Home Buying in Chicago>Question Details

Josua Hunt, Home Buyer in Chicago, IL

Can I buy a house with $9000 cash in Chicago?

Asked by Josua Hunt, Chicago, IL Thu Aug 22, 2013

I see many of homes on trulia and zillow in bad neighborhoods that need many repairs. I am very handy and a very smart spender. I have had credit issues in the past due to co-signing and poor credit card management as a teen. I believe this is the only way. My score is to low for a FHA loan its so low I have a hard time renting. Thank you for and answering my question. (No irrelevant comments please)

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8
Yes, these types of buildings do exist. Many will have violations that the city will require that you repair. Therefore budget for Purchase Price + Rehab Cost + Unexpected Costs.
1 vote Thank Flag Link Thu Aug 22, 2013
email me at jmichaels@remax.net and I will send you my list
0 votes Thank Flag Link Fri Aug 23, 2013
If you are looking to get a loan, speak to a lender. They can tell you.

If there is a property for 9k and you have 9k, then yes, but dont forget, you need to pay closing costs.
0 votes Thank Flag Link Thu Aug 22, 2013
Josua,
I just checked the MLS and currently there are 49 homes for sale in Chicago for $9,000 and less. Most of them are total rehabs that would take thousands of dollars to make them habitable. There are some GREAT deals available through the City of Chicago Neighborhood Stabilization Program, but you would have to qualify for an FHA mortgage to purchase one of them.
The bottom line is that you should use this time and your $9,000 cash to clean up your credit. Now is a great time to buy a property, but you have to have a decent credit score to take advantage of these opportunities. Let me know if you would want a referral to a local lender that could help you qualify for a mortgage.
Nick Radakovich Home Sales Realty
0 votes Thank Flag Link Thu Aug 22, 2013
Yes you can buy a house for $9,000 and there are houses in Chicago for $0 too , you just need to think why are 0$ or $ 9000 .
0 votes Thank Flag Link Thu Aug 22, 2013
Good thing you added "No irrelevant comments please), I am over the I will send you my lists and call me I am an agent, we are all agents.

1) start cleaning up you credit. You can access the dispute links on all three bureaus and if it is negative, dispute it. The law requires it to come off in 30 days of they creditor does not verify it. May of the creditors may not exist anymore or are not set up to verify.

2) the items that do not come off contact them and find out what payment they will take to remove it from you credit and ask for a letter in case they fail to get it off. You can send the letter to the bureaus to remove it.

3) there are homes for $9000 and below and in Chicago you get what you pay for. That $9000 could by you 10s of 1000s of dollars in fines and fees and property taxes to redeem. Uncut grass and weed fines, unpaid water bills and court fees add up fast in Chicago.

4) some repairs the city may not allow you to do unless you are properly skilled and licensed to do so.

5) there are homes out there that could give you what you are looking for, since you are willing to put in the labor.
0 votes Thank Flag Link Thu Aug 22, 2013
Yes you can buy a home in Chicago for $9,000. It will likely have many issues such as active cases with the City of Chicago, missing plumbing and electrical, structural issues, missing windows and/or roof.

Engage a broker to help you in your search.
0 votes Thank Flag Link Thu Aug 22, 2013
There might be some property at that price point, but if so they would need a ton or work so you should really have some $$$ laying around for the project otherwise it might take you a long long time to fix it up.
0 votes Thank Flag Link Thu Aug 22, 2013
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