How long did it take you to find the home of your dreams (Chicago: sale, foreclosures)

[4122]

It's really hard to get an auction property. If people show up, the sold price will much higher than the starting bid. There's no guarantee nobody will show up so I would look at other homes too. Here's a foreclosure site where you can look at foreclosures:
Free Search for Bank Owned properties - ILFLS.com

You can also try finding a rental in an area you would like to settle in until you find a house. Or if you can't find a rental, buy a condo or townhouse in a suburb you like and when you find a house sell or rent out the condo, so you can make some money and get a feel of an area before moving there. Maybe it could increase you price range and you'll have more options.

[holl1ngsworth]

Originally Posted by JJski

I really like Holl1's suggestion - we basically did that... shopped towns first then searched for homes after feeling town vibe + ensuring background/town stats...

I think it made the process much easier...

Much easier. When you are really confident and happy with the where, you become much more flexible with the what.

[middle-aged mom]

Originally Posted by twodoor2

I would pounce on this house as it meets ALL of our criteria, and is a gorgeous charmer, but alas, I can't buy it :-(

https://www.redfin.com/IL/Wheaton/10.../home/18126589

^ property taxes are > $11,000. Do you consider this " reasonable" ?

[holl1ngsworth]

Originally Posted by middle-aged mom

^ property taxes are > $11,000. Do you consider this " reasonable" ?

They are higher than is typical in Wheaton, but still, you could do a lot worse than 2.2%.

[twodoor2]

Originally Posted by middle-aged mom

^ property taxes are > $11,000. Do you consider this " reasonable" ?

For a 3500 square foot house worth $500K, yes, but I've seen taxes like that on homes half the size and/or far less expensive, and to me, that's unreasonable. The house I just sold was 3000 square feet, but worth far less because of the u46 school system, and I was paying nearly that much in taxes. At least you're getting a decent school system for those taxes.

[twodoor2]

LOL@ my brother's comments, and yes, it is Kane county, which like Lake, has super high taxes. I think he's very bitter about overpaying for his new construction house at the height of the market, and now he's at a loss. They're beautiful homes, but his subdivision has lots of foreclosures and they are practically giving them away. His taxes just went up to $13K, so he's pretty upset about it, especially considering it lost $100K in value since bought it.

[twodoor2]

Originally Posted by 4122

It's really hard to get an auction property. If people show up, the sold price will much higher than the starting bid. There's no guarantee nobody will show up so I would look at other homes too. Here's a foreclosure site where you can look at foreclosures:
Free Search for Bank Owned properties - ILFLS.com

You can also try finding a rental in an area you would like to settle in until you find a house. Or if you can't find a rental, buy a condo or townhouse in a suburb you like and when you find a house sell or rent out the condo, so you can make some money and get a feel of an area before moving there. Maybe it could increase you price range and you'll have more options.

Good advice, thanks! I think I'll skip that house then. My husband just saw the pics and hated it anyways.

I always tell him that there's a perfect suburb for him called "FantasyLand" where he can get a 5000 square foot house for $200K with 2K in taxes, with top schools. LOL!

[holl1ngsworth]

Originally Posted by twodoor2

LOL@ my brother's comments, and yes, it is Kane county, which like Lake, has super high taxes. I think he's very bitter about overpaying for his new construction house at the height of the market, and now he's at a loss. They're beautiful homes, but his subdivision has lots of foreclosures and they are practically giving them away. His taxes just went up to $13K, so he's pretty upset about it, especially considering it lost $100K in value since bought it.

Sounds like he fell into the same trap your husband is about jump into, head first.

[twodoor2]

Originally Posted by holl1ngsworth

Sounds like he fell into the same trap your husband is about jump into, head first.

Well, we just got out of that situation, but at least we were lucky to break even. We lived in a very nice home closer to shopping and transportation, so it is a nice area for empty nesters. Gilberts, like Lemont, is kind of blah, but at least in Lemont, taxes are very low (2%). The taxes on his house in Gilberts are crazy. I feel bad for him as he keeps telling me he wishes he could get rid of it.

I certainly don't want to make the same mistake twice, and now at least we have a great down payment because my husband only likes 10 to 15 year mortgages, so we paid off our interest faster. We could put down 40% to 50% on most homes we're looking at. I was very fortunate to sell it for the price I did, in 11 days, because homes on the u46 side of my neighborhood usually can sit on the market for AT LEAST six months. The house across the street from me was the same model, and it was on the market for over a year, and it was listed at a lower price. They've now decided to rent it out instead.

To give you an example of homes near me, in an adjacent u46 neighborhood, here's a drop dead gorgeous house, absolutely top finishes, and it will never ever ever sell for this price, I guarantee it. They just don't go above $420 in this neighborhood. The neighborhood is gorgeous with lush trees, beautiful spacious lots, no crime, quiet, but the school system has ruined the values. This house would be over $1 mill in Northbrook

5565 Brentwood Dr, Hoffman Estates, IL 60192 is For Sale | Zillow

[holl1ngsworth]

Originally Posted by twodoor2

Well, we just got out of that situation, but at least we were lucky to break even. We lived in a very nice home closer to shopping and transportation, so it is a nice area for empty nesters. Gilberts, like Lemont, is kind of blah, but at least in Lemont, taxes are very low (2%). The taxes on his house in Gilberts are crazy. I feel bad for him as he keeps telling me he wishes he could get rid of it.

I certainly don't want to make the same mistake twice, and now at least we have a great down payment because my husband only likes 10 to 15 year mortgages, so we paid off our interest faster. We could put down 40% to 50% on most homes we're looking at. I was very fortunate to sell it for the price I did, in 11 days, because homes on the u46 side of my neighborhood usually can sit on the market for AT LEAST six months. The house across the street from me was the same model, and it was on the market for over a year, and it was listed at a lower price. They've now decided to rent it out instead.

To give you an example of homes near me, in an adjacent u46 neighborhood, here's a drop dead gorgeous house, absolutely top finishes, and it will never ever ever sell for this price, I guarantee it. They just don't go above $420 in this neighborhood. The neighborhood is gorgeous with lush trees, beautiful spacious lots, no crime, quiet, but the school system has ruined the values. This house would be over $1 mill in Northbrook

5565 Brentwood Dr, Hoffman Estates, IL 60192 is For Sale | Zillow

That house is not gorgeous. And why comp Northbrook of all places? I wouldn't drop $1mm in Northbrook.