It can be a long process to process all the short sales on the market. The problem with that is timing. If you can wait, you can usually find a deal. If you can't I would not suggest a short sale.
It depends on your situation.... more
It depends on your income qualifications as well. There are no 1st time homebuyer programs that I am currently aware of, state or federal, so that really does not matter at the current time.
3 years BK discharge should be ok - but you may need 20% down.... more
Schaumburg has first homes starting at about 30K for a studio condo.
Some first time buyers have waited and saved a lot longer, choosing a 300k+.
Average it all together and I think about $137,500.... more
Definitely contact a reputable lender that is experienced in credit repair. Do this prior to paying off any debt or creating any new debt. The tri score pull is tricky and you need to know how to gain points and how you lose them. Best of luck!... more
The house you are talking about is 3631 Grayhawk. That home is pending. It was listed for $599,000 and is a short sale. If you have any questions about this home or about the community please don't hesitate to contact me. Great area of Algonquin!... more
It will take quite a bit of work and will not really give you a true picture, as some towns have multiple school districts and are in several counties. The way that I think would help you the most is to have your favorite Realtor send you the listing data on the homes in your price range , have the features you want/need/dream of and in the areas that make sense from a commuting standpoint. Then you could skim down the list and decide what is too much. Generally Cook County is lower for residential property than the surrounding counties. Schaumburg and Elk Grove do not levy a village tax, like most of the neighboring towns, so they can be hundreds or a thousand less. If you want a list of available homes with all the data and inside pictures, let me know.... more