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Foreclosure Search

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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.

1111 S Wabash Avenue Unit #706, Chicago image
1111 S Wabash Avenue Unit #706, Chicago $225,000

Move-in ready 1 bed/1 bath CORNER unit in the heart of the South Loop! Flooded with tons of natural light - this nearly 800 sqft spacious and desirable west facing corner...

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  • 1 Beds
  • 1 Baths
  • 11784018 MLS
  • NEW Status
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7415 S Union Avenue, Chicago image
7415 S Union Avenue, Chicago $374,900

THIS BEAUTIFULLY RENOVATED 2 UNIT BRICK MULTIFAMILY BUILDING WITH ALL THE LUXURIOUS UPGRADES, BELLS & WHISTLES IS PERFECT FOR AN OWNER OCCUPANT OR ADDING TO YOUR INVESTME...

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  • 7 Beds
  • 3 Baths
  • 11794114 MLS
  • NEW Status
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1500 N Rockwell Street Unit #3, Chicago image
1500 N Rockwell Street Unit #3, Chicago $264,900

Best deal in Humboldt Park neighborhood! Condo unit features 3 bedrooms, 1 bathroom and surrounded to all that Chicago has to offer. 1 block from North Ave and 2 blocks ...

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  • 3 Beds
  • 1 Baths
  • 11794110 MLS
  • NEW Status
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4055 N Wolcott Avenue Unit #2S, Chicago image
4055 N Wolcott Avenue Unit #2S, Chicago $325,000

First showings 6/1/23 12-1 pm and 6/3/23 10-12 pm. Enjoy the perfect North Center location in this open 2 bed, 2 baths condo w/ tons of large windows and natural light! ...

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  • 2 Beds
  • 2 Baths
  • 11760008 MLS
  • NEW Status
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2909 N Sheridan Road Unit #211, Chicago image
2909 N Sheridan Road Unit #211, Chicago $155,000

Perfect and affordable 1 bed 1 bath condo with garage parking located in the desirable lakeview area! Just a short distance from lakefront beaches and bike path, parks, z...

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  • 1 Beds
  • 1 Baths
  • 11794101 MLS
  • NEW Status
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8732 S Paxton Avenue, Chicago image
8732 S Paxton Avenue, Chicago $211,000

Looking to purchase an awesome property in which you can live or interested in having income property in the beautiful Calumet Heights neighborhood? Here is your chance! ...

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  • 2 Beds
  • 2 Baths
  • 11794098 MLS
  • NEW Status
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6112 N Springfield Avenue, Chicago image
6112 N Springfield Avenue, Chicago $469,500

BEAUTIFUL BRICK STEP-UP RANCH IN GREAT LOCATION. WELL MAINTAINED 5 BEDROOMS AND 3 FULL BATHS. SPACIOUS UPDATED KITCHEN, FANTASTIC CLOSET SPACE IN BEDROOMS AND ALONG THE...

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  • 2 Beds
  • 3 Baths
  • 11794095 MLS
  • NEW Status
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7843 S Paulina Street, Chicago image
7843 S Paulina Street, Chicago $320,000

Beautiful 2-unit brick building, FULL REHAB! This is a must-see and a steal for any one looking to rent to tenants or live in. Must see for yourself! Vacant and easy to s...

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  • 4 Beds
  • 2 Baths
  • 11794091 MLS
  • NEW Status
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1305 S Michigan Avenue Unit #804, Chicago image
1305 S Michigan Avenue Unit #804, Chicago $425,000

This is the one! This airy and spacious Museum Park Lofts condominium features the largest floor plan in the building; boasting of two bedrooms, two full bathrooms, and a...

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  • 2 Beds
  • 2 Baths
  • 11794089 MLS
  • NEW Status
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1255 S State Street Unit #1218, Chicago image
1255 S State Street Unit #1218, Chicago $269,950

Best unit for investment or first time home ownership. Bright 2 bedroom, 1 bathroom condo featuring south facing windows and a private, covered balcony. A roomy foyer a...

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  • 2 Beds
  • 1 Baths
  • 11794087 MLS
  • NEW Status
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2333 N Geneva Terrace Unit #3A, Chicago image
2333 N Geneva Terrace Unit #3A, Chicago $350,000

Fabulous opportunity to update this spacious 2-bedroom condo in a sought-after 20-unit east Lincoln Park boutique elevator building. Lovely features include exposed-brick...

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  • 2 Beds
  • 2 Baths
  • 11784388 MLS
  • NEW Status
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5445 N Sheridan Road Unit #411, Chicago image
5445 N Sheridan Road Unit #411, Chicago — Edgewater Plaza $180,000

Spacious one bedroom condo, laminate flooring throughout the unit. One of the most desirable buildings in the area, close to the beach. Ample closet space. Reasonable ass...

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  • 1 Beds
  • 1 Baths
  • 11794071 MLS
  • NEW Status
  • Edgewater Plaza Bldg.
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10414 S Calumet Avenue, Chicago $102,000

Estate Sale. Sold "As Is". Buyer responsible for removal of remaining items in the house. 2 bedroom , 1 bath with loads of potential.

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  • 2 Beds
  • 1 Baths
  • 11794065 MLS
  • NEW Status
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1620 S Michigan Avenue Unit #516, Chicago image
1620 S Michigan Avenue Unit #516, Chicago $215,000

West Facing 1 bedroom 1 bathroom Condominium located in the South Loop. Natural Light flows into a spacious living and dining area through oversized windows. This quiet u...

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  • 1 Beds
  • 1 Baths
  • 11794043 MLS
  • NEW Status
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1032 N Trumbull Avenue, Chicago image
1032 N Trumbull Avenue, Chicago $379,900

Brick 2 Flat with full unfinished basement in great location! Perfect for a sweat equity property. Solid structure and hardwood floors throughout the entire building. Bot...

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  • 4 Beds
  • 2 Baths
  • 11794040 MLS
  • NEW Status
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The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than our company are marked with the MRED Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (the MRED logo) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Copyright 2023 MRED LLC. All rights reserved.

Based on information submitted to the MRED as of . All data is obtained from various sources and has not been, and will not be, verified by broker or MRED. MRED supplied Open House information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

NOTICE: Many homes contain recording devices, and buyers should be aware they may be recorded during a showing.

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