Foreclosure in Chicago>Question Details

Baby, Renter in Chicago, IL

how do i find out witch bank owns the home and if its, for rent or for sale.?

Asked by Baby, Chicago, IL Wed Sep 7, 2011

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I am sure there are good reasons why a person would rather rent than own a home. Affordability is probably not one of them since your monthly cost of mortgage, insurance, association payments and real estate taxes could be actually lower than your monthly rent on comparable property. Apparently, a lot of folks have damaged credit these days but Wells Fargo can get you approved even if your credit score is less than 620 which seems to be a limit for most of other lenders. My advice is: save up some money, work on your credit score and get your own deal on a bank owned condo or a townhome!
0 votes Thank Flag Link Wed Sep 14, 2011
If it is foreclosed on, its only going to be for sale.

It can take a very long time for a bank to foreclose on the property to then hit the market. I have seen it take literally years in some cases. Its also difficult to find exactly which bank owns the property. A lot of time you can see who owns it in the tax records, but occasionally these notes are sold behind the scenes.
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0 votes Thank Flag Link Thu Sep 8, 2011
i would leave a note in the door , call what ever sign is on the house or go to the cook county tax records office and ask for an assistant to help you look up the property.
Web Reference:
0 votes Thank Flag Link Thu Sep 8, 2011
You can check your county's recorder of deeds site to see if a certain property had been foreclosed on. As stated previously, a buyer cannot deal directly with a bank as banks want to ensure a property for sale gets maximum exposure and they know the best way to do this is to list with an agent.
0 votes Thank Flag Link Wed Sep 7, 2011
Foreclosures are never for rent, just sale. It really does not matter which bank owns the property because you cannot deal directly with them on a sale. They are set up to use agents to market and sell their inventory. If you do not want to work with an agent for yourself you can use my web site and search for foreclosures and then contact the listing agent to make an offer, but just remember that the listing agent represents the bank, not you.
0 votes Thank Flag Link Wed Sep 7, 2011
Generally if a property is bank owned it's available for sale, not rent. Any local agent can help you with necessary information...
0 votes Thank Flag Link Wed Sep 7, 2011
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