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Foreclosure in Chicago : Real Estate Advice

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Activity 257
Thu Mar 31, 2011
Dallas Texas answered:
I would NEVER fix any home till after I have closed AND the keys are in my hands . Many issues can happen you are out of pocket.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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0 votes 14 answers Share Flag
Wed Mar 30, 2011
The Oliver Team Chris & Holly Oliver answered:
Each state is different, and in Texas, the foreclosure sale is on the first Tuesday of each month. The properties are posted on a board on the Southeast corner of the courthouse.
Im not sure exaclty what the law and procedure is in IL, but you should go to your counties courthouse and see if they have posted any foreclosure lists. They should have to post the home list publicly somewhere, and I would bet they would be at the courthouse. If you cant find any info there then I would either google for chaicago foreclosure lists or call a well known real estate agent that locally sells foreclosures and ask them. Have a Blessed Day! ... more
0 votes 2 answers Share Flag
Mon Apr 11, 2011
Cherrie Catama-Smith answered:
Hi Fxhang11us,

There are tons out there. If you need help, I will be happy to lend a hand. I have a few years experience with foreclosed homes. Feel free to contact me.


Cherrie Catama
773.490.3437 Phone
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0 votes 22 answers Share Flag
Fri Jan 28, 2011
Sari Levy answered:
Hey Marilyn,

Are you looking for a list of homes that are in foreclosure or pre-foreclosures?

877 LUCID99
0 votes 7 answers Share Flag
Mon Feb 21, 2011
Ranj Mohip answered:
Management doesn't own the building, so they can't lose it. You are responsible for your unit and your mortgage. If you don't want to live there, why do a modification? If you want to be done with the property, you can do a "deed in lieu of foreclosure" or a short sale. Each option has it's benefits and drawbacks. Contact a real estate attorney for advice on how to proceed.

The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney 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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Tue Nov 13, 2012
Tim Moore answered:
It depends how handy you are and what they did when they winterized it. They usually shut of the main water valve, you will need to find that. Sometimes they disconnect the ice maker line from the frig and sometimes they disconnect the water line from the dishwasher. If you can find these to see if they are disconnected and then reconnect you can do it yourself. Have a friend with you when you turn on the main water valve to look for leaks quickly. make sure you do not turn on the water heater until you are sure there is water in it full. ... more
0 votes 13 answers Share Flag
Thu Jan 20, 2011
Tim Moore answered:
Talk to a lender in your area about how likely it is to get a loan on a condo. Here it is almost impossible since lenders are just not loaning on some condos which is forcing many new ones into foreclosure because they are unable to sell the units. Then contact a Realtor to help you in the process and get you in to see the unit. ... more
0 votes 8 answers Share Flag
Mon Dec 20, 2010
Anna M Brocco answered:
At this point, it may be in your best interest to consult with an attorney who specializes in real estate, see exactly what options you may have--if you cannot afford an attorney, contact your local Legal Aid Society for a pro bono attorney, free; also keepin mind that most professionals do offer a free consultation. ... more
0 votes 8 answers Share Flag
Sun Feb 26, 2017
Philip Sencer answered:
There are tons of them around, even in Logan Sq. You need to check the comparables to see if the price is reasonable. You need to make as clean of an offer as you can, but the price you offer should be based on how the value compares to other similar units in the area. They will negotiate so it is unlikely you need to offer full price unless you think it's a steal. Sounds like you do not have an agent so perhaps you might like some help. ... more
0 votes 19 answers Share Flag
Tue Mar 29, 2011
Mark Malave answered:
you can talk to a buyers agent like myself that knows how to track down that type of information.
0 votes 11 answers Share Flag
Tue Dec 14, 2010
Anna M Brocco answered:
At this point in order to best protect yourself and any other assets you may have, it may be in your best interest to consult with an attorney who specializes in rel estate--if you cannot afford one, contact your local Legal Aid Society and or local Bar Association for a pro bono attorney--free; also keep in mind that most professionals do offer a free consultation. ... more
0 votes 7 answers Share Flag
Tue Nov 30, 2010
Anna M Brocco answered:
In order to best protect yourself and any other assets you may have, consider consulting with an attorney who specializes in real estate, before considering either option--if you cannot afford one, contact your local Legal Aid Society or Bar Association for a pro bono attorney--free. ... more
0 votes 12 answers Share Flag
Tue Nov 23, 2010
Jude Macdonald answered:
Given your pending retirement, your logic of walking away from these underwater properties could be sound, but all of your assets except for your retirement fund (IRA) are at risk. Once the foreclosed home sells, the bank can come back and sue you for the difference in price. I recommend you talk to at least 2 attorneys: 1 that specilizes in foreclosure and 1 who does bankruptcy cases. ... more
0 votes 15 answers Share Flag
Thu Nov 11, 2010
Evelyn S. Fred answered:
Are you working with a buyers agent? If so, he/she should address your concerns.

