Home Buying in Glen Carbon : Questions & Answers

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dedesellman, Other/Just Looking in Glen Carbon, IL
dedesellman answered:
got a home on contract for deed from a non profit corp for 138,000 why are we req to carry 300,00 in insurance. this took our payments up 200.00 more.
The replacement cost on the home is what you are insuring. It doesn't matter how much you purchased the home for. Your agent should have done a replacement cost estimator to find out ho ... more
0 votes Share Flag Wed Jul 31, 2013 Home Buying in Glen Carbon
Mom_of_too_m…, Home Buyer in Glen Carbon, IL
Mom_of_too_many asked:
When someone purchases a tax lien, that lien will still need to be paid before we can close on the house? It should still come up on a title search? The seller's agent is making it sound like the lien will no longer exist. That isn't the case, someone else is just assuming the tax debt and they will need to be paid with interest.…
0 votes Share Flag Wed Mar 17, 2010 Home Buying in Glen Carbon
Cherrie Cata…, Real Estate Pro in Chicago, IL
Cherrie Catama-Smith answered:
I'm currently under contract to purchase a short sale. The 1st bank has approved the offer and now the 2nd bank is reviewing the offer. We also
Hi Mom of too many,

The tax liens will not affect your transaction. The current owners or the bank are responsible for the taxes on the property. When the transaction closes, they ... more
0 votes Share Flag Wed Mar 17, 2010 Home Buying in Glen Carbon
Marge Winslow…, Real Estate Pro in Edwardsville, IL
Marge Winslow Haworth answered:
Can you buy a house contract for deed when the owner still has a mortage on the house. If so who would have to carry the insurance?
Hi Amricha,
In short yes you can. The seller would still hold deed until pay off- usually 36 months. That would give you time to get credit issues in hand. A contract can basically sa ... more
0 votes Share Flag Sun Nov 1, 2009 Home Buying in Glen Carbon
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