If there is one type of law which is complicated beyond reason it is financial and real estate law. With not only regulations and rules changing every year but also the financial details themselves changing daily, it is a wonder anyone can even get a fair deal. It is important to understand that the banks and lenders’ jobs are not to get you a good deal. Their sole purpose is to get a favorable agreement for the bank. This oftentimes means a far less favorable deal for you.
Navigating Confusing Legal Language
Legal speak is always difficult to wade through. However, when it is mixed in with countless financial facts, percentages, and numbers, it can be downright indecipherable. This is where you need a trained legal expert who specializes in this type of law. It is the only way you are going to get someone to explain this complex legal dialogue to you. How can you expect to make the best decision if you don’t have all of the information?
Dealing With Complex Financial Details
Each of those numbers and decimals and percentages all mean something in this type of law. They represent interest rates, variations, length of term, monthly payments and so on. Each one of these and many other specifics all need to be documented properly and verified. Also, the fine print and details of any contract should never be ignored, especially on real estate.
These details may be the difference between a balloon payment and flat final payment. They may also list an incorrect detail such as an adjustable rate instead of a fixed rate. There are a number of examples of what a real estate lawyer might catch that you would miss.
Let the team here at Bell Law lookout for you during your next home purchase or sale. With everything from price to rate to term on the line, you need to make sure you get the best deal. We’d be glad to be the ones to safeguard your interests in any real estate transaction. Simply get in contact with us to find out more details!
It surprises many homeowners or buyers when they first learn about all of the things that a pre-purchase inspection doesn’t cover. This is important because it can greatly impact the financial situation from either side.
Imagine buying a home that you didn’t realize needed a complete chimney repair. How about if you are getting ready to sell your home only to find out it has mold right before closing? With these things in mind, here are 5 more things that standard home inspections don’t include:
Plumbing & Septic
Damages pipes and clogged sewer systems can be major expenses when the problem is serious. Failing to catch it before selling or buying your home can be costly.
Not only is this something that can be expensive to repair, an improperly functioning heating or cooling system can make the move-in process miserable.
Who wants to move into a new home only to discover it is infested with some kind of animal or bug? Bats can be nearly silent and go undiscovered until the smell of their waste becomes noticeable. Without paying for an upgraded inspection or hiring a pest control expert you could find yourself in a similar situation.
Most inspection guidelines only require the inspector to view high-up objects from the ground level with binoculars. For this reason it is highly unlikely that any minor or possibly even major roof issue would be detected.
Any Non-Visible Items
The inspector will only see what is out in plain sight. Things like electrical wire, insulation, as well as anything on the interior of the structure will never be looked at. That means that anything going on in any of these areas will go unnoticed unless you have specialized inspections.
We Can Help!
To make sure that the home you are buying or selling is in the shape it needs to be in, give us a call here at Bell Law. We’ll oversee your entire real estate transaction to guarantee that all of your best interests are met. We can handle everything from appraisals and contracts to negotiating rate and term. We can provide as little or as much assistance as you need.
The housing market is just like anything else when it comes to change; it’s inevitable. And also, just like many other similar (and completely unrelated industries), it experiences seasonal shifts. This year is truly like no other, given the global health crisis that we have all had to deal with. This has made what was once seen as the simplest of chores difficult and, in some cases, impossible. With that in mind, here are a few examples of what is going on in the real estate market heading into fall:
Stable Interest Rates
Although many people were predicting that interest rates would stabilize at this time of the year, it ended up happening for reasons that had nothing to do with the original predictions. The sudden outbreak of the coronavirus brought home buying and selling to a halt. It did the same with the rest of the economy. The Feds took drastic measures to encourage real estate transactions.
Shortage of Entry-Level Homes
A lot of singles, married couples, and young families like to try and close on their first home before the holidays. There is something extra special about getting to spend Thanksgiving and Christmas in your own home. Following the sudden slowdown in buying in selling, things are starting to pick back up as we all adjust to living in this new reality. Unfortunately, many of these prospective buyers may have difficulty finding something they love. In these cases, it is essential not to rush into a buying decision.
Finally, something else that is looming over the market is the lack of clarity regarding past-due mortgages and late rent on millions of residential properties all over the country. If some type of governmental relief doesn’t come, we could be on the verge of an eviction crisis on top of everything else.
If you are getting ready to buy or sell a home this fall, or if you find yourself with any other type of legal real estate issue, make sure that you take the time to safeguard your future and protect your investments. People who understand the importance of property law and transactions also understand the importance of having a real estate attorney working on their behalf. Give us a call here at Bell Law to find out how we can help you protect your interests and still get you the best deal!
Even though buying your first home should be a cause for celebration, it is frequently challenging to muster up that sort of enthusiasm until the process ends due to the stress. Here’s an encouraging fact, though; it gets much easier after this. Once you have gone through the entire process one time, from start to finish, you will know what to expect with future real estate purchases. But none of that helps you right now with your first home, so here are a few things that will:
Pay Off Other Debts
This one practice alone will do wonders as far as lifting stress and anxiety from you. One of the biggest causes of concern for people buying a home for the first time is the commitment to the mortgage. For most, this is the most significant monthly obligation they have ever taken on and by far the longest. Creating more disposable income goes a long way to alleviating those worries.
