Join Date: Jan 2009
Years Riding: LONG TIME
How you found us: CRR
Its not a bad idea , but check the taxes on the property . Cook county does not take into account foreclosed properties . If you buy a house for 150k that sold for 300k prior to being foreclosed , they will still assess it at the 300k sale price .Take in account the taxes and insurance .Sometimes the taxes are $700 a month on a simple house .
Make sure it does not have any stop work order stickers , this would require you getting permits before moving in . Have the plumbing checked , most of the time these houses do get winterized , but you never know . I would recommend a home inspection so that you wont be surprised . If you are not paying cash , the bank will most likely have you do this , FHA will for sure. It has to be habitable to be financed .
Ask me if you have any specific questions .