All Forum Posts by: Igor S.

After a lot of back and forth with the bank, my attorney, and the appraiser, we decided to go ahead and get the property inspected and appraised with a contingency that we will need to see the water running before closing. One week before closing, we can have the water and gas turned on and at that point I can get a plumber there to inspect for any pipe damage. If water is not running, there are burst pipes, etc. appraiser will not let financing go through and we can then get EM back.

Has anyone had any experience purchasing a bank owned property where the bank will not cooperate with turning on utilities?

This is a new deal and the bank has accepted my offer, but is not willing to turn on the water because they are selling "as-is". From my experience the appraiser still needs to see water running in order to secure financing. My worry is frozen pipes, but there would be no way to check without getting the water on and then re-winterizing.

Thoughts?

Multifamily units are being snapped up very quickly in the decent neighborhoods here- almost always at asking price or higher. Even coming in at asking + I've lost quite a few of them to all cash buyers. Marc Bodinger, I know construction has seen an uptick but I wouldn't go as far to say there will be a slew of new units hitting the market this year. There are still a lot of properties in distress that are keeping the prices down and discouraging new construction.

Thanks everyone for the warm welcome! I look forward to learning from this huge knowledge base and connecting with my fellow chicagoans! Marc Bodinger, for now I'm looking to do 2-3 flips a year and purchase a multi-family rental.

A big hello to all BP members! This is Igor from the Chicago area and I'm thrilled to have found BP and the wealth of knowledge this forum brings.

I started investing in real estate with my first purchase after college, which quite accidentally turned into a flip, and got me hooked! I currently rent out a townhouse and working on my second flip, all in the northwest suburbs of Chicago.