Get a Bank Owned 3-Bedroom SFH for $105K in Logan Square: 2941 W. Lyndale
This 3-bedroom single family home at 2941 W. Lyndale in Logan Square just came on the market.
It is bank owned.
Built in 1893 on a 25×100 lot, the listing says it is one of the original homes in the area.
It is just a block to the California blue line stop.
There are no pictures of the kitchen but some of the bathroom appears to be missing.
All three bedrooms are on the second floor.
There is also an unfinished basement.
This house is now listed around the price it sold for in 1998.
The listing says it is a Fannie Mae Homepath purchase which you can buy for 3% down.
Is this a deal for the location?
Mariola Buchowska at Red Zone Realty Group has the listing. See the pictures here.
2941 W. Lyndale: 3 bedrooms, 1 bath, 1362 square feet
- Sold in November 1997 for $82,000
- Sold in January 1998 for $100,000
- Sold in April 2004 for $247,000
- Lis pendens foreclosure filed in April 2010
- Bank owned in May 2011
- Currently listed for $104,900
- Taxes of $2657
- No central air
- A garage is not listed so I don’t know about parking
- Bedroom #1: 11×10 (second floor)
- Bedroom #2: 11×10 (second floor)
- Bedroom #3: 12×9 (second floor)
I like the location. I suppose I could live with frame for that price. But how much $$$ would it take to make it liveable? Not pergraniteel, but just comfortable and in good mechanical repair?
nothing says curb appeal like a white metal cage separating you from the unwashed masses.
I hate the location but for 70k it will gladly makes up for that. and if all is sound and just needs a good rehab, if you do it with in the taste of the hood 150k if not less you can have a solid 3br 2bath home with all new apps and mechanicals for under 225k
Groove – in theory it sounds great to have a solid home for under 225k but where is a buyer in this segment of the market going to get 150k CASH to renovate (let alone the CASH needed to buy this place). People in this segment don’t have that kind of money – so the place will most likely have to be sold to a developer or an investor. However, developers and investors are NOT going to want to take on such a small project in this location (I, for one, would not invest 225k cash in this place – for what?)
I think this is a great example, Sabrina of the problems in the market in the fringe areas. Put this in a good section of Old town, gold coast, lincoln park, or lakeview, ask 400k for it and watch it get snapped up by a developer or investor – but not in this area.
“Groove – in theory it sounds great to have a solid home for under 225k but where is a buyer in this segment of the market going to get 150k CASH to renovate (let alone the CASH needed to buy this place).”
i see where your coming from on that and agree that most in this segment are cash poor.
i dont know how the 203 homebuyer rehab loan works. i do know you have to use a pre-approved general contractor and have everything lined up before the loan will get approved.
but that could be a valid option for many, and think if it was made more public and easier to do you would see this type of inventory become more popular.
“(I, for one, would not invest 225k cash in this place – for what?) ”
here is were i would disagree, for one you said you have your own crew and a good overseer/supervisor. right there your costs are smaller.
plus you will not rehab to the same level as a person who would buy reno and live in it. so your costs are smaller there too.
another aspect is if you have any surplus from any other “jobs” you working/did then use the overflow which again cuts your cost as an investor.
“Put this in a good section of Old town, gold coast, lincoln park, or lakeview, ask 400k for it and watch it get snapped up by a developer or investor – but not in this area.”
They are NOT getting snatched up until they go cheaper. There was that 2-flat in Old Town we chattered about for about a year that was listed at $400k that took forever to sell (not in the historic area so you could do whatever you wanted with it.)
Similarly- there have been several houses in Lakeview and North Center that are just sitting there (again- for months and years) that aren’t selling. They are overpriced (between $400k and $525k.) Lots just aren’t selling for that anymore- even in Lakeview. They are selling for under $300k.
By the way- is Logan Square a “fringe” area? There are condos just a block away that are listed for sale for $399k.
Okay- I just looked and the SFHs I was thinking of in Lakeview/North Center have gone under contract. But it’s not like they were “snatched” up by anyone. They were on the market for months.
I suppose a lot depends on what the rest of the block is like. My impression of Logan Square is that some blocks are nice while others are terrible. I just find this area unappealing in general though.
