Chicago FHA 203k

What is the Process and Timeline for Getting a Chicago Area Renovation Loan?

  If you are looking to buy a home in the Chicago area, you probably know that the market is tight. There are a lot of buyers looking for the same types of property (well maintained, up to date homes that are priced right), and whenever a new listing comes on the market, there is a waiting line of buyers ready to view it. And often, ready to make offers. At the same time, there are a lot of homes that just don’t get as much love and respect. These are older homes, homes that haven’t been updated, need some work or just don’t have the curb appeal that buyers are looking for. It’s not unusual for these homes to stay on the market longer, and sell for less. But these ugly ducklings can be swans in disguise. If you are open to considering homes that might need some work,…

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Chicago FHA 203K – When You See Cash Offer Only on a Listing, Think FHA 203K

With all the distressed properties on the market, a good portion are inevitably going to have issues with the property condition. If you are looking in the MLS, at or one of the local search sites, you will find that some of these homes are marked as cash only. When you see cash only this means that the property has serious problems of one form or another, and that the seller, or the seller’s agent, doesn’t think it will pass as acceptable to get either conventional or FHA financing. This means that the overall pool of available offers for this property has shrunk down to the investors who are ready and willing to buy with all their own cash. These investors are looking for big returns and they will take on a project that needs a lot of work, but it has to be at a price where they…

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