Britta Rivera Venture

CHICAGO REAL ESTATE NEWS & MORE

1/3/13: THE MORTGAGE DEBT RELIEF ACT OF 2007 EXTENDED THROUGH 12/31/13; GREAT NEWS FOR STRUGGLING HOMEOWNERS!

1- MLS Front PHOTO 1115 crosbyAccording to multiple news outlets the Mortgage Debt Relief Act of 2007 has been extended through December 2013.  This is great news for struggling homeowners and a major disaster was averted.

This will serve as a lifeline to millions of American’s and could have caused chaos in the real estate market, since it expired on 12/31/12.  The Fiscal Cliff agreement saved the day by approving this extension at the last-minute.

The announcement of an extension is huge, because it means most homeowners considering a short sale or forced into foreclosure, will see another year of tax relief.  It will literally save them thousands of dollars in taxes (if they qualify).

Need assistance with buying or selling a short sale in Chicago?  Contact our experienced team of licensed real estate agents at BRV GROUP.   We service the city and suburbs and work hard to streamline the process.

READ FULL DETAILS HERE AND CONSULT WITH YOUR TAX ACCOUNTANT FOR DETAILS.  SOME RESTRICTIONS APPLY…SO GET INFORMED!

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January 2, 2013 Posted by | REAL ESTATE NEWS | , , , , , , , , , , , , , , , , , | Leave a comment

12/4/12: HOME PRICES UP OVER 6% NATIONWIDE; LARGEST GAIN IN 6 YEARS; LOW INVENTORY IN CHICAGO

inter photoNew reports released today, finally relayed good news for the housing market.  Nationwide home prices are up 6.3%; the largest gain in 6 years.  Anyone searching for a home recently knows this news is no surprise.   Multiple offers are up and homes are selling faster than ever.

The increase in average sales price is said to be up due to low inventory and low-interest rates.  Many homeowner’s have also begun putting their homes on the market again and previously nervous buyer’s are back out.  When you combine supply and demand with record-low interest rates, this is an obvious outcome.

As a Chicago agent, this news is no shock.  In recent month’s the amount of investor’s scooping up any good available inventory, has surged.   Owner occupants are also finding it harder to find homes and have been forced to compete in multiple bid situations on a regular basis.   The short market time is also increasing and many homes are snatched up within a week.

Recently, it took me three contracts before one of my buyers to secure a home.  After a frustrating month of wasting paper and preparing paperwork, we finally won the bid on a home which had three offers.  It confirmed that you will likely need to pay more than list price just to have a chance…hence price increases.   In the case of foreclosures, the banks are riding the wave and requesting the highest and best offers regularly.  This is also driving prices up, as buyer’s become anxious to win the bid they are willing to pay more.

If you are considering putting your home on the market, now is the time.  The traditional spring market is out the door.  It is the best time to get your home sold and buyer’s are still out even in colder states.  Obviously the low inventory increases your odds of getting the best price, within the shortest list time.  But don’t get too greedy…it still must appraise out.

The incredible surge in such a short time has many states previously in trouble, at the top of the list.  You may be surprised how the top 10 list shakes out.

Another thing to note; inventory is a 7 year low in Orlando….and in many other states.  Trust me, Chicago is also seeing low inventory as well.  If you are searching for a home in Chicago or need to sell your home…call a GREAT CHICAGO REALTOR!

TOP 10 LIST OF LARGEST HOME PRICING GAINS- Published 12/4/12

ARIZONA (Up 21%!) – Was one of the worst off states early on. 

ILLINOIS

CALIFORNIA

NEVADA

IDAHO

UTAH

COLORADO

NORTH DAKOTA

FLORIDA

MICHIGAN

READ FULL STORY HERE; http://www.latimes.com/business/money/la-fi-mo-home-prices-corelogic-20121204,0,7028548.story

December 4, 2012 Posted by | REAL ESTATE NEWS | , , , , , , , , , , , , , , , , | Leave a comment

FANNIE MAE ANNOUNCES NEW DEED-IN-LIEU PROCESS; NEW GUIDELINES FOR SHORT SALES; FHA FLIP RULE EXTENSION

FRONT BLD 639Fannie Mae announced a new deed-in-lieu process which is designed to help homeowner’s in trouble.  The surge in foreclosures and short sales has demanded a shift in how they do business and implementation of a new plan which will begin in March 2013.  It will essentially offer three alternatives for those looking for assistance.

