

That was the highest percentage of agent-assisted buyers and sellers that this ongoing study has recorded.

That 90% figure was a 5% increase over 2014, when 85% of consumers used real estate agents to buy and sell their homes, and a 9% increase from 81% when this ongoing survey was first done in 2001.

 

Real Estate Agent Usage by Age Group

For several years there has been a discussion about how Millenials would change the home buying and selling market.

Home for sale

It has been assumed that that generation would abandon using real estate agents in favor of searching for homes using only websites and web apps.

However, the data in this study showed that Millenials were extremely likely to use a real estate agent.

According to study data, 91% of buyers and sellers from ages 18 to 34 used real estate agents in their transaction.

Surprisingly, Millenials were even more likely to use a real estate agent than Baby Boomers (ages 54-72) were. Just 81% of consumers ages 55 and older reported having used a real estate agent in their transaction.

Gen Xers (ages 35-50) were the most likely to use a real estate agent, at 94%.

 

Real Estate Agent Usage by Education and Income

Another key finding was that higher educated and higher income earners were the most likely to use a real estate agent.

94% of people with a college degree used the service of an agent. Only 83% of those with a high school degree used a real estate agent.

98% of people earning $75,000 or more used a real estate agent, while only 79% of those who earned $50,000 a year or less used an agent.

 

How Consumers Choose an Agent

How does this increased number of people using real estate agents choose one?

“Referrals from people I trust” was the most common answer. A large majority, 69%, of said a referral was either extremely important or very important. A full 92% said it was important in their decision.

The second most common answer was “agents who had listings like my home”. 64% of consumers said this was a factor.

62% said “looking at websites with ratings of agent’s performances” was a factor.

“Having a personal relationship with the agent” came in fourth with 57%.  In fifth place at 52% was “member of a Realtor organization.

 

Realtors Are Important, But So Are Websites

How People Find a Real Estate AgentThe majority of consumers still depend on a real estate agent to buy or sell a home.

However, websites have become extremely important for consumers when searching for homes or realtors. 92% of consumers reporting using websites for information about real estate agents.

 

Top Websites for Finding Real Estate Agents

  • Realtor.com
  • Zillow.com
  • Google.com
  • Facebook.com
  • Loopnet.com

Most Visited Real Estate Websites

  • Zillow.com
  • Truglia.com
  • Yahoo! Homes
  • Realtor.com
  • Redfin.com

 

About the Study

The new housing consumer study was conducted by Harris Insights & Analytics.  It was underwritten by the California Association of Realtors, The CE Shop and REAL Trends.

The study measured the responses of 1,000 people who had bought or sold a home during the previous six months of 2018.

 

Sources
More Americans are using real estate agents than ever before – Houseingwire
Top 15 Most Popular Real Estate Websites May 2018 – EbizMBA
Buyers and Sellers Still Need You – Realtrends
90% of all Buyers and Sellers Used an Agent, Up 9% From 2001 – Realtrends

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides estate law representation, including power of attorneyliving willsprobate law services, trustswills, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Home Ownership Expo

Home Buying Expo - Aurora, IL - November 3, 2018

Home Ownership Expo – November 3, 2018

The City of Aurora and community partners want to help you prepare for homeownership.

We’re offering educational workshops to help you prepare for homeownership! Industry experts will provide presentations during two concurrent workshop tracks; one in English and one in Spanish. Over 20 exhibitors will be available to answer your questions throughout the morning.

 

Don’t miss out on:

  • Free continental breakfast
  • Trolley tours around Aurora
  • Raffle prizes (must be present to win)

 

THIS IS A FREE EVENT!

 

Workshops include:

  • Understanding Credit
  • Down Payment Assistance Programs
  • Mortgage Loan Process
  • Home Selection Process

 

Event Details:

Date: November 3, 2018
Time: 9:00 AM – 12:00 PM
Address: Prisco Community Center – 150 W. Illinois Ave., Aurora, IL 60506

Registration is required and must be completed by October 31st

 


>>> Click here to register for free


 

Home Buying Expo - Event Details

 

Join us for FREE educational workshops (concurrent tracks in English and Spanish) and over 20 exhibitors that can help answer all your home buying questions!

We’ll provide FREE continental breakfast and trolley tours of local businesses and initiatives coming on-line in Aurora.

