Tag: bank Owned Homes


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

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 research of similar units which had sold

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 mortgage(s) it is a SHORT SALE (the lenders are

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