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Home Buying in Lake Villa : Real Estate Advice

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Activity 5
Gary Geer, Real Estate Pro in Antioch, IL
Thu Oct 2, 2014
Gary Geer answered:
Contact your agent and ask that they follow up with the listing agent to provide you more information on the process. Normally banks get multiple offers on this type of property and decisions are made by the property manager for each property. Hope that helps!

All the best,
Gary Geer
Results Realty USA
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0 votes 11 answers Share Flag
Jim Starwalt, Real Estate Pro in Grayslake, IL
Mon Mar 18, 2013
Jim Starwalt answered:
This question has been out there a while, but to make it simple for anyone else looking at this type of situation, let me clear things up!
Most (no one can ever say always or never) lenders will require your rental income to be seasoned at least one year. They will want to see the rental income on a tax return as proof that is your true intention for the property.
We have been helping people rent their current homes to a tenant and they are renting a home for themselves to move into, then a year later they are able to purchase a new home. It's a few extra steps but you need to understand that the lenders out there have been burned by to many people out there renting out their homes and then just one or the other go into foreclosure when things get tough.
So, the answer is you need to season your rental for one year!
Jim
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0 votes 6 answers Share Flag
Kenneth,  in Palatine, IL
Sun Feb 19, 2012
Kenneth answered:
FHA guidelines state that it is 1 year for Chapter 13, 2 years for Chapter 7, and 3 years for foreclosure / short sale. You must also reestablish good credit. Please let me know if I can help you become pre-approved. ... more
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Jim Starwalt, Real Estate Pro in Grayslake, IL
Tue Jun 29, 2010
Jim Starwalt answered:
Kc,
That home did appear to be over priced, however an offer can always be made to the owners. But there are so many homes out there that are such good deals right now, unless you have special attraction to that one, keep looking. One piece of advise, don't post your special attrition to the property on the Internet. You never know if the owner or their agent is smart enough to watch the Internet for mentions of their home. That could weaken any negotiations for you.

Just call any Realtor, they will be happy to do some research for you.

Jim
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