The first and foremost question is does the owner of the property want to sell it? You cannot buy a property out of pre-foreclosure unless the owner agrees to sell. If the owner of the property wants (agrees) to sell the property it can handled a variety of ways. First option, the owner can attempt to sell the property to a purchaser via Short Sales. A short sale will take time (3 to 8 months) and I highly do not recommend this route unless a highly experienced in short sales negotiator is used; the 2nd and most obvious way for a buyer to purchase a property out of pre-foreclosure it to pay the balance of the loan to the bank. With option two the purchaser has to be aware of what the current market value is versus the value of loan.
We all need to remember the person living in the home owns the home until the home has been foreclosed and to purchase a home out of pre-foreclosure the owner must agree to the sale.... more
I'm not a fan of the pre-closing-possession, because it takes time and money for you to move your things, and if you take possession and then learn that your offer has not been fully accepted, then you're stuck either having to move into another place right away (at the new, higher rental market rates), or having to just accept any new terms that the bank presents. Perhaps you should ask your landlord for a new, "short-term lease", while you wait to hear back from the bank about the short sale. This could work well for your landlord, because he/she will no longer be in a state of limbo. The short-term lease could work for you because you wouldn't be incurring moving expenses until it's absolutely necessary; and, you'd be continuing to live in a place in which you are familiar (Even if your landlord raises the rent, it would probably be priced less than the current market rate.). Meanwhile, you'd wait to hear back from the bank, and can also continue to look for alternative homes, in the event that the sale doesn't work out. You might get lucky, and find a low-priced, non-short sale property that you like even better than the one you originally found.... more
I'd be happy to help you in your search. Check out my rental website at innovativepropertyconsultants.com - you can search via map which is extremely useful. I can also perform a custom search for you via the Multiple Listing Service. Please get in touch with me if I can help.... more
July 1st is a bit away, so may I offer you the use of my free website www.idealhomesinchicagoland.com. The information is updated daily and you can get a feel for all the different areas and neighborhoods. My website and my services for you will always be free. I would like to assist you in your home search.... more
While you are in Atlanta, take advantage of my free website www.idealhomesinchicagoland.com. You will always find up to date information and you can search by neighborhood, or price, or even by single family residences. This website is free and so are my services to help you find the ideal home here in Chicago. If you have any questions, please feel free to contact me directly through my website.... more
Winnemac Park is a rather residential neighborhood and there are few, if any, furnished units ever offered. You will need to look elswhere, but you will also have a problem for just a 2 month term. 99% of rentals in Chicago are 1 yr terms or maybe 6 months. You need to look for sublets/temporary housing/corporate suites/motel accomodations for that short term.... more
Karen Elia nailed it: no such thing as a hot neighborhood in the foreseeable future.
Find a neighborhood you love and a place you love. Forget about appreciation for the next 5 years, at least.
How much space do you need? What do you consider a reasonable price for that space? What factors are important to you in choosing a community?... more
Your building may be eligible for spot approval and (for your immediate purposes), you may not need to wait for the entire building to be FHA approved. However, you may elect to start that process as an association.
If you are not sure if the building is FHA eligible, I would contact a good mortgage banker. Rubloff works with Wells Fargo quite a bit and I work with one of their mortgage bankers on FHA loans named Brian Cumpton. His contact info is at www.ChicagoLender.com (don't have his number in front of me at the moment).
He is an expert in both helping your immediate situation and can lead you in the right direction on getting the whole building approved. Several changes have just taken place in mortgage financing that will make many more building FHA approved... things are changing daily!... more
Obviously it is easier to get into a garden unit, the windows and doors can be reached from the ground. Also many doors for these are below grade and not visible from the street, so it would be better if the building had a common security door before going down to your unit. I lived in a building off the southport corridor in 2006, the garden unit was burglarised through the front door, which was hidden under the stairs to my first floor unit.
You also need to consider flooding. During heavy storms the last few years I know several garden unit owners who have flooded, ruining floors, walls and furniture and potentially leading to mold.... more
Hi Brian, I have two suggestions - first, read through your condo docs and find out what it takes to get elected to the Board. In a 13 unit complex seats may not come up very often, but eventually, you should be able to obtain one and fight the system from the inside. Second, what you are describing sounds like a blatant ethical breach on the part of the Board President. If he or she is willing to do something so obviously against the interests of the group publicly, what can you imagine is happening behind the scenes? Why exactly is there a budgetary shortfall? Keep working on it, common sense and persistence will win out in a crowd almost every time. Best of luck, Stacey... more
Yes, Angies List and the Better Business Bureau. Pick up specific local code variances (from National Code) from the building department. Try to talk with some of the building inspectors and ask for their advice. See if they have a file of complaints from homeowners about contractors. See if they have an approved list or recommendations. In La Grange Park when I looked at the complaint file, more than half of the complaints were about Father and Sons. But if you ask the inspector, he can't say, "Don't use Father and Sons." In Oak Park, they won't give you recommendations but when I asked if Georges Concrete was on their approved list, the response was, "Yes. (sidebar) He is great!" They might say something like, "Yes, Budget Right Kitchens is registered to do work in Oak Park but we have received a complaint."
Two plumbing companies I would recommend include: Aleck Plumbing 708-799-4670 and Morning, Noon & Night Plumbing: 773-880-0072. Heat & Air I would recommend Assured Air 708-839-5760.
Stop. This is a stupid idea. It was a stupid idea in the boom and it is an even dumber idea now. During the boom those who did this kind of project luckily had enough koolaid drinking buyers around to make some money. The buyers and banks aren't drinking the koolaid anymore.
This whole notion that 2 flats are great investments that has been put out by various sources is nothing but marketing hype. 2 flats can be a good investment as a long term owner occupied investment, not as a Condo flip.
2 flats have served a very traditional role in Chicago for decades. Person buys it, lives in one unit, rents out the other unit, when the owner retires rental income helps pay the bills during old age. They are also a great way for 1st time buyers to get into a building when they can't quite afford a single family.
There are tons of Condo's available for buyers to choose from. Why would a buyer want to buy into a 2 flat when they can buy into a larger building with amenities. If you can't give a plausible answer for that, then its pretty much over. It will also be difficult for a buyer to get financing.
Having been a property manager for years, I can tell you that one doesn't make money on a 2 flat during ownership. One can make a good return on investment during resale. The mortgage, taxes and various bills tend to eat up pretty much all the rental income.
The market is saturated with Condo's and more foreclosure condo's are coming into the market. You want to get into the game, great, but don't destroy your opportunity by trying to do a condo deal.... more