IL is not my area but I did see another buyer make an offer like that last week in my office. The seller would not consider the offer. The listing agent called the next day saying the buyer wanted to make another, higher offer. The seller would not consider another offer from this buyer. Didn't even want to look at it.... more
Unfortunately this property is not currently listed for sale, it's in a pre-foreclosure. RealtyTrac is listing homeowners that are in pre-foreclosure and/or have missed mortgage payments, these homes are not always available for sale and in many cases will not be if the homeowner catches up to their mortgage payment. Some foreclosed properties are pending eviction and therefore are not on the market either.
If you would like a list of foreclosed and available properties I can e-mail it to you from a better source that provides only the currently available for sale/viewing homes.
RE/MAX AT HOME
Certified Short Sale and Foreclosure Specialist... more
Foreclosure rate for single family homes is high in Chicagoland, the prices have dropped and it is a good time to buy. Land on the other hand is harder to purchase with a great discount. By the time you purchase a lot, get the water and sewer running, get manufactured home and get it all hooked up and running....well, I think the cost would end up being much higher than a nice home, even if it is in need of some minor repairs or updates.
You also need to look at it as an investment, when you are ready to move and sell your house in few years, how many buyers would be interested in a manufactured home rather than a nice brick?
Good Luck! Anna... more
Unfortunately, you're in a tough position. I would recommend having your Realtor and Attorney light a fire and speed up approval period. Is this a short sale or foreclosure? If so, the bank (seller) may be taking time to determine penalties, amount owed, etc. That process can take up to 8 weeks or more. The only other thing would be if someone came in with a better offer than yours and are trying to irritate you out of the transaction. In that case, yes, there is a possibility to sue for specific performance. Make sure your ducks are in place (mortgage, down payment, etc.) and go after what you agreed to.... more
It's going to start picking up later this year. As soon as properties start appreciating again and short sales and REO's slow down there's going to be a mad dash to beat the interest rate rally.... more
Your agent might be right! There is a statutory redemption period that occurs after a foreclosure. It is highly unlikely that the person who owned the house can pay all the attorney, interest, late fees and mortgage off, however our state laws allow a period of time for the person to reclaim their house. You could call your real estate attorney to track when the proceeding were held and let you know when the foreclosure will be "saleable" again. I am not an attorney but I have read recently that the Illinois State laws on foreclosure are being re-examined by many because the laws are not very clear. I do recall that there are different timelines for residential primary residences and non-residences. If the subject property is the Borrower's primary residence, the Borrower may Redeem the subject property within Seven (7) Months from the date the Borrower was served with summons or by publication or no later than Three (3) Months after the Judgment of Foreclosure is entered, whichever is later.
If the subject property is not the Borrower's primary residence the Borrower may Redeem the subject property within Six (6) Months from the date Borrower was served with summons or by publication or no later than Three (3) Months after the Judgment of Foreclosure is entered, whichever is later. I do think that everyone wants the laws to be fair and more clear than what they are presently.... more
Conventional financing would be the route to go. It will require 25% downpayment and interest may be higher. But the big question is who will manage the unit while you are overseas. I know of some companies but management usually is 10% of the rental value.... more
That sounds like a good value to me, for Mount Prospect. Have you shopped a lot and compared it to your other choices? 2 bedrooms up and 2 down will appeal to some buyers and not to others-but you only need one buyer when you sell it years from now. The big yard and train are nice features. Have you gone out with your favorite Realtor for a day or 2 and asked their opinion of this house, while they also do a market analysis for you?... more