Another new change, which will help streamline the short sale process, is that Fannie Mae no longer require servicers’ to obtain written approval when they want to postpone a foreclosure sale on a loan.   It will apply to loans which are more than 12 month’s delinquent as of the last paid installment date.

Investor’s will be happy to hear that the FHA 90-day flip rule has also been extended through 2014.   Check out Inman News for full story.

READ FULL STORY HEREhttp://www.housingwire.com/content/fannie-mae-announces-new-requirements-deed-lieu-process

INTERESTED IN SELLING YOUR CHICAGO HOME?  USE A CHICAGO REALTOR. 

December 4, 2012 Posted by | REAL ESTATE NEWS | , , , , , , , , , , | Leave a comment

WHAT YOU SHOULD KNOW ABOUT THE MORTGAGE DEBT RELIEF ACT OF 2007; EXPIRES 12/31/12 WITHOUT EXTENSION

Learning more about “The Mortgage Debt Relief Act of 2007″ may save you heartache and a ton of money.  The act which protects homeowners from tax consequences from a short sale, foreclosure or loan modification expires 12/31/12.  The IRS website describes the act in detail and should be read to fully understand how it affects anyone selling or losing a distressed property.

If you would like to also inform others, please pass this information along…it just may help someone in need of assistance.  In the event you are able to push your local governmental officials to extend this act, please do so!  This is an important act which could save millions of homeowners suffering from the housing collapse.

I beg you to support this act and fight to help neighbors, friends, family and even possibly yourself.

FROM THE IRS WEBSITE – Visit their link for full details.

http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.

The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:

What is Cancellation of Debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.

Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

Is Cancellation of Debt income always taxable?
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:

  • Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
  • Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
  • Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
  • Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
  • Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

These exceptions are discussed in detail in Publication 4681.

What is the Mortgage Forgiveness Debt Relief Act of 2007?
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

What does exclusion of income mean?
Normally, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. But the Mortgage Forgiveness Debt Relief Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

Does the Mortgage Forgiveness Debt Relief Act apply to all forgiven or cancelled debts?
No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing
separately.

Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred to refinance a home?
Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681.

How long is this special relief in effect?
It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.

Is there a limit on the amount of forgiven qualified principal residence indebtedness that can be excluded from income?
The maximum amount you can treat as qualified principal residence indebtedness is $2 million ($1 million if married filing separately for the tax year), at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982 and the detailed example in Publication 4681.

If the forgiven debt is excluded from income, do I have to report it on my tax return?
Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.

Do I have to complete the entire Form 982?
No. Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Adjustment), is used for other purposes in addition to reporting the exclusion of forgiveness of qualified principal residence indebtedness. If you are using the form only to report the exclusion of forgiveness of qualified principal residence indebtedness as the result of foreclosure on your principal residence, you only need to complete lines 1e and 2. If you kept ownership of your home and modification of the terms of your mortgage resulted in the forgiveness of qualified principal residence indebtedness, complete lines 1e, 2, and 10b. Attach the Form 982 to your tax return.

Where can I get this form?
If you use a computer to fill out your return, check your tax-preparation software. You can also download the form at IRS.gov, or call 1-800-829-3676. If you call to order, please allow 7-10 days for delivery.

How do I know or find out how much debt was forgiven?
Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

Can I exclude debt forgiven on my second home, credit card or car loans?
Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. See Publication 4681 for further details.

If part of the forgiven debt doesn’t qualify for exclusion from income under this provision, is it possible that it may qualify for exclusion under a different provision?
Yes. The forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent. You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. Publication 4681 discusses each of these exceptions and includes examples.

I lost money on the foreclosure of my home. Can I claim a loss on my tax return?
No. Losses from the sale or foreclosure of personal property are not deductible.

If I sold my home at a loss and the remaining loan is forgiven, does this constitute a cancellation of debt?
Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case. An exclusion is also available for the cancellation of certain nonbusiness debts of a qualified individual as a result of a disaster in a Midwestern disaster area. See Form 982 for details.

If the remaining balance owed on my mortgage loan that I was personally liable for was canceled after my foreclosure, may I still exclude the canceled debt from income under the qualified principal residence exclusion, even though I no longer own my residence?
Yes, as long as the canceled debt was qualified principal residence indebtedness. See Example 2 on page 13 of Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments.

Will I receive notification of cancellation of debt from my lender?
Yes. Lenders are required to send Form 1099-C, Cancellation of Debt, when they cancel any debt of $600 or more. The amount cancelled will be in box 2 of the form.