Save a Sizeable Down Payment
Something else that will help put your mind at ease regarding payments and financial obligations is putting down a significant amount of money. That will often get you a lower rate, reduced payments, and give you much more flexibility than you would have had otherwise. You will need to start saving sooner than planned to accomplish this.
Stay Within Your Budget
Lastly, it can’t be stressed enough how important it is to stick to your budget. If you think the anxiety and worry that comes from a typical first-time purchase is bad, just imagine how you’ll feel if you end up getting in over your head on price and payments.
To find out even more ways to simplify the process of buying your first home rather than dreading it, give us a call anytime here at Bell Law. We would be more than glad to assist you with any or every aspect of your purchasing process. Regardless of whether this is your first home or your retirement property, having a legal professional on your side that specializes in real estate law can make a world of difference.
Selling a home can be a massive undertaking, and the real work begins long before you put your property on the market. Knowing what to invest in when updating or repairing your home prior to selling it can help you sell your home more quickly and for more money. The best place to start? Your home’s exterior.
First Impressions are Everything
Home buying is all about looks, and the first impression can make or break a sale. Your kitchen may be sparkling new with quartz countertops and new appliances but if your yard looks messy and unkempt, no one will even make it to the kitchen.
You must step into the shoes of the potential buyer, seeing your home for the first time. Remember, just because you have become accustomed to the old front door and overgrown shrubs in your yard, it doesn’t mean a buyer will overlook the mess.
Buyers want fresh and clean, and your home’s sale can hinge on your exterior simplicity. Not all exterior improvements have to break the bank. Oftentimes, clearing out or trimming shrubs and removing overgrown weeds can be done in an afternoon and can make a huge difference. Replacing or repainting your front door can make your home that more inviting.
Get Ahead of the Inspection
You know your home better than anyone. You know where the drafts are, and which windows are leaky and old. Use this knowledge to save yourself time and money while trying to sell your home.
While it may seem like a huge investment to replace windows or siding just to sell your house, it can pay off big in the end. Making your home more energy-efficient makes it that more attractive to potential buyers. Not only have you increased your curb appeal but you have shown buyers that you care for your home which can offer much-needed peace of mind. If you fix potential problems ahead of time it can make the selling process much more streamlined, keeping the inspection quick and easy cuts down on the time it takes to close and get started on the next chapter of your life.
Preparing your home for the market can be a very stressful time, it is easy to get overwhelmed. The professionals at Bell Law are here to help you every step of the way. They can offer suggestions to make your home selling process run smoothly and efficiently. They are experienced and ready to assist you in any way possible. Give Bell Law a call today and start your new journey in the right direction.
Moving across the street is stressful enough, but moving cross country is a whole different situation full of its own stressors. You are about to move to a location you know next to nothing about, have no idea where the best schools are or where the grocery store is. You aren’t even sure where to get the best cup of coffee. While some concerns are bigger than others, it is important to be prepared for anything when making such a momentous move.
Finding Your Dream Home
Due to the current state of the world due to the coronavirus, almost all real estate transactions have been revamped to make virtual tours the new normal. This allows a buyer to see exactly what a potential home looks like, no matter where they are in the world. Using virtual tours can help you narrow down your search to just a few homes and can make the purchasing decision more streamlined.
It is also highly recommended that you take the time to physically visit any potential homes on your shortlist before purchasing, if possible. A virtual tour does not show you entire neighborhoods or towns. Therefore, narrowing down your search and then going to the actual homes and surrounding areas before a final choice is highly recommended.
Timing is Everything
It is important to start planning your move at least 2 months in advance. This gives you plenty of time to effectively go through your belongings and declutter. The last thing you want to do is pay to move items you are just going throw out upon arrival.
Now is the time to start deciding how you are moving, whether with professional movers, self-packing containers, or driving your own rental truck. If you are depending on a moving company or self-packing company, you need to be sure to do the proper research to make sure the company is trustworthy and dependable.
Protect Your Investment
Purchasing a new home is the most important investment you may ever make, do it wisely. Hiring a real estate attorney is imperative when purchasing any home, especially one that may be sight unseen and in an unfamiliar state.
Not just any real estate attorney will do though. Making sure your attorney is licensed in your new state is also incredibly important. Real estate transactions can get quite messy and confusing, as laws are different in every state. Therefore, moving to Illinois means you need to have a qualified real estate attorney who will look out for your best interests and knows Illinois real estate law. Thus, giving you the peace of mind that your purchase is done correctly, potentially saving you money and heartache down the road.
If you are looking to make the move to the Chicagoland area, give Bell Law a call. They have experienced real estate lawyers that are ready to assist you every step of the way. The professionals at Bell Law are well versed in Illinois real estate law and can ensure that your new home purchase is seamless and legally secure. Call them today to get started on your exciting new adventure.