All Forum Posts by: Tracey Steele

Hi BP Community!

What are the rules around short sales and tenant's first right of refusal? The property is in IL / Chicago. Does the bank always have to accept the tenant's offer? If not, what are the stipulations around competing offers? 

Thanks!

@Lumi Ispas- Thanks so much. Helpful tips and info for next steps!

Hi BP Community, I made an offer on a short sale in the city. I came in at full price and had conventional financing. However, another offer was selected. What's the best way to find out what the winning offer/bid is? The seller's agent drug her feet in getting back to my agent and missed promised deadlines. What are your thoughts? Thanks for your help!

Super helpful @Sarah Ziehr. I'd planned to offer asking, so let's see how it goes!

Thanks @Chrystal Smith. 

@Sarah Ziehr: Here's a little more context. 

1. The asking price is bank approved

2. There's only one investor. The are zero liens. 

3. The sellers do qualify for a short sale, but I am not sure of status of their package. 

4. The comps are slightly higher (10-15%)

Hi BP Community, What is the ballpark cost for a buyer of a SFH, financed deal (conventional) in the city proper closing around March timeframe? Thanks for your help!

Thanks @David Stefanovic. The property has been on and off the market most of 2015. The last offer just fell through, and I suspect that it's due to the length of time it takes a short sale to go through. I'll chat with my agent though to see whether she can get answers to those questions. 

Hi BP Community, What are your thoughts on short sales and offering slightly below asking price? Also, I'm not sure whether I have the endurance for a short sale, but the potential property is a seeming good deal for a buy and hold scenario. What's the value of tying up money in a short sale vs selecting a property that you close with significantly faster and move on to purchasing another property. Thanks for your help!

Depends on the neighborhood. All neighborhoods are not created equal here.

Is the Tuesday, Feb 2 event hosted at the Dino's Pizza too?