“By the way- is Logan Square a “fringe” area? There are condos just a block away that are listed for sale for $399k.”
I don’t think the best parts of Logan (i.e., the “real” CNELS) are fringe. This house is probably not in the most desirable part. It’s a fairly nice street, close to palmer square, but there’s some run down places along it. A bit surprised there would be condos at $399K right around here, but there are some newish construction small condo buildings on this street I think.
“By the way- is Logan Square a “fringe” area? There are condos just a block away that are listed for sale for $399k.”
bri bri come on you know the list price doesnt mean its worth that amount. i thought that was the underlying message of this website 🙂
On second thought, I just checked out the Google satellite view and there is no back yard. Just a paved parking spot. So the lack of yard along with the frame construction would kill it for me.
“By the way- is Logan Square a “fringe” area? There are condos just a block away that are listed for sale for $399k.”
This is in a good location – very close to the California/Milwaukee intersection that has a lot of new bars and restaurants going in. And it’s only getting better: the family that owns Sultans Market is opening a new table-service restaurant in the next couple months.
Walmart has expressed interest in moving into the abandoned Dearborn Wholesale building, but the Alderman is (foolishly, imho) trying to block them.
Doesn’t look like there’s a yard and that’s a huge turn off for me.
@Groove, off topic but I have trained Deux Deux to sleep two 3 hour chunks at night which means 6 hours of sleep for me with only one feeding in between! I know it is too early to declare victory but I am so excited!!!
gotta say I love the oar in the demoed shower area… You might need it with the plumbing issues you are sure to have.
“@Groove, off topic but I have trained Deux Deux to sleep two 3 hour chunks at night which means 6 hours of sleep for me with only one feeding in between! I know it is too early to declare victory but I am so excited!!!”
when little grove was born, he would sleep 2 hours eat and play for one, rinse lather repeat. at night he would sleep three and be up for one then rinse lather repeat. till the sun was up ten back to the 2 hour schedule.
our problem was instead of sleeping we would watch him sleep and ooh and ahhh at the little miracle. It took many arguments for my wife to convince me he wasnt smiling because he was dreaming of race cars and climbing trees that it really was because of gas.
Logan Square east of Kimball (and in some parts east of Central Park) are by no means fringe. It’s one of the hottest neighborhoods in the city. Every other month there’s a new hot restaurant opening up. They can’t even keep up with the demand…the places opening up are ALWAYS crowded. Try going to Longman & Eagle, Revolution Brewing, Lula Cafe, or the soon to open Masada and try to get a seat on a Friday or Saturday night…be prepared to wait an hour or more in many instances.
lol…I just jump in bed as soon as Deux Deux closes his eyes : )
Miu miu,
I have been off the site for a while–did you have a baby? If so, congrats! But depending on the child’s age, I wouldn’t get too excited about the sleep. In my experience, only after they hit 8-10 weeks can you get anything like real sleep. (unless, of course, your child is super big: the other marker is 10-11lbs. Once they are that big, they can sleep longer, too!)
buddy of mine from grade school lives a block or so away. grew up at Armitage and Halsted, then Barry and Lakewood, then Belmont and Southport.
He is my “leading indicator” for gentrification, poor fool just can’t help it.
Endora, he is around 10 days old and weighs 8 lbs : )
Congratulations miumiu!
Congrats, Miu Miu! I wouldn’t plan on sleeping very much though, for a while. The first few weeks are rough! But at least the weather is nice. I remember lots of long walks around the park, half asleep.
I’d suggest it for HD (super close to blue line and kennedy, and, hey, you don’t have to actually live on the kennedy) but I think he’d find the street too run down. Elementary is Darwin, which I’ve only heard passing comments about and generally nothing positive. Cheap enough could send your kids to catholic school or something.
Congrats MiuMiu — I look forward to many sleep deprived posts from you that really stretch your English as a second language skills (I kid! :D)
Groove FHA 203s come in two flavors, streamlined and…let’s call it complex. Ths streamline is that, very simple but capped at 30K which will generally do a kitchen and bathroom, or new floors but not everything. I hear it’s easier to use your own contractors on these.
The complex one is harder and many lenders won’t deal with them. I understand its next to impossible to use your own contractor on these.
