This Article is the first in a series about new real estate related laws in Illinois, effective in 2025. I have a fair number of clients who buy distressed properties at foreclosure auctions. Occasionally my client buys a home to live in at a judicial sale, but more often than not, it’s investment property. If you are in the business of purchasing foreclosed property from judicial sales and/or auctions, or if this is something you are looking to get into, then you should be aware of Public Act 103-930 S.B., 2919, which was recently signed into law and is effective as of January 1, 2025. Through the end of last year, foreclosure auctions were entirely in person. If you found a foreclosed property you were interested in, you had to physically attend the auction. In this day and age of Zoom, Teams, and Google Meets, this might seem unusual, but… read more →
If you’ve been looking for a home for a while, chances are a listing marketed as a short sale has come across your radar. The price of the home probably caught your eye since it seemed to be way below market value. However, when signing a contract to purchase a short sale, there are many things you need to know. A short sale is not like a regular purchase. First, what is a short sale? A short sale may very well be the last straw before a home goes into foreclosure. Indeed, often a short sale is processed while the home is already in foreclosure. Essentially the owner of the property is behind on their mortgage payments. Instead of the bank foreclosing and taking possession of the house, the bank cuts a deal with the current owner to sell the property and use the proceeds to pay off as much… read more →
If student debt is holding you back from buying a home, the Illinois Housing Development Authority (IHDA) may have a solution. Provided you meet certain criteria, IHDA’s SmartBuy program will not only give you $5,000 towards your down payment or closing costs, but it will also PAY OFF YOUR STUDENT DEBT, UP TO $40,000. It does not matter where you live now. As long as you are buying a home in Illinois and plan to move in within 60 days after you purchase your home, and you meet the other eligibility criteria listed below, you may qualify for SmartBuy. SmartBuy eligibility is based on the following: The property you purchase must be your primary residence. If you currently own a home and intend to purchase your next home with SmartBuy, your lender will decide if you are able to own both homes or if you need to sell the first… read more →