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 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.

Calling JULIE in Illinois Before Digging – Common Questions

Call JULIE in Illinois before digging

In this post, we talk about how to call JULIE, what it stands for, what happens when you call and other common questions about JULIE.

JULIE is your one-call system to call before you dig that keeps you safe.

Before digging in your yard, by law in Illinois, you must always contact J.U.L.I.E. to make sure you don’t end up accidentally damaging a utility line and causing a dangerous or expensive issue.

Even if it is a small project, why take chances? It is FREE to call JULIE and it is the law.

 

Questions answered about JULIE

  • How do you call JULIE? What is the number to call JULIE?
  • Can you contact JULIE online?
  • What happens when you call JULIE?
  • Is Julie free?
  • When can you call JULIE? When is JULIE open?
  • Is it illegal to dig before calling JULIE or 811?
  • How many days before beginning work involving digging should you contact JULIE 811?
  • Why is it called Julie? / What does Julie stand for?

 

If You Could See What We See from JULIE Illinois1Call on Vimeo.

 

How do you call JULIE? What is the number to call JULIE?

To avoid damaging underground utility lines, Illinois law requires you to call JULIE by dialing 811 or 800-892-0123. You may also contact JULIE by submitting a request online.

Call Julie at 811 before you dig

 

Can you contact JULIE online?

Besides calling 811, you can submit a request to JULIE online by visiting the JULIE E-Request page.

 

What happens when you call JULIE?

When you contact JULIE, you will need to submit a date that you are planning to begin your digging project. You must give 48 hours notice.

Utility companies should have their utility lines marked sometime between the receipt of your JULIE request confirmation and date requested for digging.

A representative from each utility company will mark the location of their lines with either paint and/or flags, or let you know that their lines are not in conflict with the area in which you are planning to dig.

It is important that your property is accessible or delays may occur.

 

JULIE color code flags

Is Julie free?

Calling JULIE and utilizing the locating service provided by utilities are free to both homeowners and contractors, 24 hours a day, 365 days per year.

 

When can you call JULIE? When is JULIE open?

Call Center operators are available 24 hours a day, 365 days per year.

llinois state law requires that anyone planning an outdoor project that requires digging, regardless of the depth or the size of the project, must notify JULIE first.

 

JULIE call before you digIs it illegal to dig before calling JULIE or 811?

Illinois state law requires that anyone planning an outdoor project that requires digging, regardless of the depth or the size of the project, must notify JULIE first.

 

How many days before beginning work involving digging should you contact JULIE 811?

According to state law, the person doing the digging is required to call JULIE with the locate request information at least 48 hours/two working days in advance of the start of the excavation.

If the digging is being done by a contractor or subcontractor, that means they are legally responsible for contacting JULIE before work begins.

 

Why is it called Julie? / What does Julie stand for?

JULIE stands for Joint Utility Locating Information for Excavators.

 

What is the JULIE Illinois website?

Visit the official JULIE Illinois website at https://www.illinois1call.com/


 

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


New Federal Tax Rules Create Advantage for REIT Investments

Chicago skyline

In this post, we discuss how REITs have become more desirable than direct real estate investments because of changes in federal tax rules.

Real estate investment trusts or REITs have long had investment advantages over directly owning properties.

Recent changes in federal tax rules have only increased their desirability by offering improved net returns from REIT investment as opposed to direct real estate investments.

 

The following story originally appeared in FA Playbook on the CNBC website on June 18, 2019, and was written by David Robinson, founder and CEO of RTS Private Wealth Management.

 

New Federal Tax Rules Create Advantage for Real Estate Investment Trusts

Loan Modifications and WorkoutsAs Generation X and millennials inherit their baby boomer parents’ assets amid the so-called Great Wealth Transfer, some will look to invest it in rental property to generate income.

This property might be a duplex, an apartment building or, depending on the location, a single-family house that could eventually become a retirement home.

Yet many aren’t aware that because of the various costs and risks involved, becoming a landlord — a role fraught with headaches — may not turn out to be profitable.

