Joe

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I currently have a condo on the market in Chicago and it is not selling. I have relocated and we are in

Asked Mon Jul 7 2008, 14:32 by Chicago - Chicago - Foreclosure - 7 answers

Joe answered:

put the new property in a land trust first of all. Second, a lease with option is the way to go. If tenant pays directly to the bank for 12 straight months, he/she may be able to acquire your property via a land contract. This would serve really as a refi, rather than a purchase. That means no realtors have to be involved. The commission being a non factor may make it easier for the buyer to get a lower price, and you, the seller keep more of the proceeds. - Mon Jul 21 2008, 14:02

Are foreclosure and short sales really a bargain? From what I am seeing, many foreclosure prices are pretty

Asked Thu Jul 17 2008, 10:30 by Mark10 - Chicago - Market Conditions - 8 answers

Joe answered:

Something to keep in mind is the precise reason so many homes are getting to the foreclosure status, which is the owners/sellers have either maxed out the equity by the refi boom over the past 15 years, as well as buying homes with no money down, and even in some cases acquiring loans which were actually over 100 percent financed(103% for example). Now that values have declined, many of these loans are upside down, in other woeds the amount owed to the lender is more thatn the value of the property. Now is the time when quality, informed, eduacated realtors are very helpful (like myself haha). Due dilligence, as well as aggressive negotiating can facillitate the purchase of homes at 65-75% of the actual value. My answer explains why you may see homes being foreclosed on, which may not seem like great bargains. - Mon Jul 21 2008, 13:38

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