Home Buying in 60622 : Questions & Answers

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BJ Patel, Real Estate Pro in 60515
BJ Patel answered:
I have a modification on my house loan and it is also an fha loan as a first time homebuyer. unfortunately I had to file for chapter 7 in 2013.
If it's a chapter 7 bankruptcy you would have to wait 2 years after it's been discharged. Chapter 13 is 1 year after it has been discharged. Best solution contact a lender and get pre-a ... more
0 votes Share Flag Tue Feb 10, 2015 Home Buying in 60622
Dirk A. Gould, Real Estate Pro in Chicago, IL
Dirk A. Gould answered:
Foreclosure auction has been canceled by bank, given my initial short sale offer. This should be a good sign, but will my offer be accepted by bank?
The proceeding could have been cancelled for a variety of reasons. I don't think you should get your hopes up based on that info alone. Stay on top of this. Have your agent and attorney ... more
0 votes Share Flag Thu Jan 15, 2015 Home Buying in 60622
Steve Burgess, Other/Just Looking in San Juan Capistrano,...
Steve Burgess answered:
If you are paying $2000 or more in rent at this time why would you pass up the opportunity for a permanent investment and pay less for a mortgage?
Yes it is true that investing in a purchasing property, can be a smart idea. Where it not only helps in saving money from future of view, but also works well in saving excess expenditur ... more
0 votes Share Flag Fri Oct 24, 2014 Home Buying in 60622
Newman-Mitri…, Real Estate Pro in Near North Side, Chi...
Newman-Mitrick RE Group answered:
I am looking at a home being sold as an Estate Sale. It's listed at 119.5k. Last updated 20 yrs ago. Would $95k be considered a low ball offer?
List price is irrelevant- the only thing that matters is what the home is worth. If it's worth $80K and you offered $95K then you'd be significantly overpaying.
0 votes Share Flag Wed Mar 12, 2014 Home Buying in 60622
Brad Neumann…, Real Estate Pro in Downers Grove, IL
Brad Neumann - NMLS 948036 answered:
Looking at buying estate sale house and asking price is $138,500 but under online assessor web site shows estimated market value on it is $113,850
If you have a realtor, ask them and this is part of the negotiation. I have worked in the area for the past 15 years and work with several quality realtors in Chicago. Our company wor ... more
0 votes Share Flag Tue Oct 8, 2013 Home Buying in 60622
TERRY MCCARL…, Real Estate Pro in Cape Coral, FL
TERRY MCCARLEY answered:
I have a question! My exhusband and I purchased our first home in 2010 while we were still married through FHA. Right away he abandon me and our kids
As others have told you this needs discussed with an attorney as soon as possible!
0 votes Share Flag Thu Oct 3, 2013 Home Buying in 60622
Matt Hoyt, Real Estate Pro in 60035
Matt Hoyt answered:
In the process of purchasing a rehab. 2 flat condo. I have found out that no permits were taken out, no inspections made. Is this a red flag.?
Yes! Run for your life. AS long as no electrical or plumbing was done, you should be ok with the City permit wise. Definitely get a great inspector. I know many.
0 votes Share Flag Thu Sep 26, 2013 Home Buying in 60622
Santiago ken…, Real Estate Pro in Chicago, IL
Santiago kensel Sanchez - CDPE answered:
On FHA Deed of Trust, Non-Uniform Covenant paragraph #17-Assignment of Rents, does this apply to a Residential home care at your home?
Definitely to residential properties
0 votes Share Flag Thu Sep 26, 2013 Home Buying in 60622
Daniel Mirea, Real Estate Pro in 60641
Daniel Mirea answered:
I put an offer on a home where the owner had past away.The family wants to walk away from it.Would this be a short sell as there was a mortage on it?
If you want to buy it at this stage you should convince the family not to walk away and to do a short sale. Get a good Agent and a good Attorney asap!

