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Home Buying in Rogers Park : Real Estate Advice

  • All63
  • Local Info11
  • Home Buying10
  • Home Selling3
  • Market Conditions15

Activity 8
Tue Dec 3, 2013
Bill J Deligiannis answered:
Sites like Trulia and Zillow do not necessarily have all the info available. Your best source for accurate info is to work with a Realtor.
0 votes 4 answers Share Flag
Mon Aug 19, 2013
JIM Michaels answered:
Thu May 16, 2013
Manuel Brown answered:
Kevin,

Our offices are in Rogers Park. Rogers Park at the moment has some of the most affordable home prices in Chicago. Just be aware it is important to be pre-approved in advance or have proof of any cash purchase. I work with a couple of investors and contracts on properties can happen in a day. ... more
1 vote 8 answers Share Flag
Mon May 13, 2013
Riccardo Wardlow answered:
If you want to buy a HUD property, you need to first get prequalified for the financing. We can help you with that.


Sean Cochran
V.P. Marketing and Development
Quality Mortgage Lending
www.qmlending.com
630-470-6830 office
630-330-2229 cell
"We do FHA loans down to a 600 middle credit score"
"We do USDA loans down to a 620 middle credit score" (no money down)
"We do $100 down payment FHA program"
"Unlimited loan to value refinance on Fannie/Freddie refinances" (only on loans originated before May 31st 2009)
... more
0 votes 6 answers Share Flag
Thu Dec 20, 2012
Darrell Hess answered:
Every condo has their own rules, regulations and covenants that should outline what you can and can not do in this situation. Also, keep in mind that not everyone plays by the rules.
0 votes 17 answers Share Flag
Tue Dec 21, 2010
Aimee Renkes answered:
First, in general FHA approval for a condo indicates that the building association is financially sound and meets regaulatory requirements. FHA approval means that all potential buyers can purchase a unit using FHA or conforming loan programs. It is good to have a condo building with FHA approval because that can attract all buyers, so the higher demand for the property will support home values and resale. It doesn't mean a conod project is bad or not compliant if it doesn't have FHA approval...not all condo association seek this approval and that's ok.

FHA has guidelines regarding how many units must be sold and closed before and FHA loan can be used to buy a unit. So that is why the developer is making that a big deal. However, FHA changed guidelines so the property should be eligible for FHA financing prior to the 70% occupancy that they indicated. So if you want to use an FHA loan to buy in this project you should be working with a lender who udnerstands all of these rules and can make sure you are positioned to buy.

Also, other banks may be agreeable to providing financing in the project even if the developer says that only one bank can do it right now.

Hope this helps, but feel free to email or call me to discuss further.
... more
0 votes 1 answer Share Flag
Wed Jan 27, 2010
Robin Wilson answered:
Having lived in Chicago for 15 years now & all over the City & suburbs, my method of attack has always been to lease first in a neighborhood before committing with both feet. When I wanted to live in the city for instance, I did a short lease in the Gold Coast. Quickly found I didn't enjoy the concrete nature of the high-rises...just not for me personally.

And that's honestly what I advise my clients to do as well. If you're new to the area, then how could you know where to live and what you like? Someone else mentioned talking to people from work or neighbors for input. A trip to town for the weekend hanging out in different neighborhoods will go a long way as well.

I recently had a great client come in town for just 2 short days from Long Beach CA and literally in four hours between those days, they were exposed to the Evanston through Lake Bluff neighborhoods. Their heads were so full of information by the time they left, and they were so thrilled to have spent the time doing the research. The results was a huge payoff, and we found a perfect property that met their needs in that short time.

Lucky for them, we spent a lot of phone time learning what they wanted before they got to town, and I quickly assessed what to include in their top ten list, which shortened the time spent once they were here. It works - you just have to take the time & trouble to make it work for you.
... more
0 votes 10 answers Share Flag
Fri Jul 18, 2008
Sean Cochran answered:
Hi mark,

Any realtor should be able to look that information up for you. Give me a call if you are looking to get a loan for this property. Sean Cochran. Quality Mortgage Lending 630*330*2229 ... more
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