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Foreclosure in 60601 : Real Estate Advice

  • All34
  • Local Info3
  • Home Buying16
  • Home Selling2
  • Market Conditions0

Activity 257
Wed Dec 5, 2012
Joe Schiller answered:
go to the court room / office and get your hands dirty..ask questions.. ask for referrals.. get moving!
0 votes 5 answers Share Flag
Wed Nov 5, 2014
Mike Opyd answered:
I know this is an old question but rent to own homes really dont exist, stick with rentals.
0 votes 1 answer Share Flag
Wed Nov 14, 2012
Alan May answered:
probably less important in a oondo, where the water and heat are constantly on.... but REO companies just do it routinely, just in case.

After all, how bad would it be, in a condo, if you had a water pipe break? ... more
0 votes 8 answers Share Flag
Sun May 18, 2014
Chris & Michelle Spalding answered:
How did you find out that the landlord has stopped paying the mortgage? foreclosure timeframes vary considerably based upon the state and the lender.
0 votes 18 answers Share Flag
Mon Nov 5, 2012
Ron Thomas answered:
Obviously, some States have different RULES:
When a house goes through Foreclosure; all the Liens are supposed to be paid; Does this mean that the County never filed a LIEN on the property?
And the Title Company did not search the outstanding taxes?

Good luck and may God bless
... more
0 votes 13 answers Share Flag
Thu Nov 1, 2012
Jeff Nobleza answered:
Broker is likely completing a "broker price opinion" (BPO). This is where a broker gives an opinion of value on your home for the bank to consider short sale.
0 votes 14 answers Share Flag
Sat Oct 20, 2012
Bill J Deligiannis answered:
Apply at the Chicago Housing Authority. They will let you know if you qualify.

www.thecha.org
0 votes 4 answers Share Flag
Thu Oct 18, 2012
Jim Vincent answered:
Yes, for the most part, they are fair. My experience has been that they will tell you in the beginning that they will only pay a total commission of a certain percentage, eg., 5%, to be split evenly between the listing agent and the selling agent, but it's not unusual to find at settlement that you've been paid something more in line with what the lender considers to be a "full" commission, eg., 6%.

It's certainly appropriate - and in fact prudent since you have to indicate what commission will be paid to the co-op broker in your listing - to ask what commission the lender will pay for a short sale transaction.
... more
0 votes 12 answers Share Flag
Mon Jul 13, 2015
Cesar Gonzalez answered:
Yes you can buy a homepath property as an investment as long as your offer/contract are constructed properly. Are you currently under contract or are you trying to purchase a homepath now and wanted to know before you submitted an offer. If you need more help please feel free to contact me.
Cesar
ces_gon@hotmail.com
773-895-5593
... more
0 votes 11 answers Share Flag
Sat Feb 28, 2015
Philip Sencer answered:
When the Broker has the buyer there is very little extra work involved. It's a pain to wait 2-5 months and there is no guarrantee that it will work so we usually keep looking during that time frame.
On the slde of the seller it can be a lot of paperwork and very time consuming. I try to avoid them like the plague and fortuneately I do not need them to make $$. I cannot stand dealing with these A-hole banks that act like they are doing all of us a favor. The Feds should have shut them all down!
... more
0 votes 12 answers Share Flag
Fri Sep 7, 2012
Bill J Deligiannis answered:
www.ccrd.info

Cook County Recorder of Deeds.

Do not purchase a property unless you obtain a clean title.
0 votes 6 answers Share Flag
Wed May 22, 2013
Robert Nowak answered:
1. This question was posted and answered previously.
2. Your agent should have told you there's absolutely no way to know if they will pay until they give you a response.
0 votes 6 answers Share Flag
Wed Sep 5, 2012
James Gordon ABR SFR SRS answered:
If the property is not showing as available for sale on Trulia then it is a Realty Trac ad. If you are interested in purchasing a property please contact a local Realtor®.

Thank You member Trulia voices. ... more
0 votes 13 answers Share Flag
Thu Sep 6, 2012
Philip Sencer answered:
That is a legal question and those folks do not respond on this site. It's worth $100 to speak with one. My web site has some references.
0 votes 7 answers Share Flag
Mon Jan 27, 2014
Matt Laricy answered:
Not sure. There is a lot of crazy stuff going on out there. Before I believe anything, I would have my attorney look at it.
0 votes 16 answers Share Flag
Thu Aug 30, 2012
Bill J Deligiannis answered:
Does not appear to be on the Auction block. It was rented out this past May.
0 votes 5 answers Share Flag
Fri Aug 17, 2012
Terry Perdue answered:
Yes, you have the right to request an extension. You might want to do it in the form of a written motion. Motion for extension of time. State why you need an extension and when you will be out. You can also call the attorney for the seller and ask him does he object to the extension. if he does not that would be an agreed motion for an extension of time or an unopposed motion. ... more
0 votes 6 answers Share Flag
Fri Aug 17, 2012
Philip Sencer answered:
Not sure what you mean by auction. If the foreclosure process is over and the auction is for someone to buy it before it goes back to the bank at a public aucton then the bank will almost always end up with it. Depending on the bank it can take 1-5 months before they are ready to make contact with you via an agent who usually is instructed to offer you 'cash for keys'. They give you $$$ if you move out within 30 days. They also start the eviction pricess in case you say no. In Chicago that eviction prcess can take 3 months. You can drag it out that long. ... more
0 votes 5 answers Share Flag
Thu Aug 16, 2012
Ron Thomas answered:
It is not going to take that long:
If the Bank gets it back, (odds are), they will assign a Realtor to list it; that will take 3-5 weeks. That Realtor will contact you to possible arrange Cash-for-Keys and have you sign a 30 day agreement.

If an Investor buys it, they will have to give you at least 30 days to vacate: You may have to consult Federal and State guidelines for this answer, (since you are not a Tenant).

Good luck and may God bless
... more
0 votes 6 answers Share Flag
Mon Aug 13, 2012
Randy Schulenburg answered:
J,

Call me on Monday and I'd be happy to discuss your specific situation. This forum is not the best place to get your answer. You should discuss this with your agent and attorney. ... more
0 votes 6 answers Share Flag
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