Elizabeth Splitt

There are many things to know when purchaseing a foreclosure home.
A foreclosure is typically listed in Multiple Listing Service through an agent representing the bank that owns the home. Your Realtor can make an appointment just as you would typically do to for any home on the market. They usually require certified funds for your earnest money, as sold "as is", and allow a 100% tax proration (typically 105% in Lake County), This is usually stated in the remarks section of the listing and a red flags to let you know that the home is a foreclosure. There is usually and addendum attached to the purchase agreement which is signed at the time of the contract offer. While you are buying the home "as is" you are still able to have a home inspection but may not ask the bank for any repairs needed. You also have the opportunity to back out of the agreement if the issues with the home are not acceptable. A good attorney and Realtor will help guide you through the process.
There are also pre-foreclosure homes available. These are typically called short sales. The owner still owns the home but currently owes the bank more than the home can be sold for in todays market. These homes are also listed in the Multiple Listing Service and can be seen with a Realtor. The contract is negotiated with the seller and accepted pending bank approval. The seller would then take the contract to the lender and ask to be release from the remaining portion of the loan owed by the seller. This process in my experience can take a much longer time to go through the whole process. The buyer will need to be patient while the bank sends the papers through the whole process (typically months). These homes are also usually sold "as is" since the sellers have no money to make the repairs on the home.
Hope this helps to clarify the differences. Feel free to let me know if you have any other questions. I would be happy to help. - Wed Oct 1 2008, 07:23

You can call the school at 847-543-5700 and ask them directly, rather than hearing from other people. I know when my son went there, we did not have the pre-school option at Meadowview, I think it was only offered at Woodview (although I could be wrong about that). I would imagine that the space does fill up quick so I would call and see if there is a list you can be on. This way you will know for sure in the fall. - Fri Sep 12 2008, 11:06

You should have the mold tested to find out the type. A mold inspector can then let you know the health hazards for that specific type. You can then also have a mold specialist give you a quote on taking care of the issue. If you are able to, you can then request the owners to take care of the issue or ask for a credit to have it taken care of when you take possession. The problem could arise if the mold has traveled through out the home. - Tue Sep 2 2008, 06:41

The agents responding already are correct. This home was owned by a person that was relocated by their company. Prudential most likely bought the owner out so they can then go an purchase another home where they are being transfered to. This allows the original owner to start a new job with the company.
Prudential relocation know owns the house for the relocation company. This is also called an inventory home to agents.
When putting in an offer on the home there will be some addendums to the contract stating that the owner (Prudential Relocation) has never occupied the home. You will be able to see the disclosures from the owner that did live there before. Be prepared to wait for answers when negotiating an also for the final signed contract. - Tue Aug 19 2008, 14:44

For a detached single family home the adverage days on the market for the past 3 months that have closed has been 97 days on the market. This has slowly been dropping. I have also included the other price ranges in case anyone else would like to know.
Less than $149,999 days 170
$150,000 - $199,999 days 243
$200,000 - $249,999 days 130
$250,000 - $299,999 days 97
$300,000 - $349,999 days 77
$350,000 - $399,999 days 236
$400,000 - $449,999 days 27
$450,000 - $499,999 days 153
$500,000 - $549,999 days 60
The following is for attached single family homes (townhomes and Condos also)
Less than $149,999 days 145
$150,000 - $199,999 days 178
$200,000 - $249,999 days 167
$250,000 - $299,999 days 139
$350,000 - $399,999 days 14


For an attached single family home the details follow: - Mon Aug 11 2008, 08:08