Can I buy and sell a home in the same day?

Can I buy and sell a home in the same day?

With the real estate market bouncing back I have been handling some deals where clients try to sell and then buy a home in the same day. Theoretically that sounds like a great idea. The client thinks, “I will schedule everything to sell my home in the morning, take my proceeds and use them to help fund my new home purchase that afternoon. Then I only have to move my stuff once.” Unfortunately, these days, the kink in that equation is: will everyone’s loan be ready on time?   Unless you are dealing with all cash transactions, not only do you have to worry about your loan being ready on time for your purchase, but you also have to count on the buyers of your house having their loan ready on time as well. I am not saying this cannot be done; however, I have worked on many deals where the buyer’s loan package is delayed for one reason or another. This means if your buyer’s loan isn’t ready then you can’t buy your house, or if your loan isn’t ready and your buyer’s loan is, then you may (depending on what your contract states) have to move out of your house and not yet own your new home, thus having nowhere to live. I have had clients have to move out, put their belongings into storage and stay in a hotel until their loan was ready for their purchase. You do not want to be in that situation.   I have been handling real estate transactions for over ten years and if you are buying and/or selling a...
Should I have a revocable living trust in my estate plan?

Should I have a revocable living trust in my estate plan?

A revocable living trust is a document that I can put together based on how you want to leave your estate. It is called a revocable living trust because you make the document when you are alive, you put your assets into it while you are alive and it can distribute your estate while you are alive, however it can be changed at any time with an amendment.   The up front cost of making a revocable living trust is more than a traditional will, but the benefits far outweigh the added expense.   My clients who do choose this document usually do so because it protects their assets and heirs from the expense and delay of the probate process.  It is also very beneficial in protecting the interests of young children.   Although a trust is a great estate planning tool, I do not recommend a revocable living trust to every single client that comes to my office. For some, it is not worth the expense and time it takes to transfer assets into the trust. That is one reason it is so hard to quote fees over the telephone. I really need to sit down with you and have a one on one interview to figure out the best course of action. EVERY estate plan that I write is different.  That is the most important reason why I would not recommend a service like LegalZoom where you can not get your documents tailored to your specific needs.   Please let me know if you have any questions  regarding a living trust or are interested in sitting down and...
What is a transfer on death instrument?

What is a transfer on death instrument?

Did you know that Illinois gives you an easy way to transfer your real estate while keeping it out of probate without having to transfer it into a trust? It is called a transfer on death instrument or TODI. Once you decide who you want to have the property, I can help you fill out the document, get it recorded with the appropriate county, and upon your death the real estate will transfer to the party or parties named in the document without having to go through a long probate process.   Keep in mind this document is revocable and you can change your mind at any time. You can always change the names of the people who will get the property and it has no effect on the property until after your death so you can sell or mortgage the property in the meantime. You can also name multiple people to split the ownership of the property after your death.   What’s it worth to have piece of mind for your family?  Please contact me today for help in completing your estate...