When buying a home you will quickly learn that every home has its issues. Once the sale has become final there are things that can come up. One of the appliances may need to be replaced, a basement may flood or the new owners could find $23,800 stuffed in a bag inside an old mattress that was left in the house.

The latter is exactly what happened to a Chicago couple who had just purchased a 1940's home that was previously owned by an elderly woman who is now deceased. As with many estate sales the family chose not to empty the house before selling it. They left a lot of old furniture including an old mattress that the couple wanted to remove from the house right away.

According to an article in the Chicago Tribune the couple was getting ready to take the mattress out of the house a blue bag was found and its contents proved very surprising. Although they expected the bag to hold some money they had no idea how much they would find. A life changing $23,800 had been hidden in the bag.

When making a discovery like this a lot of ideas may run through your head. Is the money mine to keep? Am I legally required to return the money?

It may come as a surprise to some but your Chicago real estate attorney will tell you that any items left inside a home at the time of sale typically becomes the property of the new owners. This includes hidden money. If this was the case, the new homeowners had no legal obligation to return the money to the family of the previous owner.

Despite their legal rights to the money this couple decided to give the money back to the son of the deceased woman who was shocked and grateful to receive such a large sum of cash.

This sort of thing does not happen often but your Chicago real estate attorney will tell you it's always important to go through old furniture before you sell a home or before you get rid of the furniture. You never know what you may find!

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

There was a time when it felt like everyone who wanted to could own their own home. According to the Chicago Tribune around 2004 it was reported that 70% of American's owned a home.

This is a significant percent that has recently seen the biggest drop since the Great Depression. The Chicago Tribune reported that homeownership fell to a startling 65.1% in April of 2010. This is actually a bigger drop than what happened during the Great Depression in the 1930's.

Chicago bankruptcy lawyers will tell you that the reason for this has a lot to do with both bankruptcy and foreclosure but also with lifestyle changes.

It is a fact that foreclosures have increased significantly in the past few years. This affects homeownership because these people are choosing to move in with family members or rent a home before trying to get back into the housing market.

The fact that interest rates are at a record low does help entice some prospective buyers to take the plunge but it is not enough to turn the market around. Some areas like the Village of Schaumburg actually offer people buying their first home, $10,000 towards their downpayment or closing costs when they buy a home in Schaumburg. The goal of the this generous program is to encourage first time home buyers to settle in Schaumburg.

Other people have found that their home is now worth less than the mortgage they have against it. These types of housing disasters are causing homeowners to accept foreclosure and leave their home.

As with the natural laws of supply and demand this change in economy has caused rental prices to rise and home values to drop. Ultimately if you have never owned a home before and you are confident that you will find a place that you want to live for several years and potentially forever then now is a great time to buy. Lock in a low interest rate and you've made a very wise purchase.

Those that are still nervous about the housing market may choose to consider renting. This is the best option for anyone who may need to move in 3 to 5 years. It can be a risk to buy a home that you only intend to live in for a short time. It is also better to rent if you do not have the full 20% downpayment to put down to avoid paying personal mortgage insurance.

Far too many families in America are struggling to stop foreclosure. Make sure that before you buy a home you weigh out the benefits and disadvantages so you are sure you're making a wise choice for you and your family.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

When entering into the home buying process for the first time the excitement of seeing houses often overshadows what should be the most important first step. Accoding to an article by Shine from Yahoo!, speaking with a qualified mortgage professional should be your first move.

A mortgage broker's job is to look at your finances and debts and determine how much you can afford to pay for a house. They consider your down payment and give you an amount that they would approve a loan for you. You may think you have a good idea what you can afford but that number may not be the same as what the banks think that you can afford.

Having the price of a home that you can afford in your mind can be very beneficial for a few reasons that were outlined in the article in Shine from Yahoo!.

1. You know what you can afford.
   There are no surprises when you fall in love with a home but your mortgage lender says they cannot give you a loan that big. Pre-approval takes away the disappointment of not being able to get a loan.
2. Know your number and stick to it.
   If you are going to make a bid on a house that is more than your pre-approval is for, use it as a cap. Bid what you believe the house is worth, knowing you won't go above your pre-approval amount. It will also help you when bargaining with homeowners who want to get as much as possible for their home.
3. Understanding the cost.
   Taking on a mortgage payment is a big investment. When you sit down and get a mortgage pre-approval you're also finding out how much you can expect to pay monthly in your mortgage payment. This gives you the power to buy a home that is less than your pre-approval to bring down those monthly payments.

Your Waukegan, Illinois real estate attorney will tell you that the more you know about your mortgage the better. There should be no surprises when it comes to funding the purchase of a home.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.