MICHAEL JORDAN MANSION FOR SALE AT $29M; HIGHLAND PARK CHICAGO

Michael Jordan has just listed his Highland Park Mansion for $29M.  The former star basketball player for the Chicago Bulls, may have had humble beginnings, but is now worth millions and his home reflects his style of living.  The mansion is located in a Chicago suburb, and according to the MLS boasts over 32,000 square feet (media estimated it at over 50,000 square feet).

This luxurious home includes; 9 bedrooms, 15 baths, a regulation size basketball court, swimming pool, tennis courts and pretty much ever amenity your heart desires.  It is set back like a castle, enclosed by a massive entry gate, which has Jordan’s Chicago Bull’s number 23 beautifully engraved on the front.

Well, if you think the real estate agent on this home will offer random tours, think again.  Showings for his home will only be to extremely qualified buyers or by exclusive invitation.  If you are interested in scheduling a showing, be prepared to have a reference letter from your bank (unless your’re Oprah).

As we all know MJ recently got engaged, so his fiance was probably not interested in residing in a home shared by him and ex-wife Juanita.  It will be interesting to see where our Chicago hero lands, let’s hope he at least keeps a condo in our magnificent city (MJ feel free to call me if you need help with that:).

If you are in a position to purchase this residence, feel free to contact me directly.  In this evolving housing market (as a licensed real estate agent) I would definitely make time for this appointment!  Maybe Derrick Rose, other Bull’s players along with Chicago Bears, Hawks, Cubs or Sox players may want to secure a legends home…if so please contact me today!

Maybe Jennifer Hudson will buy the home?  She did just bail on her Burr Ridge contract.  First President Obama, then Oprah now MJ…we need some more star power in Chicago!  Come home Jennifer:).

Update 1/21/13:  MJ CUTS PRICE BY $8M...http://www.chicagotribune.com/business/breaking/chi-elite-street-michael-jordan-cuts-asking-20130118,0,965504.story

TO VIEW INTERIOR PHOTO’S OF MJ MANSION VISIT MY WEBSITE AND SEARCH HIGHLAND PARK.

If you want to buy a home in today’s market, read these tips and use them!

MLS #08006217 – 2700 Point Lane

MJ Entry

CHICAGO: TIPS ON BUYING A HOME IN TODAY’S MARKET; FOLLOW THESE BASIC STEPS TO SAVE TIME

Important Steps to Buying a New Home 

Get pre-approved for a mortgage with a professional lender.  It is important to have a pre-approval letter in advance of search; it will be required when submitting a contract.

Inform your realtor of the features important to you in your new home.

• Price Range
• Preferred location
• Square footage/ Amount of Bedrooms/Baths
• Proximity to public transportation
• Parking or garage space
• In-home Washer/Dryer
• Preferred style of home
• Your real estate agent will send a list of homes for your review.  Select your top choices by marking them as “interested”.
•  BEGIN YOUR HOME SEARCH!
• Once you find a property, discuss with your agent the price you would like to offer the seller.  Your agent will provide area comps so that you can make an educated decision.
• Remember, if you are purchasing a short sale they can take 60-120 days from start to closing.  It is a long process, but if you have time to wait and are extremely patient, great deals are available.  They are typically sold “as is” so buyer is responsible for repairs.
• If you are purchasing a foreclosed property, make sure to read the notes carefully.   Many need a lot of work, may have code violations and are sold “as is”.  Buyer is responsible for repairs in most cases.
• Your agent will then present the offer to the seller’s agent. The seller will either accept or respond with a counteroffer.  Be prepared to counter multiple times.
• CONTRACT IS APPROVED!
• After you have agreed on a final price, the seller will ask that you write an earnest money deposit check (initial down payment) typically for $1,000 to $5,000 to hold the property.  It is in the form of a Cashier’s Check and your agent will inform you of the exact figure.
• Be sure to make a copy of the earnest money check for your lender in advance of submitting.
• It is strongly recommended that you hire a real estate attorney to assist with negotiations.  Your attorney will review the purchase contract and review the final documents at closing.  Their fees vary and are paid at closing, ask them in advance.
• The purchase contract is signed by you and the seller.  Your agent will fax it to your lender and attorney for review.
• The “Attorney Review” period now begins.  Typically the contract has to be reviewed and approved within 5-7 business days of accepted contract date.
• During attorney review, it is recommended that home inspection by a certified inspector be performed.  This should be ordered immediately after the initial contract is signed.
• HOME INSPECTIONS
• If the home inspection uncovers any issues with the property, your attorney can try to negotiate the contract to ensure any necessary repairs are made or credits for repairs are given.  Unless home is sold “as is”.
• If you are buying a brand new property it will typically come with a 1-year warranty therefore a home inspection is optional.
• Meet with your  Loan Officer to sign a loan application and review the mortgage approval process.
• Do not make any major purchases, apply for credit cards, etc. until AFTER CLOSING.  This additional activity may lead to your credit report being pulled which will lower your credit score.
• Once your attorney approves the purchase contract and inspection is complete, your lender will order an appraisal.
• Per the Purchase Contract, additional earnest money may or may not be required by the purchase contract (ask your agent).  If you do provide additional earnest money, be sure to make a copy of the check and fax it to your lender.
• When the purchase contract is signed a “Financing Commitment Contingency” date is approximately 30-45 days and must be met. If your loan approval needs additional time, make certain to inform your attorney so he may request an extension.
• The mortgage commitment will be sent to your attorney who will work with the seller’s attorney to schedule the closing date, time and location.
• GETTING READY FOR CLOSING
• Prior to closing, you will need to obtain the necessary homeowners insurance.  Contact a professional insurance company and obtain several quotes, prior to securing.
• Typically the day before your closing your lender or attorney will advise you of how much money you will need to bring to the closing.
• Once you know the dollar amount, you will need to obtain a cashier’s check made payable to the Title Company.  A wire transfer of funds is also required in some circumstances.
• At the closing you will need to bring the following:
• Cashier’s check (unless you process via wire transfer)
• Valid driver’s license or state ID
• Personal Checkbook (just in case the figures are slightly off which is common)
• Your attorney will be at the closing and will review all the closing documents with you.
• YOUR KEYS ARE PROVIDED AT CLOSING AND IT IS TIME TO MOVE IN!

