Property Q&A in Chicago>Question Details

Jerry Granvi…, Home Buyer in Calumet Park, IL

how can I find who owns a property that is for sale, and how can I negotiate a price if the bank owns it or propose some creative finance for it?

Asked by Jerry Granville, Calumet Park, IL Thu Mar 24, 2011

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This question is about this property: http://www.trulia.com/property/3034146289-7807-S-Marshfield-…

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Answers

9
If your looking to buy, you should get a good buyers agent. This way you have someone to walk you through the buying process, at no cost to you. Interview two or three agents and go with the one you mesh best with.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Sat Mar 26, 2011
OOoooppps, forgot to give you Mary McElree's number: 312.274.4139
0 votes Thank Flag Link Fri Mar 25, 2011
Hi Jerry,

Good answers here and all are relevant.

The most prevailing is that more likely than not you will need to pay cash for this property & second most prevailing is work with a buyers agent. Let him/her do the leg work for you.

Your buyers agent is at no cost to you and he/she can save you a "boat load" of time, energy & efforts, not to mention the expertise you acquire.

Just a thought...you may want to consider a 203k loan, not sure it will work due to the fact that the asking price is too low to qualify for a "conventional loan" but perhaps with the repairs added in it just might. Talk to Mary McElree @ Wells Fargo, she specializes in these types of loans.

Good luck!
0 votes Thank Flag Link Fri Mar 25, 2011
Dear Jerry,

Please know that this property is likely to be sold only in a "cash" transaction. Based on my experience working with buyers now trying to procure properties in the $ 10,000 to $ 40,000 range, I have found that it is virtually impossible to get loans, & 100% cash deals prevail. Most buyers are unable to get the financing they need from banks due to state lending laws and regulations preventing closing costs from exceeding 2 or 3% of the homes value. Please know that these regulations were put in place to prevent lenders from charging the people extra fees for larger, more expensive transactions, however now it prevents most banks from doing these kinds of loans. With that said, another option you may explore the possibility of requesting a small personal loan not mortgage from your bank. I am not sure what the requirements are for these kinds of loans, but you might be able to work something out based on your assets & collateral.
0 votes Thank Flag Link Fri Mar 25, 2011
You really need an open minded Realtor to help you. If you are not able to pay all cash, a private, hard money lender might help you arrange temporary financing for purchase and repair money. Rates and costs will seem so high that the lender seems to take an equal partner's share.
Loans mature in 6 to 12 months.

If you had a partner with cash to buy and repair, your chances to buy a 2 flat for 20k would be much better.

If you are a wholesaler who actually has no money to complete this deal, you will be lucky to even get it under contract.

If you want to further discuss call me.
You could search the entire MLS on my website if you are not ready to work with a Real Estate Agent yet.
0 votes Thank Flag Link Fri Mar 25, 2011
Contact a realtor that will find out the listing property information that will give to you the resources as far as viewing
the property,negotiating the price for you, and the financial terms that apply to purchasing this building.
Deborah Bergthold-Smith Classic Real Estate 708-267-5552
0 votes Thank Flag Link Fri Mar 25, 2011
Price is always negotiable in theory, but forget about creative financing. This building does not qualify for financing. You need to pay CASH and so will every other property offered at 20K.
0 votes Thank Flag Link Fri Mar 25, 2011
You should speak with a Realtor. They have access to all the info you need.
0 votes Thank Flag Link Fri Mar 25, 2011
Talk to an agent in the area. That's what they do for a living.
0 votes Thank Flag Link Thu Mar 24, 2011
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