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60611 : Real Estate Advice

  • All84
  • Local Info3
  • Home Buying44
  • Home Selling7
  • Market Conditions1

Activity 74
Tue Jul 27, 2010
Robert Pratt answered:
Basically: Your lawyer and your real estate agent will best be abe to advise you and assist you in reassessing your transaction post-inspection.
0 votes 10 answers Share Flag
Sat Jul 24, 2010
Frank J. Schneider answered:

I would also recommend that when someone is new to Chicago that they rent first in the neighborhood that interests them before they make a commitment to buy - especially in this market renting is a good option. If the neighborhood ends up being the neighborhood that you fall in love with - then consider buying. I'm sure a sublet in the Hancock will give you the time that is required to make an informed decision.

Good luck with the move George!
Planning on a move to Chicago - contact me for honest advice.
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Tue Jun 29, 2010
Robert Pratt answered:
Perhaps we can help you narrow down your search a bit more! :)

What other amenities are important to you in a building? - i.e., are you looking for a building with a pool and a doorman and exercise facilities?
What is your ideal price range?
Are you looking to do some rehab work on a property? Or are you looking for something that is move-in ready?
Is an in-unit washer-dryer important to you?
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Sat Jun 26, 2010
Ifeta Redzovic answered:
Dear Elaine;

You need to consult with your attorney regarding all of the above concerns. As far as paying him this dependes what agreement was made between the attorney and you when you picked him to represent you in this transaction. Good luck. ... more
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Tue Feb 2, 2010
Paul Blackburn answered:
The building has a couple foreclosures/short sales. It is in a great location that is definitely desirable. The largest downside to the building is that it is one of the oldest in the area and it must compete with new buildings such as 505 N. McClurg, East North Water Building, and even 512 McClurg.

It is a nice option for those looking to buy in at a lower price point. Plus, the layouts are actually rather functional.

If you need any further assistance please don't hesitate to contact me.

Paul Blackburn
"The Blackburn Group"
Crown Heights Realty
773.771.7502 - Direct
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Thu Dec 31, 2009
Laura Karambelas answered:
I just closed on a Freddie Mac home with a buyer client and YES they do charge the buyer the transfer stamps. The addendums from Freddie Mac that you fill out and sign and are sent with your original offer explains what the buyer costs are and may be.

As stated below they offer a closing cost credit but that needs to be submitted with your original offer.

The purchase I just did with them went smoothly and closed on time.

I hope this helps and good luck!
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Wed Nov 18, 2009

If a condo building is mostly (more than 50%) renters, chances aren't very good that you'll be able to secure financing for it, so if you're not paying cash, I would suggest that you contact the Homeowner's Association to find out the exact percentage of non-owner-occupied units.

Earlier this year, both Fannie Mae and Freddie Mac started requiring 70% owner occupancy in new developments, (different rules apply to existing associations) and FHA promises to come out with new guidelines soon.

This information is usually not disclosed up front, and your agent may not question the owner occupancy percentage before putting in your bid. However, every lender out there will be requiring a Condo Questionnaire to be filled out by the Association Mangement and this is a deal killer.

For more information about buying a condo, you can click on my profile and see my blog, or feel free to give me a call.


Matt Bukovy
Sr. Mortgage Consultant
Wintrust Mortgage
3317 W. Irving Park Rd.
Chicago, IL 60618
Cell 773-416-7107
Phone 773-654-2498
eFax 773-409-5558
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Fri Nov 13, 2009
Michael Ofsanik answered:
As an FHA Fee Inspector I can offer a little insight into the 203k loan. This is a great program but has limitations and rules you must follow. This program does not work for folks who want extra money and have dad and uncle Joe fix the place up.

FIrst, you need an approved contractor. The contractor must be familiar with the program and maintain certain insurance policies such as general liability and workers' comp. You can act as a contractor but must purchase these insurance policies. All sub-contractors must be licensed if necessary. Plumbers, electricians and furnace/air-conditioner techs must be licensed in Illinois.

As for the money, the contractor will itemize the cost of repairs and once the repairs are made the contractor will request the money from the lender. The lender will release funds after there is proof the reparis meet FHA criteria. For big jobs Draw Inspections (periodic payments from the lender) may be required, it depends on the lender. To ensure the repairs meet FHA criteria an FHA Fee Inspector will inspect the work, at your expense, and submit paperwork and photos to the lender. For large jobs that require Draw Inspections you may need more than one inspection.
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Wed Sep 30, 2009
M Wallace answered:
It sounds like someone already tried to do this loan. Any lender including myself would need to see both the borrower and building profile to give you an accurate answer. There have been numerous Fannie Mae (and Freddie Mac) guidline changes over the last year and there are more changes coming. ... more
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Fri Aug 21, 2009
Ken Whitehead answered:
"This is it" No other announcements have been made by Washinton DC on this incentive. If your even thinking of making this first time purchase. Now is the time. We expect September, October and November to spike in first time buyer sales. Pick up the phone consult a Realtor. Get qualified and start shopping. Take advantage of this once in a lifetime buying opportunity.

