The Cook County Commission will add protections for Source of Income beginning Aug. 8. The policy has implications for real estate agents and residential property owners who rent property in Cook County.

Cook County recently amended its Human Rights Ordinance to delete an exception to the source of income provisions in the Cook County Human Rights Ordinance.  The effect of the amendment will be to make it a violation of the Cook County Human Rights Ordinance to discriminate in real estate transactions based upon an individual participating in a housing choice voucher program (Section 8).  Source of Income has been a protected class under the Cook County Human Rights Ordinance for a number of years but there has been an exception which excluded housing choice voucher programs from that protected class.  Effective on August 8, 2013 that exception will no longer apply and the taking of action in a real estate transaction based on a person’s participation in a housing choice voucher program will be a violation of the Cook County Human Rights Ordinance.

The impact of this change in the Cook County Human Rights Ordinance is primarily going to affect rental of housing in Cook County.  The Ordinance would prohibit the making of “. . . any distinction, discrimination or restriction in the price, terms, conditions, privileges of any real estate transaction, including the decision to engage in or renew any real estate transaction, on the basis of unlawful discrimination.”  To the extent that a decision is made upon a person’s participation in a Section 8 or housing choice voucher program this will constitute illegal discrimination under the Ordinance.   

Receivers are court-appointed individuals given custodial responsibility of a property that serves as collateral for a loan in default. Receivers displace the property owner as the active property manager and make most decisions regarding management and operations. These often include making improvements, completing construction and getting the property ready for sale. The court order appointing the receiver spells out the receiver’s authority.

A property in receivership can present a more appealing situation, because there’s more control than in a short sale or a foreclosure, and purchasers can use standard financing. The court order approving each sale confirms that the buyer is receiving his or her real estate free and clear of all liens, including those of contractors or lenders. After the real estate is sold, the receivership proceedings will terminate. The buyer’s rights are defined in the purchase and sale agreement.

A primary benefit of buying through a receivership often is value. Before a receiver is appointed, owners often resist resetting pricing in an attempt to save some or all of the equity invested in the property. When a receiver takes over, the receiver has the authority to set pricing based on market conditions rather than the original cost. The new pricing is often lower than the original asking price.

Receivers’ fees, as well as any fees for third-party professionals they hire, typically are paid with available cash from the property’s sale or, in the case of a commercial property, rents from operations. Generally a receiver sale is far more direct and expedient than a short sale. A short sale requires a lender to accept a purchase price that’s lower than the mortgage value, which can be a very protracted exercise and sometimes results in no sale at all. A receiver sale typically has a set price and legitimate offers accepted by the receiver usually are approved by the court.

The court approval process takes about as long as the buyer’s financing approval. The sale of the property then closes much like a traditional real estate transaction. Mortgage lenders may choose to use receiverships instead of foreclosures, because the costs and liabilities associated with foreclosure can be long, drawn out and expensive. For example, a foreclosure can take several months and involves a great deal of legal and administrative fees. In addition, the borrower in default maintains control of the property until the foreclosure has been completed. This can substantially increase the risk of additional costs.

McCormick Partners Realty has seen an increase of receivership sales in the past couple of years. Lenders are not alone in using this method of sale, property owners can also use this method as a means of “getting out of a bad real estate situation” Contact us for more information: Ruben Colon 773-425-5934

 

Lease Options are a great option for home sellers, especially if a home seller is faced with a slow housing market. For those who are wondering, “ How lease options work and what are the benefits,” it is really quiet simple. A unique arrangement, lease options come about when a home seller and a potential homebuyer agree to the principle that the home can be sold to the homebuyer after they have rented it for a specific time period.The lease option is a particularly good option for those individuals who want to purchase a home but do not have the sum necessary to make a down payment. Considering how expensive purchasing a home is, lease options are a valuable way to sell your home that is mutually beneficial to both you and the homebuyer.

How they work is that the homebuyer pays rent until they exercise the lease option. A portion of the rent goes to the purchase of the home if the option is exercised. Otherwise known as rent credit, this rental arrangement is generally accepted by most institutional lenders as an acceptable form of down payment for a home. However, in order for this rent money to be considered rent credit, the rental payments must exceed the market level of rent and a copy of a valid lease -purchase agreement must be attached to the loan application if one is in effect.For those who are selling their home, lease options have a number of excellent advantages.

From a financial perspective, lease options means that the home seller will be receiving a monthly rent that is above market levels. Additionally, the home seller would be receiving top-market value for their property and would also enjoy tax-free use of the lease option consideration to the point where the lease option expires or is exercised. Also, a home owner would be able to enjoy peace of mind about how their property is being maintained as the renter has an incentive to treat the property like an owner as they are hoping to eventually own it after exercising their loan option.

