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Foreclosure in Near North Side : Real Estate Advice

  • All149
  • Local Info13
  • Home Buying46
  • Home Selling16
  • Market Conditions16

Activity 5
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
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Sun Jul 7, 2013
Philip Sencer answered:
That does limit the choices. The Hancock comes to mind. Would you like to receive a list of properties that qualify?

philip
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Thu Jun 6, 2013
Philip Sencer answered:
Prices have come down in ALL buildings in the downtoewn area, but perhaps not as much as you might like. I do not knoww what your deffinition of 'bargain' is, but there are some good prices in buildings like 440 wabash, 405 wabash, 2 E oak, 10 ontario, & others. I can send some to you.

philip
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Tue Jan 29, 2008
Stacy Karel answered:
Many investors purchased with little or no money down and when their guaranteed rent deals ended and there was not a lot of appreciation in the units.. they let them go to foreclosure.
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