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Cytgrandma4, Home Buyer in Chicago, IL

Is this a short sale? What kind of repairs are needed? Can a FHA loan be used?

Asked by Cytgrandma4, Chicago, IL Wed Jul 13, 2011

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This question is about this property: http://=www.trulia.com/property/3053138152-6337-W-ADDISON-ST-CHICAG… target="_blank" rel="nofollow">http://www.trulia.com/property/3053138152-6337-W-Addison-St-…

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Answers

7
HI there!

Thank you for posting a question about the property listed for sale at 6337 W Addison.
Per the MLS database, this home is already under contract.

Are you searching for a home in the area?

Are you looking for a property that needs some work or would you like to find a home that is more move-in ready?
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Wed Jul 20, 2011
This property was not a short sale or foreclosure. However it is under contract. If you e-mail me directly at clb921@comcast.net, I can send you others in the area.

Thanks,

Cheryl
0 votes Thank Flag Link Thu Jul 14, 2011
P.S. It is not a short sale and the repairs "APPEAR" to be cosmetic updates. Also, provided the home is in "livable" condition and does not have any FHA guideline violations (no way to tell from the pics) it should qualify for FHA, provided so do you.
0 votes Thank Flag Link Thu Jul 14, 2011
Hello Cytgrandma,

As previously stated, this property is under contract as 6/20/2011, but you have options

I checked the area for similar homes and found 5 possibilities ranging from $95k - $149k, minimum 3 bedrooms 1 bath.

I suggest you use a buyers agent to help you navigate your way through this (or any other) market. A buyers agent is at no charge to you. Your buyers agent will send you updated & available properties vs the outdated information you find on most other real estate websites.

Your buyers agent will schedule appointments to go see, negotiate on your behalf, prepare the documentation, i.e. purchase contract and secure the disclosures, assist you with resources, i.e. attorney, lender and home inspector referrals and so much more.

Feel free to contact me directly to further discuss your options on the Addison home and possibly set up your game plan to assist you with your purchase.

Good luck!
0 votes Thank Flag Link Thu Jul 14, 2011
short sale is a bank sale like an reo but the owner of the house is facilitating the transaction.. its similar...TLC means lots of repairs..FHA is always a possible..mark as helpful and contact me
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Thu Jul 14, 2011
This one was been under contract for about 1 month. Trulia is a ppor site to use if you are serious about buying. Try realtor.com or my web site if you are not rady to work with an agent.
It is unclear whether 'needs tlc' means too much work for FHA. In order to go FHA the property needs to be in good shape and in the current market they look at everything more closely.
The FHA 203K rehab loan is an option, but there is lots of paperwork and hoops to jump to get it done so try to avoid it.
0 votes Thank Flag Link Thu Jul 14, 2011
Currently this home is under contract and is not a short sale. An FHA loan can be used on almost any home. If to many repairs are necessary than I would recommend an FHA 203k Rehab loan. It would give you the money needed to complete repairs.
0 votes Thank Flag Link Thu Jul 14, 2011
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