Financing in Chicago>Question Details

Z7067726, Home Buyer in Chicago, IL

I am looking for an owner financed condo in Chicago. Any recommendations?

Asked by Z7067726, Chicago, IL Fri Apr 2, 2010

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4
Sure.

I wrote a blog on how to find lease-option properties and others where the owner is willing to finance or where the owner doesn't need all of his/her cash out immediately: http://www.trulia.com/blog/don_tepper/2010/03/how_you_can_fi…

As for needing 20% down--no way.

One of my suggestions in my blog is to search on Craigslist. Here's a Craigslist link for owner-financed properties in Chicago: http://chicago.craigslist.org/search/rea?query=owner+financi…

And here's a link to lease-option properties: http://chicago.craigslist.org/search/rea?query=lease+option&…

The down payment (in the case of straight owner financing) or the option fee (in the case of a lease option) is fully negotiable.

Hope that helps.
0 votes Thank Flag Link Fri Apr 2, 2010
Try these guys http://www.urbchicago.com , they owner finance condo's, single families and two flats with out any credit and only a small down payment
Flag Thu Jun 18, 2015
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
There is no real recommendations. Is there a reason why you are trying for seller financing? If it is your only option, your going to need some hefty money down. 20% at least. Plus you will need to have excellent credit. I have done many seller financing deals, and it doesnt work in every case. Its really up to the seller to see if they CAN even do it. If they can, the two most popular ways are Purchase money mortgage and Articles of Agreement. Once again, this really only works with 20% down. Go out and get an agent who is familar with these types of sales to guide you through the process.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Fri Apr 2, 2010
I'm not sure this is real, Mr. Z7067726. If it is, please call me to discuss details.

Thank you,

Mark Malave
p-773-435-1605
Web Reference: http://www.markmalave.com
0 votes Thank Flag Link Fri Apr 2, 2010
Why are you looking for Seller financing, rather than all of the lending avenues available to you? Have you already tried to obtain financing from a lender and been turned down? If it's due to bad credit, the typical Seller would not want to finance you. Perhaps a Lease with Option to Purchase? Contact a local Realtor to determine your potential avenues for purchasing real estate.
0 votes Thank Flag Link Fri Apr 2, 2010
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