Oak
Park Foreclosures
and short sales are selling
at below market prices and are
perfect for investors and home
buyers looking for great values.
A foreclosure is a property
that has gone through the foreclosure
process and is now owned by
the bank. They are also called
REOs and bank owned homes.
Short sales are also known
as preforeclosure properties.
In this case the owners are
usually behind on the their
mortgage payments. The property
is headed for foreclosure. The
problem is that owners can't
sell the property for the current
outstanding mortgage amount.
In order to sell they need
the bank to forgive part of
the mortgage so they can drop
the price enough to get the
home sold and avoid foreclosure.
The bank wants to avoid a foreclsoure
as well because that process
in the end usually costs them
$50,000 when all is said and
done.
Oak Park is just 9 miles west
of the loop and sits at Chicago's
western border. The village
has excellent access to public
transportation including the
El, Metra, Bus Lines and the
Eisenhower Expressway(290).
It is within 30 minutes of O'Hare
and Midway airports.
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