Property Q&A in 60625>Question Details

Mae Phillips, Home Buyer in Chicago, IL

Is the 103,000 price tag all that is asked to purchase this property?(of course I'll have to pay fees, taxes

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

and the like) 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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Yes you will need to pay your closing fees. You can always ask the seller to pay your closing costs. If you are doing FHA loan lender will allow up to 6% credit if your agent is able to negotiate this with the seller. Conventiol loans 3% credit. You will get tax credit from the seller for the unpaid taxes at closing.
Before you start waisting time and looking you should make appointment with a lender and get preapproved for a loan. You will save lots of time if you get your preapproval 1st. If you start looking and find your property before this is done you wont be able to make an offer until you have your preapproval from the lender.
Doing the preapproval will save you from looking at propertys you cant afford.

Good luck on your search.
Ifeta Faye Redzovic RE Broker,Chicago il
0 votes Thank Flag Link Fri Dec 25, 2009
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