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Asked by Ma da, Chicago, IL Sun Jan 18, 2009

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Answers

5
Edith Karoli…, Agent, Winnetka, IL
Mon Jan 19, 2009
I have an initial question for you, why the South side? And which areas in particular....
You say that you are out of Glenview, why not go further North or further Northwest?
Just a question.
When buying foreclosures, and currently there are a lot of them out there, you must be very
careful.... First question to ask yourself and to discuss with your Realtor is what do you intend
to do with it? Fix it up and sell it? Fix it up and rent it out? or live in it yourself?
Once you clarify those, then you have to understand the the cost for foreclosure is higher to
you than if you purchase directly from the seller and you may be competing with another
offer or two....

I understand your worry about the condition of the property, and only an experienced Inspector
can be of help, and yes you can have the inspection during the inspection period in the real estate contract offer ... but it will cost you everytime and you may after you hear the results not want to buy the property anymore!

And just one hint of advice.... If it sounds tooo good to be true, have a second and third look and discuss it in detail with your Realtor ....
Hope this helps!
Edith YourRealtor4LIfe~
edithdoesitright@yahoo.com
0 votes
Wayne Beals, Agent, Chicago, IL
Sun Jan 18, 2009
Hey Matt,

Buying a REO with an inspection contingency is possible, but it can weaken your offer in the presence of another offer without one. In todays climate, I have had deals on REO''s which were executed with an inspection contingency.

If ypu're in a competitive situation and a home inspection is a must, I recommend getting one prior to offer. In this case, you will have to work quickly. Typically inspections run between $250-$500, so the exposure on your end is the fee if you don't win the contract. A small risk if think about it.

You should also engage contractors to help you understand the cost of a project.

I office out of Hyde Park and love the South Side Market.

Feel free to contact me if you not working with an agent yet.
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Jan 18, 2009
RULE of thumb: Never purchase a home direct from seller/bank/listing agent UNLESS you have your own real estate agent. You can make serious money with right agent. Who understands investment properties.

With any purchase per executed contract you will have certain amount of time usually 5 -10 obtain inspection on property. Inspectors published report cover approx. 35 pages of details during this time if you dont like inspection report you can walk away return of earnest money. BASED on terms and conditions of sales pruchase contract.

GOOD LUCK
Web Reference:  http://www.lynn911.com
0 votes
Dana Schuster, Agent, Slidell, LA
Sun Jan 18, 2009
You can do an inspection once you have a signed purchase agreement. without this you would be trespassing. If the inspection is unsatisfactory you can ask the owner to make repairs. if the owner is unwilling you will have an out and can cancel the contract,but you must first have an executed purchase agreement which addresses your inspection rights.
0 votes
Ralph Windsc…, Agent, Hauppauge, NY
Sun Jan 18, 2009
"As is" usually means that the owner will not make any repairs. However, you should still do an inspection so you know whether or not the property is structurally sound. You can and should do an inspection before closing. Just a suggestion, before you jump into purchasing properties, find a realtor that you can trust and pick his/her brain as much as possible. Also, do some reading on investing in properties, talk to other people who do it, etc. You can lose your shirt if you make bad investments. Good luck.
0 votes
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