Are you Pre Approved?
If no, get it done asap.
Do you have Cash?
Be prepared to provide your proof of funds.
Great time to be a buyer, whether it is a short sale, foreclosure or normal sale.
Find an agent and commit to him/her. As long as you are qualified, you are likely to find some good opportunities.
Feel free to contact me should you need any assistance.
I've been helping First Time Buyers for 22 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."
And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay. It's a Buyer's Market, after all!
I recommend interviewing a few Realtors and choosing the one who you think can do the best job for you and your family.
Steve Wright Jr.
Rising Realty, LLC.
1820 West Webster Ave.
Chicago, IL 60614
Connie Bernal, Broker
Coldwell Banker Residential
6323 W. 95th St.
Oak Lawn, IL 60415
My web site has some information that might be helpful for you if you are looking for some help.
Please call me to set up an appointment
My cell is 773-991-7794
2411 N Clybourn Ave.
Chicago, IL 60614