Foreclosure in Chicago>Question Details

Fzhang11us, Home Buyer in Chicago, IL

I am looking for a foreclosure home. anybody can help?

Asked by Fzhang11us, Chicago, IL Sat Feb 19, 2011

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22
Anybody can help--that's the problem. Figure out what you want: type of property, price, discount, area, etc. Then figure out how you're going to pay for it: cash, conventional, FHA, rehab loan, etc. Then look for an agent that knows the distressed market and the desired area. Good luck.

The information in this answer is general information and is not intended as legal advice, nor do I intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
2 votes Thank Flag Link Mon Apr 11, 2011
How can I let you know if I have a good deal without telling the thousands of buyers and agents among the Trulia Community?
1 vote Thank Flag Link Wed Feb 23, 2011
FZ,
The market everywhere is flooded with these foreclosures, so I would recommend calling one agent and workign with them exclusively. You can sit down face to face and tell them exactly what your looking for now, and what kind of timeline you will be looking towards as far as selling in the future. Just becacuse a property is a foreclosure does not mean it is the best deal. Let the agent give you the comps and their opinion of neighborhoods, this information is critical to you purchasing the best home for your needs.
Have a Blessed Day!
0 votes Thank Flag Link Thu Mar 3, 2011
Mike's right!
FZ, if i said, I am aware of 123 main street 4BR/2BA 2500 sqft home sold for $600k 4 years ago and now is an REO for sale at $229k do you really want all that competition? Pick one agent, sign a buyer brokerage agreement and if you decide to change agents, fire that agent and hire a different one. Any experienced agent won't want to make suggestions without some kind of understanding of exclusive representation. Not to be greedy, but I don't want to count on getting lucky that you like my suggested home better than another agent's suggested home.

Best of luck!!
0 votes Thank Flag Link Fri Feb 25, 2011
I like to remind buyers that their wants are not unique and that everyone wants a big house in good condition within a good school district at a bargain price. That said, you need to find ONE agent to be your confidant and bird dog the good ones as the good sell fast and the junk sits there forever. Not sure how a home in an area has good schools since Chicago has magnets and academies not tied to residence location. Collar towns like Park Ridge, Evanston or Oak Park are really nice, feature sought after schools but not sure about your cap in price. You might want to consider putting down half & financing half and buying up to 300k. To a bank, all money is cash at closing so the cash discount you're thinking isn't worth that much to an REO owner. You will not get an extra 5% off price because of all cash deal. You might be able to edge out other buyers at same price with their financing.
0 votes Thank Flag Link Tue Feb 22, 2011
Thanks so much for your posting!

It is a difficult market out there for many, but a good time to be searching for a deal on a bank-owned (foreclosure) home. Can you tell us more about what you are looking for – like are you looking for a condo or a single family home? What areas are of interest to you? Do you have a price range in mind and a financing plan?
I
f you do not already have a real estate expert assisting you with your home search, that is certainly your best bet – to find one ASAP! Let us know if we can help. You can call us at 312.242.1000!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Mon Feb 21, 2011
Let me know how to contact you, so I can send you the top ten investor buys - in your marketplace.

Call or e-mail me today. 2 out of 4 of my last closed sales were bank owned and the other two were estate sales. Buying right is how you will prosper as an investor. Let me help you.
0 votes Thank Flag Link Mon Feb 21, 2011
i will buy the property in cash <=$200k. let me know if you have good deal for me.
0 votes Thank Flag Link Mon Feb 21, 2011
Fzhang11us,

If you are looking to buy on the North side of Chicago or in the Northwest suburbs, I can help. I've been working with foreclosure buyers and have probably been through every decent foreclosure in Portage Park, Dunning, Niles, and Norwood Park neighborhoods, just to name a few. You might want an agent with a Construction background that could help you determine rehab work and prices, which I can also help in. Feel free to contact me if you are still looking for an agent.

Marcin Talaga
Marcin@conlonrealestate.com
0 votes Thank Flag Link Sun Feb 20, 2011
Many agents can assist you however are you qualified for a loan OR paying cash. This governs how a Realtor can assist you !

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Feb 20, 2011
Get yourself a good buyer’s agent that has experience with this type of sale. The foreclosure market is extremely competitive and you need to have a very aggressive agent to help you out. If you don’t move fast on these, you will most likely be left behind. Interview two or three agents, and go with the one you mesh best with. Id be happy to help.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
mlaricy@americorpre.com
708-250-2696
0 votes Thank Flag Link Sun Feb 20, 2011
I recommend buying 2 to 4 unit properties to position yourself for positive cash flow. There are plenty of these in some stage of foreclosure on the Northwest Side of Chicago, my primary market.

Contact me to discuss your purchasing power, and I'll e-mail you the best opportunities.
0 votes Thank Flag Link Sun Feb 20, 2011
The Beverly neighborhood in Chicago often has great buys. There are also many more great options in the suburbs. We partner with CHASE Real Estate out of Naperville. They currently have a contract to list HUD homes throughout the Chicagoland area. Feel free to give me a call to discuss in more detail.

Thanks,

Edwin Castillo
773-406-6503
0 votes Thank Flag Link Sun Feb 20, 2011
I would contact the Short Sale/Foreclosure Queen in Chicago, Marki Lemons. She has it all together and definitely knows what she is talking about when it comes to property in that area. http://shortsaleresultsnow.com/

Good Luck!
0 votes Thank Flag Link Sun Feb 20, 2011
i am looking for foreclosure or short-sale in top school district with easy transportation for cash flow generating investment. any suggestion?
0 votes Thank Flag Link Sun Feb 20, 2011
My whole business for the last several years is dedicated to short sales and foreclosures. Please contact me at (630) 346-4074.

Frankie
0 votes Thank Flag Link Sat Feb 19, 2011
You obviously will have no shortage of people willing to help. My web site lets you search the MLS and you can just search for foreclosures to get a feel for the market, but even with so many out there, the best ones tend to sell sooner than later if they are priced right.
My web site also explains what I do for my clients than many others cannot or will not do.
0 votes Thank Flag Link Sat Feb 19, 2011
Hi there

I am sure the many fine responders to your question should be able to help.

Do you know what area in Chicago you are looking for and are you clear on your requirements
With regards to numbers of beds, baths, schools, square footage, lot size, age etc.

Best regards
Perry
Web Reference: http://Ruthandperry.com
0 votes Thank Flag Link Sat Feb 19, 2011
Hi Fxhang11us,

Our business has been running strong for the last 75 years. We have a number of great programs to help acquire and rehab some foreclosed homes with no down payment!
Check out my profile page and feel free to contact me any time!
Edwin Castillo
773-406-6503
0 votes Thank Flag Link Sat Feb 19, 2011
Hi there!
Now is most definitely a great time for finding foreclosures---there is a glut of them in the Chicagoland area. I would love to help you find one that suites your needs. Feel free to contact me anytime, I would love to assist you. tdeluca@kw.com or (847)372-5110

Take care!
-Tiffany DeLuca
Keller Williams International Realty
0 votes Thank Flag Link Sat Feb 19, 2011
Hello Fzhang11us

Where and how much are you spending? I have a few coming on the market soon. ihalpin@jamesonsir.com is the best way to contact me.

Best of luck.
0 votes Thank Flag Link Sat Feb 19, 2011
Hi Fxhang11us,

There are tons out there. If you need help, I will be happy to lend a hand. I have a few years experience with foreclosed homes. Feel free to contact me.

Thanks

Cherrie Catama
ccatama@newmanrealtyillinois.com
773.490.3437 Phone
0 votes Thank Flag Link Sat Feb 19, 2011
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