Home Buying in Woodlawn>Question Details

Sean Loftus, Home Buyer in Chicago, IL

Hi Im Looking to purchase a 3 Flat for investment with cash. can you deal directly with the bank.?

Asked by Sean Loftus, Chicago, IL Wed Mar 13, 2013

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B.J. Tregoning’s answer
Not likely. Many have thought this approach would be beneficial and get them a better deal and many have failed. Find a good Realtor that knows the areas you are looking in, have him/her set you up with a search on the MLS based on what you are looking for and go from there. That is going to be your best option for actually buying something. The days of getting properties 10-40% under market value are gone. There is enough competition out there that you should be prepared to pay close to market value to secure something. Happy hunting.
1 vote Thank Flag Link Wed Mar 13, 2013
Yes you can but with Community banks only
0 votes Thank Flag Link Sun Mar 24, 2013
Sean,

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.
0 votes Thank Flag Link Sun Mar 24, 2013
If somebody didn't work in real estate then this question actually makes perfect sense. In a logical world, one in which government, business, and society acted as sensible people would imagine, then, of course, somebody could just walk into the bank that held the foreclosed property and show their briefcase of cash, sign some papers, and leave with a deed. Why not?

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).
0 votes Thank Flag Link Fri Mar 22, 2013
I would like to recommend that you utilize my free website at http://www.idealhomesinchicagoland.com. You will be able to search for properties throughout Chicago and the surrounding areas. My website features up to date information, so you will not be finding homes and properties that are no longer available like on some of the realty websites that you may be using. My website also offers an array of neighborhood and market information that can help you make your determination on homes and locations. My featured partners are industry leaders that can assist you in making any realty transaction easy and transparent. I welcome you to utilize this amazing tool. As always I will be available to answer any questions that you may have.
0 votes Thank Flag Link Thu Mar 14, 2013
Why do the work yourself when there are professionals to navigate this minefield for you? It's listed with an agent already, so it's not like you'd be dealing directly with the bank anyway. Get your own representation. Take up one of the offers below. You'll need it the guidance and assistance.
0 votes Thank Flag Link Wed Mar 13, 2013
Have an agent represent you here. This was bank owned and now listed. there is no rebate or other discount outside of what you negotiate on the purchase.
Glad to help , I know the building and the lister, just call or write me back. All my info in my Trulia profile.
0 votes Thank Flag Link Wed Mar 13, 2013
Sean-

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.

Erik Sachs
RpV Realty and Development
Cell 773/368-5515
Email esachs@rpvinc.com
0 votes Thank Flag Link Wed Mar 13, 2013
Get your Proof of Funds ready and work with a Realtor. Plenty of good options exist depending on where and for how long you want to invest.
0 votes Thank Flag Link Wed Mar 13, 2013
Most foreclosures hit the market. Why not get a Realtor to represent you? Its free to use their services.
0 votes Thank Flag Link Wed Mar 13, 2013
that is not a 3 flat and it is not an REO, but it if was you cannot deal directly with the bank. They are not set up to do that. They just hire an agent.
0 votes Thank Flag Link Wed Mar 13, 2013
Too late on most of these deals to contact the bank. The window has closed, slammed shut and nailed down on getting a steal. These go to brokers and are put on the open market where they have multiple offers over asking for anything decent. I can help you with those deals, but there are no "tricks" or secret deals left to be had.
0 votes Thank Flag Link Wed Mar 13, 2013
I am not sure that this property is currently on the market for sale.
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

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
Get to know me! Learn about my experience, expertise, services! Read letters
of recommendation! Sign up to search for properties in my expanded service area.
HAVE THE MOST WONDERFUL DAY :)
0 votes Thank Flag Link Wed Mar 13, 2013
You can try. It would be my strong suggestion that you have a licensed realtor help you on this. I work with a very good real estate agent that I would be happy to refer you to.

Give me a call let me know.

Sean Cochran
Quality Mortgage Lending
http://www.qmlending.com
630-330-2229 cell
630-470-6830 office
0 votes Thank Flag Link Wed Mar 13, 2013
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