Home Buying in 60661>Question Details

Kristina, Home Buyer in 60661

I am looking for a Real Estate Agent that specializes in the Chicago land market and that is familiar with FHA properties. Looking to buy within the

Asked by Kristina, 60661 Thu Feb 18, 2010

next 6 months and already have a pre-approval. Please let me know if there are any recommendations. Thanks.

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Answers

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If you're looking to buy an FHA forecloed home, make sure the agent that you are working with is with a firm that is registered with HUD, otherwise they will have difficulty entering your offer into HUD's system.

If you're referring to HUD approved condos, HUD's website has a list of HUD approved condominium properties by city.

Best of Luck,

Wayne Beals
Keller Williams CCG
312-77BEALS
312-772-3257
wbeals@kw.com
1 vote Thank Flag Link Thu Feb 18, 2010
Kristina,

Just some info for you to be aware of...FHA is making some changes soon that may impact your pre-approval, such as a higher fees and less seller concessions. Rules are changing so frequently that you should have your lender/broker review the pre-approval periodically. Especially if your time frame is 6 months. You never know...you may be approved today, and denied tomorrow. Good luck house hunting!

Michael Cline
Enterprise Mortgage
mcline@enterprisemortgagefunding.com
0 votes Thank Flag Link Sun Mar 7, 2010
Kristina, hi. It's great to know that you are asking for advice on choosing a Realtor to assist you in buying a home. The best way to do this is to speak with folks who have had a good, positive experience with an agent. Ask you friends, work colleagues, etc. if they can give a positive recommendation on an agent. Having those names in hand, then meet with those agents to gauge how comfortable you are with them; personality clashes have no place in the homebuying process. Any good agent will gladly provide some references of their own to you, satisfied clients who are willing to speak with you. If you are not certain where you will be buying (anywhere in Chicago, anywhere in the suburbs that surround the city?), also try to choose an agent who is willing to work with you in multiple neighborhoods and communities. I have personally helped my clients buy from DeKalb to Elgin, from Waukegan to South Loop, and everywhere inbetween. It's an exciting time to be a homebuyer, and I wish you well in your adventure.
0 votes Thank Flag Link Wed Mar 3, 2010
Say Kristina,

You're probably getting sick of me commenting on your questions but something just occurred to me that you may want to know. I know you're concerned about FHA condo approvals from your other question. Wayne Beals gave me an idea that might help you.

I'm almost certain, and anyone here can correct me if I'm wrong, that HUD owned condos are exempt from HRAP and DELRAP association approval processes. That may sound unfair to non-HUD owned sellers but it is what it is. There's a place you can look at HUD owned properties in the web reference below. If you want to see if a non-HUD owned condo is approved, try this: https://entp.hud.gov/idapp/html/condlook.cfm (good luck there though).
0 votes Thank Flag Link Mon Mar 1, 2010
Hi Kristina
Make sure to check full experience, client reviews and past sales history along with a personal one on one interview at the agents office. Not only to learn about the agent but also see how active and what strenghts they have to offer you to get the most for your money when buying. Just one thing with the pre approval letter since you are buying in the next 6 months. Make sure the length that the pre approval letter is good for most banks put a time frame in which you have to renew after a dead line. If you need more information you can check my web site listed below. I hope this was helpful and I wish you all the best in your future real estate transactions.
Web Reference: http://www.maryjodaly.com
0 votes Thank Flag Link Mon Feb 22, 2010
It's great that you took the 1st step and received the pre-approval. I have a team that will work with you regarding your real estate needs and desires and we have a written 13 point plan that will do just that!! We also negotiate and issue rebates to those who work with us!! We can be contacted several ways and we give information to buyers and sellers....Would love to talk to you in the foreseeable future!!

Harold Arnold/ Marcella Cohen
Realtors
Members of the Cohen-Arnold Realty Team
harold.arnold@americaninvsco.net
312.523.8174
http://ChicagoCityHomeSales.com
http://blogtalkradio.com/infoRealEstate
http://twitter.com/infoRealEstate
0 votes Thank Flag Link Sun Feb 21, 2010
Hi Kristina,

I work primarily in the city and would be happy to help. FHA has become an essential financing tool for a lot of buyers in today's market and most of my clients these days are using them. Keep in mind that FHA requirements may be changing soon and, if they do, the upfront mortgage insurance premium could increase by 0.5% (translating to an additional cost of $500 per $100,000 of purchase price), credit score requirements could increase, and monthly mortgage insurance amounts could increase. This could make it harder for some people to qualify. Ask your lender about the upcoming changes and how it might affect you if you haven't discussed with them already.

Regards,

Chris Michaelson
312.77.AGENT
chris@312agent.com
0 votes Thank Flag Link Sat Feb 20, 2010
Hi Kristina,

I am an agent in the Chicagoland area with years of experience in both FHA purchases as a buyers/sellers agent as well as the lending side. Having the experience and knowledge on both sides gives me the advantage to let you know your available options upfront when you start looking for homes. I would be happy to help you find you FHA approved condos/homes in the Chicagoland area.

Thanks

Cherrie Catama
Newman Realty
773.490.3437 Phone
cherrie@newmanrealtyillinois.com
0 votes Thank Flag Link Fri Feb 19, 2010
I have just closed 2 weeks ago, I have a FHA loan and a real estate agent that I thought was great in the beginning but by the time of closing my feelings had changed. I'm not saying she didn't do her job but I felt my mortgage broker/lender was the biggest help to me in the whole thing,in fact I gave him a gift at closing. I just felt at times my agent wasn't working on my behalf but to close the deal,so Kristina please pick wisely and be happy with your agent.good luck
0 votes Thank Flag Link Fri Feb 19, 2010
Hi Kristina,
Interview 3 or 4 agents and pick the one that best suits your needs. Every experienced agent has had some experience with FHA and foreclosure properties. Call us if you want to to talk about your specific needs.
Marge Ruff
Century 21 McMullen
708-275-7102
0 votes Thank Flag Link Thu Feb 18, 2010
You will have lots of choices as there are thousands of licensed agents here in the Chicago area. There are things to look for if you need to go FHA vs conventional. I have been doing this for over 20 years. I do not think you need to sign into a Buyers Agency arrangement. If you are not satisfied with the agent you choose, you should be able to walk away and find another one. 60661 is West Loop and the selection of FHA friendly buildings will be somewhat fewer than in some other neighborhoods. My office is in RIver West. My web site may have some helpful buyer information.

philip
0 votes Thank Flag Link Thu Feb 18, 2010
Hi Kristina,

John Astorina, here. I have a wealth of experience with FHA purchases in both the condominium and single family house markets. As Matt suggested, it is in your best interest to interview those of us who respond here, and then enter into a Buyers Agency relationship with the agent you feel most comfortable with representing you.

Good luck, and please feel free to call on me if you have any questions.

John Astorina
Kelller Williams Realty
833 W. Jackson Blvd., Suite 110
Chicago, IL 60607
jastorina@kw.com
312-731-4383
http://www.windycityneighborhoods.com
0 votes Thank Flag Link Thu Feb 18, 2010
Kristina,
Your going to be getting a LOT of answers on this question. What you should do is call up 3 or 4 agents and interview them. Have some questions ready, and go with the one you mesh best with. I would be happy to help in any way.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Thu Feb 18, 2010
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