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Home Buying in 60610 : Real Estate Advice

  • All63
  • Local Info6
  • Home Buying30
  • Home Selling8
  • Market Conditions2

Activity 26
Sat Jul 16, 2016
Cathryn Browne answered:
Hi! It can be done! You're likely going to have more stringent income and higher down payment requirements by lender, but shop around because it can be done. Hope this helps.
0 votes 1 answer Share Flag
Fri Jun 5, 2015
Noah Seidenberg answered:
Good answer by Samantha, I just will add that the help screens on Trulia are pretty good,
0 votes 2 answers Share Flag
Fri Jun 5, 2015
Noah Seidenberg answered:
It depends on how old the building is and what amenities it has. Somewhere between $5 and 10K per unit.
0 votes 9 answers Share Flag
Fri Jun 5, 2015
Noah Seidenberg answered:
Chicago is different than New York in that people can get away with never driving Tony. I would suggest getting a parking place if at all possible. I am using NY because it is another big city. ... more
0 votes 14 answers Share Flag
Thu Apr 24, 2014
Michele Wilson answered:
The listing agent does not represent you!!! Find an agent who will act in your best interest as your buyer agent.
0 votes 7 answers Share Flag
Tue Apr 15, 2014
Mack Alsaidi answered:
I can help you. Feel free to contact me.
0 votes 17 answers Share Flag
Mon Apr 1, 2013
Hilary Pender answered:
You have an agent and there is a process through which your agent can file a grievance.
0 votes 13 answers Share Flag
Mon Jun 18, 2012
Matt Laricy answered:
Cant say I do, but I would speak to some good lenders. They would be able to help you out with this.
0 votes 1 answer Share Flag
Thu Sep 8, 2011
Clifford Roule answered:
Try https://www.prospectmortgagedirect.com/homepath/
0 votes 14 answers Share Flag
Fri Nov 19, 2010
Dallas Texas answered:
When you are closer time purchase approx. 90 days out contact a mortgage broker who can work with your entire file.

Your 09' tax return would be complete, self employment will require CPA author statement for underwriter review confirm your professional status, any credit card balance of 50% or more owed pay down NOT CLOSE ACCOUNT, your credit scores will increase.

GREAT question and well authored .

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
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0 votes 14 answers Share Flag
Mon Mar 22, 2010
Ken Dooley answered:
A lot was planned in the area and a lot has been done over the last 10 + years. However, all that has stopped and not much will happen in the immediate future. Banks won't lend and that will prevent new dvelopment for quite some time. There's no doubt the location is close to downtown but the only person that can feel safe in any area is you.

Good Luck,

Ken Dooley CIPS, ABR, TRC
Conlon: A Real Estate Company
(312) 305 4919 cell
kdooley@conlonrealestate.com
... more
0 votes 4 answers Share Flag
Tue Jun 23, 2009
Person answered:
You really have to ask? Did you even see the property in person?

You'd think the boarded up project building right next to 825Hudson, the cop cars patrolling the area and all the run down public housing units on the street would answer your questions. ... more
0 votes 1 answer Share Flag
Tue Jan 6, 2009
Joe and Jean Marella answered:
Finding a real estate agent to help you in this situation is a great idea. But please be upfront with that person on what you expect. You may find yourself developing a relationship that allows this agent to keep you informed of properties quickly that you may be interested in. ... more
0 votes 5 answers Share Flag
Mon Dec 29, 2008
Christopher Thomas answered:
Dear Bea,

To answer your question a little more generally, all condo associations are individual. They are all governed by the same laws in Illinois, and generally speaking they follow the same rules. However all associations are different, and thus they may have different requirements of new buyers.

While most condo associations in this particular market have not been exercising their "right of first refusal" a surprising number of condominium associations still have that right. It is surprisingly only because that particular "right" in a condominium's declaration has historically been used (though not always or by all associations) as a way to discriminate against new buyers in ways that violate Federal Fair Housing laws. As a result many newer condo associations have removed that provision from their declarations. And while most of the answers here did not state why a condo association might want to exercise this right, let me offer one scenario that I've seen a few times.

