Lana, Home Buyer in Buffalo Grove, IL

I interested 504 William Street Mount Prospect, IL 60056. Is it short or regullar sale? And how about tax?

Asked by Lana, Buffalo Grove, IL Sun Apr 22, 2012

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The property is not listed as a short sale however, a review of the tax records show a mortgage of over $600,000. The lender is listed as a private lender so it is possible this property may end up as a short sale or be part of a bigger package of properties that has that mortgage. The mortgage appears to be just recorded in 2010. The taxes are near $6800 and there is no homeowners exemption. Looking at the pictures it is possible that this property may have been an investment property. I am not sure if you would be interested but I put together a list of best buys for Mt. Prospect. Feel free to check them out:,08048692…
1 vote Thank Flag Link Sun Apr 22, 2012
504 S William St, Mount Prospect, 60056 - current owner purchased the property on 01/28/2002 for $232,000 with an original mortgage of $208,800.

Since than, the property was refinanced several times.

On August 4, 2010 there is a recorded mortgage from a Private Individual for the amount of $613,000.

In 2010 there is no way that the property would appraise for the above amount.

If you have any more questions, please do not hesitate to contact me: 847-204-8370
1 vote Thank Flag Link Mon Apr 23, 2012
This is a regular sale but there is a strong posibility it is a short sale. The taxes do not have a homeowners exemption. They would be lower for an owner that lived there. Call when you have time to see 847-212-5336
1 vote Thank Flag Link Mon Apr 23, 2012
The MLS is required to tell you if the house is short, so I would say it's a regular sale. No senior or homeowner's exemption on the taxes, so it is reflection a gross bill of 6800.00. The home seems very updated as is my listing on Wayne, Mt Prospect
1 vote Thank Flag Link Sun Apr 22, 2012
MLS does not reflect it is a Short Sale, Taxes are $6,889.52 for 2010
1 vote Thank Flag Link Sun Apr 22, 2012

It is a regular sale and the real estate taxes reflect "no exemptions" as the seller has not lived in this home in the past 5 years according to the cook county treasurer's office. If you are looking at this home as an investment, your real estate taxes will reflect "no exemptions", however if you plan on occupying the home, you will qualify for a homested exemption and will get a reduction in your taxes.

They took out a $213,750 mortgage in 2003 and according to the cook county recorder of deeds records, there are no other mortgages recorded against this property. If you'd like more information on what I found out from the recorders office or from the treasurer's office, please reach out to me.
0 votes Thank Flag Link Mon Apr 23, 2012
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