Attorneys At Law

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

Attorney for real estate…Halloween edition!

attorney-real-estate-halloween

Attorney searching for real estate shouldn’t be haunting, but sometimes the home can be. About half of the states are caveat emptor, or “buyer beware” in Latin. In certain cases, that may mean beware of the ghosts.

One Laveta Place is a beautiful home on the Hudson River of New York that has been owned by the director and writer of romantic comedy Definitely, Maybe, singer-songwriter Ingrid Michaelson, and reggae artist Matisyahu. It is also reported to be haunted.

In 1991, the owner at the time, Helen Ackley, was sued for not disclosing that the house was haunted when trying to sell. Ackley had even spoken of the hauntings in a Reader’s Digest article explaining ghost sightings and phantom gifts.

The court found that Ackley had deliberately concealed information that could affect the value of the house. Today, real estate sellers are often required to disclose if a house is believed to be haunted.

An attorney for real estate can help you with the ins and outs of your property, including if there are *factors potentially affecting the home’s value or the well-being of the home’s owner.* Though, this may not always be a bad thing as the house on the Hudson has historically sold for significantly more than comparable houses in the area.

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: transforming our experiences

real estate technology

Real estate technology is transforming the way we experience the industry. Fausett Law PC’s representation extends to all aspects of real estate transactions both commercial and residential. We represent private individuals, investors, business owners and developers in the acquisition, development, financing, sale, and leasing of real estate. Here are some technology trends.

Automation and Smart Tech in real estate technology

Building technologies

Features such as elevators, thermostats, appliances, lights, security systems and open/close sensors are increasingly touchless and automatically adjusting, updating and sending maintenance requests.

Closing process

Digital advancements including e-recording documents, cloud technology, remote online notarization (RON), and secure online escrow deposits have been effecting how the closing process is conducted.

Virtual walkthroughs as part of real estate technology

Virtual reality helps make viewing a property from a different location, through technology, more lifelike.

Quicker transactions

Investor management systems now provide a portal for viewing a real estate portfolio similar to that of logging into a brokerage website or app. Additionally, chatbots powered by artificial intelligence produce quicker, reliable service through text messaging and social media.

 

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

Related

Five tech transformations

Nine tech trends

Mortgage delinquencies surge according to MBA

mortgageAccording to a recent report by the Mortgage Bankers Association (MBA), the delinquency rate for mortgage loans rose to a seasonally adjusted 8.22% rate in the second quarter of 2020. The results marked the highest rate in nine years. The nearly 4% increase was also the highest spike from the previous quarter in the survey’s history. In addition, the survey indicated a record high delinquency rate for FHA mortgages, reserved for first-time homebuyers.

Some homeowners are having difficulty making their mortgage payments amid the COVID-19 pandemic. The report states that the mortgage delinquencies track closely with the availability of jobs. The five states with the largest rises in mortgage delinquency rates were those that have a large number of leisure and hospitality jobs, which were hit hardest by the pandemic: New Jersey, Nevada, New York, Florida, and Hawaii.

The pace of recovery in the US is affected by uncertainties including unemployment and stimulus measures, numbers in COVID-19 cases, and reopening. “Certain homeowners, particularly those with FHA loans, will continue to be impacted by this crisis, and delinquencies are likely to stay at elevated levels for the foreseeable future,” said Marina Walsh, MBA’s vice president of industry analysis.

However, Walsh continued, “Fortunately, there are several mitigating factors that make this current spike in mortgage delinquencies different from the Great Recession. These factors include home-price gains, several years of home equity accumulation, and the loan deferral and modification options that present alternatives to foreclosure for distressed homeowners.”

Related:
https://www.mba.org/2020-press-releases/august/mortgage-delinquencies-spike-in-the-second-quarter-of-2020

Illinois Real Estate License Law Changes 2018

Real Estate red tape

Photo by Max Pixel

 

In 2018 Governor Rauner signed two new bills focused on licensing rules for real estate brokerages, appraisers and real estate professionals in Illinois.

These new laws are designed to reduce red tape, paperwork, and compliance costs for real estate businesses.

The changes will not only help real estate brokerages but home buyers as well.

Read the full story below that was originally published in Chicago Agent Magazine:

 

Illinois real estate licensure rules get revamped

Illinois Governor Bruce Rauner signed into law Aug. 13 two bills focused on licensure rules for the state’s real estate brokerages, appraisers and other real estate professionals. Drafted with support from the Illinois Department of Financial and Professional Regulation (IDFPR) as well as the Illinois Realtors Association, the governor’s office said the new laws will reduce red tape and compliance costs for real estate businesses.

