East Randolph Street – Call Kristine 312-933-1894

Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

East Randolph Street, Chicago

1 bedroom foreclosure at the 5415 Sheridan just closed

September 20th, 2010 · No Comments · Uncategorized

One of my client has bought a one bedroom unit at the 5415 Sheridan, this is my first experience as representing the buyer to get a foreclosure unit. We have paid the listing price which is $129,900. We have tried to negotiate, but there is no room with the bank for negotiations. The procedure is quite similar compare to a regular purchase, no surprises during the attorney reviews and stuff. One thing I would like to mention is the buyer’s loan is from Bank of American and their service is quite horrible, we had to go to the closing twice and then they even asked us to go to the title company for the third time! We have finally closed but my recommendation is if you need a loan go to a mortgage banker instead of going to a bank to get a mortgage, with the daily change of the mortgage rules, it is very distressed to work with them directly. A good mortgage banker could make sure that you close the property on time, ours have been postponed twice to around 13 days!

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