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Wheaton, IL real estate attorneysThere are a number of reasons that you may want to purchase a home that is being sold by the owner. It could be that the property has everything you have been looking for, or it could simply be a desire to complete an expedient purchase. Whatever the case, there are some risks that you should be aware of, and some factors you should consider, when purchasing a "for sale by owner" (FSBO) property. These risks and factors - and how you can effectively manage them - could prove to be crucial.

You May Have to Do Some Leg Work

Real estate agents are paid (and trained) to address many details for both the buyer and the seller. A FSBO owner, though interested in selling their property, does not have the same knowledge or experience, which means they may fail to provide you with important information. This oversight may not necessarily be intentional, but it is something you should be aware of. Furthermore, FSBO owners may lack the organizational skills needed to complete paperwork in a timely manner.

Be prepared for possible delays and never agree to anything until you have done your homework. At the very least, this should include an investigation on any previous insurance claims filed on the home, a market analysis of the area, research on zoning details and specific details of the property, and an experienced real estate attorney who can protect your interests by examining the contract and other details of the transaction.

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DuPage County real estate lawyersHouse-flipping has become somewhat of a trend in the United States - and for good reason. Financing options are more plentiful and far easier to obtain than they once were, and the housing market is finally starting to recover from the Great Recession. However, not all areas are profitable for investors. The following information can help point you into some of the hottest communities to flip in, and it provides you with details on what a seasoned real estate attorney can do to protect your investment portfolio and financial future. 

Chicago and Surrounding Cook County Areas

Of all the areas in Illinois, the most promising for flippers can be found in Chicago and the surrounding areas in Cook County. Experts say that investors are seeing as much as a 97.7 percent ROI, which is much higher than most areas in the nation. To break that down into dollar terms, the average purchase price for flipped houses is at about $88,500. Those houses have sold for an average of $175,000. While that is a decline of about 2 percent from last year (and thereby suggestive that opportunity in the market is slowly diminishing), homes can still be purchased at a deep discount in the area. 

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Illinois commercial real estate attorneysGrowing a commercial real estate business is no easy task, and the more saturated the market gets, the more difficult promoting your business becomes. To stay in the competition, real estate investors are encouraged to utilize today's more powerful marketing tool: social media. Learn more in the following sections, and discover how a commercial real estate attorney can help protect your business from the most commonly experienced issues in the market.

Why Use Social Media?

Social media use has grown exponentially over the last several years. It is where consumers connect with friends and family. It is also where they gain information regarding where they should spend and invest their money. On the one hand, this is a positive thing, as it gives consumers more choices, but it can also make it difficult for smaller, start-up businesses to attract the kind of attention they need to grow.

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Illinois real estate attorneysCybercrimes may not be a new issue, but they have become more prominent over the past few years. In fact, you may have even heard about some of the biggest breaches, such as those that happened to Equifax and Yahoo. What you may not know is that these crimes are found in almost every industry, including the real estate industry, and changing your passwords, freezing your credit report, and upgrading your computer security may not save you. Learn what homebuyers are up against and discover how you can protect yourself during the closing transaction on your new home purchase.

Beware of Real Estate Closing Transaction Scams

Over the past year, hackers have intercepted more than $1 billion in real estate transaction money. Mostly, they target large transactions, but even smaller ones can be at risk. Two recent cases - one last May, in which a couple lost $1.57 million on a wire transfer of their settlement funds and one in January, in which a Denver couple lost $272,536 of their down payment - are prime examples of just how varied the targeted transactions can be.

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DuPage County real estate attorneysBuying a home is a significant milestone that can give you and your family years of joy and a lifetime of fond memories. Unfortunately, the process itself can be highly complex, and missteps along the way can delay home ownership. Thankfully, there are ways to smooth the process. The following information explains, and it provides details on where to find assistance with your next (or first) Illinois home purchase.

Working with a Realtor

While homeowners may want to skip the real estate agent to save money on the sale of their home, this decision can be a grave mistake for buyers. Real estate agents do more than just show potential homes. Knowledgeable on the communities, market conditions, and median home prices in the area you are searching in, real estate agents can work with your family's needs and budget. They can aid you in preparing pertinent documents, such as your viable offer. Best of all, the agent's commission is typically covered by the seller (covered in the purchase price) once the home closes. Just remember to shop around. Find one that has experience representing buyers, good references, and an understanding of the area.

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