Assume that you have a condo association that has been around for 25 years, and as a result of good planning and fiscal discipline has a substantial reserve amount of cash on hand. The condo association might want to lower the amount of assessments that it charges owners on a monthly basis. One way to do this would be for the condo association to purchase a unit that is up for sale with some of the available cash on hand. The association could then rent out that unit and forward the monthly rental amount directly to their reserves.

The association could then reduce the amount of each owner's monthly assessment by the corresponding amount of rent that is being paid in to the association by the rental property. While this scenario makes most sense with condo associations that have large cash reserves, other younger condo associations might want to take similar steps for different reasons (i.e. tax benefits).

Given that most condo associations do not take particularly hard looks at the financial wherewithal of their owners (as opposed to cooperative associations), I would not bee too concerned if I were you about the buyer approval process. I've also seen associations who just want to meet and greet their new neighbors call board meetings with new potential owners. And as innocuous as that sounds, I would still suggest only going to the meetings that you are required to go to to get yourself approved by the board.

If you have any other questions or need any additional assistance, then feel free to contact me at any time.

Sincerely,

Christopher Thomas
Broker Associate, Sudler Sotheby’s International Realty
1634 E. 53rd St. 2nd Floor Chicago, IL 60615
773-418-0640 (mobile) 312-577-0985 (fax)
Christopher.thomas@sothebysrealty.com
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1 vote 6 answers Share Flag
Mon Dec 29, 2008
Ken Dooley answered:
Hello Bea,

Make sure you connect with an agent that knows the area well. Local agents are through similar properties on a regular basis and have the abaility to compare apples to apples. The MLS is a resource that levels the playing field for all but it's the local knowledge that a local realtor brings to the decision making process that can make the difference between selecting one location over another.

The 1200 block of Dearborn is great. Best of luck, Ken Dooley.
... more
0 votes 2 answers Share Flag
Wed Dec 24, 2008
Will answered:
I went to see this building not too long ago. Their pictures are deceiving along with their model unit.

First, their listing agent @ ksgmac has no idea what is standard and what isn't. The building is pretty much finished and they can't tell you what will come with and what will be an upgrade?

Secondly, there was a bullet hole (maybe from a bb gun) on the first floor model unit.

Third, They seem to be downgrading appliances to fridgidaire from kenmoore that they have in model unit, without lowering price. Why spend so much time trying to fool us with better products than you inted to provide?

They also seem to have many units Under Contract for the last few months with nothing really closing. It could be alot of factors, but in today's market it doesn't seem like anyone's going to get a loan without 51 percent sold.

Investment wise i'd say it can be if they don't mess it up beforehand. They offer rent to own programs on a few of their units. with the other units all under contract. Their 299k unit is now part of a multi-offer and they say multi-offers more than not, fall through.
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0 votes 4 answers Share Flag
Thu Dec 11, 2008
Kale Realty answered:
Hi Bea

Yep- There are actually five units on the market at 1250 Dearborn. Two are "B' tiers which I know face east- Then two "A' tiers and one "C" tier if I remember correctly faces west.

Great building and they do allow W/D in unit

I would be happy to email you these listings- Shoot me an email at nick@kalerealty.com
... more
0 votes 1 answer Share Flag
Thu Dec 11, 2008
David answered:
all financial experts are predicting further drops. the values range from 5%--20% off the current market price (which probably has already seen a 15% or so reduction)

these are just averages, though. some locations will drop more (40%-50% anyone?) while others will drop less, or maybe not even drop at all...(yeah right) ... more
2 votes 14 answers Share Flag
Tue Oct 28, 2008
Gina Fallon answered:
Hi Bogdan,
This beautiful building was built in 1988 and includes 196 units. The monthly assesments include heat, air conditioning, water, common insurance, doorman, exercise facilities, exterior maintenance, scavenger, snow removal. Some amenities of the building include a bike room/bike trails, door person, coin laundry, elevator, exercise room, storage, on site manager/engineer, sundeck. Small pets are allowed and may require a deposit. I hope this helps.
By the way, what floor are you interested in?
Should you want me to find out more information, feel free to contact me via cell or email. Thanks!
... more
0 votes 1 answer Share Flag
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