A TRUE STORY…BUYING A BANK-OWNED FORECLOSED HOUSE IN CHICAGO Some pitfalls to be aware of. I represent a buyer who made an offer on a bank-owned house. It took us 3 weeks of negotiating with the bank to come to agreement on terms. They signed the paperwork within 5 days after it was sent to them. So far so good… The house was sitting vacant and had been...

Buying a Bank-Owned Foreclosure – a true story A timetable and description of events from an offer made on a bank-owned foreclosure condo in Chicago and the outcome. I recently represented a buyer for a condo on Chicago’s northside neighborhood of Edgewater/Rogers Park. It was listed below $80,000 which seemed extremely low given the fact that upon my...

Buying Short Sales in Chicago Buying Short Sales in Chicago Real Estate. Foreclosures…Short Sales…Bank-Owned…What do these terms mean? Definition/Terms . Let me make it simple: Short Sale: When a homeowner has stopped making mortgage payments and is trying to sell their home which is worth LESS than what they owe on their...