IF YOU NEED ASSISTANCE WITH BUYING A HOME IN CHICAGO, CONTACT BRITTA RIVERA VENTURE GROUP AT 312.806.3297.  

2012: CHICAGO AREA HOME SALES SURGE; BEST JANUARY IN 5 YEARS

As a real estate agent, the new report published by Crain’s today was not surprising.  The start of the year has been busier than ever, with buyers on the hunt for new housing.  According to the study, Chicago home sales in January rose 15.7% over last year, and saw its best figures in five years. 

The affordable home pricing, low-interest rates, and mild weather had a lot to do with the increase.  In addition, many renter’s have found themselves paying more to their landlord, than a mortgage payment.  This steep climb in rental rates has renter’s considering home ownership again.  This may not be what the developer’s of several new rental properties want to hear, but they can easily convert to condo’s if needed, to keep up with the demand. 

Another part of the surge is the investor rebound.  When the housing market began to decline, they dried up.  But in recent month’s many investor’s are back in the game, trying to take advantage of incredible deals with better returns than the stock market.  Higher rents allow them to take a foreclosed property, to pure profit in a very short time, which is enticing.

The one fact which is missed in all this, is the potential for numbers to further climb if banks would close short sales quickly.  Many buyers have purchased them, but become impatient with the process and cancel before they are approved.  Can you imagine if banks could cut the process down to a month?  These figures would hit the roof, and get the housing market back on track. 

Foreclosures continue to climb and buyers are purchasing them quickly.  Multiple offers are also becoming a new trend, and cash is definitely king.  It’s amazing how many buyers have money set aside and are willing to readily invest.

When the government has discussions on how best to move forward with the housing market, let’s hope they consider short sales.  The slow timeline is hindering the transitions, so negotiators need to step up their game and get them done.  President Obama needs to help with this piece of the puzzle, and home sales will continue to skyrocket.  He also needs to address the credit score rating system, which needs a revamp.  If a sliding scale is not implemented, this will hinder the millions of potential buyers with credit issues.  Almost all Americans have seen a drop in their scores, which is obvious with the amount of short sales and foreclosures.

In every recession, comes opportunity.  Hopefully this one will also create a lot of millionaires like in past market declines.  Have you considered buying a home?  If not, it may be time to jump on board before it’s too late. 

INTERESTED IN BUYING OR SELLING A CHICAGO PROPERTY?  BRV WOULD LOVE TO ASSIST!  CALL 312.475.4548.

(VIDEO) COMEDIAN TRACY MORGANS’ MOM DEMANDS HELP WITH HER FORECLOSURE; SHOULD HE HELP?

The internet is on fire with reports about comedian Tracy Morgan’s feud with his mom.  Apparently her home is about to go into foreclosure, so she is demanding his help.  She hit the airways, telling the media he refuses to assist and basically making him seem like a deadbeat son.

Tracy denies the allegations, saying he has not had much contact with him mom over the past 11 years.  While he is worth about $18 million and earns $75,000 per episode on 30 Rock…should he help?

READ FULL STORY via (VIDEO) COMEDIAN TRACY MORGANS’ MOM DEMANDS HELP WITH HER FORECLOSURE; SHOULD HE HELP?.