Consult an attorney: Have an attorney draft a legal document specifically for this situation. “Use a legal document that is drafted specifically for your situation. Don’t use a form document that you’ve downloaded from the internet or purchased at a drugstore,”

Our services are customized to meet your individual needs:

• Receivership and real estate brokerage services
• Investment & Residential Real Estate Brokerage
• Real Estate Contract Negotiations
• Lease Negotiations
• Investment Analysis
• Highest and Best Use analysis
• Commercial and Residential Property Acquisition and Disposition
• Work with clients to structure and negotiate financial terms of real estate transactions.

Ruben Colon

rcolon@McCormickPartners.com
Bi-Lingual: English – Spanish
773-425-5934

Look no further than Wolf Ridge Condominiums for true seller financing. With a down payment requirement of only 5%, a fixed interest rate of 4.95%, and a 30-year term and amortization available to all buyers, this is the time to buy.

Recently completed,WolfRidgeis a pleasant community of new-construction luxury condominiums conveniently located near Northlake’s main business district. One-, two-, and three- bedroom homes are available ranging from 1,135 to 1,790 square feet of living area.WolfRidgeoffers affordable, luxurious homes constructed with only the highest quality in mind. Solid reinforced brick construction, all-copper water piping and, sound/fire resistant walls give owners an unparalleled level of comfort and security.

Premium finishes, individual private balconies with architectural railings and highly efficient heated indoor parking are just a few examples of the numerous amenities the homes extended to all residents.

WolfRidgeis conveniently located near everything a homeowner could need. Just six blocks from the I-294 and I-290 interchange, WolfRidge’s excellent location makes travel to O’Hare International Airport, downtown Chicago, or its surrounding suburbs quick and convenient. To the south, many nearby franchises and local businesses offer a variety of restaurants, shops and services. Heading north, the neighborhood becomes more residential with a picturesque river, parks, walking trails, the Northlake Public Library and more.  Located just blocks from Wolf Ridge are the Millennium Park and Sandy Vazquez Community Center. The newly-constructed park includes playground equipment, a volleyball court and a splash fountain among other features.

Contact: Ruben Colon 708-492-1010  rcolon@McCormickPartners.com

www.WolfRidgeCondos.com

About The Community

In the midst of vast beautiful scenery from the surrounding parks,Wolf Ridge’s excellent location makes travel to O’Hare International Airport, downtown Chicago, or its surrounding suburbs quick and convenient.

Wolf Ridge is conveniently located just six blocks from the I-294 and I-290 interchange. To the South of Wolf Ridge, many nearby franchises and local businesses offer a variety of restaurants, shops, and services. Heading north, the neighborhood becomes more residential with a picturesque river, parks, walking trails, the Northlake Public Library and so much more.

Located at 77 N. Wolf Rd.  Northlake, IL  just blocks fromWolf Ridge are the exquisite Millennium Park and SandyVazquez Community Center. The newly constructed park includes playground equipment, a volleyball court and a splash fountain among other features. Across the road is the 32-acre Centerpoint Preserve & Recreational Facility featuring a bike path, walking and jogging trails and a picnic pavilion. Seven other nearby city parks offer recreational opportunities and beautiful settings which can be enjoyed year-round!

 www.WolfRidgeCondos.com

Marketing and Sales By:

      708-492-1010

News Release. Illinois Association of Realtors Contact:
Mary Schaefer/Ann Londrigan
217-529-2600

SPRINGFIELD, Ill. — Illinois home sales have been trending positive month-to-month since February 2011 and median home prices have moved up for the last three consecutive months, all good signs for a market working to recover amid lackluster job creation and a restrictive lending environment. According to the Illinois Association of REALTORS® (IAR) latest report, statewide home sales (including single family and condominiums) in May 2011 totaled 9,736 homes sold, up 13.9 percent from 8,546 sales in April 2011; sales were down 16.8 percent from 11,705 homes sold in May 2010.

The median price in May was $140,000, up 2.9 percent from $136,000 in April 2011 and down 10.8 percent from last year in May when it was $157,000. The median is a typical market price where half the homes sold for more, half sold for less.

“The trend in rising home sales and median prices is a positive direction for the housing market as a whole as the strong buyer’s market and high affordability conditions continue. Also of note, this year there is no tax credit incentive yet home sales remain above 2009’s accelerated sales from the stimulus program,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS® and the Development and Operations Coordinator for Traders Realty in Peoria. “Brokers across the state are reporting the biggest road block for getting a home loan today is lending requirements that are too strict for even qualified buyers. A return to more robust yet responsible lending will result in more closed transactions and a stronger economy.”