What if I disagree with the amount in box 2?
Contact your lender to work out any discrepancies and have the lender issue a corrected Form 1099-C.

How do I report the forgiveness of debt that is excluded from gross income?
(1) Check the appropriate box under line 1 on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to indicate the type of discharge of indebtedness and enter the amount of the discharged debt excluded from gross income on line 2. Any remaining canceled debt must be included as income on your tax return.

(2) File Form 982 with your tax return.

My student loan was cancelled; will this result in taxable income?
In some cases, yes. Your student loan cancellation will not result in taxable income if you agreed to a loan provision requiring you to work in a certain profession for a specified period of time, and you fulfilled this obligation.

Are there other conditions I should know about to exclude the cancellation of student debt?
Yes, your student loan must have been made by:

(a) the federal government, or a state or local government or subdivision;

(b) a tax-exempt public benefit corporation which has control of a state, county or municipal hospital where the employees are considered public employees; or

(c) a school which has a program to encourage students to work in underserved occupations or areas, and has an agreement with one of the above to fund the program, under the direction of a governmental unit or a charitable or educational organization.

Can I exclude cancellation of credit card debt?
In some cases, yes. Nonbusiness credit card debt cancellation can be excluded from income if the cancellation occurred in a title 11 bankruptcy case, or to the extent you were insolvent just before the cancellation. See the examples in Publication 4681.

How do I know if I was insolvent?
You are insolvent when your total debts exceed the total fair market value of all of your assets. Assets include everything you own, e.g., your car, house, condominium, furniture, life insurance policies, stocks, other investments, or your pension and other retirement accounts.

How should I report the information and items needed to prove insolvency?
Use Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) to exclude canceled debt from income to the extent you were insolvent immediately before the cancellation. You were insolvent to the extent that your liabilities exceeded the fair market value of your assets immediately before the cancellation.

November 19, 2012 Posted by | REAL ESTATE NEWS | , , | Leave a comment

WELLS FARGO CITYLIFT OFFERS $15,000 GRANT TO SELECT HOMEBUYERS; CHICAGO EVENT 10/26 & 10/27 AT MCCORMICK PLACE

WELLS FARGO has teamed up with local nonprofit organizations to offer a $15,000 grant to select homebuyers.  This incredible program called CityLift (SM) offers down payment assistance to qualified applicants who buy a home in certain cities in the Chicago area.  This is only being offered for a limited time, so attendance to their upcoming event is strongly encouraged.

On October 26th & 27th from 10am-7pm, Wells Fargo will host an event at the McCormick Place in Chicago.  At the event, they will let you know if you qualify for the down payment assistance program and allow you to reserve your funds for 60 days – even if you have not yet found a property.

The the link to register for this FREE event is below.  Why not see how you can receive FREE assistance?  Once qualified for your new home, feel free to contact BRITTA RIVERA VENTURE for available properties in the Chicagoland area.

TIPS FOR BUYING A NEW HOME IN TODAY’S MARKET  https://brittariveraventure.wordpress.com/2012/02/25/1286/

DO YOU QUALIFY?  READ MORE HERE..http://articles.chicagotribune.com/2012-10-03/business/chi-wells-fargo-to-help-more-than-500-chicago-homebuyers-with-down-payment-20121003_1_first-time-homebuyers-wells-fargo-mortgage-brokers

Did you attend?  Share your experience in the comments section.

McCormick Place, Hall F2

2301 S. Lake Shore Drive, Chicago, IL 60616

Free parking in designated lots, see website for details AND restrictions.

Admission is free!

Register today:

www.wellsfargo.com/citylift

or call 866-802-0456

THIS BLOG IS NOT AFFILATED WITH WELLS FARGO.

October 20, 2012 Posted by | REAL ESTATE NEWS | , , , , , , , , | Leave a comment

2012 BEST BANKS FOR SHORT SALE TRANSACTIONS; DON’T BELIEVE THE HYPE!

RealtyTrac published an article on the best banks for short sales in 2012.  However, anyone buying or selling a short sale, knows they vary greatly based on the negotiator handling the file.

As a real estate agent in Chicago, handling a short sale transaction has become the “norm”, and through personal experience I can tell you this list means nothing.  Some of them are smooth and others are ridiculously long and make absolutely no sense.

It truly comes down to who is handling the negotiations on the bank and seller’s side.  If either person is incompetent a short sale can take month’s and in some cases never happen.

