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Foreclosure in 60637 : Real Estate Advice

  • All33
  • Local Info3
  • Home Buying12
  • Home Selling1
  • Market Conditions0

Activity 257
Mon Aug 30, 2010
kria lacher answered:
That is no fun. You do need to get on this right away and find out. How do you know it is to be auctioned?
0 votes 12 answers Share Flag
Mon Aug 16, 2010
Amy Foote answered:
What?  That doesn't make any sense.  You need to get your attorney involved.  Do you still have a valid contract?  Do you really want to wait for 5 months and then the time it will take for the short sale?  What's the significance of the 5 months to the seller?  Was the contract written with flexible closing dates and mortgage contingencies?  Clearly I don't even know where to begin on this and with the very little information you put in above, there's really no way to know.  Call your attorney. ... more
0 votes 9 answers Share Flag
Mon Aug 9, 2010
Alvin Dobbs answered:
I have gone to a few of them. Not really at the court house steps any more. Most are done in conference rooms and little offices. At most 2-3 people show up. Most of the time only the auctioneer is there. That is because most of the foreclosures at the 'court house steps" are not bargains. The bank is going to take back the house for the amount left on the mortgage. Most homeowners are upside down on the value. (owes more than the home is worth) So there is no real deal for investors. Better to get the deal before the foreclosure or after. At the court house steps you can not make any real money. Hope this helps

Al Dobbs
... more
0 votes 2 answers Share Flag
Sun Aug 8, 2010
Noah Seidenberg answered:
It is imposible to answer that. Sometimes a few and sometimes not. A desirable home priced low will probably get more bidders then a dump that is stripped.
0 votes 6 answers Share Flag
Sat Aug 7, 2010
Matt Taylor answered:
As a note if you are trying to finance this property you will run into many more problems. If there are only 3 units in the complex and 2 are financed by an investor you will exceed most normal lending guidelines for investor concentration. In addiiton it is zoned as a condo and there is no active HOA, who pays the insurance for the building and common areas? If it is not in the tax records then how is it taxes. Many many red flags.

If you are not planning to pay cash you need to run these scenarios by your lender prior to proceeding with a contract.

You should call the county yourself (instead of relying on your realtor) and give them the property address. If they can not find it then you may want to move on.
... more
0 votes 4 answers Share Flag
Thu Oct 3, 2013
Marki Lemons-Ryhal answered:
This is contingent upon the lenders charges but a good rule of thumb is 4% of the purchase price, which breaks down to 1% loan origination, processing, appraisal, underwriting, title charges, attorney and in the city of Chicago transfer stamps and taxes which on 135k equal $1,012.50. But remember you must also set up escrows which will be a wash based on the tax credit you receive from the seller. Yeah 4% is a good rule of thumb. ... more
0 votes 6 answers Share Flag
Tue Aug 3, 2010
Matt Bukovy answered:

I'm assuming you're talking about handling the purchase of your next home and the sale of your current home. In that case, the answer is yes, EVERY title company CAN do it.

However (you knew there was a 'however' didn't you?) since the Seller's attorney picks the title company (and sonofagun if they don't pick the one that PAYS them) it's unlikley, though certainly not impossible that both sellers' attorneys pick the same one.

In any event, YOU can make this an issue by insisting on it, since regardless of title company affiliations, you are allowed to choose your own title company.
... more
0 votes 2 answers Share Flag
Mon Aug 2, 2010
Ilvestor asked:
0 votes 0 Answers Share Flag
Mon Jul 26, 2010
Amy Foote answered:
It's Aurora Loan Services out of Littleton, CO. I've done short sales with them...they are pretty good to deal with.
0 votes 1 answer Share Flag
Mon Jul 12, 2010
Adam Barrera answered:
Hi Eddie, All you can do is ask. I f your properties are with different leaders you should be fine, but even if there with the same Leander explain your situation in your hardship letter and see what they come back with. I am currently working with a client in the same situation. She owns 5 lives in 1 and is selling the rest. we have 2 closings next week and waiting for BPO on other 2. The banks did't even ask about the 5th property.
If you are in need of any further assistance feel free to contact me at 773 715-6523.

