Foreclosure in Chicago>Question Details

Crystal, Home Buyer in 07079

REO properties and rental market in Grand Blvd area (Southside Chicago)

Asked by Crystal, 07079 Sun May 26, 2013

I am interested in buying a REO property on the Southside of Chicago (Grand Blvd area), however, I'm an out of town buyer. I have a local contact who can see the property for me, but the listing agent isn't responsive to requests for showings by the agent I contacted through Trulia. The HOA fees seem a bit high (says 94-1049 public act may apply on listing) and without knowing what shape the condo assoc is in, I hesitate to put in an offer sight unseen. But I don't want to miss out on this particular condo since it's a great price and beautiful. How can I best protect myself if I want to submit an offer without first seeing it? Obviously subject to inspection and attorney review, but what else can be written into the offer? I also need an attorney who specializes in this area. What are opinions on where this area is headed? I would be looking to rent out this apt which is a 3br, 2 full bath (granite, hardwood floors), so what rent could I expect to earn in this area?

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BEST ANSWER
Depend of the property , condition and LOCATION
0 votes Thank Flag Link Sun May 26, 2013
It's between 42nd and 43rd Streets near Martin Luther King Drive. It's a condo in EXCELLENT condition. Does that give you enough to go on for a rental estimate? 1600 sq ft.
Flag Sun May 26, 2013
Hello Crystal,

Aside for the attorney review and home inspection period there is nothing else you need to write into the contract that isn't covered under those 2 provisions, that said, speak with an attorney.

If your buyers agent has not been able to secure the showing and you want to move forward with the "sight unseen" offer, you're still protected. Don't waste time if it's in the area you want and meets all your criteria. Once you have an executed contract the sellers agent has to grant you access for the home inspection.

Work with a buyers agent and have your local contact find someone he/she is comfortable working with.

Good luck!
1 vote Thank Flag Link Mon May 27, 2013
Hi Crystal, You should have your contact that is in chicago to seek out another broker to show her the property. The pictures for the property may be old or the property may not be in the same condition when pictures were taken. Best method would be to see condition of property so you can make the right offer. As far as rent goes that would also be determined by the condition and amenities of unit, and building and neighborhood amenities. Hopes this helps you.



Nekesha Burton
Reflective Realty Inc.
http://www.reflectiverealty.com
773-939-8536
1 vote Thank Flag Link Mon May 27, 2013
Good point. Thank you for taking the time to provide an answer.
Flag Tue May 28, 2013
Put together a good team to represent you: Realtor, Lender, Attorney, Property Manager, Contractor.
0 votes Thank Flag Link Wed May 29, 2013
Working on it, thanks. Looking at other states as well.
Flag Wed May 29, 2013
Hi Crystal:

I would highly suggest that you find a realtor who is interested in working with you. There are many great realtors out there who truly have your best interest at heart. A realtor may be taking time off on a holiday or to be with family. There certainly is no reason to be rude and unprofessional at any time.

Check out some realtors in the area by checking them out on trulia and their website. Google them as well. A good realtor should have a network of resources to refer to you to meet all of your real estate needs.

I wish you the best!
0 votes Thank Flag Link Tue May 28, 2013
Thanks. Surprisingly the agent had good reviews on Zillow and that's why I called him. However, he said that my negative review won't be published about him, so perhaps there is some "creative editing" going on somewhere between agents and the website so that only positive reviews get published. ???
Flag Wed May 29, 2013
I called another agent who showed my local contact the property yesterday when the original agent, Lutalo McGee from Ani Real Estate, indicated he was more interested in enjoying his weekend than helping me get in to see this property and writing an offer for it. Then when I thanked him for his time, and said I found someone else who could show it today, he tersely wrote back and I quote" Ok, good luck...this is why I don't prioritize people like you" and said he doesn't need my business as he is "more than full".

The new agent was extremely responsive and prepared an offer for submitting today. She did her due dilgence and called the condo assoc before submitting, and apparently there are severe structural issues with the building (water infilitration in the basement and roof, mold, etc due to shoddy masonry) and the building's insurance has even been cancelled. So, I am backing out due to these issues.
0 votes Thank Flag Link Tue May 28, 2013
Crystal,

First of all I don't say this lightly, FIRE YOUR BROKER. A good broker is responsive to his or her clients needs. As you are an out of town investor a good way for a broker to work with a qualified buyer is to take lots of good pictures of properties you may be interested in.

As far as attorneys a good broker should know of at least three excellent attorneys from which his or her client can choose from. The attorney would be able to handle deals in any part of Chicagoland. If I may be bold I can recommend the perfect broker for the area you are looking to purchase., Michael Brown (773) 502-1998.

Don't let a bad broker get in the way of what you want.
0 votes Thank Flag Link Tue May 28, 2013
I called another agent who showed my local contact the property yesterday when the original agent, Lutalo McGee from Ani Real Estate, appeared to be more interested in enjoying his weekend than helping me get in to see this property and writing an offer for it. Then when I thanked him for his time, and said I found someone else who could show it today, he tersely wrote back and I quote" Ok, good luck...this is why I don't prioritize people like you" and said he doesn't need my business as he is "more than full".
Flag Tue May 28, 2013
A great lawyer I recommend is Erik Miles and he can be reached at 312 854 8092 or Miles@LawFirmMiles.com

As stated below, engage a knowledgable real estate broker most of your questions can be answered by one. In addition, if you are interested in a property for sale listed on the MLS where the owner is a bank, the bank will pay your broker's commission so the broker's services are free to you.
0 votes Thank Flag Link Mon May 27, 2013
Thanks Jeff. I will leave him a message. Yes, I realize the bank pays the commission.
Flag Mon May 27, 2013
what are you talking about.. you are so un informed and lost it's sad.. get a real agent who you trust..please have your buyer at my office at 9 AM wed
0 votes Thank Flag Link Mon May 27, 2013
I'm uninformed and lost? What a thing to say to a lay person seeking profession advice from the real estate community! Clearly, by virtue of asking the question I was seeking help. I'm a buyer/investor, not an expert as indicated on my profile.
Flag Mon May 27, 2013
email me at jmichaels@remax.net to discuss
0 votes Thank Flag Link Mon May 27, 2013
Crystal-

We own and operate property in the area. We have a lot of experience leasing and managing these types of investments for out of town owners. Please call or email me to discuss further re: rental amounts.

Erik Sachs
RpV Realty
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Mon May 27, 2013
Putting in an offer in without you or your local contact seeing the property? How do you know it is beautiful if you have not seen it (don't be fooled by on line photos)? You have a lot of issues to work through concerning this property. Contact me if you want your local contact to see the property and we can move forward from there.
Nick Radakovich Home Sales Realty
0 votes Thank Flag Link Sun May 26, 2013
Crystal,

Give me a call to discuss details. I know this area well and there is money to be made. You will also need a good property manager if you want to be an out of town investor here.

Best regards,

Ivan Sagel
312.515.7823
ivan@atproperties.com
http://www.atproperties.com/agents/IvanSagel
0 votes Thank Flag Link Sun May 26, 2013
I left a message with your office Saturday. But, it's moot now.
Flag Tue May 28, 2013
I would get a good buyers agent. They will be able to help you through the whole process, and set you up with everything else you need.
0 votes Thank Flag Link Sun May 26, 2013
And the agent doesn't seem to want to work this weekend. I thought weekends were agents' busiest times?
Flag Sun May 26, 2013
I called an agent I found on Trulia yesterday as I wasn't getting responses by email/Trulia website. He isn't getting a response from the listing agent as I mentioned above.
Flag Sun May 26, 2013
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