Home Buying in Buffalo Grove>Question Details

Robyn, Home Buyer in Deerfield, IL

When is the best time to buy a foreclosure?

Asked by Robyn, Deerfield, IL Sun Jul 6, 2008

Hello,
I am looking for a home for my family, not a flip for profit. There are potentially six foreclosures in a subdivision that I really would like to move into. When is the best time to buy? Would it be to go directly to the owner during the first phase? Go to the auction in the second phase (Do you even get to see the property?) Or, I would assume, that buying from the bank would be the easiest. However, I do not see that many foreclosures on the MLS. Does this mean they are sold before they can get posted there?

Thank you!

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Answers

5
The question becomes how fluent are you. There are different avenues in which to purchase foreclosures, you must understand each and your financial situation to be able to answer which scenario is best for you.
There are Short Sales, Pre-Foreclsoures, foreclsoures, REO, and Auctions. They each pose different situations and different problems, if you will.
If you can give me specific addresses or subdivisions I can answer your questions more specifically.
Please feel free to contact me directly.
1 vote Thank Flag Link Sun Jul 20, 2008
Short sales have become increasingly dificult in recent times. Banks have put a brake on these, I have seen several transactions that were signed and the buyer thought they had a deal fall apart days away from closing, this is not so bad for investors, but could be disastorous for you and your family. Auctions are also better for investors as well. You need to be highly liquid and willing to take on unexpected problems. There are no 100% effective mls searches for foreclosures, but I can assure you there are plenty in all areas right now. To answer your questions (without knowing your entire situation) I would reccomend buying REO (Real Esate Owned by the bank) listings. You will have the most motivated seller in the most controlled enviroment.
Web Reference: http://www.JPMackey.com
1 vote Thank Flag Link Mon Jul 7, 2008
If you have it down to a location and plan to stay in the home long term, then now is the time to buy. Plenty of homes on the market that are bankowned. It is a matter of having an agent do the work for you. Call me if you need some help, I'd be more that happy to help you.
0 votes Thank Flag Link Sun Oct 11, 2009
Hi Robyn,

If you are talking about a true FORECLOSURE, and not a shortsale, anytime is a good time. Most foreclosures are bank owned and the bank then lists them with an agent and they go on the mls. At that point, you move quick as they don't last long. They are significantly price reduced and they get multiple offers in the blink of an eye. You will still have to wait for the banks approval but they move much faster than short sales. I am a Buffalo Grove agent and I live there as well. If you would like to talk about this more or go see the properties you have in mind, please call me. I would be happy to work with you and help you!

Julie Brown
Baird and Warner
847-975-2957
0 votes Thank Flag Link Sun Oct 11, 2009
When you are able to answer this question. It is to late and the property has sold already. Of the homes that sold in the month of February with an increase on 5% 45 percent were forecloure and short sales. If it in the area you are interested and price you could afford you should make every attempt to purchase it. Plan on making a commitment of at least five years. Good luck.
0 votes Thank Flag Link Thu Mar 26, 2009
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