If I were ~25 and could get the homepath loan and had a few thousand extra to fund the materials for the finish work, this is the sort of place I’d take a flier on.
If the taxes stayed the same after a rehab then the private school route might be feasible.
“If the taxes stayed the same after a rehab then the private school route might be feasible.”
I would guess this place is in the next to lowest tier for CPS testing purposes, so you’d have a modest leg up in testing into a school
“If the taxes stayed the same after a rehab then the private school route might be feasible.”
So long as you GIY it and don’t pull permits, there’s not much chance of the reno resulting in a tax increase. Other things will/might increase your taxes, but not a no-permit reno.
This is a deal for the location if someone justs wants a simple home in a great hood. If things bounce right this could go for 300k in five years. After renovations and carrying costs you’d make money and enjoy a great part of town. I think this is a great deal.
congrats miumiu!Those first few weeks you definitely run on ‘bliss’. Weeks 3-12 can get interesting. Enjoy every moment though!
Looked up the CPS tier map. Somewhat interesting as a very rough socioeconomic map (I’m sure a version of this has been posted before).
http://cpsmagnet.org/ourpages/auto/2009/12/2/56167434/Census_Tract_Six_Factor_Tiers_12_15_10.pdf
Thanks for posting that DZ. We’re actually moving back to our place in Logan Square to save money and might shoot for magnet. We’re near Fullerton & Kedzie and looks like we’re Tier 1. How much does that help with the application process?
What a hole. No one buying this is going to put a bunch of work in it or send their kids to private school. The only way this “bounces” into a $300k value in five years is through hyperinflation.
“We’re near Fullerton & Kedzie and looks like we’re Tier 1. How much does that help with the application process?”
I haven’t been through this myself, but I think *very roughly* a chunk (something like 30 percent but may change) of slots for the schools you score into are based on overall scores across the city. Rest of divided by the tiers, so each tier can have a different cutoff.
http://cpsobsessed.com/2011/03/01/se-high-school-scores-this-year-vs-last-year/
My guess is that for this place to work you would need a low cost (
Thank you all. You are all so kind and sweet!
“*very roughly* a chunk (something like 30 percent but may change) of slots for the schools you score into are based on overall scores across the city. Rest of divided by the tiers, so each tier can have a different cutoff.”
That’s basically how it worked this year, with the addition that for the elementary “magnet” schools, there’s a proximity thing at work, too, so you want to be w/in 1.5 miles of your desired elems.
But, count on that being modified meaningfully with the new regime. And probably again the next year to fine tune and then again for the election year to curry votes.
Also, the map *WILL* change with the new census data.
“so you want to be w/in 1.5 miles of your desired elems.”
DZ, are you aware of any decent elems within 1.5 miles of Logan?
Chris M,
dude you just bought a place and you ready to move again?
“Thank you all. You are all so kind and sweet!”
Huh! Maybe not everyone.
“so you want to be w/in 1.5 miles of your desired elems.”
“DZ, are you aware of any decent elems within 1.5 miles of Logan?”
anon is talking about CPS magnet that have a proximity lottery, which gives advantage to those living within 1.5 miles. Not completely positive but don’t think there are any within 1.5 miles of Logan that are desired (not sure how close disney ii is to the northwest corner of Logan, but that’s prob not relevant to you anyway).
What I am aware of in terms of schools generally (not magnet schools): Goethe is kinda ok, not great, it’s neighborhood elem but maybe not so in demand that you couldn’t get in; Brentano and Darwin are neighborhood schools and not good; Pulaski (neighborhood CPS in btown) is promising with recent transition, they are not fully neighborhood yet (not sure how close they are), but might be in near future if things go well; St John Berchmanns is decent catholic school on the blvd by the expressway.
Milkster, all the (regular) female posters on CC are nice. Consistent with my observation in life despite men always trying to claim otherwise.
I wish they would discount property taxes on homeowners without kids. I never plan to have kids and if I did, I would be inclined to send them to a private school. I also didn’t go to public school, so it seems like a complete waste for me to pay for other people’s kids to go to school (especially considering the current CPS system doesn’t prevent violence in this city).
