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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.
Foreclosure Property Search
$300,000
1324 Moorman Street , Chicago
Land development opportunity. Offers must be submitted by may 20, 2012. See additional info for instructions
- Beds –
- Baths –
$300,000
9901 Commercial Avenue , Chicago
The subject site consist of 43-land parcels, formerly to be developed as "prairie village." it was zoned as a part of a larger development plan for 109-single-family hom...
- Beds –
- Baths –
$300,000
▼
Decreased $5,900
1334384492
4323 Peterson , Chicago
Beautiful 4 story townhome in sauganash. 9' Ceilings, hardwood floors, granite counters, fireplace, marble bathrooms,sun roof deck, 2 car garage. Contact la before writi...
- Beds 3
- Baths 3.1
$299,900
1249 Winnemac , Chicago
Investment and rehab opportunity. Greystone 2 flat that was being renovated into a single family home . Desireable location on a tree lined street. Walk to el and ander...
- Beds 5
- Baths 2.0
$299,900
502 Elm Street , Chicago
Corporate Owned. Beautiful town home in Old Town. Freshly painted, refinished hardwood floors, new carpeting, large eat-in kitchen with granite counters, SS under-mount s...
- Beds 2
- Baths 3.0
$299,250
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Decreased $15,750
1333088618
3145 Union Avenue , Chicago
Bridgeport brick 2-unit. Owners unit duplexed down with additional living space and 3/4 bath. Enclosed porches and 2-car garage. Corporate owned. Sold in "as is" conditio...
- Beds 7
- Baths 3.1
$295,000
5113 May Street , Chicago
Solid 2 flat. Not what you think. Take a look at the pictures and you will be surprised. Great condition. NEW SIDING . 3 bedrooms on first floor and 4 on second floor...
- Beds 7
- Baths 2.0
$289,000
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Decreased $10,000
1333002377
7730 Eastlake Terrace , Chicago
Lake-views from your window! Parking inside garage is included in the price! Gorgeous kitchen, w/granite tops, appliances, break bar, master bath steam shower, custom gu...
- Beds 3
- Baths 2.0
$288,500
901 Gunnison Street , Chicago
Check HomePath for special offers for more details. Eligibility Restrictions apply. Beautiful vintage top floor large 3 BR on quiet tree lined street just 1 block to lake...
- Beds 3
- Baths 1.0
$284,900
10257 Leavitt Avenue , Chicago
Center entrance colonial in the heart of beverly. 4 Bedroom brick center entrance home on huge lot. Home has master bathroom, formal dining room, thermopane windows, har...
- Beds 4
- Baths 2.1
$284,900
6622 Rhodes Avenue , Chicago
Total rehabbed. Brand new furnaces in both units, hardwood floors in LR. DR. and Bdrms, ceramic kitchen floors and baths. New kitchen cabinets. New pluming and new electr...
- Beds 6
- Baths 2.0
$275,000
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Increased $16,000
1323332347
6822 Justine Street , Chicago
Beautiful brick 2-flat has been completely rehabbed from top to bottom. The 2-units have cozy living rooms, dinning rooms and good size bedrooms w/ an unfinished basement...
- Beds 6
- Baths 2.0
$274,900
2904 Sheridan Road , Chicago
Back on the market at a great new price; secluded complex just in the heart of "everything" - shopping, Lincoln Park, Linclon Park Zoo, Lake Front .. just a perfect plac...
- Beds 3
- Baths 2.1
$274,900
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Decreased $16,100
1336458090
6539 Sacramento Avenue , Chicago
*Updated West Ridge Ranch* With lots of living space. Separate Living Room, Dining Room, Kitchen, and Rec Room, 2 Bedrooms on main level and 2 on lower level. 2 full bath...
- Beds 4
- Baths 2.0
$269,900
1618 Oakley Avenue , Chicago
Great condo unit in bucktown/wicker park. 2Br 2ba. Spacious open floor plan. Defined dining area, oversize kitchen, deck, fireplace, 5 min walk to the train. Comes wit...
- Beds 2
- Baths 2.0
- Bldg. Wicker Park
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