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Foreclosure in Buffalo Grove : Real Estate Advice

  • All69
  • Local Info5
  • Home Buying22
  • Home Selling0
  • Market Conditions7

Activity 3
Thu Oct 3, 2013
Cathy Pierce answered:
I would certainly consider speaking to a lawyer about your situation. You could also try starting with one of those lenders you spoke with. If any of them had a good connection with you and you would feel comfortable with them, let them know the situation and see what ideas they have to resolve the situation. Then go from there.

Catherine Pierce
A House-SOLD Name!
Bob Vieira Realty, LLC
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Wed Sep 4, 2013
Hi Jon
It depends on the lender. Homepath has their base guidelines, but as with any program, the lender who will be funding your loan has free rein over putting overlays in place to protect their interests.

Renovation loans in general do take a lot more effort to close. They take a longer time to close, and a lot of them don't wind up actually closing. While several lenders offer them, few are truly good at getting them closed. Your Realtor has probably had nothing but bad experiences.

This is not to discourage you from pursuing this type of loan/property. Just be aware that it is not as easy as the website suggests and you will have to practive some patience.

If you do still want to pursue things, make sure you find an experienced homepath lender as opposed to going the normal route of shopping for the lender who is going to give you the best rate. That is a sure way to trouble, and it doesnt matter if someone is offering you a 1/2% better in rate if they can't deliver a smooth closing for you.

Best of luck!
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Sun May 16, 2010
Eric Egeland answered:
Most likely a REO listing....when the bank sells a property they will not provide a survey nor disclosures. In certain municipalities vacant homes in need of repair require the buyer to place money in escrow for the repairs needed & complete the repairs within a certain time frame after closing.

My best advice for purchasing an REO property is to contact an experienced REO agent & have them walk you through the process....I would be more than happy to discuss things with you.
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