We are coming up on the busy season for residential home sales. Illinois realtors are forecasting positive growth in the Chicagoland area with median home prices expected to rise. The expected increase in home prices would mean four years of continued gains. Demand amongst prospective buyers is also increasing. According to Dr. Geoffrey J.D. Hewings, director of the Regional Economic Applications Laboratory at the University of Illinois, three things that will potentially shape the 2017 real estate market are interest rates, inflation, and inventory.
If you are looking to buy or sell a home, there are many issues that can come up prior to reaching the closing table. Here are some tips to consider as you are looking to buy or sell a home:
If you are selling a property, be careful about the words and potential exaggerations in your listing. Unfortunately, it’s all too common for a prospective buyer to fall in love with a listing only to be heartbroken as he/she walks through the property. Focus on the facts. If you have a great house with great features and a great location, buyers and agents will see that for themselves when they visit. Another reason to be careful about the type of language you use? You could be making material misrepresentations to a potential buyer that could land you in hot water, legally.
Find an attorney at the same time you are finding a broker. A real estate transaction is based on a legally binding contract involving a complicated area of law. Only an attorney licensed to practice law in Illinois is qualified to give you legal advice on buying or selling property in this state. A lot of your money is at stake, so it’s vital to have a lawyer who will protect your interests. It is also helpful to have an attorney early on in the process because there are strict time-sensitive deadlines inside real estate contracts that can severely affect your rights and responsibilities.
Sometimes, people think lawyers will complicate a transaction and make it more expensive. This is false. Real estate attorneys are trained to provide you with the legal advice and strategies you need to have a successful closing. Many professionals are involved in the transaction and each party has objectives of their own. Attorneys bring guidance and leadership to the table so that the transaction runs smoothly. Your lawyer will keep you informed of new developments and resolve issues that could otherwise prevent the deal from closing. Ultimately, this saves you time and reduces the potential for costly litigation.
Whether buying or selling, Chokshi Filippone Law, LLC has you covered. Contact our office today to find out how we can help you navigate the closing process.
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