Buying a foreclosure

MORE THAN THEY COULD CHEW
1529 West Superior Street. Asking price: $279,000
Lewis and Huegerich like the “bones” of this slightly battered-looking two-bedroom, two-bathroom, 1,300-square-foot apartment located in a three-flat in River West. This spacious unit is available as a short sale, which means the bank is willing to take less than it’s owed to get rid of the property. There are plenty of positives: It’s bright and airy with big bathrooms boasting marble countertops and slate sinks and has a new kitchen. But there is one significant problem: The unit is technically for sale individually, but all three units in the property are owned by the bank—the other residents are renters. To get a loan, Lewis and Huegerich would probably have to buy the whole building. “The bank is fucked on this one,” Michael says. “With no [condo] association and no other owning neighbors, it would be unlikely that any lender would lend on this unit [alone], as it would be too much of a risk. The way to make this into a real opportunity would be to come in and negotiate a great deal for the entire building.” Unfortunately, though Lewis and Huegerich really like the space, they just don’t have the cash to buy the building.

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