I am purchasing a home in Harvey, IL. It will be a 100% cash transaction, what are the steps needed to go forward.

Asked by Gsimpson, Harvey, IL Tue Dec 8, 2009

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beastsaver, Renter, Temecula, CA
Thu Jun 20, 2013
Make sure that if you do find a property in Harvey that you like that it doesn't get stripped during the escrow. This happened to me and the bank stole my deposit, twice. Plus an agent in the area who also says she is a :contractor" I trusted her with $$ to do a remodel and she took the cash and went
with her kids to the beach, hired flakes and lied to me about it. Then called me screaming for more $$$. So yes, Harvey can end up being a big money pit.

Oh I did buy a duplex there and the selling agent told me he had a woman with good credit to move in and protect it. Turns out she had awful credit, never paid a dime for @ 6 months and then I had to hire a cop on off duty to get her out and have the city put an unlawful to inhabit sticker on the duplex.
When she finally left the place was stripped to the walls, flooring, carpet, furnace, sump pump,
$40k worth of new supplies all stolen. Then the insurance company I had Fireman's Fund spent 3 months searching around Harvey to find someone who would bad mouth me so they could incriminate me for fraud. They couldn't find anyone, so they fought me anyway and only paid after a year of fighting @ 20% of what they owed me.

I can name names if you need...beware, Harvey can bankrupt the best of us.
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Landkitty, Home Buyer, San Jose, CA
Sun Oct 14, 2012
If the home has any damage, we are Public Adjuster company, we provide free home inspection and possible can help home owners find money from home owner insurance to pay for repairs. Call/text Michelle Tran for more info: 773-416-4665.
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Dan Chase, Home Buyer, Texas City, TX
Sat Dec 12, 2009
For your protection have it appraised and inspected. The appraisal is so you do not waste your money on an overpriced house. The inspection is so you see the condition of the house that your eyes may have missed. Make your offer contingent on those things.

Make sure it has a clean title, get title insurance.

Why a marked up title commitment can save you when buying a home. (read this, very informative)
Is it a foreclosure or short sale? Make sure no outstanding liens are on the property or person. One person said they found an irs lien against a property they wanted to buy via short sale.

If you are not using a realtor find and use a real estate lawyer. They will cost you, but also give you (hopefully) the best advice.

make sure you find out specifics of the property. Things like is it in a flood zone, I wrote a blog that covers way to much detail. But all good things to know. Crime rate, sex offenders in the area also come into play.
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Colleen Basi…, Agent, Orland Park, IL
Sat Dec 12, 2009

You should have your Realtor do some research on the property. You also need to find out if the community requires a municipal inspection before the sale. If the property is bank owned, likely they will not make any repairs and the municipality may require that you put up an escrow with them for the amount of repairs they are requiring. You should also find out if there are any liens on the property, have your real estate attorney review any special addenda that the sellers are requiring and make sure to get a title insurance policy and close at a title company. If you have additional questions feel free to contact me. http://www.ColleenBasinski.com
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Al Akerman, Mortgage Broker Or Lender, Lakewood, NJ
Tue Dec 8, 2009
If you've already found a home that you are interested in and there aren't any Realtors involved, then hire an attorney who will guide you through all the necessary steps of the transaction.

If you are just starting your search, then enlist in the help of a local Realtor who will guide you in the right direction.

Many people search the internet on their own for home, but Realtors are better equipped to help you find exactly what you're looking for. Any Realtor can show you any home even if it isn't their own listing. Find someone you trust and roll with them.

Good luck.
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