Although I agree one should avoid the "egotistical" attorney, there is probably much more harm done by unscrupulous home inspectors and real estate agents/brokers. Most home inspectors are not well trained, and agents have a tremendous financial incentive to close the deal. If a deal goes south, it is not an easy process for the escrow companies to return initial earnest money. A strong attorney goes a long way in getting money back. All three parties SHOULD be working in your best interest, but many times only the attorney has no vested interest in the deal one way or the other. There are too many shenagans in todays foreclosure market to name them all. Watch out for attorneys over protecting your interests. Keep all your advisors in the loop and make the best decisions for yourself. Re home inspectors, even though our parents didn't use one, they can save or cost you thousands. Choose all your team wisely. Chris Brown... more
You can find out what homes are in foreclosure by finding out where they publish it in the paper as all foreclosures have to be published . A Title company will know what papers to look in. A Realtor can also help you immensley in saving time and energy and making sure you know what to do and help you with the process. They are the experts to go to. Hire your own, do not use the listing Realtor as they are already representing the seller to get the highest and best price. Hire someone to be your advicate.... more
It all depends on if the "older" home has historic qualities that "newer" homes do not. Older brick homes w/ stain glass windows and hardwood floors certainly attract more attention than vinyl siding and flooring.... more
Vee have you considered working with Neighborhood Housing Services of Chicago. They have been around since 1975 and specialize in working with first time buyers. They are HUD certified and have a lending division that does conventional loans with only 3% down and can include any rehab money if the property needs work or you want to remodel. Their rates are market rates and are not based on credit scores. They have offices all over the South Side and have on in Chicago Lawn/Gage Park at 2609 W. 63rd Street.
check out their website www.nhschicago.org for more info.
James and Mark have pointed out the bottom line. It is entirely up to the seller to accept, decline or counteroffer. If your looking for something to back up your offer of $125k, have your agent research recent sales.
Submitting your offer with comparables to back it up is your strongest position. Even an unrealistic seller will pay close attention to the comparables as it limits the financing opportunities for their list price.
If you find that the comparables don't support your offer. Place in an offer and see if you can get a deal.