Foreclosure in Rogers Park>Question Details

Jj, Home Buyer in Chicago, IL

Looking for investment property,How do I find a REO or shortsale in Rogers Park or similar up coming area?

Asked by Jj, Chicago, IL Wed Jan 2, 2008

Have been searching on the web for one week and have found little information on foreclosure properties or listings. We have read on several web sites using a Real Estate company REO specialized in foreclosures is one of the safest ways of buy a property in foreclosure. The other way is to contact the homeowner directly but then the title search mus be done to confirm any loans on the property.

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I am a CDPE (Certified Distressed Property Expert). I would like to recommend that you utilize my free website at http://www.idealhomesinchicagoland.com. You will be able to search for properties throughout Chicago and the surrounding areas. My website features up to date information, so you will not be finding homes and properties that are no longer available like on some of the realty websites that you may be using. My website also offers an array of neighborhood and market information that can help you make your determination on homes and locations. My featured partners are industry leaders that can assist you in making any realty transaction easy and transparent. I welcome you to utilize this amazing tool. As always I will be available to answer any questions that you may have.
0 votes Thank Flag Link Thu May 2, 2013
JJ -

Dream Town recently added a Distressed property search for you to easily access foreclosure, Short Sale and any other type of REO property. It also lets you see school information, demographics, as well as other useful information. Visit our website http://www.Dreamtown.com, and good luck!
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Tue Nov 24, 2009
I'd recommend the Illinois Foreclosure Listing Service. This is the best online source in Chicago land. A lot of features plus quality of data. All foreclosure investors are using them.

Here are some helpful links:

Free Daily Auction Lists: http://auctions.ilfls.com/
Foreclosure Seminars: http://ilfls.com/free/seminars.php
Community: http://community.ilfls.com/
Web Reference: http://ilfls.com
0 votes Thank Flag Link Sat Nov 21, 2009
Greetings! I have a Rogers Park short sale right now, and I can find more. Contact me for more info.
0 votes Thank Flag Link Tue Jan 8, 2008
Here's a site that banks use for REO. http://www.reotrans.com
0 votes Thank Flag Link Thu Jan 3, 2008
Hi I am no agent but many major news sources ie Washington Post, New York Times sometimes cite http://www.realtytrac.com for foreclosure stats. The site offers a free trial period then charges a monthly fee for access. Also some regional GMAC mortgage web sites offer free access to their forclosure listings and often make it well known when they are looking to entertain "all offers."
Good luck, Mike
0 votes Thank Flag Link Thu Jan 3, 2008
Hi Jj,

Banks don't want to handle sales on their own, and usually hire a real estate broker to do it; therefore, most REO' s and short sales will be on the MLS, and accessible to any member of the Multiple Listing system.

Each purchase, whether it be short sale, auction or REO property, has its pitfalls to avoid, and it's best to team up with somebody (i.e., a Realtor) experienced in the process.

It sounds like you have been doing some homework regarding being fully aware of the property liens; also take into consideration any unpaid taxes and/or assessments.

Just know that purchasing ANY property (foreclosure or through the original owner) under market value (preferably at least 20% - 30 % below market) can be a good deal for you, but you must take into consideration the condition of the property and the potential repairs. REOs, short sales, and foreclosures are not automatically the best deal just because they are foreclosure properties. You can often, especially in this market, get a better deal just dealing directly with distressed owners.

One of the pitfalls of purchasing foreclosed property is buying into blindly, since the new owner will have no knowledge of the history of the house, and will, in most cases, be selling it "as is".

That's not to say you can't eventually find a pretty spectacular deal on a short sale, REO or foreclosed property. Just make sure you do your due diligence, that you understand you will be likely competing with multiple offers, and that you may have to wait a long time to find out whether or not your offer is accepted.

Here is a free resource from the Chicago Tribune. It updates daily freshly auctioned property: http://chicago.chicagotribune.il-foreclosure.com/?src=ctcobrand You have the option to purchase further information, although, with the address alone, you will be able to dig deeper into public tax records.

As an aside, Rogers Park was becoming saturated with condo conversions; I wouldn't be surprised if with the help of a crafty Realtor you couldn't find some great deals to purchase from distressed would-be flippers.

Good luck.
0 votes Thank Flag Link Thu Jan 3, 2008
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