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
Attn Investors - look no further, this is the one! Attractive 7 unit with 3, 3 BRs & 4, 2Brs. Average rent potential is $1,000 per unit. Major improvements in 2005 incl...
Build your dream home in now booming hiawatha park area on huge lot 45x120... Drive by only... Teardown home located on rear of the lot... Do not walk property ... Drive ...
REO - BANK OWNED.PROPERTY SOLD "AS IS" WITHOUT REPAIR, WARRANTY OR SELLER DISCLOSURE. "SELLER WILL NOT ACTIVATE ANY UTILTIES" Listing Broker & Seller assume no responsibi...
Attractive sided bungalow and it is on a nice block. This fannie mae homepath home is large, extra clean, nearly new inside home features low taxes, three bedrooms, deck,...
Wow!!!!!!!!!!!!!!! Huge completely remodeled raised ranch, looks like a builders model, cathedral ceilings and skylights, custom kitchen cabinets with granite tops and...
Extra lot included!. Large 4br/ 1.1 bath, formal dining room, large porch, full basement and detached 2 car garage. (As is condition). Near school, and public tran...
Lovely bungalow on quiet tree lined street feat: gleaming hardwood floors, gourmet kitchen w/granite counters & brand new ss appliances, elegant modern baths, lots of win...
***Stunningly Beautiful*** Your Newly Renovated 2 Story Home on a corner lot awaits you. It boasts 5 spacious Bdrms & 3 baths. Open spacious floor plan that Flows Maste...
Own a 1/1 in an Iconic Bertrand Goldberg-designed building in River North! Thee best views in the building.Both balconies look onto the State Street bridge,Chicago River...
Owner wants a quick sale!! Bring in all reasonable offers!! Well kept brick 1 1/2 story!! Upstairs has 3 rms - 1 bed - 1 bath rel liv!! Full basement w/bath!! Alum gutter...
Stunning 7br/4ba gut rehab. Beautiful craftsmanship throughout w/custom wainscoting and mahogany oak wood floors. Open floor plan w/ modern kitchen that features granite ...
Beautiful newly renovated 4 BR brick SF in the heart of Roscoe Village. Audubon School Dist. 3,400 sqft of living space. Stunning kit w/Wolf, Bosch & SubZero appliances. ...
2 unit frame building with 2 beds per floor. Burbank schools and low unincorporated taxes. 2 car detached garage. This is a Fannie Mae homepath property.
Move-in ready home on quiet residential one way street in boutique ELEVATOR BUILDING. Features upgraded kit cab and baths, his and her master bed custom closets and hunte...
- Bldg.The Helena
Come see this beautiful & unique home in North Park/Albany area. Beautiful fountain begins your entrance into this 4 BR, 2 BA home. Living room w/fireplace & stained-glas...
Free Daily Email Updates
- Automated home searches
- Favorite properties
- Email updates
- And much more…