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    Foreclosure Search

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    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.

    1069 W 14Th Place Unit #203, Chicago image
    1069 W 14Th Place Unit #203, Chicago — University Commons $359,999

    Natural light and neutral tones! Fabulous floor plan and flow in this two bedroom, two bath, plus den loft. Perched within the tree line, overlooking the lushly landscape...

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    • 2 Beds
    • 2 Baths
    • MRD11750169 MLS
    • NEW Status
    • University Commons Bldg.
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    5831 W Gunnison Street, Chicago image
    5831 W Gunnison Street, Chicago $285,000

    Amazing opportunity for and adorable 4-sided brick Classic Chicago-Style Bungalow in Jefferson Park! Lovingly maintained home offers new tear-off roof about 10 years ago...

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    • 3 Beds
    • 1 Baths
    • MRD11750168 MLS
    • NEW Status
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    Chicago image
    Chicago $301,000

    Don't miss this stunning renovation by in the desirable Calumet Heights neighborhood. This beautiful raised ranch features 2300 square feet of living space. With an attra...

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    • 3 Beds
    • 2 Baths
    • MRD11750162 MLS
    • NEW Status
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    247 E Chestnut Street Unit #703, Chicago image
    247 E Chestnut Street Unit #703, Chicago $319,900 ▲

    Streeterville spacious 1250 sq ft unit in a High Rise, a block to the Lake and Michigan Avenue. Southeast corner 2 bedroom with only 4 units per floor, has room for king ...

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    • 2 Beds
    • 2 Baths
    • MRD11750159 MLS
    • NEW Status
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    7009 S Indiana Avenue, Chicago image
    7009 S Indiana Avenue, Chicago $340,000

    None

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    • 5 Beds
    • 3 Baths
    • MRD11750155 MLS
    • NEW Status
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    600 N Lake Shore Drive Unit #1011, Chicago image
    600 N Lake Shore Drive Unit #1011, Chicago $1,295,000

    Renovated/Updated in 2023: New Quartz countertops in the kitchen with single bowl sink, newly refinished white cabinets in the kitchen with new custom pulls, brand new Bo...

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    • 3 Beds
    • 3 Baths
    • MRD11750153 MLS
    • NEW Status
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    1055 N Drake Avenue, Chicago image
    1055 N Drake Avenue, Chicago $599,900

    HUMBOLDT PARK - This property qualifies for a $10,000 Down Payment Assistance Grant!! Drive by and call me to schedule your private tour! Walk 6 city blocks to the 606! R...

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    • 5 Beds
    • 4 Baths
    • MRD11750145 MLS
    • NEW Status
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    846 N Lockwood Avenue, Chicago image
    846 N Lockwood Avenue, Chicago $384,900

    ***$385,000 FHA APPRAISAL COMPLETED***$10,000 Down Payment Assistance from the State of Illinois available for this property! - BUY WITH 1% DOWN PAYMENT PROGRAM!! Amazing...

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    • 6 Beds
    • 4 Baths
    • MRD11750144 MLS
    • NEW Status
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    238 E 92Nd Street, Chicago image
    238 E 92Nd Street, Chicago $130,000

    A lovely, Brick Georgia spacious 3-bedroom row how in the Chatham area. Entering this 2-story attached home you have a large living/dining room area. Hardwood floors thro...

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    • 3 Beds
    • 2 Baths
    • MRD11750136 MLS
    • NEW Status
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    3216 W Walnut Street, Chicago image
    3216 W Walnut Street, Chicago $199,500

    This Garfield Park Value-add Special was Rehabbed in 2012 and has been well maintained since. Assessor has this listed as multi family but the current configuration is as...

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    • 5 Beds
    • 4 Baths
    • MRD11750129 MLS
    • NEW Status
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    3216 W Walnut Street, Chicago image
    3216 W Walnut Street, Chicago $199,500

    This Garfield Park Value-add Special was Rehabbed in 2012 and has been well maintained since. Assessor has this listed as multi family but the current configuration is as...

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    • 6 Beds
    • 3 Baths
    • MRD11750128 MLS
    • NEW Status
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    41 E 8Th Street Unit #1606, Chicago image
    41 E 8Th Street Unit #1606, Chicago $379,900

    Looking for a chic and hassle-free living space in an amazing building with low assessments and modern updates? Look no further than this turn-key unit, ready for move-in...

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    • 2 Beds
    • 2 Baths
    • MRD11750123 MLS
    • NEW Status
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    8423 S Escanaba Avenue, Chicago image
    8423 S Escanaba Avenue, Chicago $5,900

    Residential lot, great opportunity to build. Make your offer today. This is a Fannie Mae Homepath property.

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    • MRD11750120 MLS
    • NEW Status
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    900 W Margate Terrace Unit #2A, Chicago image
    900 W Margate Terrace Unit #2A, Chicago $239,900

    South Facing, Bright & Cheery. Open Floor Plan with an Island and space for a dining room table - Remodeled 2 bedroom with Hardwood floors throughout, 42" Maple Cabinets,...

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    • 2 Beds
    • 1 Baths
    • MRD11750116 MLS
    • NEW Status
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    7624 S Drexel Avenue, Chicago image
    7624 S Drexel Avenue, Chicago $37,500

    Two unit frame property located in Grand Crossing. The property is 4 Beds, 2 Baths with 1,748 Sq Ft. Property is in need of a complete rehab. The basement is unfinished...

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    • 4 Beds
    • 2 Baths
    • MRD11750112 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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