Otherwise will go in Fore ... more
0 votes Share Flag Thu Sep 26, 2013 Home Buying in 60622
Daniel Mirea, Real Estate Pro in 60641
Daniel Mirea answered:
I'm purchasing a home and later turning it into a Group home care for seniors. How does that affect my loan through FHA?
Can you do conventional? FHA will not work! Talk to your loan officer and your Attorney and they will advise you on this one also!
0 votes Share Flag Wed Sep 25, 2013 Home Buying in 60622
Daniel Mirea, Real Estate Pro in 60641
Daniel Mirea answered:
Best Home Warranty company?
i also use HWA . Liane Luckett is the best in the industry!!!! She can work with you on the price!
0 votes Share Flag Wed Sep 25, 2013 Home Buying in 60622
Jeff Nobleza, Real Estate Pro in 60640
Jeff Nobleza answered:
After you have purchased a home and some how the city inspector have cited that permits were not applied for for a rehab. Can the buyers contract?
Lines 179 and 182 seem to address deed and title.

At closing did the title commitment note exceptions? What was discussed in your attorney review period prior to closing? Did you ag ... more
0 votes Share Flag Wed Aug 7, 2013 Home Buying in 60622
Wefixbadcred…, Other/Just Looking in Texas
Wefixbadcredit.org answered:
A family friend's father past away leaving a debt on a house. The Mortgage is more the the market value.
How is your credit? I say fix the credit and buy it yourself!
0 votes Share Flag Thu Sep 27, 2012 Home Buying in 60622
Chicago Mort…, Real Estate Pro in Chicago, IL
Chicago Mortgage (JP Marzano) answered:
Looking to refinance a condo not currently Fannie Mae or Freddie Mac owned. Issue is that owner owns 10 financed units. Any lenders out there?
Hi Albert...
Many factors are used in determining eligibilty for Fannie acceptance on condos these days. Sometimes Fannie Mae will make exceptions...it just depends on the entire scena ... more
0 votes Share Flag Fri Aug 24, 2012 Home Buying in 60622
Anthony Cava…, Real Estate Pro in Channahon, IL
Anthony Cavalea IV answered:
We are purchasing an "estate sale" home. It is full of items. Do we have to hold the items for x amount of days after we take possession?
I would still talk to my attorney. We agents in Illinois have no idea how it works in Washington. You may legally be required to do a personal property eviction. Check with a real estat ... more
0 votes Share Flag Sat Feb 25, 2012 Home Buying in 60622
Sara Buyer, Both Buyer and Seller in 60622
Sara Buyer answered:
Experience with Smart Tech homes in Chicago?
Thank you, Seth! Your response matches our findings on a walkthrough. Glad to see a pro validate our gut feel.
0 votes Share Flag Sat Feb 18, 2012 Home Buying in 60622
Deborah Smith, Real Estate Pro in 60452
Deborah Smith answered:
are there lenders that wil loan with credit score of mid 5's?
Improving your credit scores by contacting a reliable specialist in credit repair would be your first step in buying a home. The better the credit score the better the interest rate the ... more
0 votes Share Flag Sun Jan 29, 2012 Home Buying in 60622
David Barr, Real Estate Pro in Venice, FL
David Barr answered:
My daughter is buying an estate sale house. The agent told her there is no disclosure statement required in an estate sale. Is this true?
In addition to the answers provided here, she may have been required to make an as-is offer with right to inspect, or sign an an as-is with right to inspect addendum, depending on the s ... more
0 votes Share Flag Wed Sep 28, 2011 Home Buying in 60622
Scott Godzyk, Real Estate Pro in 03109
Scott Godzyk answered:
Is it legal to tell a buyer they need to get pre-approved by a specific bank?
They can require you to get a pre-approval but can not make you use a specific lender. It is actually quite common for banks to ask for a rpe-approval from a specific bank. The reason b ... more
0 votes Share Flag Sat Sep 24, 2011 Home Buying in 60622
Gerard J. Ca…, Real Estate Pro in Spring Hill, FL
Gerard J. Carney answered:
If the seller is an Estate and the agent listed at a certain price, how is it that the Bank can say "no" and raise the sale price?
The asking price was never set by the bank, they have allowed this sale to allow the owner now seller to get out from under the debt by selling the property before the bank decides to j ... more
0 votes Share Flag Tue Jul 26, 2011 Home Buying in 60622
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