During a recent transaction, I had a buyer offer about $86,000 for a condo.  The bank accepted the offer after 3 months, but when the appraisal came in at $78,000, they refused to lower the approved price to match it.  So of course the buyer canceled the contract, frustrated and disappointed.

One week later another offer came in at $71,000 and about 45-days later the bank accepted it, along with offering the buyer a 3% closing cost credit.  Does that make sense?  Absolutely not.

So take the below list with a grain of salt and read this article if you are considering a short sale….there is no consistency to the madness.

Please post your comments if you work in a bank on short sales as a negotiator, we are ALL curious to know what goes on behind the scene.

NEED HELP WITH BUYING OR SELLING A SHORT SALE IN CHICAGO?  CONTACT britta.rivera@comcast.net.

1. PNC Financial Group Avg. Pre-Foreclosure Sales Price: $133,015 Avg. Percent Discount: 40% Avg. Days to Sell: 151

2. Government Entities (Fannie Mae, Freddie Mac and HUD) Avg. Pre-Foreclosure Sales Price: $127,618 Avg. Percent Discount: 42% Avg. Days to Sell: 154

3. Ally Financial (Formerly GMAC) Avg. Pre-Foreclosure Sales Price: $143,410 Avg. Percent Discount: 35% Avg. Days to Sell: 188

4. Ocwen Financial Avg. Pre-Foreclosure Sales Price: $126,071 Avg. Percent Discount: 43% Avg. Days to Sell: 168

5. Sun Trust Banks Avg. Pre-Foreclosure Sales Price: $151,308 Avg. Percent Discount: 32%        Avg. Days to Sell: 207

6. Bank of New York Mellon Avg. Pre-Foreclosure Sales Price: $155,488 Avg. Percent Discount: 30% Avg. Days to Sell: 283

7. Bank of America Avg. Pre-Foreclosure Sales Price:  $166,389 Avg. Percent Discount:  25% Avg. Days to Sell:  223

July 11, 2012 Posted by | REAL ESTATE NEWS | , , , , , , , , , | 1 Comment

2012 MORTGAGE DEBT RELIEF PROGRAM MAY BE ON THE WAY; WOULD YOU QUALIFY?

The Wall Street Journal posted a very compelling article on a new program currently in review.  It would essentially allow many homeowners to be forgiven for some of their mortgage debt.  If you currently owe more than your home is worth, Fannie and Freddie are in talks to come up with a plan to offer assistance.  The Obama administration has pushed for similar programs and would likely back this decision.

In the post by the WSJ, acting director of the Federal Housing Finance Agency, Edward J. DeMarco, is quoted as saying, “In some circumstances it might make economic sense for the government-run companies to reduce borrowers’ mortgages, taking a hit to modify the loan but also making it less likely that a homeowner will default”.

It’s not yet clear who would qualify for this extremely needed help, or if it would make things better or worse.  Some argue it may cause some homeowners to stop paying their mortgages altogether, others believe it may stabilize the overall economy.

If you are deeply underwater on your home, it is something to follow closely.  Read the article and keep an eye out for the outcome, this plan may possibly be your saviour.

IF YOU ARE CURRENTLY CONSIDERING A SHORT SALE…ANOTHER GOOD ARTICLE TO READ.

April 11, 2012 Posted by | REAL ESTATE NEWS | , , , , , | 2 Comments

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.  

February 25, 2012 Posted by | CHICAGO REAL ESTATE, REAL ESTATE NEWS | , , , , , , , , , , , | Leave a comment

(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?.

February 3, 2012 Posted by | REAL ESTATE NEWS | , , , | Leave a comment

1/10/12: FANNIE MAE CEO & PRESIDENT RESIGNS; MICHAEL WILLIAMS

This weeks announcement that the CEO and President for Fannie Mae, Michael Williams plans to resign, is probably no surprise. Although they hired Williams when their troubles became even more clear back in 2009, he had little impact.

The company released this statement today; ”The time is right to turn over the reins to a new leader”, but no other reason was given. However, it probably had something to do with November’s net third-quarter loss of $5.1 Billion. Their total bailout total is up to $112.6 billion, which sounds like they moved backward instead of forward.

Read more: 1/10/12: FANNIE MAE CEO & PRESIDENT RESIGNS; MICHAEL WILLIAMS.

January 15, 2012 Posted by | REAL ESTATE NEWS | , , , | Leave a comment

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