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Foreclosure in Chicago : Real Estate Advice

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  • Local Info378
  • Home Buying1K
  • Home Selling273
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Activity 257
Tue Apr 3, 2012
Anna M Brocco answered:
This question can best be answered by your attorney, therefore consider a consultation as it is highly advisable that the current owners be out by closing day....
0 votes 16 answers Share Flag
Wed Mar 28, 2012
Shanna Rogers answered:
Hi faithopeace,

Have your Realtor contact the Listing Agent if an appointment is needed. If no appointment is needed and there is a lockbox, your Realtor can take you.

Shanna Rogers
SR Realty
... more
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Thu Mar 8, 2012
Nick Clancy answered:
Send me your email address and I will send you the properties. Thank You, Nicholas Clancy Remax Platinum 312-217-3237
0 votes 8 answers Share Flag
Tue Nov 15, 2016
Michael Emery answered:
Absolutely. If they have the money they can buy any property. Many real estate agents got into the business because they owned rental properties.
0 votes 25 answers Share Flag
Thu Apr 5, 2012
jeff donnellan answered:
In most cases that would be illegal since it would not be an arms length transaction. I have extensive experience with short sales. Contact me and we can talk further about your specific situation and what I can do to help. 773-828-8151 ... more
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Wed Oct 10, 2012
Michael Emery answered:
If you're talking about building code violations, you can contact the Riverdale building and zoning dept. (see link down below)
0 votes 9 answers Share Flag
Fri Feb 10, 2012
Jeff Nobleza answered:
Short sale the home to lessen the impact on your credit, avoid any possibility of oweing the bank in the future and avoiding any tax implications.

Feel free to email me at ... more
0 votes 17 answers Share Flag
Wed Feb 15, 2012
Seth Captain answered:
You need to understand the proper usage of 'dees, dem, and dose'.

Seriously, it's the same as buying any other property. Place an offer. Wait for a response.

Some things to keep in mind, in Chicago, and probably anywhere. Every bank has different policies. Some will counter within 24 hours. Others might take a week or more.

The agents generally representing the banks are swamped, and not very responsive. The bank will make you feel like a prisoner and sign and sign and sign.'ll get a deal.

As for the actual offer, you'll want to show something strong. Banks are pricing these properties below market so coming in way under is a waste of time. The more money you can show down and the quicker you can close will help you win out in a multiple offer situation, which is common in hot areas with low prices.

And make sure you never put ketchup on your hot dog or the bank will invoke Chicago Municipal Ordinance and confiscate your home immediately.
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Tue Jan 31, 2012
Bill J Deligiannis answered:
9202 S Perry is not listed for sale.
The last time it was on the market was early 2009.

Plenty of other similar properties for sale in the area. Find a good Realtor to assist you with your search. If you need any help, feel free to contact me.

Bill J Deligiannis
Charles Rutenberg Realty
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Mon Jan 30, 2012
Anna M Brocco answered:
Before considering strategic default/foreclosure, it's really in your best intetest to consult with an attorney who specializes in real estate; he/she can best advise....
0 votes 13 answers Share Flag
Mon Jan 23, 2012
Scott Godzyk answered:
Grace the problme is a lot of banks are taking the job of hiring clean out people from the agents to national companies, the quaility of work us gone down sharply. you should look in your local paper, contact the leading listing agents of bank owned homes in your area. They will be able to tell you about prices in yoru area. Thety are usually very variable on the amount of junk left behind. ... more
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Sun Feb 26, 2012
Gary Geer answered:
When multiple offers come in on foreclosed properties everyone ( all potential buyers ) normally are requested by the bank to submit their highest and best offers. Once all highest and best offers are received the seller ( the bank) will decide what offer to take. It's not always the highest price that wins. Banks sometimes accept lower offers that have terms that are more acceptable such as : A cash offer; Quick closing; No contingencies; or whatever is best for them. If you feel you have an ethics complaint you can contact the the MLS Realtor Association and file a complaint. They will advise you what action they will take and how the process works. They take ethics complaints seriously and will follow up with you.

