Pennymac-owned property sits vacant in Chicago...next to mine

Foreclosures
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Pennymac-owned property sits vacant in Chicago...next to mine

Scott L.
Denver, CO · Member since 2012 · 18 posts · 3 votes

As some of you may have seen in the deal analysis section, I recently purchased a multi-family property in Chicago. Unfortunately, there is a foreclosed home next to mine, which (I think) is owned by Pennymac. It is deteriorating, especially the yard which has overgrown to the point of becoming an urban jungle.

How can I contact Pennymac to get more info on why the house sits vacant. The area is in somewhat high demand, so I don't understand why they won't auction it off. I think it has been sitting for around 3 years. I would actually be willing to buy the house if possible!

Do I have any other options? At the very least I would almost be willing to clean the yard up a bit, remove the 100 papers on the front porch, etc, but the gate around the house is chained. This would at least give potential squatters the perception that the place doesn't sit vacant.

Looking for any other general advice, knowledge, or suggestions. Thanks!

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Account Closed
Real Estate Investor · Palos Heights, IL · Member since 2011 · 44 posts · 28 votes
13y

In Cook County the average time from when a lender files a foreclosure to when the property is auctioned at Sheriff sale is 682 days. I just purchased a home at the Sheriff sale where the lender filed the foreclosure in 2007. The case took five years to finally come to auction.

Try looking up the property, using the PIN number, on the Cook County Recorder of Deeds website: http://12.218.239.83/i2/default.aspx

The PIN number can be found on the Cook County Assessor's website: http://cookcountyassessor.com/

You should see a "Lis Pendens Foreclosure" file on the Recorder's site. Click on "View Image" and a copy of the foreclosure filing should pop up. Check who the attorney is who filed the foreclosure.

You can try calling the attorney to check on the case's status.

If the home has not been auctioned off yet, you can try buying it at the Sheriff Sale.

If it has already gone through Sheriff sale then either Pennymac or a third party now owns the home.

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  • Dale Osborn
    Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
    13y

    If you check the county records - it will show who the owner is with a mailing address.

    0Reply
  • Scott L.
    OP
    Denver, CO · Member since 2012 · 18 posts · 3 votes
    13y

    Dale unfortunately I was not able to locate that information on the Cook Co records website.

    0Reply
  • Ibrahim Hughes
    Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
    13y
    Originally posted by Scott L.:
    Unfortunately, there is a foreclosed home next to mine, which (I think) is owned by Pennymac.

    When dealing with vacant properties you need facts and not theories when tracking down and working a deal out with the owners.

    First I would do a title search (I'm of the mindset that every investor should learn to do his own in order to cut down costs) and see exactly who is on title. Tax records may not mean much. Here it's not uncommon for a property that was sold 2-3 years ago to show the name and address of the old owner. For all you know this could have been purchased from the bank by an investor 2-3 years ago who got in over his head and is now letting the property go (also common in my farm market).

    I would start from the beginning and trace this thing all the way through the foreclosure case file to see what happened.

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  • Account Closed
    Real Estate Investor · Palos Heights, IL · Member since 2011 · 44 posts · 28 votes
    13y

    In Cook County the average time from when a lender files a foreclosure to when the property is auctioned at Sheriff sale is 682 days. I just purchased a home at the Sheriff sale where the lender filed the foreclosure in 2007. The case took five years to finally come to auction.

    Try looking up the property, using the PIN number, on the Cook County Recorder of Deeds website: http://12.218.239.83/i2/default.aspx

    The PIN number can be found on the Cook County Assessor's website: http://cookcountyassessor.com/

    You should see a "Lis Pendens Foreclosure" file on the Recorder's site. Click on "View Image" and a copy of the foreclosure filing should pop up. Check who the attorney is who filed the foreclosure.

    You can try calling the attorney to check on the case's status.

    If the home has not been auctioned off yet, you can try buying it at the Sheriff Sale.

    If it has already gone through Sheriff sale then either Pennymac or a third party now owns the home.

    2Reply
  • Mike H.
    Rental Property Investor · Manteno, IL · Member since 2009 · 2k+ posts · 2k+ votes
    13y

    How about you make this a group project. Post the address of the house and lets see if people here can help you find some more information.

    As the great vince vaughn (also a fellow chicagoan) once said, "People helping people"....... :-)

    1Reply
  • Ibrahim Hughes
    Real Estate Consultant · Bloomfield, NJ · Member since 2010 · 2k+ posts · 1k+ votes
    13y
    Originally posted by Mike Hasemann:
    How about you make this a group project. Post the address of the house and lets see if people here can help you find some more information.

    As the great vince vaughn (also a fellow chicagoan) once said, "People helping people"....... :-)

    I'd be a little apprehensive about this approach. BP is a great community of folks who love to help. However, there are also potential competitors lurking here who would love to take this potential deal from right under the nose of the OP.

    1Reply
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