“I wish they would discount property taxes on homeowners without kids. I never plan to have kids and if I did, I would be inclined to send them to a private school. I also didn’t go to public school, so it seems like a complete waste for me to pay for other people’s kids to go to school (especially considering the current CPS system doesn’t prevent violence in this city).”
Yeah, and I wish I didn’t have to pay taxes for all the things I don’t use, too, but that ain’t how civil society works.
“dude you just bought a place and you ready to move again?”
Kind of a long story, but the short of is we bought shortly after our baby was born in August and plan was for wife to continue working. Well, she went back to work but was so miserable being away from the baby that she wanted to quit and stay home. Mother-in-law was our taking care of baby, but it was difficult to live with the in-law in such close quarters. So in the end I supported her leaving but it meant losing 1/3 of the household income. We have a 2-flat in Logan and we’ve been renting out our unit–roughly breaking even each month–but it’s much cheaper to live over there than in Oak Park. Our options were to rent or sell. I figured we would try selling, even though we could rent the house at a profit each month. I listed the house more than 10% over our purchase price about 10 days ago and we have a contract already.
DZ – We’re in the Darwin borders and I know that school is quite poor. Wife isn’t interested in religious schools, although I’m not opposed to the idea. I’ve heard decent things about Goethe.
“I listed the house more than 10% over our purchase price about 10 days ago and we have a contract already.”
congrats and fingers crossed 🙂
we had the plan for her to stay home, hence why we had kid(s) later.
its the OP taxes that would eventually do you in, you made a wise move.
we were just in OP last nite for ice cream we rode our bikes and little groove cried the whole way home as he was tired and cranky.
“congrats and fingers crossed”
Thanks, buddy. Yeah, the taxes are the big issue over there. We love it in Oak Park–wife especially–and we might move back when baby is ready for school in about 4 years. But if we can work out the CPS thing from Logan we might just do that. Our mortgage is a little over $1k a month but I can see the taxes eclipsing that in the near future as the biggest chunk of the PITI.
And that’s why I recommend to any couple that I meet (and reading here) to strongly look at what you can afford on one income, because there’s no telling how things will change when a baby enters the picture. The emotions of it all aside, child care is so ridiculously expensive. And my wife wanted the best of the best…basically a nanny, which was a no go for us.
“we were just in OP last nite for ice cream we rode our bikes and little groove cried the whole way home as he was tired and cranky.”
You rode your bike all the way from the NW side of the city to OP?
“We’re in the Darwin borders and I know that school is quite poor. Wife isn’t interested in religious schools, although I’m not opposed to the idea. I’ve heard decent things about Goethe.”
I’m not that interested in religious schools personally, but know people who are fairly happy with Berchmanns, and it’s close by. I’m just a bit dubious about Goethe. I do know a couple of families (casually) who have some options who send their kids there. Your kid is obviously young, otherwise I’d say getting kid into Pulaski and hoping it takes off is a decent strategy (know one family in Logan that did this with one of the northside schools). By the time your kid is ready, I’d guess Pulaski will either be successful or not.
“You rode your bike all the way from the NW side of the city to OP?”
I live right by riis park so its a short trip but long enough not to feel guilty about the ice cream 🙂
plus when the little squirt rolls with us in the trailer we take the side streets which is very pleasant.
“Our mortgage is a little over $1k a month but I can see the taxes eclipsing that in the near future as the biggest chunk of the PITI”
yep that is one thing that is never going to go down is Prop taxes, and i bet in the next ten years will be a huge factor for middle income seniors and over extended family’s having to move.
“I live right by riis park so its a short trip but long enough not to feel guilty about the ice cream”
Oh, right by the Brickyard Mall. So you’re really close to Oak Park. I thought you lived up in Jefferson Park or Norwood Park, since you talk a lot about the schools up in that area.
“Oh, right by the Brickyard Mall. ”
yep thats the area. and the JP/NWP is talked about becasue the schools are great in that area and you dont have to pay 800k for a 2br duplex down as 800k will get you a fully loaded 5br house on a 50×200 lot.
i just like to point that out many time over to give the “suburbs are past western ave” crowd some perspective.
Miumiu, I’ve also been wondering whether you had your baby and am happy to read about your new son. Congratulations and welcome to parenthood!