Now is the time to move to the sunshine state : )
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Tue Aug 11, 2009
Philip Sencer answered:
OMG! I cannot begin to say how over hyped the tax incentive has been. Speak with your accountant to see what a less than big deal it is for many people. There are other more important issues for a potential buyer to consider before buying in this market. Each sitution is different.
We continue to be in a significant buyers market for most price points, property types & neighborhoods/suburbs! While there have been notable exceptions, particularly during Spring, It is much better to be a buyer & tenant vs a seller or landlord, and this will continue well into 2010. No rush to buy, tax incentive or not!

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Tue Aug 4, 2009
Adrian Huntington answered:
I think most Realtors in todays market know about the 203K Streamline Loan. The issue is getting a Realtor to try something that isn't commonplace. I have had luck with Wells Fargo and PMAC. Many Banks and Asset Managers overlook this option because they think it is too complicated. ... more
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Thu Jul 30, 2009
Donna Wisniewski answered:
More than likely the lender will not give you the loan if the property does not appraise out. This is especially true if you are going with government financing (VA or FHA loan). If you are getting a conventional loan with a substantial downpayment and the loan to value is there than the bank could still give you the loan.
However, it sounds as though you are going minimal money down therefore there are several things that could happen. The seller could reduce the price of the house (which is what they should do since they could have the same problem with another buyer. If you went with a vA or FHA loan than that appraisal will hold for that property for several months or more ( I believe it is 6 months but you will have to ask your lender.If the seller does not reduce the price and you cannot make up the difference financially than the contract will fall through.Hope it works out but it is in the sellers best interest to reduce the sales price to the appraised value. Good Luck!Donna
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Mon Jul 27, 2009
Synthia Noble answered:
That is a great question. Unfortunately, one would need a crystal ball to answer it with any sense of certainty. I agree with the earlier post that a bird in the hand is better than two in the bush.
I am urging my buyers to get under contract ASAP, so they won't loose out on the existing law which gives them $8,000 refund when they do their income taxes for 2009. why be biting your nails all through the month of November hoping your closing will be in time to get the cash.
It may even be too late for short sales since these can take months to close.
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Fri Jul 24, 2009
Rebecca answered:
its a new construction home not finished, I mean no steps,lol or laundry hook-ups etc..we have placed an offer (and was accepted) on a wonderful 200Sq ft home with .36acres and 4Br 2Ba..and 2 car garage settlement price of 175,000 WITH a 5,000 SA too..making it 170,000 in reality...our inspection is monday and we are elated and hope after the market bounces back well have about 30,000 in equity right away. I am glad we ran from the other house,lmao ... more
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Mon Jun 29, 2009
Eilean Foster answered:
First-Time Home Buyer - Your Real Estate Agent Is Just As Frustrated As You!
I have a buyer who made an offer on a bank-owned property, after 3 days the Seller's Agent called Me and said; even though she had presented THREE offers to the bank, the bank put everything on hold!! No offers were being looked at, and the Real Estate Agent was told - NO FURTHER SHOWINGS OR OFFERS ACCEPTED! The bank told the agent; "We are working on something"!!

Understand First-Time Home Buyer -- Real Estate Agents Feel Your Pain & Frustration!
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1 vote 13 answers Share Flag
Thu Jun 25, 2009
Victor Kaminski answered:
You have several options for the rehab and for the boiler but should first find out if the home is historically designated as this can made a huge difference in all the subsequent options available because of restrictions places on how changes, improvements or restoration must be done to designated historical homes.

By repo are you saying the home was foreclosed and now bank owned or....????

In any event even after a proper boiler inspection by a licensed plumber I would suggest getting a home warranty to cover the major appliances where the boiler would be included, it can save you money later if something should happen within the 1st year of ownership but these warranties can be extended as they are additional insurance.

AHS Warranty (American Home Shield)
AmeriSpec Home Inspection:

Both of the above are nationally recognized service master brand companies, we have a co-marketing agreement with so if you should choose to use them say I referred you. (Disclosure/Plug, I will get a small co-marketing fee from them) Customer Care Center at 1-888-WE SERVE (1-888-937-3783)

Either way whomever you chose to use, make sure they are licensed, experienced inspectors and or insurance companies, maybe you can even get the seller to pay for the warranty.
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Thu Jun 25, 2009
Dana Schuster answered:
You should be aware that if you do not live in the property for 3 years after receiving the credit,the $8000 must be paid back. So unless you are planning in seperate houses after marriage,filing for the credit will not benefit you. ... more
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Wed Jun 24, 2009
Christina Moscinski asked:
It does not apply only to foreclosures. So how many of you are even aware of the 203k Streamline loan that allows you to rehab a property, condo even Mixed-Use (owner occupied/retail) property?…
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Tue Jun 16, 2009
Peter Testa answered:
Ahh yes, FREE MONEY!!

It's true & I can sort out some of the questions you may have about who qualifies for it & how it works. Feel free to contact me at 203-442-3873 anytime.
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