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Island Lake : Real Estate Advice

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  • Home Buying5
  • Home Selling0
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Activity 4
Sat Apr 28, 2012
Laura Feghali answered:
Hello Lehnert904,
Yes indeed, the banks favor a cash offer as then there is no mortgage contingency nor any buyer's appraisal involved. It's one reason why you see so many investors scooping up foreclosures right as they hit the market.

Cash is king!

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
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Sat Apr 28, 2012
Michael Emery answered:
I presume this question is in regards to bank owned homes. If there are issues with title that would prevent them from closing the transaction and providing you with clear title, they can and do cancel purchase agreements up to and on the dale of closing.

If this is in reference to a buyers bank pulling out, they can also refuse to fund the loan if the underwriting hasn't been successfully completed or if the buyers employment status changes prior to closing.
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Fri Sep 16, 2011
Ranj Mohip answered:
There is most likely an issue with the foreclosure or with the title. Unfortunately, there is not much you can do but wait. Have your attorney look into what the delay may be.

Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of does not create an attorney-client relationship. Remember--consult the best real estate attorney in Chicago or in your respective area. Contact us at for more information. ... more
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Mon Apr 6, 2009
Realtynovice answered:
It is yours until title transfers. Keep the insurance and you can reduce your utilities by winterizing the home and then you'd need electric only for the sump pump.. Your attorney should have advised you of your potential liabilities until the home transfers. ... more
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