““suburbs are past western ave””
No, no. The suburbs are past Harlem.
In between is labeled “Here be dragons” on the maps sold east of Western.
Thanks Michelle. Hope in a few years I have to bug you for more advice on school choices if we move to Chicago : ) I like British so far per your recommendation.
Glad to help!
until you get to that senior exemption, anyhoo. is there still a long-time owners exemption, and is that still a deal where you aren’t truly exempt, but instead end up having to pay more taxes when you sell?
“yep that is one thing that is never going to go down is Prop taxes, and i bet in the next ten years will be a huge factor for middle income seniors and over extended family’s having to move.”
Chris M said “DZ, are you aware of any decent elems within 1.5 miles of Logan?”
Unfortunately, if the property is right near Darwin, you wouldn’t be in the proximity lottery for either of the closest two magnet schools of Drummond or Disney II.
Pulaski is currently a school that enrolls all within the neighborhood who wish to attend first and then it’s open to outsiders, but by the time your little one is ready for school, I’m sorry to say there will be no spaces for anyone outside of boundaries. It’s just the nature of the course of school turnarounds, combined with the demographic of young hipster breeders currently living near Pulaski school.
The good news is that 4-5 years can bring massive changes within a CPS school — yes, for the good — and so Goethe might be a great choice by then. You just have to stay tuned.
Plus, I just want to clarify to anon(tfo) and anyone interested that the whole business about score cut offs only applies to test-in schools with gifted programs, and for selective enrollment high schools. No tests are given to get kids into regular old magnet schools. However, the tier system does come into play. It’s complicated.
“labeled “Here be dragons” on the maps sold east of Western.”
haha, nice. dragontown is even bigger for maps sold in elp
Congrats & best wishes miumiu:
My advice for you (& HD) to consider – there are amazing SFH buy opportunities in Long Grove (newer tract homes) & Lincolnshire in a phenomenal school district. The peer competition there will bring the best out of mini mius/ HDs. About 35 miles to downtown & your intown place via Metra or highways.
“there are amazing SFH buy opportunities in Long Grove (newer tract homes) & Lincolnshire”
I don’t know miumiu well at all, but from what I have gathered, I can’t picture her living happily in a tract house in a suburban subdivision 35 miles from the Loop.
Thanks southbound. I thought about your wife while having my baby and thought if she could do it 5 times I can do it once! Michelle is right, I want to be in walking distance to down town, but I’ll check the houses. I like to learn about other good options nearby.
“I just want to clarify to anon(tfo)”
I was being sloppy and unclear, rather than misunderstanding.
“In between is labeled “Here be dragons” on the maps sold east of Western.”
LOL,
i have a few more to add but i will tip the hat to you and wait my turn 🙂
“until you get to that senior exemption, anyhoo. is there still a long-time owners exemption, and is that still a deal where you aren’t truly exempt, but instead end up having to pay more taxes when you sell? ”
the senior expemption isnt that much of a discount its the senior freeze that is HUGE but requires a 55k income or lower.
between the mountains everytime i get to 97 of the now 114kb or so,of the other thread, my cell locks up.
So now i have both the themesong of meatballs stuck in my head from earlier and i now keep picturing our boat of castaways with bob as the skipper, miu is mary ann, anon of course is workin on building a transistor with 2 coconuts, clio -the millionaire and sabrina his wife, westloopeo the movie star. Valsko and G come in as the 2 russian cosmonauts that land in the lagoon.
I get to be gilligan.
“Unfortunately, if the property is right near Darwin, you wouldn’t be in the proximity lottery for either of the closest two magnet schools of Drummond or Disney II……
….Pulaski is currently a school that enrolls all within the neighborhood ……
….and so Goethe might be a great choice by then.”
why even do the hassle for those subpar schools? when 4 to 5 blue line stops up you get schools that are at the top and blow out these listed?
I asked about the schools because we were naive enough to buy our Logan Square property in 2006 and, unless we’re prepared to realize a huge loss, we’re going to be stuck with the property.
“when 4 to 5 blue line stops up you get schools that are at the top and blow out these listed?”