 

An alternative to direct investment

commercial buildingA hands-off alternative to direct real estate investment is a real estate investment trust. These firms sell shares to investors, use the cash to buy residential, commercial and industrial property to lease out, and pay dividends to shareholders.

As an investment, REITs have long had advantages over owning property directly. This advantage gap is widened by new federal tax rules.

 

Click to Continue Reading >>>

 


* 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 Become a Real Estate Investor

How to Invest in Real Estate

In this post, we list some tips on how to become a real estate investor from people who have had real estate success. 

Real estate has been a tried and true money making opportunity for investors large and small for about as long as anyone can remember.

Despite being such a popular investment, there is no guarantee you will make money on real estate.

As we’ve seen in the past ten years, many people have lost money on real estate. Without the right investor savvy and location, your real estate could easily lose you money.

Real estate agent with keysIf you’re thinking of investing in real estate, even if it’s just a single rental property, we have real estate investment tips for you below.

A lot has changed in the real estate market over the past ten years, with prices rising, crashing and recovering in a relatively short span.

According to Clear Capital, median home prices have risen by 53 percent nationwide since the bottom of the housing market crash in 2012.

Does that mean it’s too late to make money in real estate? Not if you find the right property at the right price and manage your investment well.

Home prices in Illinois have not risen as quickly as in other places, which means there could still be surplus value in many properties.

 

Here are some key strategies:

 

Location, location, location


apartment commercial propertyYou’ve heard this expression before and with good reason. The right location could be all the difference between a positive or negative investment.

Look for properties in neighborhoods that are economically stable. In this type of neighborhood, you can realistically expect long-term price appreciation.

It will also provide a large, consistent pool of prospective tenants. These are usually the best entry level properties for a new real estate investor to get into the market at.

 

Determine the cash flow

mortgage applicationBefore you purchase, run the numbers you can realistically expect on your new property.

This will include your tenant rent minus all your expenses. Don’t forget to include management fees if you won’t be hands-on, as well as a reserve fund for periods when it may be vacant.

If you’re not interested in short term cash flow, you could work towards a goal of breaking even each month until the property appreciates in value and you can cash in on the sale.

You can use this Rental Property Calculator to determine a property’s potential.

If you won’t be able to manage the property, either because of skills, time, or location, you will need to hire a property management company.

Expect to pay a monthly fee of about 8 percent to 12 percent of the rent you receive, plus a leasing fee, which may cost from one-half to a full month’s rent.

 

Don’t invest your own money

Loan Modifications and WorkoutsIn the ideal purchase, you will put down as little of your own money as possible.

Instead of using all of your own money, you will borrow the needed amount above your down payment and charge enough in rent to pay your loan.

You will end up paying more for a mortgage on an investment property than you would for your own home.

The requirements to get a mortgage on a rental property purchase will vary depending on whether you intend to live in the rental property and who is backing your mortgage.

If you have enough equity in your current home, you can take out a home-equity line of credit against it to buy your investment property.

 

Despite ads that proclaim investing in real estate is a guaranteed path to financial success, developing a real estate investment will require careful thought, skill, and effort on your part.

 

Source:
Investing: How to become a real estate investor – Chicago Tribune

Related Reading:
10 Habits of Successful Real Estate Investors – Investopedia
3 Steps to Get Started As a Real Estate Investor – Investor Junkie
How to Invest in Real Estate Without the Headaches – Kipplinger
Glossary of Commercial Real Estate Terminology


 

Law Offices of Lora Matthews Fausett, P.C.

If you require a real estate attorney in DuPage, Kane, Will, Kendall, or Cook County to represent you with any issues related to real estate, the Law Offices of Lora Matthews Fausett, P.C. are well trained to handle matters relating to buying and selling, short salescommercial leases, as well as foreclosure defense and many others.

 

For Information Call 630-858-0090


* 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.


MLS Lawsuit Could Change the Real Estate Industry

MLS Lawsuit - Class Action Suit

In this post, we discuss a potentially “game-changing” lawsuit that could change the entire real estate market.

The real estate market could be facing big changes depending on the outcome of a class action lawsuit against the National Association of Realtors and the four biggest nationwide realtors.

