Seth is correct. It's hard to believe that couldn't be done. It would be great to just pick up the phone, call the bank's loss mitigation department, and create a win/win scenario for you and the bank. You could always try but my experience has proved that you'll have to wait until the bank lists the property with an agent.
Seth is also correct that you should use someone in the area who can help you get the property you want. I recently had a listing that had 15 cash offers in the first weekend. The property sold for much more than it was listed at. It was quite a bidding war.
Best to you with your pursuit of this property.
But the answer is so long winded (even for me) that you have to actually believe the posters here and find a buyer's agent you can work with that has experience in the market you are after (3 flats in Garfield Park or Roseland or Edgewater or Logan Square, etc.). It has become a bidding war on many of these properties so instead of a direct line with a bank, a local Chicago realtor with experience in your multi-unit area will be your biggest asset (until you finally close on your desired asset).
Glad to help , I know the building and the lister, just call or write me back. All my info in my Trulia profile.
You get the best deals when the properties are at the end of the foreclosure cycle. At the end, they are exposed to the market through realtors that have REO relationships with the banks/bank's agents. Their is no secret way to buy these properties: the best way to buy these properties is through the MLS. Know your criteria, buy as-is, where-is with cash.
Auctions are OK, but many times properties sell for more than they were listed on the MLS (most times in fact: much less competition on the purchase through the MLS = lower purchase price). Since 2008 I have either directly purchased or represented investors in well over 100 of these types of transactions many of which are in this neighborhood and others like it on Chicago's south side. We are also a general contractor and property manager.
Let me know if you want to talk further - best of luck regardless.
RpV Realty and Development
I would strongly suggest to YOU to work with a local Chicago Realtor, your personal Buyers Agent,
that Realtor will present your cash offer to the right party, and will make sure you do offer a market
competitive price, and will make sure that you are protected with all terms in the contract, especially
when you pay cash, you want to make sure you do have an inspection before presenting your offer,
may be if any repairs or upgrades are necessary you want to get estimates, you also want to make sure
that there are no liens on the home, or any zoning or construction irregularities....
Do not do this on your own, a buyers agent, to whom you need to commit and be loyal to, is usually paid
by the sellers, selling side. If you need a recommendation let me know.
Good Luck to you
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
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