Today I had a client who closed on a property with an instant $80,000 in equity. The property is located in the Bronzeville area on the southeast side of Chicago and was an REO. Back in 2006 the 4 bedroom 1.1 bathroom condo closed at $250,000. My client was armed with a 203k FHA purchase rehab loan. We were surprised that the unit was still on the market but, much to our surprise no was able to gain access into the building because the association had changed the front door locks and never informed the listing agent. It always pays to know people in the area in which you service because you can go places that others can't. My client paid $97,500 for the unit and the seller paid 3% towards closing cost. The unit had been on and off the market for 5 months with the list price starting at $174,900. The unit will get a new kitchen, carpet, light fixtures and paint (ARV 200k). If the market drops another 10% my client will still be able to laugh all the way to the bank while enjoying his new spacious digs, overlooking the beautiful Martin Luther King Drive. This market will make our next set of millionaires.
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Marki D. Lemons
National Trainer, Certified Residential Broker
CRB, CRS, CRMS, SRES, ABRM, ABR, MBA
Rubloff
888-205-4615
foreclosurequeen@markilemons.com
www.markilemons.rubloff.com
www.shortsaleresultsnow.com
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