 

About the Lawsuit

The defendants are being accused of violating federal antitrust law in a conspiracy to overcharge home sellers by requiring them to pay broker’s commissions to the agents who represent the buyers of their home.

The class action lawsuit is against RE/MAX, Keller Williams, Realogy, HomeServices of America, and the National Association of Realtors.

The suit has been filed in federal district court in Chicago and focuses on a rule it says has been imposed by the National Association of Realtors.

The rule requires brokers who list sellers’ properties on local MLS to include a “non-negotiable offer” of compensation to the buyer agents. That is, once a home seller agrees in a listing to a specific split of the commission, the buyers cannot later negotiate their agents’ split to a lower rate.

Home For SaleThe suit alleges that this requirement “saddle(s) home sellers with a cost that would be borne by the buyer in a competitive market,” where buyers pay directly for the services rendered by their agents.

In overseas markets where there is not a mandatory compensation rule for buyer agents, total commission costs tend to be lower.

On average, commission costs average 1%-3% percent lower in the United Kingdom, as opposed to the 5-6% that is commonplace in the United States.

 

The Allegation

The class action suit alleges that if home buyers in the United States could negotiate fees directly with the agents they choose to represent them, that fees would be more competitive and the costs lower.

Many U.S. home buyers are unaware of their agent’s commission split. The sellers will typically know what the percentage is because they agreed to it in their listing contract.

Real Estate red tape

Photo by Max Pixel

However, they may wonder: Why am I required to pay the fee of the buyer’s agent, who may be negotiating against my interests in the transaction?

Also, at a time when buyers often search for and find the house they want to buy online, shouldn’t compensation for a buyer’s agents be decreasing, rather than remain at the 2.5%-3% percent range?

The lawsuit states “Because most buyer brokers will not show homes to their clients where the seller is offering a lower buyer broker commission, or will show homes with higher commission offers first, sellers are incentivized when making the required blanket, non-negotiable offer to procure the buyer brokers’ cooperation by offering a high commission. Absent this rule, buyer brokers would be paid by their clients and would compete to be retained by offering a lower commission.”

 

About the Defendants

The National Association of Realtors is the largest trade group in real estate with 1.3 million members.

The four realty companies named as defendants are RE/MAX Holdings Inc., Keller Williams Realty Inc., HomeServices of America Inc. and Realogy Holdings Corp.

Model Home TaxKeller Williams has approximately 180,000 agents in the U.S. and Canada. RE/MAX has 120,000 agents. Realogy includes among its brands Better Homes and Gardens, Century 21, Coldwell Banker Real Estate and ERA; HomeServices of America is a Berkshire Hathaway affiliate and includes Long and Foster Real Estate and Edina Realty.

NAR Vice President Mantill Williams called the suit “baseless” and said it “contains an abundance of false claims.”

“The U.S. Courts have routinely found that Multiple Listing Services are pro-competitive and benefit consumers by creating great efficiencies in the home buying and selling process,” said Williams. “NAR looks forward to obtaining a similar precedent regarding this filing.”

Representatives of the four realty companies declined to comment.

Many Realtors say the suit could dismantle the compensation system as it now exists.

Anthony Lamacchia, broker-owner of Lamacchia Realty in Waltham, Massachusetts, says if the suit is successful “it would basically destroy buyer agency, which would not be in the best interests of buyers or sellers.”

He argues that even in an era where buyers find their homes online, the buyer agent still has important duties in handling contract negotiations, providing strategic advice and guiding clients through the process of closing.

Other brokers challenged allegations in the suit. Alexis Eldorrado, the managing broker of Eldorrado Chicago Real Estate, responded in regards to buyer agents refusing to show homes with low commission splits.

“In reality, if the buyers have found the place they want and are interested in seeing it, NAR’s code of ethics requires the agent to show it,” said Eldorrado.

 

About the Plaintiff

GavelThe plaintiff in the case is Christopher Moehrl.

He sold a home in 2017 using a RE/MAX broker to list the property while the buyer was represented by Keller Williams.

Moehrl paid a total commission of 6 percent. Almost half of that, 2.7 percent, went to the buyer’s agent.

If the case is certified as a class action, the potential number of sellers affected would be massive.

