If you can go Fha my advice is to do that and get your assistance. 203k loans are difficult and mostly they require funds as there is a higher risk. Otherwise find a rehabbed house or individual owed house. I have 3 rehabbed properties in park forest and hazelcrest that you can get assistance and pass Fha. Inthe long run often this us a much better deal. Monthly the difference is nominal.... more
Who are you asking?? If the property was foreclosed then it is owned by someone, often the bank. Then they are bank owned homes and they will get around to listing them for sale sometime in the future. When they are any Realtor can show them to you. Trying to see them before they are listed for sale is just a waste of your time trying.... more
Good morning rita200964,
I’m no real estate agent, just a humble Mortgage Banker, but I can give you some guidance on your search for the right rental apartment.
In my experience in the real estate trade, I’ve discovered that the consumer is best served by adopting some simple strategies, whether you’re buying a home, selling one, or renting an apartment.
First: remember that real estate agents work on commission. The better quality agents---and those with the most experience---will be testing you from the initial contact to determine if you’re serious and will commit to using their services. Why? Because real estate is like any other business; you don’t sit at a table in a restaurant to read the menu without actually buying food at some point. It’s the same concept: the experienced real estate professional has to earn a living by renting apartments to serious and qualified prospective renters.
Therefore, the smart consumer should be well-prepared and committed to respecting the real estate professional’s time. Prepare yourself with three fundamentals: amenities, location, and price.
Know your requirements for the apartment you wish to rent in terms of amenities (one bedroom versus three bedrooms; elevator building or private house), location (proximity to public transportation or need for parking), and price. If you present yourself as well-prepared you’ll have a better chance of working with an experienced agent who will work hard to find you the right apartment.
Second, start with the internet---especially TRULIA.com---but stay “local.” Here on TRULIA.com you can easily find a local professional by clicking on “FIND an AGENT” at the top of this page. There you can hone in on a seasoned professional in exactly the area where you wish to rent your apartment.
TRULIA provides exceptional tools to help you as a consumer understand the quality of the professional you’re working with. Read the agent’s profile; check out the recommendations from previous clients; get to know the level of experience of the agent and the areas that agent covers.
Third, real estate agents are prevented by Federal regulations from answering certain types of questions. They cannot discuss schools or school districts, crime statistics, and a variety of other issues prohibited by Fair Housing regulations. If your agent is vague when you ask certain types of questions, now you know why.
Finally, demonstrate your level of seriousness to your real estate agent. Show up on time for your appointments to view apartments. If you’re required to submit documents for the Landlord to review with your rental application, get them into your agent’s hands pronto. Not only does this help you potentially get one step ahead of a competing renter, but you’ll be viewed by the Landlord as a responsible renter. Landlords prefer responsible renters, don’t they?
I hope that helps you improve the results of your search for an apartment, and helps you with a better quality experience.
*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!... more
Yes because you should have secured your loan before bidding, most banks will not even accept an offer without a preapproval. At this point you will need to seek an extension, most banks charge a per diem of up to $100 day for not closing on time so you will want to see if you are affected by this. You ragent should be guiding you and assisting you with financing. You need to ask your loan officer what is holding up the loan, if you have been denied by 1 and keep applying with new companies, you may be at risk of losing your depoit. So please check with your agent and the loan officer to get some guidance.... more