Foreclosure in Humboldt Park>Question Details

Trulia Chica…, Other/Just Looking in Chicago, IL

What is the best way to find foreclosed single family homes and foreclosed apartment buildings owned by banks?

Asked by Trulia Chicago, Chicago, IL Mon Dec 17, 2012

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The best way to find a foreclosed single family homes and foreclosed apartment building owned by the bank is to interview a few brokers that have some expertise in the area you are looking to purchase. After you have interviewed a few brokers, pick the agent you feel best qualified and most comfortable with.

The broker than can set up automatic searches on the Multiple Listing Service for suck properties; as they come up you will automatically be notified and you and your broker can work quickly to view them. With such properties time is truly of the essence because many people and investors are looking for good deals. You may find yourself having to make your highest and best offer on the property and it is shot in the dark. Work with your broker to determine your comfort level with any offer based comparables the property is located.

Best of luck,

Manuel Brown, Broker
iMove Chicago
1 vote Thank Flag Link Mon Dec 17, 2012
Obviously all agents will tell you to watch the MLS and that is true. These banks almost always hire an agent to list the property to give it maximum exposure. Once in a while they use Auctions, but I would avoid them because you need to do all your homeowrk BEFORE you write an offer.
1 vote Thank Flag Link Mon Dec 17, 2012
Contact your local real estate professional. He/she will have access to the MLS and to various lists; which will have the latest foreclosures. He should also have contacts with banks and investors who will know what properties are coming on the market as foreclosures. You can also join your local REIA club they have investors and owners who will have info on the market conditions.

Al Dobbs
Managing Broker
Add Real Estate
1 vote Thank Flag Link Mon Dec 17, 2012
This is a good question . I can give you my website at http://www.ilrealestatespecialsits.com and search Humboldt Park area and I am sure you will see only listings that are either foreclosures or short sales in this area because my site is a foreclosure site. Check it out and let me know what you think.
1 vote Thank Flag Link Mon Dec 17, 2012
Any reputable agent can set up a search for bank owned or distressed properties. No charge on the buyer side. Work with an agent
1 vote Thank Flag Link Mon Dec 17, 2012
Get in touch with the agents listing them, search for them online, check your local newspaper, and contact the managers handling the tapes are all ways of finding the information you seek. The best way in my opinion is hiring a real estate consultant to do it for you.
0 votes Thank Flag Link Thu Dec 20, 2012
Hello,

Homepath.com is good starting point. The best, of course I would say this, is to work with a buyers agent.

Good luck!
0 votes Thank Flag Link Thu Dec 20, 2012
You have many options for this, but none at going to give you access to property for less than market value. Those days are gone, banks, like Joe said, have to maximize returns and want full exposure to all potential buyers.
Savvy investors will find values in bulk sales and auctions, both are only for well organized and well funded buyers.
0 votes Thank Flag Link Mon Dec 17, 2012
email me at jmichaels@remax.net I will send you a list
0 votes Thank Flag Link Mon Dec 17, 2012
Get a good agent.

You can try buying them at an auction or once they hit the MLS. Those are the best ways.
0 votes Thank Flag Link Mon Dec 17, 2012
Work with a Realtor to obtain up to the minute information.
0 votes Thank Flag Link Mon Dec 17, 2012
Contact a local broker who can send you information on foreclosed homes. Lenders list them with local brokers for sale.
0 votes Thank Flag Link Mon Dec 17, 2012
the MLS has most of them..the banks need to be sure they are getting market rates and the MLS is really the only game in town..
0 votes Thank Flag Link Mon Dec 17, 2012
I would recommend connecting with an agent who is familiar with the area - touch base with a few to feel them out and see who fits your needs.
There are a lot of qualified agents that will respond to this post so you should have no shortage of candidates.
Good Luck
Sam Sharp Senior VP of Mortgage Lending
Guaranteed Rate
773-290-0455
0 votes Thank Flag Link Mon Dec 17, 2012
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