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...

Looking for Defects A concern for any buyer is being faced with a serious defect in the property you’re buying which could affect your safety or health, but more importantly, your pocketbook. While some defects may be corrected at a nominal cost, it is important to understand the categories of these defects: building...