Foreclosure in Chicago : Advice

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Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
My question is has anyone come across a deal where the Seller(bank) pays the assessments and now includes it on a new purchase price?
Each bank has their own view of what they will ask, how they set the price and what they will or will not cover for fees. Reasonable banks include the assessments or back hoa. Not all ... more
0 votes Share Flag Wed Jul 23, 2014 Foreclosure in Chicago
Scott Godzyk, Real Estate Pro in Manchester, NH
Scott Godzyk answered:
Tenant in a foreclosed unit, was offered cash for keys. Should I take it or stay full 90 days? But I stopped paying rent when it was sold at auction..
The bank does have the right to collect rent if you stay there. I would think you would want to take the money and move on. In cases where i am offering CFK on my bank owned listings pa ... more
0 votes Share Flag Tue Jul 15, 2014 Foreclosure in Chicago
Carlisle Mit…, Real Estate Pro in Houston, TX
Properties that are taken into a bank's inventory, after a foreclosure sale. Bank-owned property is acquired by a financial institution when a homeowner does not make their mortgage payments. These properties… Read more
Blogged Sun Jul 13, 2014 by Carlisle Mitchell Foreclosure
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Carlisle Mit…, Real Estate Pro in Houston, TX
Bank Owned Properties, also known as real estate owned (REO) properties, are properties that are taken into a bank's inventory, after a foreclosure sale.Bank-owned property are acquired by a financial… Read more
Blogged Sun Jul 13, 2014 by Carlisle Mitchell Foreclosure Investment Properties
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Nick Richard…, Real Estate Pro in Winnetka, IL
The following is from the IRS website."The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage… Read more
Blogged Sun Jul 6, 2014 by Nick Richardson Market Conditions Home Selling Foreclosure
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Bill J Delig…, Real Estate Pro in Chicago, IL
Bill J Deligiannis answered:
I'm trying to start a business cleaning out foreclosed homes in Chicago and I'm looking for information about the basics and how to proceed.
Also - contact Realtors who focus on REO's. They may be able to provide you some contact info.
0 votes Share Flag Fri Jun 27, 2014 Foreclosure in Chicago
Todd Shissler, Real Estate Pro in Chicago, IL
Todd Shissler answered:
Hello I am intested in buyinbg this condoN Sheridan Rd #709. Is it still available?
What is the exact address? I am happy to look it up for you. Please feel free to contact me. 312-602-5711
0 votes Share Flag Tue Jun 24, 2014 Foreclosure in Edgewater
Jeff Nobleza, Real Estate Pro in 60640
Jeff Nobleza answered:
My home foreclosed, was offered cash for keys in 3 weeks. If I refuse how much longer can I stay before evicted?
You have not paid your mortgage, got foreclosed on, was offered cash for not paying your mortgage ( a legal document where you promise to pay back money that you borrowed) and now you a ... more
2 votes Share Flag Fri Jun 20, 2014 Foreclosure in Chicago
Matt Laricy, Real Estate Pro in Near North Side, Chi...
Matt Laricy answered:
Condo purchase at judicial sales auction--6 months back assessments
Call a attorney up. They can help.

I would refer Joe Talarico
708-687-8200
joe@talaricolaw.com
0 votes Share Flag Fri Jun 20, 2014 Foreclosure in Chicago
Mike Opyd, Real Estate Pro in Near North Side, Chi...
Mike Opyd answered:
Help! Does a buyer have to pay back assessments that are owed if he bought the property from a tax sale?
Its possible for up to 6 months worth.
0 votes Share Flag Thu Jun 19, 2014 Foreclosure in Chicago
Carlisle Mit…, Real Estate Pro in Houston, TX
Carlisle Mitchell - Investing in Real Estate - Chicago, IL I want to thank the City of Chicago IL for supporting the event Investing in Real Estate in Today's Market this past Tuesday and Wednesday at… Read more
Blogged Mon Jun 16, 2014 by Carlisle Mitchell Foreclosure How To... Investment Properties
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Bill Eckler-…, Real Estate Pro in Venice, FL
Bill Eckler-Florida, answered:
CAN A REAL ESTATE AGENT BUY A DISTRESS PROPERTY?
Can a real estate agent be a customer as well as an agent? Of course!
Can a doctor see a doctor?
Can a lawyer confer with a lawyer?
Can a teacher instruct a teacher?
Can an airplane ... more
0 votes Share Flag Wed Jun 11, 2014 Foreclosure in 60619
amora304, Home Buyer in Putnam Valley, NY
amora304 answered:
Any feedback on CREDENCE LAW GROUP?
cesar Mora (914)438-0429
Do not make any deals with this company, they are a scam. i have talked to Byron Landau himself that promise to do anything in his power to fixed the promise t ... more
0 votes Share Flag Thu Jun 5, 2014 Foreclosure in Chicago
Newman-Mitri…, Real Estate Pro in Near North Side, Chi...
Newman-Mitrick RE Group answered:
How do I get contract for foreclosures home.?
You'd need to contact the bank directly. They usually require very high levels of insurance and bonding.
0 votes Share Flag Thu May 22, 2014 Foreclosure in Chicago
Seth Captain, Real Estate Pro in Chicago, IL
Seth Captain answered:
My landlord is walking away from his mortgage, how long until the bank forecloses and forces me to move out? how long do I continue to pay him?
This may qualify as more of a rant than a direct answer, but one that may help tenants make an informed decision should they find themselves in this situaiton.

Working with multi-fam ... more
0 votes Share Flag Sun May 18, 2014 Foreclosure in 60616
Philip Sencer, Real Estate Pro in Chicago, IL
Philip Sencer answered:
Where do I go for expert advice with purchase of a short sale/foreclosure?
The seller does not care what the price is. He just wants a contract so the 'process' can start and it can take 2-5mo before the bank is ready to decide IF they will accept the price. T ... more
0 votes Share Flag Sun May 18, 2014 Foreclosure in 60616
Philip Sencer, Real Estate Pro in Chicago, IL
Philip Sencer answered:
My landlord had stopped paying her mortgage, but I have been paying her every math, now the bank wants me to pay them what should I do?
You should not have been paying the landlord, but too late for that. You should check with an attorney, but almost all banks will offer you CASH 4 Keys.......pay you to move out so they ... more
0 votes Share Flag Sun May 18, 2014 Foreclosure in 60616
Matt Laricy, Real Estate Pro in Near North Side, Chi...
Matt Laricy answered:
How do I get contract for foreclosures home.?
You should cold call banks and see if they will work with you.
0 votes Share Flag Fri May 16, 2014 Foreclosure in Chicago
Mike Opyd, Real Estate Pro in Near North Side, Chi...
Mike Opyd answered:
I'm looking for a realtor to help me find foreclosures and list my properties. anderson01@ameritech.net
Your going to get a lot of agents responding to this message. Interview a few agents and see who is the best agent for you.
0 votes Share Flag Thu May 15, 2014 Foreclosure in Austin
Andy Ogorzaly, Real Estate Pro in Wicker Park, Chicago,...
Looking for a great deal? Foreclosures are probably the best bet. Short sales are still a long process and some traditional sellers are still being unrealistic on price. You probably won't have much luck… Read more
Blogged Sat May 3, 2014 by Andy Ogorzaly Home Buying Foreclosure Investment Properties
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