We are considering placing an offer on a home which requires bank approval (lis pending)... We've never

Asked by Jc, Northwest side of Chicago Wed Aug 20, 2008

purchased a home that has this requirement and wondered if there were some pointers you could offer that would help us to make a strong offer and get a response in the least amount of time. Also, does having a cemetry visible through the backyard significantly affect the value of the home?
(This home is on the northwest side of Chicago.

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Maria Morton, Agent, Kansas City, MO
Wed Aug 20, 2008
Lis pendens: notice that literally means a lawsuit pending that is usually recorded but sometimes filed so as to give constructive notice to warn all persons that the title or right to the possession of the real property is in litigation.
Yes, a view of the cemetary affects the perceived value of the home. If you had a choice between a view of the ocean, a view of a mountain, or a view of a cemetary; which one would you choose? Which view do you think most buyers would choose?
Before getting involved in this property, would you consider meeting with a local realtor who might be able to help you in so many ways?
If not, please consult an attorney who can at least find out about the pending lawsuit for you.
1 vote
Jim Hough, Both Buyer And Seller, Chicago, IL
Sun Nov 9, 2008
I agree with Jeff concerning the cemetary, also the strongest offer is the one with the cash--meaning a bid with a valid approval from your funding source is vital--not a pre-qual that has no teeth behind it but a commitment from a lender who is prepared to finance your purchase--
also put a time frame on the offer--like 5 business days--treat this like you have plenty of other housing options, which you do with all the distressed properties and the bank will tkae your bid seriously--the snow is ready to fly and vacant properties are killers to banks--
jim hough
0 votes
Jeffrey Kropp, Agent, Chicago, IL
Wed Aug 20, 2008
I disagree with Maria regarding the cemetary. Yes, a mountain or ocean view is preferred but there are none in Chicago. The issue is a cemetary or a neighbor's window and I would choose privacy anytime. Cemetaries are the new parks- I jog through the one I live next to everyday. I think everyone wants some green whereever they can find it...just my two cents. For your offer, try to find out the list to sales price ratio the bank seems to be accepting in that area, or the same ratio with the particular listing company-anything to put you in range. After all, they generally won't counter they just say no, and then you have given other parties time to get their own (better) offer in. Get a good deal just don't be greedy. How do you get all this info quickly- you can't unless you are a realtor or another professional that has it all at their fingertips. Good luck-give me a call if you want to.
Web Reference:  http://www.1sthomegroup.com
0 votes
Brandon Schu…, Agent, Western Springs, IL
Wed Aug 20, 2008
Make sure your financing terms are strong and be ready to wait for an answer from the bank. Also make sure your attorney stays on top of it.
0 votes
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