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Foreclosure in Chicago : Real Estate Advice

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  • Home Buying1K
  • Home Selling273
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Activity 257
Sun Nov 20, 2011
Rob Weber answered:
I couldn't find any information on Trulia, Zillow, Blockshopper, etc. If the property is actually listed, a Realtor would have access to the MLS listing.

If you'd like to contact a Realtor, Dean Gutierrez with Luxe Marketing has done some good work with my personal friends. Cell: 773-392-5590 ... more
0 votes 8 answers Share Flag
Tue Nov 15, 2011
Mark Malave answered:
Tue Oct 25, 2011
Suzanne MacDowell answered:
Not likely. Banks will not talk to you. They assign an asset manager who then chooses a realtor to list the property on the MLS and until they do it's almost impossible to make any sort of offer. Your best bet is to monitor the MLS until it comes on the market. ... more
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Tue Oct 18, 2011
Peter Kedzior answered:
First, the title has to be legally transferred to the lender, which may take months or more. Once that happens, the lender will serve you with a notice to vacate. Even then, you may have up to 3 months stay at the property. Please contact a real estate attorney for more details. ... more
0 votes 13 answers Share Flag
Mon Oct 17, 2011
Caroline Felix answered:
Hi Daniel

They can legally require you to pay up to 6 months assessment fees, including late fees. Please consult your Atty on the legal fees.
0 votes 17 answers Share Flag
Wed Mar 28, 2012
Bill J Deligiannis answered:
Are you looking to purchase? I have helped many clients purchase Reo's in Chicago. Feel free to contact me - I'd be glad to assist you.
0 votes 9 answers Share Flag
Tue Sep 20, 2011
Sally Grenier answered:
There are many factors involved in getting qualified for a mortgage. Talk to a lender or mortgage broker who can review all of your information.
0 votes 14 answers Share Flag
Wed Sep 14, 2011
Anna M Brocco answered:
Generally if a property is bank owned it's available for sale, not rent. Any local agent can help you with necessary information...
0 votes 6 answers Share Flag
Tue Sep 6, 2011
Ron Thomas answered:
From the time that the Bank takes possession of it, until it is LISTED, is usually 2-6 weeks. In the meantime, it is in LIMBO. We might find who the Bank is, but that really doesn't help because they will not tell us anything.
You need to contact a Buyer's Agent and have them look out for the Listing: It will have to be handled by Realtors in any case, you might as well be ready. Your Agent can do the CMA in advance and you'll be the first to know.

Good luck and may God bless
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Wed Sep 7, 2011
Philip Sencer answered:
Just about everywhere. Many web sites let you search the MLS which contain most foreclosures. Some of those sites let you narrow your focus of criteria to just foreclosures........ My web site lets you do this. also does it.
Another way to do it is to work with an agent because when you find one you like on your own it is a bit more diffiuclt to deal directly with the listing agent who represents the seller, not you.
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Fri Sep 2, 2011
Patricia Monroe answered:
The idea of a short sale is, that a seller in a financial distress is walking away from his/her property after, closing without having to pay for anything. In a short sale, in addition to the seller, the seller's lender has to agree to the short sale transaction. In most cases, the seller's lender will pay the taxes. The buyer is not assuming any delinquent property taxes, and in addition gets credit for the property taxes at closing. This is because in Illinois, we pay taxes in arrears. It means that in 2011, we pay for 2010 taxes, etc. This is a general rule, but there are some transaction, that the seller is paying some of the deficiency and sometimes, if there is not enough money on the table, the buyer might not get any tax credit, or sometimes even will have to contribute to the closing costs. Keep in mind that there is no one general rule. Short sales are negotiated transactions and it really does matter who will negotiate for you! I am very much involved in all my short sale transactions just because they can easily get out of control. My goal is for the seller not to be responsible for any deficiencies, so he or she can walk away without having to pay anything at closing. ... more
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Fri Sep 2, 2011
Laura Karambelas answered:
That all depends on the bank that owns the property. Some respond quickly and others do not. With a cash offer some banks will ask that you close within 30 days or less once the contract and addendums are signed off by them.

If there is a home you are interested in ask your agent to look into that. If the listing agent has done business with that bank or the addendums are online they may be able to answer your question for that specific property.

