My advise to buyers in 09.
Work with your buyers agent and focus on the territory you understand.
Focus on where you know or can get to know well.
But once you have a targeted area focus and pounce this winter.
The next few months are going to be juicy for buyers! The end of 09 is the bottom that we will all regret missing buys in for a decade or more.
Anyone who is a rehabber and is gearing up to buy remember:
The cold months ard not good to dilapidated property- those space heaters we see in the bargain beat up brick mukti units just don’t cut it when a property is in arrears and the owners broke.
Get your 203 k streamline loan loaded and ready, get your flashlight and cap and get out looking thus fall!
By the way streamlines don’t cover infastructure (structural) repairs but are so much quicker. And by last call around the only bank doing regular 203 k loans is wells Fargo in Chgo and we had a terrible experience with their staff ( I hope Rudy reads this). Terrible incompetence- had a client lose a deal and almost his mind with them.
It’s already starting:
Just noticed for example a gutted and mostly rehabbed single family mid project needing finish on 23 rd in Pilsen for under 50k. These deals were what we heard about in Pilsen in the 80’s… Here they are again.
Also there are a few under 400 home options off Chicago avenue right now- one over by carpenter school that would have been 30 percent higher before.
Just saw that July sellers cut prices in Chicago hard for total of 9 percent! In one month. 31 percent if sellers cut price in July.
— Post From The Field
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