Home for saleHouse Bill 5210 is a win for small business and licensed professionals in Illinois,” Gov. Rauner said, referring to one of the bills signed into law that focused on revising brokerage licensing requirements. “It is another step forward in our goal of reducing the amount of red tape, paperwork, and regulatory burden that puts our business owners and our state at a disadvantage.”

Under the new rules included in H.B. 5210, brokerage firms will be able to submit licensing information for all registered offices and employees at the same time, rather than submit separate forms for each individual office. The process of submitting, updating or renewing licenses will be made easier with the state’s recently unveiled online services portal.

According to Kreg Allison, director of the Division of Real Estate at the IDFPR, these new rules for brokerage licenses will not only reduce the direct costs of compliance by eliminating duplicitous application fees. Even more significant, he says, is the time that brokerage firms will save by getting all the steps required in the license renewal or revision process out of the way at once, using a single online platform to make changes in real time.

Illinois home with tax lienStreamlining the brokerage licensing process is good news for consumers as well, Allison says.

“Now consumers will be able to look up a licensed firm and find everyone affiliated with that firm, including each of its offices and who manages those locations,” Allison says. “The data is going to look much better and be easier to find as we move everything online.”

Gov. Rauner also signed H.B. 5502, aimed at increasing the number of licensed real estate appraisers operating within Illinois. According to Rep. Tony McCombie (R-Savanna), increased education and licensure costs have contributed to a shortage of appraisers in the state. Allison explained that the new law would allow appraisers to maintain their license to operate in Illinois indefinitely while introducing other rule changes that encourage greater numbers of licensed real estate appraisers in the state.

These latest bills and the digital records initiative are part of a continuing effort by state officials to streamline professional licensing requirements for all regulated industries.

“On behalf of more than 47,000 Realtors throughout Illinois, we support this effort and appreciated the opportunity to work with IDFPR in crafting and passing this legislation,” said Illinois Realtors CEO Gary Clayton in a statement. “This is a sound policy initiative that will streamline the regulatory process for Illinois businesses.”

This story originally appeared in Chicago Agent Magazine and was written by Andrew Morrell

 

Federal Reserve to Keep Interest Rates Steady

If you are planning on buying a home in the near future, there is good news for you from the Federal Reserve about interest rates.

The Federal Open Market Committee unanimously voted to maintain the federal funds rate at a range of 1.75-2 percent.

 

Here is the original story as published by The Federal Savings Bank:

Fed holds benchmark interest rate steady for now

August 2018

The Federal Open Market Committee wrapped up its fifth meeting of 2018 with a unanimous vote to maintain the federal funds rate at a range of 1.75-2 percent, according to the group’s statement.

Home for saleThough rates will remain the same, the Fed also alluded to a strong national economic climate, which will likely result in future rate hikes later this year.

With only three meetings left in 2018 – Sept. 25-26, Nov. 7-8 and Dec. 18-19 – it’s not hard to narrow down when those increases might happen. The New York Times reported that the paper expects them to occur in September’s and December’s meetings.

 

Why the Fed raises rates

The Federal Reserve typically decides to increase interest rates during times of economic growth. But just because FOMC members voted to maintain the current rate doesn’t mean they’re not optimistic about current conditions.

First Time Home Buyer Mortgage WorkshopIn fact, the statement issued after the meeting pointed to job gains and household spending as indications of strength.

In the most recent Employment Situation, the Bureau of Labor Statistics reported an increase in nonfarm payroll employment of 213,000 in June. Wages also increased, with the average pay increasing 5 cents to $26.98 per hour.

Personal consumption expenditures – another way of saying consumer spending – increased 0.4 percent in June, according to the most recent release from the Bureau of Economic Analysis.

The increased spending was primarily focused on accommodations and restaurants, a sign of strong consumer confidence.

Because of these positive signals, many economists are confident that there will be two rate hikes before the end of the year.

 

How consumers can prepare for increased rates

Though there’s no rate hike to respond to this month, consumers can take steps to prepare for any increases that might occur in the coming months.

Model Home TaxAlthough a rate hike likely won’t have an immediate effect on most consumers’ day-to-day financial lives, they can see gradual changes in interest rates and other costs over time.

Rate changes could lead to higher credit card interest rates. As such, consumers who are carrying a balance now might begin to strategize a plan to pay down their debt.

Mortgage interest rates may also begin to escalate. So far in 2018, rates have grown from an average of 3.95 percent for a 30-year fixed-rate mortgage at the beginning of January to 4.54 percent for the same product during the week ending July 26, according to Freddie Mac’s Primary Mortgage Market Summary.

For prospective homebuyers hoping to close on a purchase this year, it may be smart to get preapproved soon.

This story was originally published by The Federal Savings Bank

 


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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