Good luck!
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0 votes 8 answers Share Flag
Fri Dec 30, 2011
Laura Feghali answered:
Hello Meyerish,
No, the seller does not have to inform you about other offers but if you ask about them; then they might tell you.
It's one of the Articles in the Standards of Practice (1-15) and Code of Ethics for REALTORS® to disclose (with the seller's permission) if there are other offers on a property when another agent inquires. They don't have to say what the offers are but only that there are other offers being considered.

Good luck!

Laura Feghali
Prudential Connecticut Realty
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0 votes 3 answers Share Flag
Thu Aug 11, 2011
My NC Homes Team answered:
You need to speak to a real estate lawyer and/or your financial adviser to discuss long-term ramifications and to understand how short-sales work in Illinois.

If they suggest foreclosure consider turning over the deed in lieu of foreclosure.
If they suggest short sale as viable then make certain you have an attorney negotiate on your behalf with the lender to void any deficiency judgment.

For the record, you weren't sold a lemon; you bought a lemon, the difference is in realizing you failed to do proper diligence. If you had had the property properly inspected by qualified individuals before purchasing it you would have known about all the work it required and could have made an informed decision. Ultimately this is the buyers responsibility. If you were working with a Realtor as a first time buyer then they share some of this responsibility as they should have been there to help you avoid getting in over your head.

I'm sorry you find yourself in the position you have and hope things work out and you're able to put this experience behind you.
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0 votes 16 answers Share Flag
Fri Jul 1, 2011
Philip Sencer answered:
Over the years I have had a couple of clients who wanted to do it. They also add that during the attorney review the seller shows the buyer the other best offer to confirm it was real. The problem is that I have never had a listing agent/seller agree to accept such an offer. The agent does not want to agree to it because it violates our code of ethics. We need to treat all offers fairly and evenly. If an agent accepted such an offer from one buyer, in theory, to be fair to all they would need to go back and tell all the other offers so that they all could also offer it if they wanted. Obviously that would not work out very good for anyone.....It would be chaos!
How would you feel if you made an offer and was beat by someone who did it to you? Wouldn't you have wanted to know about it so you could make yet another offer??
It just does not work.
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0 votes 10 answers Share Flag
Sat Jul 2, 2011
Evelyn S. Fred answered:
Hi Hapaboy,

The first thing I would recommend is to work with a buyers agent, it's at no charge to you. Why would you go through the hassle of trying to figure it out yourself? Unless you have access to the local MLS the information you find online will at best be limited, erroneous & outdated. Allow yourself the experience & expertise a buyers agent brings to the table. It's FREE!

Moving on...Other factors to consider when conducting a CMA is condition, location proximity to subject property, days on market (sometimes determines the marketability) and of course size, as you mentioned.

If you have been able to determine condition, size and proximity of the others to the subject property and you still feel the comps can be used to substantiate your offer, go ahead & submit. The worst that can happen is the bank will say no. If so, resubmit...just hope someone more eager & willing doesn't beat you to it.

Good luck!
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0 votes 9 answers Share Flag
Thu Mar 1, 2012
Anthony Cavalea IV answered:
Sure. What are you looking for? Give me a call so we can discuss.

Anthony Cavalea
Able Realty
0 votes 26 answers Share Flag
Mon Dec 9, 2013
Scott Newman answered:
Your bank is under no obligation to foreclose. If they believe you have assets you're hiding or otherwise should be kept on title and not foreclosed on they will do so.

I have a $1,500,000 short sale that's been going on for 2+ years. The bank has no interest in taking over the property so the process has dragged out for my client. ... more
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Tue Apr 19, 2011
Philip Sencer answered:
That might be a tough one. You need someone with the money, but not the interest or ability to do the work. Not sure how to find someone although Trulia might help. I am not sure this is a good market to be flipping property quickly. I think you would be better off buying and renting for a couple of years before selling in hopes of the market changing. There are also tax advantages to waiting more than one year. It is also very difficult to find a property that is a 'flippable' in part because those tend to be multiple offer scenarios that push the price up more than you might like to pay. ... more
0 votes 5 answers Share Flag
Wed Apr 6, 2011
Ranj Mohip answered:
If you want to buy a tax sale property, you will have to buy the taxes at a public sale and wait the statutory period (up to 4 years). Consult with a Realtor to find you an affordable, vacant property listed on the MLS.

The information in this answer is general information and is not intended as legal advice, nor do I intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of
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