Foreclosure in Chicago : Advice

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Brendan Ross, Real Estate Pro in Chicago, IL
Who should consider a short sale?Homeowners that have a hardship and an underwater mortgage should consider a short sale of their property. Typically, a hardship can mean:Reduction in… Read more
Blogged Fri Aug 15, 2014 by Brendan Ross Home Selling Financing Foreclosure
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Brendan Ross, Real Estate Pro in Chicago, IL
Top 10 things you should know about short salesHere are ten important points to remember about short sales:1) They take time. On average, short sales take about 3 months, but it will ultimately depend… Read more
Blogged Fri Aug 15, 2014 by Brendan Ross Home Buying Home Selling Foreclosure
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Brendan Ross, Real Estate Pro in Chicago, IL
From Chicago Real Estate DailyHousing is recovering, but some high-end homeowners are still battling a problem that has faced many in lower tax brackets: foreclosure suits.The largest residential cases… Read more
Blogged Fri Aug 15, 2014 by Brendan Ross General Area Home Selling Foreclosure
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Brendan Ross, Real Estate Pro in Chicago, IL
From our friends at NAR:Fannie Mae and Freddie Mac, the Government Sponsored Enterprises (GSEs) announced changes to their Standard Short Sale and HAFA guidelines to improve transparency and marketing… Read more
Blogged Fri Aug 15, 2014 by Brendan Ross Home Buying Home Selling Foreclosure
Brendan Ross, Real Estate Pro in Chicago, IL
Advice for Buyers of Short Sales-Typically short sales will be in decent condition; better than a foreclosure. Often times the homeowner will still be living there. -If you would like to purchase a short… Read more
Blogged Fri Aug 15, 2014 by Brendan Ross Home Buying Home Selling Foreclosure
Micah Matson, Real Estate Pro in 35613
Micah Matson answered:
Will Freddie Mac accept a home sale contingent contract?
Probably not but other banks may. I bought a house from a bank and I already had my house under contract to be sold and they accepted the offer contingent on my sale going through.
0 votes Share Flag Thu Aug 14, 2014 Foreclosure in 60602
Karen Breen…, Real Estate Pro in Chicago, IL
In June, the number of properties that received a foreclosure filing in Cook County, IL was 10% higher than the previous month and 30% lower than the same time last year, according to RealtyTrac.com.Cook… Read more
Blogged Mon Aug 11, 2014 by Karen Breen Elia, ABR, CRS General Area Market Conditions Foreclosure
Andy Ogorzaly, Real Estate Pro in Wicker Park, Chicago,...
The market is currently tight in Wicker Park for 2 Bedroom condos, but check out some of the cool options available on my website: Wicker Park 2 Bed Condos Under $400KIf you are a Wicker Park 2 bed condo… Read more
Blogged Mon Aug 4, 2014 by Andy Ogorzaly Home Buying Foreclosure Investment Properties
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Scott Godzyk, Real Estate Pro in 03109
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 03109
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
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