All Forum Posts by: Jerrold Stallworth

Welcome to the board,

You can use either Chicago Association of Realtors contract crossing out the sections that are irrelevant or use a boilerplate purchase contract. However, sometimes if you have a Realtor who is unfamiliar with non-standard contracts involved in the deal, they may be freaked out if you don't use a standard Realtor contract and kill the deal.

Hi BP Nation,

my focus is Not short sales, though I take them on when they are available (got one going right now).

If I wanted to put more short sales in the pipeline, would it be worth the effort? Are the number of short sales expected to increase, decrease or remain static in the next few years. Where could I find a reliable projection?

Thanks in advance.

Thanks again everyone.

Yes, the buyer's attorney was adamant about his client not signing anything until his research was complete. Client wants to move forward right away but is waiting on green light from attorney.

I'll definitely do as you all have suggested.

Dion & Simon,

Thanks for your invaluable responses.

The buyer suggested I speak with his attorney about this transaction. When I called the attorney, the suggestion was to do nothing until he researches possible legal problems with the title. He wanted to make sure there were no hidden liens tied to the property. He also wants to know what terms the bank will tie to the purchase of this property.

In short, the attorney will drive this transaction and if he deems it free of problems, he'll give his client the go-ahead for me to write a contract for this property.

I'll keep you posted. Enjoy your Thanksgiving.

Hi all,

I'm a Realtor in Chicago.

A friend referred a customer to me who wants to buy a small storefront, which happens to be an REO property on the Chicago's South Side. He has spoken to the bank, agreed to pay their price and terms, but the bank insists that he goes through the Realtor thats handling this property. Because he has had problems with them he wants me to complete the transaction for him.

My question is what do I need to have before I call the Realtor or bank to get the ball rolling on this deal? I've never done commercial but this is a small property no more than $30K and the customer has told me the bank is ready to go.

Any and all suggestions are welcome. Thanks.

Hi all,

I'm a Realtor in Chicago.

A friend referred a customer to me who wants to buy a small storefront, which happens to be an REO property on the Chicago's South Side. He has spoken to the bank, agreed to pay their price and terms, but the bank insists that he goes through the Realtor thats handling this property. Because he has had problems with them he wants me to complete the transaction for him.

My question is what do I need to have before I call the Realtor or bank to get the ball rolling on this deal? I've never done commercial but this is a small property no more than $30K and the customer has told me the bank is ready to go.

Any and all suggestions are welcome. Thanks.

Hello everyone,

Simple question;

I found a vacant property that was filed as a foreclosure but never made it to the auction (Sheriff's Sale as its known here in Chicago). It is currently held in a trust by Bank of NY-Mellon. I learned that BNY-Mellon is the trustee for a lot of properties in this limbo.

My question is what is the most effective way to find out who is the seller so I can make an offer on this? I know that I should look for an asset manager but what process or procedure should I follow?

I know there's a guy named Tony Young who specializes in this, but cannot find any of his material online.

If there are any Chicago-based investor/rehabbers who buy in Robbins area,

please email me and let me know what's your buying criteria. I may have something for you.

Also, looking those who would buy homes in Fuller Park area in Chicago.

Ellis,

Thanks for responding.

sorry for such an elementary question but what's an example of offering price with better terms that would be enticing to a buy & hold investor?

Deal or no deal?

seller has a inherited property in Chicago- Fuller Park area. Wants $20K but is willing to accept $15K for now, 5 later 3 or 4 months later.

property is SFH frame, 2bd 1bath. free & clear no liens that i can see.

Problem is its located in a low-income area between an major expressway (one block over from the expressway--Dan Ryan I90 for those in Chicago) and a railroad (2 blocks over from the train tracks). Most of the recent sales have been on the other side of the tracks. There were 2 comps near the house, both distressed for 15K in the last year.

Seller wont go below 15K. I wanted to wholesale this by just looking up all the cash sales in the last year and contacting those folks but I'm not sure if I should just walk away from this one or just put it under contract and go for it. the house is solid but I dont have a solid buyer for this area.

Any suggestions are welcome.