Foreclosures Help Information

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Foreclosed Chicago Homes

Question: There is a foreclosed home selling for 149,000. I am willing to spend 80,000-100,000?

Do you think the bank will accept this offer. This house is near Chicago.

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Answer: Don't waste your time or anyone else's time with an offer that low. The lender knows the approximate current market value of the property. He's not going to take 40% less than that. Move to a property much closer in price to what you are willing to spend.

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Chicago Foreclosed Homes

Question: Making offer on foreclosed home help!?

OK, so there is this home i really like, it has some issues that need to be fixed. it os for sale for $99,000.i spoke with my realtor today, and she said there are two cash offers on this home. she said the bank prefers cash only. i made an offer of $114,000 and $1,000 earnest money(thats all my lender would allow) i am getting my loan through NACA. (naca.com) do i have a chance of getting the offer approved? i really want this home, and i am scared of the people who put in cash offers will get approved. i also know that the other people put in cash offers less then the asking price. i put in a non cash offer for more then the asking price! who do you think will win? i really want this house!! what can i do to win it? i am in chicago if that helps, thnaks!!
***it IS for sale for $99,000 sorry
yes i am pre approved for 115,000 and the company that im working with (NACA) will only allow 1k for earnest money

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Answer: Well, if the bank wants a cash offer and two people are offering cash....odds are they will take it. The bank can get rid of the property quickly without any hassles from inspections or appraisers.

NACA does not have the best reputation in the banking world. Many banks don't want to deal with them. On their web site they have this:

While NACA has agreements with many lenders to make your mortgage affordable, the below executives refused. Click on the lender/servicer below to see how they live and how to contact them directly. Then there are pictures of the lenders/servicers.

In my experience I would say you have a very small chance at success. If you had made the offer from a pre-approval at the bank that did the foreclosure it might be a different story. So Sorry.

Best wishes and good luck in your house hunt.

New homes on Lincoln Park West, Chicago

Chicago Foreclosed Homes For Sale

Everybody is talking about the government's bailout packages. But how will they affect Chicago real estate. This article discusses Chicago real estate and how the government's bailout will offer help and hindrance.

Housing is about supply and demand and the government is trying their best to help in both areas. With the Fed buying (A LOT) of US Treasuries bonds they are artifically lowering interest rates on mortgages, which should make housing even more affordable, which should create more demand, but who is buying? The problem is that so many people have been foreclosed or have negotiated short sales and now their credit is so bad they can't get a mortgage, so the pool of potential buyers is greatly reduced. I also know there are plenty of people that are current on their existing mortgages that would love to take advantage of these lower prices, but can not because either they can not sell their current home or the price they would receive would not be sufficient to payoff their current mortgage.

As for the supply aspect, the government is trying to keep as many people as possible in their homes. Obama's refinance and loan modification program is definitely a step in the right direction, but is it too late? Probably not, but what happens to the people who just got laid off and can't find a new job? I believe the government could have a greater impact on the supply side than demand.

The government announced today that they will be purchasing/leveraging up to $1 TRILLION in bad (toxic)assets. There are some interesting aspects of this plan, but I'll concentrate on the real estate part. Assuming most of these bad assets are foreclosures, the government could play a major role with the supply of homes on the market. I would first take at least 50% of foreclosures currently listed off the market. Then for every 3 foreclosure that sell, put another 2 on the market (I wanted to keep the numbers simple). I believe this would help stabilize prices and balance supply and demand.

About the Author:

Michael Russell writes about a variety of subjects. This article discusses Chicago real estate. For more information, visit the Real Estate Book.

Source - Chicago Real Estate -- What the Government's Bailout means to Chicago's real estate

Avoid Foreclosure and Learn the Benefits of a Short Sale, Chicago and Surrounding Suburbs