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Chicago Tribune Article

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athome77

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Apr 1, 2008
Professional Status
Certified Residential Appraiser
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Thanks for the post.

Anyone who thinks this stuff is all in the past should check out recent sales on the south and west side of Chicago. In MLS market area #8061, for instance, there are a bunch of frame two units "selling" in the mid 350s. As part of a review I did some research and found most of the properties were bought and sold by the same "holding" companies, share the same listing agents, have mortages well over 300K and don't appear to have ever been occupied. Don't know if they were fraudulent, but they certainly don't appear to have been "typical" transactions. Be careful out there.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Thanks for the post.

Anyone who thinks this stuff is all in the past should check out recent sales on the south and west side of Chicago. In MLS market area #8061, for instance, there are a bunch of frame two units "selling" in the mid 350s. As part of a review I did some research and found most of the properties were bought and sold by the same "holding" companies, share the same listing agents, have mortages well over 300K and don't appear to have ever been occupied. Don't know if they were fraudulent, but they certainly don't appear to have been "typical" transactions. Be careful out there.

You may want to post this information at the ICAP website.
 

Scott Kibler

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Joined
Oct 7, 2003
Professional Status
Certified Residential Appraiser
State
Illinois
Check out condos in the Woodlawn and West Woodlawn neighborhoods. If you got the time, go through the recorder's records and check out the grantees on each unit within some of these newly "renovated" and converted condo buildings. Be sure to check out those mortgages on each unit.
 
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