Recent stats have reported that there are currently 6,108 properties in Chicago, IL that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 6,672. In July, the number of properties that received a foreclosure filing in Chicago, IL was 2% lower than the previous month and 22% lower than the same time last year.
Home sales for June 2019 were up 0% compared with the previous month, and down 100% compared with a year ago. The median sales price of a non-distressed home was $0. The median sales price of a foreclosure home was $0, or 0% higher than non-distressed home sales. With the latest statistics shown a full recover in the Chicago real estate market in 2019, real estate investors are moving to this area for their home or commercial shopping.
The current distribution of foreclosures based on the number of active foreclosure homes in Chicago, IL reports a +0.7% compare to the previous month and a -24.8% compare to the previous year in Pre Foreclosures and a +11.5% compare to the previous month and a -0.4% compare to the previous year in Auction.
The legal side of these transactions is a keystone. To better understand the legal aspects in purchasing properties in Chicago, we have reported a few answers by the Shawn Bolger Blog.
Is It Necessary To Hire A Real Estate Attorney?
As a purchaser, you are not required to have an attorney represent you. However, it’s in your best interest to hire a real estate attorney. Purchasing a home can have a tremendous impact on your finances and future goals. As a purchaser, you want to be certain that the contract that you’re signing is fair and represents your interests. An experienced real estate attorney will be able to guide you through the transaction process and ensure that your interests are represented.
When Do I Hire Your Firm?
When you begin looking at property, you can contact our firm to explain that you have begun your property search. Once there is an executed contract, meaning that the real estate contract has been signed by both the buyer and the seller, you can formally hire our firm.
What Needs To Be Done To Start The Legal Process?
The legal process begins with an executed contract. It’s critical that you or your real estate agent send us the real estate contract as soon as it’s signed by both parties. From there, we will begin the legal review of the contract. This process is called Attorney Review.
What Is Attorney Review?
Attorney Review is a contractual period that allows the attorneys to make modifications or clarifications to the contract. This period allows either party to cancel for any other reason other than the purchase price. So, it’s crucial that this review period is closed efficiently and timely. If you are doing a home inspection on the subject property, then we include your home inspection repair requests in the attorney modification letter.
What Is The Earnest Money Deposit?
The Earnest money is a deposit to a seller which supports the buyer’s good faith in preforming the executed contract. The real estate contract will specify when the earnest money needs to be delivered and whether the brokerage, law firm, or title company will hold the earnest money deposit. The earnest money deposit will be used towards the purchase price.
What If I Cannot Get Approved For Lender Financing?
There are very specific financing contingencies that protect you from being liable on the contract if you are not able to obtain lender financing. Our firm can help ensure that you fall within these contingencies. If you cannot obtain lender financing under normal circumstances, then an attorney will follow through with all the required steps to ensure that the contract is cancelled, and your earnest money deposit is released back to you.
Company Name: Shawn Bolger Limited
Contact Person: Shawn Bolger
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Address:1000 Jorie Blvd. Suite 136 Oak Brook
State: IL 60523
Country: United States