I would rent it until prices come back to where you can sell it. Get a current rent and sale price analysis from a local Roger's Park Realtor. Discuss what a short sale would do to you and for you with your attorney.... more
I can't speak towards the safety of one place over the other. Crimes happen in the Gold Coast and they happen on the West Side. Drive around the area. See if its an area you feel comfortable around; even better: Get out and walk around.
Let me know if there's anything I can do to help!... more
You can go to www.spotcrime.com, type in an address within the city of Chicago and it will give you a report of the crimes that were committed within a 2 mile radius of that address. I hope this helps.... more
Banks don't want to handle sales on their own, and usually hire a real estate broker to do it; therefore, most REO' s and short sales will be on the MLS, and accessible to any member of the Multiple Listing system.
Each purchase, whether it be short sale, auction or REO property, has its pitfalls to avoid, and it's best to team up with somebody (i.e., a Realtor) experienced in the process.
It sounds like you have been doing some homework regarding being fully aware of the property liens; also take into consideration any unpaid taxes and/or assessments.
Just know that purchasing ANY property (foreclosure or through the original owner) under market value (preferably at least 20% - 30 % below market) can be a good deal for you, but you must take into consideration the condition of the property and the potential repairs. REOs, short sales, and foreclosures are not automatically the best deal just because they are foreclosure properties. You can often, especially in this market, get a better deal just dealing directly with distressed owners.
One of the pitfalls of purchasing foreclosed property is buying into blindly, since the new owner will have no knowledge of the history of the house, and will, in most cases, be selling it "as is".
That's not to say you can't eventually find a pretty spectacular deal on a short sale, REO or foreclosed property. Just make sure you do your due diligence, that you understand you will be likely competing with multiple offers, and that you may have to wait a long time to find out whether or not your offer is accepted.
Here is a free resource from the Chicago Tribune. It updates daily freshly auctioned property: http://chicago.chicagotribune.il-foreclosure.com/?src=ctcobrand You have the option to purchase further information, although, with the address alone, you will be able to dig deeper into public tax records.
As an aside, Rogers Park was becoming saturated with condo conversions; I wouldn't be surprised if with the help of a crafty Realtor you couldn't find some great deals to purchase from distressed would-be flippers.
Good luck.... more
There are several disclosures that should be included when purchasing a condo or home. 1 is the Real Property Disclosure. This form asks the owner to let you know of certain troubles with the unit, building or home of which they are aware. This last part is so important because the owner does not need to get an inspection done to discover any troubles. The form asks if they are aware of any troubles in these areas (i.e. roof, plumbing, fireplace etc).
The other disclosures are similar and address lead based paint, radon and mold.
If you are home hunting then your Buyer's agent will be sure to get these for you on any property you are interested in. Please call for more information and some direction on homes that meet your needs.
The Realtor Who Listens to Your Needs.