Chris already owns a place in Logan and is looking at a 4 year timeline, so by then he may have school options on par with schools in Norwood Park or the far edges, but only time will tell.
If it does work out, he’ll then be in a lively neighborhood (Logan) that is 4-5 blue line stops closer to the Loop (and miles closer via the protected bike lane that will run down Milwaukee by then).
“why even do the hassle for those subpar schools? when 4 to 5 blue line stops up you get schools that are at the top and blow out these listed?”
But you might as well be in the suburbs….And don’t forget all the restos Chris M has access to.
“I asked about the schools because we were naive enough to buy our Logan Square property in 2006 and, unless we’re prepared to realize a huge loss, we’re going to be stuck with the property.”
Just about everyone we know has figured out something for school that works for them, mostly through getting into a good CPS option. One caveat is that most of them did this at least a couple or more years ago. Not sure if it’s more difficult now or not.
“Chris already owns a place in Logan and is looking at a 4 year timeline,”
sorry missed the above reason for the discussion, please disregard my statement as it was out of context.
“But you might as well be in the suburbs….And don’t forget all the restos Chris M has access to.”
is it really *access, as many stated the you cant even get a table on a friday or saturday night.
and “the might as well live in the burbs” comment is for another time as i am off to go home and take the little one and wife and have a picnic in the park.
“is it really *access, as many stated the you cant even get a table on a friday or saturday night.”
Well, I think the neighborhood locals go on the off nights. Friday and Saturday nights are when the GZ residents and out-of-towners crowd all the hot new restaurants in the hood.
“Chris already owns a place in Logan and is looking at a 4 year timeline, so by then he may have school options on par with schools in Norwood Park or the far edges, but only time will tell.”
I really hope so. Aside from some of the edgier aspects of the area, we really like Logan Square. We’ll move if we have to but we’re keeping the option of staying the in the area open for now. The area is definitely trending in a more positive and exciting direction.
“…he is around 10 days old and weighs 8 lbs…”
Congrats! It gets easier, then harder, then easier again, then very hard. My cycle for this is about every week or so, but it’s always a blast.
“is it really *access, as many stated the you cant even get a table on a friday or saturday night.”
“Well, I think the neighborhood locals go on the off nights. Friday and Saturday nights are when the GZ residents and out-of-towners crowd all the hot new restaurants in the hood.”
Also, if you are going with kid(s), getting in at 5:30 is often not difficult.
“Also, if you are going with kid(s), getting in at 5:30 is often not difficult.”
How do you bear up under the withering glares of the hipsters?
what DZ said. we just go to Rev right after work on Fridays if we want to get a table.
“is it really *access, as many stated the you cant even get a table on a friday or saturday night.”
Chris- you might want to join this if you’re considering Goethe:
http://groups.yahoo.com/group/greatergoethe
There’s a very committed & energetic group of parents working to improve that school. But it’s no shoo-in, we put it on our app and had something like 80 people ahead of us on the wait list (far more than the schools we applied to in Lake View).
Is Goethe a magnet school? I thought it was limited to those within the attednance area.
“Is Goethe a magnet school? I thought it was limited to those within the attednance area.”
Your kids can go to basically any attendance area school that isn’t “full”, but you’d be on your own for transportation.
“Also, if you are going with kid(s), getting in at 5:30 is often not difficult.”
“How do you bear up under the withering glares of the hipsters?”
Are hipsters even awake at 5:30pm?
“Is Goethe a magnet school? I thought it was limited to those within the attednance area.”
Guaranteed admittance if you are in neighborhood boundaries. Can apply if you are not and they will take you on a space available basis. I think it’s supposed to be based on lottery although I think there is still some official or unofficial discretion.
I’m with Anon, DZ, and Chris M on this one, if I was handy at all I would take a flyer on this place in the $80-$90k range. Depending on the bank I would bet this goes under contract by mid-July. There are a few rehab companies that campus this area and do a fairly nice job. (with cheap Polish pickup truck labor, but on the higher end). Ultimate Builders to name one company.
Not sure if this has been posted before but after multiple zoom-ins it is helpful to figure out the school attendance areas.
http://www.cps.edu/SiteCollectionDocuments/Elem_Near_North_West_Central.pdf
if this sold in the 80 or 90 range the rehab companies would pick this up. If this were in andersonville, somebody would pick it up ‘as an investment’ for a lot more.