That being said, if you received a verbal acceptance more than likely you are good to go. The REO brokers and their clients (the bank) are inundated with paperwork and it sometimes takes longer than "usual" to get the documents to the buyers for the signatures.

If it's been more than 5-7 business days since you've received the verbal acceptance then definitely check in again and don't let Friday come & go without some sort of communication.

Have you checked the status of the listing in the multiple listing service? Feel free to use my website to check. It is directly tied in to the MLS and updated regularly. It should say "pend, or A/I, or SS or ctg", on my website it will say "under contract".

Good luck!
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0 votes 8 answers Share Flag
Sun Oct 17, 2010
John Walin answered:
Sorry for your situation...
It depends on if your bank is one of the three that has a moratorium of foreclosing proceedings. You should get legal advice and see if you can forestall the foreclosure. You are in Illinois from your zipcode and yes Illinois is a recourse state, meaning they can come after you for the deficiency. ... more
0 votes 10 answers Share Flag
Tue Sep 28, 2010
George Patrick answered:
Without having more specifics from you I will respond with what I think you are referring to. 10 E. Ontario was converted to condos by American Invsco. As I recall a few years back they were offering to pay a buyer's assessments, taxes, and rental income for 2 years, hence the 2-2-2 you are probably referring to (again not sure where you saw that referenced). I believe, but am not sure, that this was most often, if not always, done by way of a closing cost credit. But it may have been a deduction from sale price as well. But what apparently happened is that the sale prices were bloated because to net the number AI needed/wanted after such a huge credit they had to have high prices. But that meant buyer's were borrowing larger amounts of course, and ultimately the cost vs rental for those units wasn't sustainable - at least that seems to be the case based on the "disaster" that has and is happening in that building as far as sales. It was very attractive to investor buyers who didn't seem to look past the 2 year mark because they were basically taken care of until then by way of such a huge credit. Again some of this is speculation as to the mechanics so perhaps another respondant can add to what I've said. ... more
0 votes 1 answer Share Flag
Mon Sep 27, 2010
- answered:
4747 is a vacant lot. The listing expired 09/02/2010. It is a bank owned property, so it might be listed again or it might be sold to investors. The final asking price was $4,500.
0 votes 3 answers Share Flag
Thu Jan 12, 2017
Evelyn S. Fred answered:
Wow John you have many scenarios going on. I recommend you speak with a distressed property specialist. Feel free to call me for a free no obligation conversation. There are way too many questions to post here on this open forum.

I am a Short Sale & Foreclosures Specialist as well as an Accredited Distressed Property Realtor.
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0 votes 9 answers Share Flag
Wed Sep 1, 2010
Brad Elsner answered:
have one in Kirkwood MO. It about half finished
0 votes 1 answer Share Flag
Mon Aug 30, 2010
James Gordon ABR SFR SRS answered:
Karen why would the lender want someone in a property that they ae going to think about taking the deed on instead of forclosing?
0 votes 9 answers Share Flag
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