Chicago Real Estate Lawyer - Rachell M. Horbenko

This office serves clients in real estate transactions of all types. I also assist clients with estate planning for everyone, including the GLBT community, and represent Illinois condominium associations as needed. I help real estate investors who are renting their properties deal with difficult renter issues, and I advocate for renters dealing with difficult landlords.

I work with clients in Chicago and all over the Chicagoland area, including Wilmette, Skokie, Morton Grove, Plainfield, Wheaton, Glencoe, Lake Forest, Naperville, Oak Park, Winnetka, Des Plaines, Orland Park, Berwyn, Carol Stream, Arlington Heights, Crystal Lake, Barrington, Palatine, Park Ridge, Gurnee, South Holland, Park Forest and more.

My goal is to give each and every client personal, friendly and competent service at a reasonable price. I also strive to use technology in the best way possible to keep my clients informed.

My legal background includes working for a major Chicago developer and working for a boutique firm in their real estate division. I am also a landlord of a three flat building in Rogers Park and I am managing broker of a small real estate brokerage.

I work with all different types of clients, including developers, first-time buyers, buyers of second (or third!) homes, all sellers and the LGBTQ community.

My real estate blog is below. Please make sure to check back on a regular basis to check out what's new. I update my blog about once a week and welcome any questions that you may have.

Ask me too about help with personal injury, divorce, and any other legal issues!

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Tuesday, January 27, 2015

Housing Forecast for 2015

Things are looking up for the economy and the housing market in 2015; however, there are still a lot of would-be buyers on the fence who are afraid another slump like the one that started in 2007 may happen. Unemployment is down, the markets are up, and most importantly, so far for 2015, rates are still very low. Unfortunately for some would-be buyers, lenders are still making it difficult to qualify for a loan.

Lending guidelines have also changed since before the slump. Lenders are much more cautious when they are considering borrowers and a good credit score is important now more than ever. Also, having sufficient assets to cover closing costs and an "emergency" fund to cover costs in case of a job loss are things that lenders are looking for when loaning money to buy a home. Being self-employed also presents challenges in obtaining a loan. Lending became extremely strict after the market slump, and for the most part, continues to be prohibitive for people with lower credit scores. There are also not many loan products out there for people who want to put 10% or less down on a property. Fannie and Freddie are considering introducing a product that would allow buyers to put only 3% down. Right now the only product that allows buyers to do this is the FHA loan, which is at 3.5% down but with a large up-front PMI. If FHA doesn't reduce their upfront PMI, the new product by Fannie and Freddie may make them obsolete again.

Make sure that you consult with a loan officer before you get out there to look for properties and get your financial house in order. Get pre-approved, know what your credit score is, and choose an agent and an attorney who are knowledgeable about the market.

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Wednesday, January 21, 2015

Tip for Purchasing a Foreclosed Property

Happy New Year!

A quick tip for purchasing a foreclosed property: Try to have an attorney review the paperwork and addendums from the bank BEFORE you sign. This is the only case where you should have an attorney review real estate contract paperwork before you sign it, because there is typically no formal attorney review in these types of deals. Make sure you have a mortgage contingency if you are obtaining a mortgage, and that you know up front if you will be paying any of the Seller's fees for them.

3:33 pm cst

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