Home Buying in Chicago Lawn>Question Details

Charles Edwa…, Both Buyer and Seller in Chicago, IL

I am interested in purchasing some property and would like to know how do i check to find out if a property is going though foreclosure ..thanks

Asked by Charles Edward Smith, Chicago, IL Mon Sep 26, 2011

would like to eliminate some due diligence time by doing some or all of it myself..........Thanks

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6
You can find out what homes are in foreclosure by finding out where they publish it in the paper as all foreclosures have to be published . A Title company will know what papers to look in. A Realtor can also help you immensley in saving time and energy and making sure you know what to do and help you with the process. They are the experts to go to. Hire your own, do not use the listing Realtor as they are already representing the seller to get the highest and best price. Hire someone to be your advicate.
0 votes Thank Flag Link Thu Mar 21, 2013
the best foreclosure web page is this Homepath.com
0 votes Thank Flag Link Thu Mar 21, 2013
the process is lengthy and the odds on you getting in without the MLS are slim to none.. there must be arms length transaction at all levels and it simply requires MLS agent representation ..stick with property listed on the mls as distressed sale/ reo/ short sale..let an agent help you
0 votes Thank Flag Link Tue Mar 19, 2013
You are quite the concerned consumer to save your realtor the extended hassle of what they should be doing anyway.

The only true way to know if a property will be getting foreclosed is to find out if a lis pendens has been filed against the property. Not all foreclosures are preceded by short sales, although most are preceded by frustration, which unfortunately, due to Google's lack of a 'frustration mapping index' site, is unavailable to the general public.

How do you find out about the lis pendens? Again, a good buyer's agent will figure it out. Otherwise, you can attempt to navigate the Cook County Recorder of Deeds website. It must be recorded per county law.

Just remember, a home may have a lis pendens, but not be taken back by the bank for a long time, upwards of two years, if not longer depending on how much the property is worth, how much is owed, and how much coffee the foreclosure facilitating professional in cubicle 2371b drank that day.
0 votes Thank Flag Link Thu Nov 3, 2011
Most listings have language stating it is a short sale, bank owned, or not. You should expect 25-35% of all listings today are in distress. I suggest you work with an experienced broker who is SFR certified to assist you with your purchase.

I would be glad to help you.
0 votes Thank Flag Link Sun Oct 16, 2011
Find out whether the property is located in a judicial or non-judicial state. I know Kansas is a judicial state while Missouri is a non-judicial state, but I am not sure about the rest. Check with the courthouse...there may be a public record of it. Check the local newspapers...some are required to print the info daily and some are required to print weekly. Normally, the lender obtains the property at a sheriff sale or foreclosure sale and a buyer might be better off waiting until after the lender lists it, but that is not always the case. Find a Realtor to set you up on an email list that will automatically email you when new foreclosure listings become available. I hope that this helps!
0 votes Thank Flag Link Mon Sep 26, 2011
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