Doors open at 9:00 a.m. at Prisco Community Center located at 150 W. Illinois Ave., Aurora, IL.

While this event is offered at no charge to you, registration is required for each attendee over the age of 18. Each attendee over the age of 18 is entered for a chance to win a raffle prize. Other requirements may apply. Must be present to win.

 

Thank you to our sponsors!

Gold Sponsors:
Fifth Third Bank
First National Bank
Huntington Bank
The Neighbor Project

Silver Sponsors:
Country Financial
NICAR

Bronze Sponsors:
Adriana Hartmann, Allstate
Associated Bank
Ponce & Reyna Agency, Farmers Insurance

 

>>> Register Now!

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


How to Maximize Social Security Benefits for Surviving Spouses

 Retirement Benefits

This story originally ran in Chicago Tribune:

Retirement: How to maximize Social Security benefits for surviving spouses

Many retirees know that spouses can coordinate their claims to boost their total benefit payout from Social Security.

But many may not realize that if they are widowed before claiming benefits, they may also have options to maximize Social Security by coordinating the timing of claims for their own retirement benefit and a survivor benefit.

Unfortunately, the Social Security Administration isn’t likely to fill them in on this strategy.

A report this year by the Social Security Administration’s Office of the Inspector General found that 82 percent of surviving spouses taking benefits could have received a higher monthly benefit by restricting their application to survivor benefits only and delaying their retirement benefits up to age 70.

Related Post: How Much Will I Get From Social Security if I Make $100,000?

Social Security AdministrationAs a result, the Social Security Administration underpaid about $132 million to more than 9,000 beneficiaries age 70 and older, and it will underpay about 2,000 more beneficiaries who are under age 70 about $9.8 million annually once they reach age 70, according to the report’s projections.

While changes in the law a few years ago affected strategies for coordinating spousal benefits, those changes didn’t affect survivor benefit strategies.

“You do still have the option to take one benefit and delay the other benefit,” says James Mahaney, vice president of strategic initiatives for Prudential Financial.

 

Social Security Retirement CoupleSurviving spouses need to consider whether they can maximize benefits by taking the survivor benefit first and later switching to their own benefit or by taking their own benefit first and then switching to a survivor benefit.

You can claim a survivor benefit as early as age 60 (age 50 if disabled), but it is reduced if claimed before the survivor’s full retirement age.

It won’t grow past the survivor’s full retirement age — the most a surviving spouse receives is 100 percent of the benefit the deceased spouse received or was eligible to receive at his death.

But the survivor’s own retirement benefit — which can be taken as early as 62 at a reduced amount — can grow beyond her full retirement age. Each year she delays her own retirement benefit past full retirement age, her benefit grows 8 percent a year up to age 70.

Once you figure out which benefit could grow the largest, you’ll likely want to delay that benefit. Be aware, the benefit amounts and the age you claim will make a difference.

 

Example

End of Life PlanningLet’s say a widow at her full retirement age is due a $2,000 survivor benefit or her own benefit of $1,800.

With a full retirement age of 67, she could earn 24 percent in delayed-retirement credits if she takes her own benefit at age 70.

She could claim a reduced survivor benefit worth $1,430 a month as early as age 60 and take that until she switches to a boosted benefit of her own at age 70, worth $2,232 a month.

If she lives to age 90, she would receive a total of $707,280 in benefits. (All totals exclude annual cost-of-living adjustments.)

If she instead takes her own reduced monthly benefit at 62 worth $1,260 and then switches to the full monthly survivor benefit of $2,000 at age 67, her total payout by age 90 would be $627,600.

That’s about 11 percent less than the first scenario, in which she earned the delayed-retirement credits.

 

(Rachel L. Sheedy is editor of Kiplinger’s Personal Finance magazine. Send your questions and comments to moneypower@kiplinger.com. And for more on this and similar money topics, visit Kiplinger.com.)

(c) 2018 Kiplinger’s Personal Finance; Distributed by Tribune Content Agency, LLC.

This story originally ran in Chicago Tribune and was written by Rachel L. Sheedy, Kiplinger’s Personal Finance

Walking on beach image by Max Pixel

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides estate law representation, including power of attorneyliving willsprobate law services, trusts, wills, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090