I'm looking to buy a condo in downtown Chicago, but unfortunatley with the prices the way they are it seems that there is a very slim possibility of that happening. My real estate agent suggested keeping an open mind about forclosed properties. Does anyone know of any downsides to this? Let's a say a property was originally sold for 400K and I bought it for say 250K would I pay taxes on the 400K or the 250K? Or maybe I'm asking the wrong question? Just trying to find some legal opinion on this as well and sound financial advice.
Thanks!
