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Foreclosure in 60653 : Real Estate Advice

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  • Home Buying20
  • Home Selling2
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Activity 3
Fri Sep 23, 2011
Accurate Inspections & Consulting answered:
This doesn't even make sense. My guess is you believed the sales pitch / hype and didn't bother to do your homework. This sounds like one of those 'it's a great deal' REO / judicial sale purchase that was done without real follow up thought or research. Hope it works out for you but it may be a long, hard road. You need to talk to an REO attorney immediately to review your paperwork.
I have to guess here you did not have an attorney for your purchase. The thought that a competent attorney would let their client proceed in this type of situation is pretty horrible and doubtful.
The City will file a lien based on the past due water bill. It typically takes a long time for the City to enforce that lien. They don't want your property/Condo building, they want the money. How occupied or empty is this building? Depending on occupancy the City may or may not terminate water service.
An important factor is whether the developer properly notified Water that the building went Condo. If Water was properly notified and has the property listed as a Condo building, you may be in luck. You should be able to pay your portion of the outstanding bill, get an FPC from Water and record your deed in your name. If the developer did not notify Water, it will be a long battle.
Any and all legal recordings will have to be dealt with by you and your attorney at your cost. It is highly unlikely anyone else will go to the time and expense to do it for you.
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Thu Jun 9, 2011
Christopher Thomas answered:
Dear Susie,

There are a lot of uncertainties around the decision you're considering making. I'd suggest to you that there are many, many other rental options available to you. I'd suggest investigating other rental options that don't have so many "ifs" attached to them. Let me know if you need any assistance, and good luck to you.

Sincerely,

Christopher Thomas
Broker Associate, Keller Williams Realty Chicago Consulting Group
716 E. 47th St. Chicago, IL 60653
(773) 418-0640 (cell) (312) 577-0985 (fax)
cthomas@kw.com
http://www.myagentchris.com
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Tue Oct 13, 2009
ron parker answered:
Well, the bank can legally always reject your offer. But with the way things are now in the real estate market, it is not likely that they will, unless your offer is for 10 cents on the dollar or something. It is best to check the title and first, before your buy anything. You don't want to buy a buidling that is in housing court or that is about to be bull dozed. Just take your time with buying in this market! The ball is in your court! ... more
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