Receive Chicago Foreclosures Daily via Email

Just click the sign up button on the right and once you set up a search we will set you up to receive properties the day they hit the market.

Stages of Forclosure

Pre-Foreclosure (short sale): There are some fantastic opportunities to purchase properties under market value prior to them going into foreclosure. A home owner that is headed into foreclosure may elect to sell the property prior to the bank or government forcing the issue.

Sounds like a good idea but what happens if similar homes in the area are selling for $200,000 and the seller owes $275,000 to the bank to clear the mortgage? A short sale is where the home owner gets the bank to forgive part of the mortgage in order to enable the sale to go through. 

Why would the bank do this? It costs them a lot of money to sell a home through the foreclosure process. If they believe that the homeowner will default on the mortgage anyway and it makes financial sense the bank will proceed with a short sale. We can help you navigate this process. If you have questions please call us at 708-434-1165.

Auction: The next stage of a foreclosure is an auction. The bank does not own the property but it is forcing the property to be sold so that it can recoup some of the money that they are owed. There are some additional challenges to buying real estate this way. 

The first is that here in the Chicago land area they require 25% of the total purchase price at the auction followed by the rest within 72 hours (or something close to this).  So really you need cash to buy these homes. 

The second issue is that the buyer is responsible for all liens (past taxes, mechanics liens, code violations, etc) associated with the property whether they are disclosed or not.  Additionally and more importantly if the property is occupied then the responsibility to evict lies with the new owner.  Because of the way the laws are written this process can take a year or longer in cases when the squatter knows how to plays the eviction game in court to his or her advantage.

Foreclosure (bank owned, REO): If the property does not sell at auction then the bank takes possession.  They evict anyone living in the property. They clean up outstanding liens and they put the home on the market looking to sell it quickly (30-45 days). The bank does not want to be a landlord.  They want to unload the home so they price it to sell. Of the 3 stages I have listed this is probably the easiest one for the average buyer to complete a purchase.

Newest Real Estate Listings

9121 Cottage Grove Avenue, Chicago Illinois 60619


9121 Cottage Grove Avenue, Chicago

Very solid 11-Unit Building (all two-bed/one-bath). Continuously improved. Part of a three-building (38-unit total) portfolio. Will sell as a package or individually.

  • Beds
  • Baths
  • MLS 08588779

5436 West Ferdinand Street, Chicago Illinois 60644


5436 West Ferdinand Street, Chicago


  • Beds
  • Baths
  • MLS 08588715

9117 Cottage Grove Avenue, Chicago Illinois 60619


9117 Cottage Grove Avenue, Chicago

Very solid 11-Unit Building (all two-bed/one-bath). Continuously improved. Part of a three-building (38-unit total) portfolio. Will sell as a package or individually.

  • Beds
  • Baths
  • MLS 08588683

1475-79 Huron Street, Chicago Illinois 60642


1475-79 Huron Street, Chicago

Attention investors - sold in combination with 1453 w huron & 2501 n kimball *completely rehabbed! *Dishwashers *hdwd flrs* ss appl* granite countertops* located minutes ...

  • Beds
  • Baths
  • MLS 08588332

6046 Giddings Street, Chicago Illinois 60630


6046 Giddings Street, Chicago

This six unit building features high quality finishes with stainless steel appliances, granite counter tops and laundry in building. Tucked away on a beautiful tree lined...

  • Beds
  • Baths
  • MLS 08588326

8204 Drexel Avenue, Chicago Illinois 60619


8204 Drexel Avenue, Chicago

3 Story Corner Walk-up Building consisting of 16-units (9-one/one, 5-two/one & 2-three/one). Continuously improved and great curb appeal. Part of a three-building (38-uni...

  • Beds
  • Baths
  • MLS 08588266

432 83Rd Street, Chicago Illinois 60619


432 83Rd Street, Chicago

fully occupied 8 unit six 2 bedroom two 1 bedroom

  • Beds
  • Baths
  • MLS 08541919

4179 Lowe Avenue, Chicago Illinois 60609


4179 Lowe Avenue, Chicago

Gorgeous 8,500 square foot mansion. 4 floors of ultimate luxury. Open Kitchen / Living space featuring Brazilian cherry floors throughout. Chef's kitchen including viking...

  • Beds 6
  • Baths 5.1
  • MLS 08588906

4826 Dorchester Avenue Unit 2W, Chicago Illinois 60615


4826 Dorchester Avenue Unit 2W, Chicago

Beautiful! Bright, 3 bed/2 bath vintage condo, spacious entry, crown molding, brand new french doors, fireplace, resurfaced hdwd floors, new maple flooring in the dining ...

  • Beds 3
  • Baths 2.0
  • MLS 08588898

4760 Shields Avenue, Chicago Illinois 60609


4760 Shields Avenue, Chicago

Lot of potential - to fix up or tear down and build your dream home. Cash offers only.

  • Beds 4
  • Baths 1.0
  • MLS 08588893

22 South West Seeley Avenue, Chicago Illinois 60612


22 South West Seeley Avenue, Chicago

Attention developers ,a chance to own this spacious two flat,in prime locatoin one block from the united center. Never again worry about finding parking for the games,par...

  • Beds 6
  • Baths 2.1
  • MLS 08588888


2323 Fullerton Avenue, Chicago

C1-2 zoning. Incredible potential. Condo conversion with a lower retail storefront. All brick 3 flat fully rented! Rents are below market for the area. So much potential ...

  • Beds 9
  • Baths 3.0
  • MLS 08588879

2921 Glenlake Avenue Unit 4W, Chicago Illinois 60659


2921 Glenlake Avenue Unit 4W, Chicago

Stunning penthouse w/ high end finishes throughout huge 2200sq.ft. sunny open floor plan condo. Floor to ceiling stone fireplace w/ bamboo hrdwd floors. Access to large c...

  • Beds 3
  • Baths 2.0
  • MLS 08588876

7200 Lafayette Avenue, Chicago Illinois 60621


7200 Lafayette Avenue, Chicago

Short Sale - Perfect starter home, nice brick bungalow comes w 2 bdrms plus a bonus den, 1.5 bths with full fin bsmnt, hardwood flrs throughout, nice sized yard for famil...

  • Beds 2
  • Baths 1.1
  • MLS 08588865

1000 53Rd Street Unit 205, Chicago Illinois 60615


1000 53Rd Street Unit 205, Chicago

Beautifully renovated soft loft at Renaissance Place features brand NEW SS appliances, NEW granite countertops, and NEW dark wood laminate floors throughout. Split floor...

  • Beds 2
  • Baths 2.0
  • MLS 08588860
  • Bldg. Renaissance Place

Free Daily Email Updates

  • Automated home searches
  • Favorite properties
  • Email updates
  • And much more…