It would include sellers who have paid a broker commission during the past four years in connection with a home listed by an MLS in these metropolitan areas: Washington D.C.; Baltimore; Cleveland; Dallas; Denver; Detroit; Houston; Las Vegas; Miami; Philadelphia; Phoenix; Salt Lake City; Richmond, Virginia; Tampa, Orlando, Sarasota and Ft. Myers, Florida; Charlotte and Raleigh, North Carolina; Austin and San Antonio, Texas; Columbus, Ohio; and Colorado Springs, Colorado.

 

The entire real estate industry will have an interest in the outcome of this case.

 

Sources:

Class action suit could change real-estate commissions – Chicago Tribune

A new class action lawsuit could upend the real estate business as we know it – The Real Deal

What the bombshell buyer-side lawsuit means for Realtors – Inman

 

Law Offices of Lora Matthews Fausett, P.C.

If you require a real estate attorney in Naperville to represent you with any issues related to buying a home or property there, the Law Offices of Lora Matthews Fausett, P.C. are well trained to handle matters relating to buying and selling, short salescommercial leases, as well as foreclosure defense and many others.

 

For Information Call 630-858-0090


* 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.


Is Tax Code Uncertainty Affecting the Illinois Real Estate Market?

Home For Sale

In this post, we discuss theories offered by real estate agents as to why homes in Illinois are taking longer to sell in 2019 than last year. 

Homes in Illinois are taking longer to sell in 2019. Some real estate agents are offering possible reasons as to why this is.

 

Why are Illinois homes taking longer to sell?

Some real estate agents have a theory as to why it’s taken longer for homes to sell over the winter and spring.

Many agenst are saying the real estate slowdown is a response to buyer uncertainty about how recent tax code changes will affect what people can afford.

“There were huge changes, and people aren’t sure what it means for them until they file this year,” said Greer Haseman, an @properties agent based out of Oak Park, Illinois.

The slowdown has been noticable in Oak Park. In the first months of 2018, Oak Park homse sold in 92 days on average. In the same months of 2019 that average has jumped to 120 days.

Buyers “don’t want to plan what to spend until they know all the implications (of the revisions) on their family’s finances,” Haseman said.

 

Uncertainty is slowing the Illinois real estate market

Open House signThis question over tax code changes has added another uncertainty to the housing market in the Chicagoland region.

Another major factor is property taxes. Illinois already has the second highest property taxes in the nation. With the state economy facing serious debt and cities and counties facing budget shortfalls, fears about increased property taxes are definitely a concern.

Many economists are also concerned about the possibility of another recession. Some are projecting it could happen and that is probably keeping some buyers on the sidelines.

The uncertainty over how the new tax code will alter home budgets, “is limited to this winter,” said Jordan Chalmers, a Baird & Warner agent based out of Lincoln Park. “But it’s uncertainty, and any market dislikes uncertainty.”

 

The people most unlikely to hold off on buying a new home because of market uncertainty are upper income buyers. They are the most likely buyers to be impacted by the recent $10,000 limit on state and local taxes that can be claimed for a deduction.

 

Affects of uncertaintly not the same in all areas

Home for saleIn Lake County, Will County, and the city of Chicago, the average time a home is on the market has been longer in the first two months of 2019 than during the same period in 2018.

Only in DuPage County has the average time on market actually been shorter than last year.

The increases in market times may not always be huge, but the housing market in the Chicago area has not been as strong in other parts of the country. There is less room in this delicate market than in other places, and any swing in sale times or prices is felt more strongly here.

Recent increases in the number of homes for sale in some areas have left less-competitive houses to remain on the market longer.

Nobody likes to blame the weather but a long, tough winter definitely didn’t help things either.

Hopefully anyone who was waiting for better weather will start their house hunting soon.

 

Law Offices of Lora Matthews Fausett, P.C.

If you require a real estate attorney in Naperville to represent you with any issues related to buying a home or property there, the Law Offices of Lora Matthews Fausett, P.C. are well trained to handle matters relating to buying and selling, short salescommercial leases, as well as foreclosure defense and many others.

 

For Information Call 630-858-0090


* 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.