It's the most wonderful time of the year. Now it's important to take the family out and about to showcase the wonderful display of Christmas Lights and decorations around the city. The following should
We have a realtor but she is new. The house needs cosmetic updates, kitchen is from the late 70's early 80"s, wall paper and carpet needs removed. We have not had an inspection yet, but my realtor wants to offer 95k and go up to 100k. I am wanting a second opinion on if that is too low? I have heard that the heirs usually want the property off their hands, especially near the holidays and end of the year. I just want to make sure we dont offend the sellers by offering 25K less. Is it typical for estate sales to go for 25K less? Is there more bargaining power because of the fact that it is an estate sale?... more
I would be asking a lot of questions to the building inspection dept. I don't know the laws there but here they could force the owners to remove everything so inspections could be made along with permits being obtained. Red flag? You bet it is.... more
I would suggest going on the FHA web site and looking at the Frequently Asked Questions and also the Contact Us tab and ask the question directly to them. I feel that no real estate agent will able to satisfactorily answer this question.... more
How long did you live there before converting it. Sometimes as long as you were there a few years, you satisfied your requirements. Read your loan paperwork to see what your restrictions are. Also call their offices and ask questions "hypothetical" questions.... more
You are now asking for legal advice and we can't give that. You had your chance to investigate anything before you closed on the property, since you did close it means you accepted the property as it was. You are now asking if the seller committed fraud and that is tough to prove, you need to contact a lawyer to find out what you could do about it.... more
Step one is to speak to the family about their intentions for the property. Sometimes, other family members have emotional or nostalgic reasons to want to keep the home. They would be entitled to maintain the mortgage or seek some arrangement first.
Next, if they want the house to be liquidated, the bank would require the home be listed by an agent to draw in the highest possible offer before they would approve a short sale. Their obligation is to take the smallest loss possible and the only sure way to determine this is to get the home on the market at a reasonable price.
If you are willing to pay enough to clear the mortgage, then the estate may be willing to work with you directly and the bank wouldn't have any say in the matter. Your offer may have to be the full remaining loan balance plus all the seller's closing costs. If the property won't appraise for this you'll need bring in additional cash beyond your down payment and closing costs to make up the difference.
I hope this was helpful.... more
If you are referring to properties that have been coming up in the East Humboldt Park area and South Logan sections, listing for around $350k-$425k, then I can give you an opinion. Nothing more than that. Just opinion.
The developer building these is streamlining costs by building all of these properties in almost identical fashion, passing those savings on to the buyer. Hence, these are not built to spec.
For a buyer looking to get out of the generic new construction that plagued Chicago over the last decade, this is the latest trend to hit the city. Not quite sure if it's a plague or blessing.
The homes have modern open layouts. The finishes are of the sleek Ikea mindset, and they have basements with massive ceilings, ideal for entertainment megaplexes, photo studios or jungle gyms.
I've poked around several of them, and have found the quality of construction, in terms of mechanicals and exposed piping to be of a higher than average quality. It's too early to tell how they will hold up over the long term.
As far as "green" goes...they are basically highly insulated homes, with quality (no plastic wrap in wintertime) windows, energy efficient furnaces and tankless hot water. They aren't geothermally cooled or built with recycled materials. But you'll still save on energy costs versus a typical vintage, non-rehabbed home.
What's the gotcha? Aesthetically, you'll have a similar home to a lot of people as they continue to build more of these. But otherwise, you are getting a decent price because the developer is taking advantage of low land prices, locating in the 'border' areas just outside the last development craze, and streamlining their building costs by building the exact same house.
I'm a cynic, but I find clients who are tired of vintage Chicago, are craving these places. And I've come around to see their side. Ask to wander the models. You might be a convert too.... more
No lender will do a mortgage with credit scores in the mid 500s and a new business. You need 2 years tax returns on your new business to see what you are making and 640+ score. Go to your local non profit housing group for credit counseling. The counselor will go over your credit report with you. They will tell you what you are doing wrong and what you should be doing. Listen to them.... more
If the bank is asking for $50,000 more, the bank believes that the listed price was too low and the home is worth more. And since they're taking a loss even with a $50,000 increase, they are calling the shots. About all you could do is provide proof that the home is not worth $50,000 more thank the asking price. Otherwise you need to walk away.
Personally, I think too many short sales are priced artificially low which inevitably will cause the lender that owns the mortgage to reject the deal. Which is why short sales are often a waste of time.... more