Eric Rojas, Chicago Real Estate Broker

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Thursday, December 05, 2013

Under Contract! Lakeview townhouse slips to foreclosure but offers deal

We recently negotiated a purchase contract for a bank owned townhouse in a great Lakeview location.  1542 W School Unit H in popular Henderson Square is offered at $333,000. The home is a foreclosure with a bank lien and unpaid assessments on the property.  We have a lot of experience with Lakeview town houses and thought this could offer a good value.

Photo Rising Realty

There are several complexities with this type of purchase.  The bank, lien, backed assessments and contract addendum can scare away many buyers.  However, we worked with our buyer clients on a good strategy - step by step - to secure the property with a bottom line they are happy with.  The contract is now pending attorney review and inspection. 

Bob and I make sure our clients work closely with their real estate attorney so they remain protected and comfortable in the deal.  In this case we referred our long time real estate Attorney Kent Novit at and 1-312-332-2407 x203. 


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