Is the 103,000 the actual price of this property?(of course I'll have to pay fees, taxes and the like)

Asked by Mae Phillips, Chicago, IL Sun Feb 1, 2009

Or is there another amount on top of this that needs to be paid too? I am a first time home buyer. I am looking for a multi unit 2 or three flat in the city that I can fix up. I am not interested in rehabbing then selling. Just looking for a place to fix up, turn one unit into a private dance studio, and maybe having one unit for my mom when she gets older. Thank you

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Christopher…, Agent, Chicago, IL
Mon Feb 2, 2009
Dear Mae,
This is a property that is being listed for sale via RealtyTrac which is a subscription service that offers information on foreclosure and pre-foreclosure properties.

The price that they list here is typically not the actual price but instead either; a suggested starting bid, or a “price” based on either the tax valuation of the property or the value of the identifiable liens on the property at this time.

A property that is identified as Lis Pendens means that the property is part of a current and ongoing legal proceeding. This suggests that the property owner has exceeded their “grace period” during which they could have brought their mortgage loan back into a paid current status and that the lender in question has probably filed a legal motion to begin a foreclosure process.

My colleagues and I subscribe to RealtyTrac to assist home buyers by providing them with the full set of publicly available information on the property in question.

If you’d like to contact me directly, I’d be happy to provide you with more specific information about this property. I’d also be happy to assist you with the purchase of this or any other foreclosure properties in the area.

Let me know if you have any questions or need any additional information. Thanks in advance.

Christopher Thomas
Broker Associate, Sudler Sotheby's International Realty
773-418-0640 (cell)
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