Thank you
Adam T Barrera
Innovative Property Solutions
... more
0 votes 11 answers Share Flag
Tue Jun 29, 2010
Peter Kedzior answered:
Buying of a foreclosed (bank owned) property, you will get a clear title with no debts and liens. The only situation when you may have to pay old debts is if you are buying a property that belongs to a homeowners association. The law in Illinois gives associations right to charge new owners back payments and attorney fees. This can be confirmed during the attorney review process that starts once both parties sign the sales contract. ... more
0 votes 5 answers Share Flag
Sun Jun 3, 2012
Philip Sencer answered:
If the bank wants to throw you out they can go to court and can do it. You will have either 3 months or the length of your lease, whichever is shorter to stay. Often they offer tenants an incentive to move out like a couple months rent.

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0 votes 7 answers Share Flag
Tue Jan 25, 2011
Scott Newman answered:
The new laws regarding foreclosures and back-owed HOA dues say you as the new buyer will be responsible for paying up to 6 months worth of that amount.

However, don't agree to it. No buyer in their right mind would! Get it in writing from the bank seller that they will pay all HOA fees prior to or at closing or refuse to sign the contract. Be firm, I've never been stuck with them yet as the bank always backs down.


Scott Newman
Newman Realty
... more
0 votes 7 answers Share Flag
Wed Jun 2, 2010
Michael Russell answered:
what does your bylaws state? If you don't understand your situation have an attorney review the paperwork with you.
0 votes 2 answers Share Flag
Wed May 19, 2010
Mark Manz answered:

The short answer is that the bank hasn't taken possession of the property. I would have to know more about the subject property to give a full answer. Feel free to contact me during normal business hours or email me more information and I will find out as much as I can about the property.

Have a great day,

Mark Manz
Broker Associate, SFR
Prudential Rubloff
2663 N. Halsted St.
Chicago, IL 60614
direct 773- 551- 7811
fax 773- 572- 6584
... more
0 votes 0 Answers Share Flag
Mon May 3, 2010
Anna M Brocco answered:
Since no local answers yet--any local agent can help you and provide you with comps--recently sold similar properties in the immediate area--review the data and make a determination--contact any realty office(s) and inquire or contact any local Trulia contributor(s) directly and ask. ... more
0 votes 1 answer Share Flag
Tue Apr 27, 2010
Cara Realtors answered:

That is great you are interested in buying a house in Chicago, but if I were you, I'd delete your number!

The best and first way to start is, of course, asking a Realtor in your local area that can help you get an appointment to see the property and answer all of your questions. If you are unsure of how to contact a Realtor, you can always feel free to ask your friends and family or colleagues for a recommendation, or stop by a reputable firm in your area for some help.

If you aren't too sure of what agency might help you best, we can surely assist you in getting you a wonderful referral through our vast network. If we can be of any help to you, please do not hesitate to contact our office for a referral, where we would contact a reputable agency within your local area in order to help you get what you need and answer all your questions.

Hope this helps, and good luck!

Cara Realtors,
Point Pleasant Beach, NJ
... more
0 votes 3 answers Share Flag
Thu Oct 3, 2013
Matt Taylor answered:
Miguel, I think you forgot to finish your thought. Hopefully this will trigger an email so you come back and complete your question.
0 votes 4 answers Share Flag
Tue Apr 6, 2010
Virg asked:
they haven't been paying their dues. they are 1/3 of the asscoaciation. what are my rights and how do i go about getting them paid in the future?
0 votes 0 Answers Share Flag
Sat Mar 27, 2010
Peter Geo answered:
Check my previous post regarding this property.
It's sold at auction to a 3rd party bidder. Check the court docket/file after a month to see when the sale will be approved and also for the name of the buyer. ... more
0 votes 1 answer Share Flag
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