Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

60617 : Real Estate Advice

  • All19
  • Local Info1
  • Home Buying7
  • Home Selling5
  • Market Conditions0

Activity 17
Fri Aug 19, 2016
Sheree asked:
hello everyone. My question is Would anyone buy a town house with water damage for 40,000 or 55,000? And well our mortgage company try and garnish wages if we walk away from the house? Every…
0 votes 0 Answers Share Flag
Thu Apr 28, 2016
Nicoleedwards31 asked:
If I had fha loan 14yrs ago..Am I considered a new homebuyer if the 2nd home will be my primary home?
0 votes 0 Answers Share Flag
Tue Feb 2, 2016
Jack Lewitz answered:
If there is any restriction it would be stated in the Short Sale Approval Letter. I have never seen one in any of the short sales that I have done. On the other hand Foreclosures will have a time restriction. ... more
0 votes 3 answers Share Flag
Sun Apr 26, 2015
Tony Garcia answered:
Look into Pacific Union, I think they can do this.
0 votes 1 answer Share Flag
Thu Feb 26, 2015
Matt Laricy answered:
I would always discuss directly with an accountant on these issues. I think it is very personal and can lead to the best advice.
0 votes 4 answers Share Flag
Thu Aug 21, 2014
Matt Laricy answered:
Fri Apr 25, 2014
Riccardo Wardlow answered:
we will go down to 50K

Riccardo Wardlow

Cross Country Mortgage
630-670-8266

RATED A+ WITH THE BBB

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
... more
0 votes 11 answers Share Flag
Mon Aug 19, 2013
JIM Michaels answered:
call Wesley at Our Team | United Equity Mortgage Corp.
www.unitedequity.us/our-team.html‎
15+ items - Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412.
Paul Gondek Senior Loan Originator. NMLS ID 226276 773-304-3414.
... more
0 votes 17 answers Share Flag
Thu Mar 21, 2013
Joanna Weiss answered:
Yes, he will need to wait 6 months, because it would be condisered a cash out mortgage. This requires a 12 month chain of title. Basically, the lender will check the ownership of the property for the last 12 months to see that he has been on title for at least 6 months. I would be happy to help him secure a mortgage. Joanna Weiss 773-327-3580 ... more
0 votes 9 answers Share Flag
Mon Mar 18, 2013
Robert Chomentowski answered:
On any loan with 2 borrowers the lender will use the lower of the two borrowers credit scores. 530 is too low. What is bringing his score down? Many times there are things that can be done to quickly raise a credit score. It is possible to do the VA loan if we can his score up to 600. Alternatively, can you qualify on your own? ... more
0 votes 23 answers Share Flag
Mon Mar 18, 2013
Joe Schiller answered:
your wasting your time.. a few years from now you might get your way..it's a big city..move on
0 votes 12 answers Share Flag
Mon May 23, 2011
Robert Pratt answered:
Hi there, Earvin!

Thanks for the question.

There are a couple of terms that it seems might be applicable - including "adverse possession."
That being said, this IS a legal issue and the only way for you to be certain that you are getting the best legal advice is to speak with a real estate attorney.

Give us a call at 312.242.1000 if you would like the name of a great real estate attorney.
We are more than happy to help!

Best of luck to you.
... more
0 votes 5 answers Share Flag
Tue May 4, 2010
Bill O'hara answered:
you can go to a city of Chicago neighborhood office for help with a project of this size. They can tell you what permits you need and how much they cost. If you have a single family home to as much as a 6 flat, you can be your own general contractor. But you must make sure any contractor you hire has insurance. ... more
0 votes 5 answers Share Flag
Thu Jun 25, 2009
Marc Jacobs answered:
Of Course I may be biased, but I think a broker is your best choice. A bank has very rigid guidelines, and unless you fit into the whole perfectly, you will eihter not get approved or have a higher rate. While I am a broker, my company banks some of its loans. We use Chase Wholesale to do this, I can typically offer better rates than a Chase Branch could.

Nonetheless, you should do your homework. Contact a broker and banker and compare their products and prices. Make sure to ask for a copy of the Good Faith Extimate for reference.
... more
1 vote 6 answers Share Flag
Wed Sep 10, 2008
Louis Jeffries answered:
Hi Cheri,
I see you are looking to sell your home. It also seems as you would do a rent to own contract. In todays market the lease option or land contract may be a viable solution. I would caution you on a few things first. If you are doing a rent to own you need to make sure the buyer will qualify to buy in the time frame you set up. There are no guarantees but you want a reputable lender to review their qualifications and give you an honest assesment. here is nothing worse than doing this again and again because you choose the wrong person.

Also, it is very important to have a real estate attorney who understands, rent to own, lease options, land contracts, and articles of agreements. hey need to understand which is in your best interest and which will allow for ease of financing.

Let me give you and example: If you allowed someone to rent your home with an option to buy it in one year for $200,000.00 and after a year the value of your home went up to $220,000.00 based on the market and improvements they made. the buyer would have to come up with a down payment and qualify for financing as if they never had an agreement because in reality you are renting to them, not selling to them.
This options gives you the greatest protection because in essence you are just a landlord renting to a tenant.

If you chose to sell to them under a land contract or articles of agreement they have an ownership interest and for financing purposes would not have a down payment.

As I am not an attorney nor am I giving you legal advice. I am suggesting you get an attorney and to work with a lender who fully understands what you are getting into and that can best advise you from the beginning.

If you have further questions feel free to contact me at 708.299.3244 or check out my website.
... more
0 votes 11 answers Share Flag
Wed Sep 10, 2008
Louis Jeffries answered:
Hi Luis, I am a mortgage banker and I do a lot of work on the south and southeast side of Chicago. First question i have is how many units is the property and does it need work. Those answers would help me refer you to someone, maybe even a buyer as I do have buyers looking for investment properties as well.
You can contact me at 708.299.3244 or go to my website below.

Thanks,
Louis
... more
0 votes 4 answers Share Flag
Search Advice
Search

Followers

862