If you are Tier 1 definitely consider sending your child for selective enrollment testing, the cutoff is significantly lower for that tier. Pritzker and Skinner West are still lower on the popularity list for the gifted/classical.
I’m trying to imagine Miu yakking it up with some Stevenson PTA moms at the Buffalo Grove country club. Ha!
“i dont know how the 203 homebuyer rehab loan works. i do know you have to use a pre-approved general contractor and have everything lined up before the loan will get approved.”
I am in the process of buying a home using a 203K, and this property would be perfect for a 203K.
There are 2 types of 203K — full or streamlined (under 35K of rehab).
You do not need to use a pre-approved general contractor. Instead of having the house inspected, you hired a 203K consultant to do a feasibility report — i.e. how it would cost to rehab the house.
This listing makes reference to the feasibility report:
http://www.redfin.com/IL/Chicago/2436-W-Eastwood-Ave-60625/home/13489152
It is not any harder to get a 203k than a conventional loan. But as of april 1, loan officers only deal with one or the another. So, my loan officer specializes in 203k loans.
KS –
Would you mind posting your loan officer’s contact information please?
Thanks in advance.
thanks KS!!! some good stuff there very informative. and good luck on your rehab
Ryan Scully with Wells Fargo:
https://www.wfhm.com/loans/ryan-scully1/index_reno.page
I have been really impressed with the guy. This will be my 4th home purchase, so some experience working lenders, and he knows his stuff.
Thank you, KS!
“Not sure if this has been posted before but after multiple zoom-ins it is helpful to figure out the school attendance areas.”
If it’s close, I’d check the site below. And if it’s really close, I’d check everything I could (and worry about boundaries changing in the future).
http://schoollocator.cps.k12.il.us/
Anyone have a realtor they would suggest for looking into 203K streamline opportunities?
asdf – I’m a licensed broker. Estate sale properties and REO properties tend to be the best candidates for 203k loans. Successfully navigating the process is primarily contingent on having a loan officer that is experienced with the process.
I just checked this out– Actually, this has a quite nice backyard and the garage is converted into a music studio– the breaker for me is that the basement is actually a separate apt with it’s own back entrance and the only bathroom that’s in the main home is in the back of the kitchen on the main floor– once you consider putting in a stare well and bathroom on the second floor– it makes it a pretty serious renovation and probably not worth the cash to put in.
I just found out Tommy Gonzalez at BofA also does FHA 203K loans. He said you will need estimates from 3 licensed, bonded contractors in order to qualify.
He is an excellent guy. Very professional, helpful and knowledgeable. He has provided me with many pre-approval letters at a moment’s notice. He returns calls when he is on vacation. Just a great, great guy. Plus he’s based in Chicago and understands the local market.
Here’s his contact information:
Tommy Gonzalez
773-851-5060
tommy.gonzalez@bankofamerica.com
And I see 2941 W Lyndale is under contract.
Just got the name of another FHA 203K loan specialist – Chad Lubben at Wells Fargo. Chad’s mom just had surgery and he called me from her hospital bedside where he was working. He has done a ton of these loans.
Here’s his contact info:
Chad Lubben
312-274-4109
chad.lubben@wellsfargo.com
This house is back on the market today in case any of you were interested and missed out when it went under contract.
“Mariola Buchowska at Red Zone Realty Group has the listing.”
Looks like someone has already surged into the red zone!
Looks like it closed for $81k.
I don’t know if that’s a deal or not. . . But it appears to be, compared to everything else that has sold within a few blocks. Especially the heap at 2828 W Lyndale that closed for $81k as well this week (?).
$350k condos selling on the same block as $81k SFH’s. You gotta love Logan Square.
“$350k condos selling on the same block as $81k SFH’s.”
Thanks for the update SquareD.
I see this happening in plenty of neighborhoods. Buyers want move in ready. They want stainless, granite and cherry cabinets. If it doesn’t have it, they’re not interested. So the truly cheap properties languish (waiting for flippers/rehabbers to buy them) and the redone properties are bought. Most buyers don’t have the vision, time or money to do the renovations themselves.