All the best,
Gary Geer
... more
0 votes 7 answers Share Flag
Wed Sep 18, 2013
Philip Sencer answered:
Not sure anyone out here can answer that for yu. It depends on your over all financial situation and potential options you might have. There is no guarrantee that tey will even modify it. They will look over you situation and may or may not do it. If you have a job and assets and not a lot of liabilities they might not do it. Perhaps talk with your accountant. ... more
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Wed Jan 18, 2012
Scott Godzyk answered:
Liz you should contact your bank and ask for the home retention department. you should be able to end foreclosure by paying your delinquint amount.
0 votes 8 answers Share Flag
Tue Jan 10, 2012
Don Tepper answered:
The previous owner--the person who owned the property before December 7--has no right to collect any rent that became due after December 7. However, if the renter was behind on rent (let's say she hadn't paid for October or November), then the renter would still owe that back rent to the landlord.

The situation gets more complicated about who you might pay rent to for rent owed after December 7.

Check with Legal Aid or a lawyer for more information.

Hope that helps.
... more
0 votes 3 answers Share Flag
Thu Jan 5, 2012
Dan Tabit answered:
Pre-foreclosure means if you want to buy it you are in a race with the bank. It also means this will likely be a short sale, meaning the owner owes more than what the home is currently worth and the lender(s) will need to approve the final sale price.
A short sale can take 3 to 9 months for lender approval, but may still end up in foreclosure. Ideally you will have an agent on your side knowledgeable and experienced with short sales and an equally knowledgeable or better agent on the listing side.
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Mon Jan 2, 2012
My NC Homes Team answered:
The first thing you need to do is sit down with a local broker who specializes in both buyer side brokering and who is experienced in handling foreclosure sales. They can guide you to a local lender who you will need to sit down with to get preapproved. My guess is you may not qualify for a mortgage.

To be honest with you most of the condos you see in foreclosure probably cannot be financed at this time as there is little condo financing available unless the development has been FHA approved and the fact that there are multiple foreclosures in the developments you're looking at is indicative to me that this is unlikely.

Secondly you need to gather up more money, you don't have anywhere near enough to be thinking about buying a home.

Financing for foreclosures is basically the same as for any other property, you and the property both need to be approved. In the case of foreclosures their condition may not be suitable for a standard mortgage in which case you would need to get a 203K loan which is basically a mortgage and a line of credit to have the property repaired. These cost a little more and have various rules and guidelines that must be adhered to.

Finally as a student and first time buyer I would strongly advise you against considering a foreclosure under $35,000. I don't know the Chicago market well, but I do know real estate and foreclosures are rarely the deal that most buyers believe them to be. I've blogged about this here on Trulia and have included a link to my most recent posting on this subject below.

Good Luck and I hope you enjoy a healthy, happy and exciting 2012.
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0 votes 14 answers Share Flag
Fri May 3, 2013
Anthony DeSuno answered:
Hi- I would be happy to email you a list of available properties in that area. Please email me at and I will email you back a current list of homes. Thanks
0 votes 11 answers Share Flag
Thu Dec 29, 2011
Jeff Little answered:
This is very typical with Freddie Mac. They do not take much less than asking price on their listings. Their listings are usually in better shape (it sounds like this one may be the exception) and are usually priced correctly. I will say that I've consistently had the experience you describe. Usually you have to make 3 offers to get them to come down (and that is assuming that in the days it takes you to make 3 offers that no other offers come in). With one of my clients this summer, the home was listed at 89k. We offered 84, they came back with 89. We offered 85, they came back with 88. We offered 86, they came back at 87. We accepted 87. It all depends on the asset manager, but in general they aren't taking 22% off the current list price (what your offer of 14,000 represents on a 17,900 list price) - more like 1-3%. Now that isn't to say that if it sits for another 30 days that the list price won't come down to 15,900 from the current 17,900, but then you run the risk of someone else making an offer.

I hope this helps; Best of luck to you!
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0 votes 11 answers Share Flag
Fri Apr 6, 2012
Scott Godzyk answered:
Because it is not like a traditional auction where all bodders bid right here and now and the high bidder is determined when bidding is done. Auctions like this first have a starting bid, it is not a minimum bid. No one knows what the minimum is they will take in order for it to sell. If your offer is below this amount, it is sent to teh bank who owns the property for approval, it takes time for them to process it, Hopfully you have a buyer agent who is well expereinced in these auctions and bank owned home sto help you through it. good luck ... more
0 votes 7 answers Share Flag
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