Adds Whitehurst: “The economic impact of a healthy housing market cannot be discounted. Just one home sale in Illinois generates $28,581 in direct expenditures made by both the seller and the buyer, according to a study by Chicago-based RCF Economic and Financial Consulting. The resulting ripple effect across multiple industries for home improvements, moving and warehousing and others adds up to $7.9 billion a year in direct and indirect expenditures fueling the Illinois economy plus 85,677 jobs.”

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), home sales (single family and condominiums) totaled 6,608 homes sold, up 15.7 percent from 5,710 sales in April 2011 and down 12.8 percent from May 2010 sales of 7,580 homes. The median price in May 2011 was $169,900 in the Chicago region, up 4.6 percent from $162,500 in April 2011 and down 10.8 percent compared to last year in May when it was $190,500.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 4.67 percent in May 2011, lower than 4.87 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in May it averaged 4.91 percent.

“According to our forecast, annual sales rates will turn positive for both Illinois and the Chicago region in July and August, a 22-25 percent increase statewide and 25 to 36 percent for Chicago,” estimates Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “This means the effect of the homebuyer tax credit will finally fade out in Illinois during the summer. Median prices for June, July and August are expected to be higher than May in both Illinois and the Chicago region.”

In the city of Chicago, May home sales (single family and condominiums) totaled 1,705, up 16.5 percent from 1,464 sales in the previous month and down 17.1 percent from 2,057 homes sold in May 2010.

The city of Chicago year-over-year median price for single family and condominiums in May 2011 was $238,450 up 3.7 percent compared to $230,000 in May 2010; it was 16.0 percent higher compared to the previous month of April 2011 when it was $205,500. For condominiums specifically, the median price reached $299,000 in May 2011, up 10.3 percent year-over-year from $271,150 in May 2010.

“Chicago’s condo sales in May outpaced single family homes by nearly 30 percent, a strong indicator that the condo market is re-emerging as a viable and affordable housing choice.  We continue to monitor the impact of condo financing options and distressed condo units and how they will shape sales in the remainder of 2011,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Envision Real Estate LLC, Chicago. “Sellers this summer have the opportunity to position their home with a compelling sales price, and leverage low interest rates on the purchase of their next home.”

Thirty-six of 100 Illinois counties reporting showed year-over-year median price increases or no change for the month of May including Grundy, up 3.2 percent to $150,100; LaSalle, up 11.0 percent to $102,125; Macon, up 1.2 percent to $87,500; Sangamon, up 10.4 percent to $139,900; Stephenson, up 23.4 percent to $97,500 and Whiteside, up 4.1 percent to $82,500.

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 35 participating Illinois REALTOR® local boards and associations including Midwest Real Estate Data LLC for the period May 1 through May 31, 2011. The Chicagoland PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

The Illinois Association of REALTORS® is a voluntary trade association whose 44,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

Find Illinois market stats data at www.illinoisrealtor.org/marketstats. To view the RCF economic impact study, go to www.illinoisrealtor.org/economicimpact.

This Townhouse is Loaded with upgrades; hardwood floors, granite counter tops, stainless steel appliances. Large sun deck with Arcadia doors from Master B.R. & kitchen. Master B.R. Suite with Deluxe Bath. Side by side laundry and hvac room and attached garage.

Great south loop location near Museum Campus, Soldier Field, McCormick Place, fine Restaurants and Entertainment, Expressways,Chinatown, Mercy Hospital, and much more.

Eastgate Village features two- and three-bedroom condominiums and Townhomes. The prices have been cut by $86,000 to $100,000.  A two-bedroom / one-bath originally listed in the $280s is now priced in the $180s, representing a 34-percent reduction, while a three-bedroom / two-bath listed in the $380s is now priced in the $290s, or 22 percent lower.

The two-bedroom first-floor unit features a gated patio, while the three-bedroom has 1,450 square feet and a “huge balcony.” 

The Community also has two-bedroom condos ranging in size from 823 to 1,288 square feet and in price from the $180s to the $250s (all of which have FHA approval), and two two-bedroom townhomes with 2,259 to 2,543 square feet, priced in the $370s and $440s.

Eastgate Village is bounded by 25th and 26th streets, Prairie Avenue, and Dr Martin Luther King Dr. For a tour of these Magnificent Homes Contact:

Ruben Colon 773-425-5934