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Q&A with Real Estate Attorney Ben Weaver - 23 Legal

Q&A with Real Estate Attorney Ben Weaver

Legal Services, Tips
While in the midst of a real estate transaction, there are so many questions to consider. The internet isn’t always a reliable solution with so many opinions. It’s important to consult someone you trust when making such an important financial decision. Attorney Ben Weaver understands that whether you’re buying or selling a home, or creating a living will, you need guidance from a reputable professional. This is why it’s important to Ben to share questions from his clients so that it can help other people in similar situations!
Check out Attorney Ben Weaver’s latest community Q&A
Is it possible to switch homeowners insurance if it’s part of your mortgage? What kind of insurance do we need?

Switching homeowners insurance may be possible but it depends on the kind of insurance you initially acquired. This is an important question to ask when choosing the type of loan and insurance you want. Ask questions and always read the fine print before signing any documents. Would you like some recommendations or help reviewing a policy? If you’re ever unsure about the details, contact Ben and he can explain the legal jargon in simple terms and recommend a home insurance professional he trusts. Learn more about choosing the right homeowners  insurance!

When is it time to refinance? Any tips for choosing the right lender for your family? 

Your credit and ability to stay on top of your bills is a great indicator of whether or not your finances can take on a refinance. Credit bureaus collect financial information about individuals and create thorough credit reports, and lenders use the report along with other details to determine loan applicant’s creditworthiness. Your credit score is EXTREMELY important when applying for a home loan. Your real estate attorney will help you determine what type of loan to apply for based on your credit score and income. Get more information on the steps you can prior to taking on a refinance or buying a new property.

What’s the difference between a buyer’s market vs. seller’s market?

“A buyer’s market is what you get when there’s more supply than demand. There are more people looking to sell houses than there are people looking to buy houses. In a buyer’s market, sellers may have to accept a lower price than they want to sell their home and may have to resort to staging and incentives. This is the ideal situation for buyers because they can get a great deal. A seller’s market is just the opposite. The demand is larger than the supply. People have more money to spend on real estate, so sellers will often see several buyers competing to buy their property, which drives up the price. This means that buyers will have to spend more to get what they want. This is the ideal situation for sellers because they get a great price on their homes.” Coldwell Banker

Q&A with Real Estate Attorney Ben Weaver - 23 Legal
Do you have suggestions for selling your home during the “off seasons” (fall and winter)?

While it’s true that housing inventory (the number of homes on the market) is lower in the fall than in the spring and summer, it’s also true that buyers who are shopping in the fall are likely to be serious about buying. Fall buyers may be moving because of a job relocation or change in family situation, so they’re often eager to close a deal. And, the hotter your local real estate market, the less significant a role seasonality plays. Remove selling obstacles with our tips to selling your home in the fall & winter seasons.

What are the most common mistakes people make when buying their first home?

People often make the mistake of hiring a friend who is a lawyer but not an actual real estate attorney. All areas of law aren’t the same and each state has its own complex law. It’s best to find someone who specializes in this type of law in the area you live. Also be sure to speak up about your budget limits. Some first time owners find their funds completely depleted after acquiring their home. By not requesting counsel on loan options from a real estate attorney, it’s easy to sell yourself short and miss out on potential money saving choices when you do not have an attorney. Read more about why first-time home buyers benefit from hiring a lawyer!

When is the right time to set up a living will? 

ASAP! Living wills are well planned guides for your loved ones. The earlier you prepare, the better. Discussing these difficult “what if’s” can be challenging; however, it is important to acknowledge that should the worst arise, you and your family have a plan in place – this eliminates needing to make last minute emotion-driven decisions. Check out this list of things to be planned within a Living Will.

Do you have tips for choosing the right real estate agent?

Each agent has their own style and expertise. You want someone who will listen to your concerns and really knows the market. So how do you find the right real estate agent with your interests in mind? No matter an agent’s expertise, it’s also important to find someone who is compatible with you and the project at hand! There are certain qualifications and traits that any good real estate agent must have to get the job done successfully. Make this process easier with our guide for finding a real estate agent!

Do you have specific legal questions? Contact attorney Ben Weaver to discuss your situation!
Attorney Ben Weaver is an expert in Real Estate Law for Arlington Heights, Prospect Heights, Mount Prospect, Des Plaines, Glenview, Park Ridge, Wheeling and the surrounding communities.

Questions About Your Real Estate Situation? Contact Ben Weaver Today!

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