Home Buying in Chicago>Question Details

Eddie201, Home Buyer in Chicago, IL

can you really by a foreclosed condo for 5000$?

Asked by Eddie201, Chicago, IL Sun Jul 8, 2012

Or is this fake ? I see foreclosed condos for sale and I want to know are these prices real

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Answers

10
Ivan Sagel’s answer
Eddie,

Yes, there are cheap condos available. Many are in areas you may not enjoy and have problems, no association, building code violations...

Best of luck,
Ivan Sagel
312-515-7823
IvanSagel@DwellOneRealty.com
0 votes Thank Flag Link Mon Jul 9, 2012
Depends on the area...sometimes there are good deals for less then 5K.
Check this out:
418 W 60th St, Chicago IL 60621 sold for $4,180
1715 S 6th Ave, Maywood IL 60153 sold for $1,764
0 votes Thank Flag Link Sat Jul 14, 2012
Yes the prices are real.
So is the fact that the units are not habitable, probably in housing court, possibly under receivership, stripped out and in need of full rehab, no association, possibly no other unit owners, probably legal issues, probably will take years if ever to resolve issues and get habitable.
You'll need full plans and permits to do anything and probably the Judge's permission.
Buying one unit is a waste of time. Some smart investors are doing Ok by buying all the units over time and reassembling the entire building.
Unless you are experienced or have deep pockets, stop getting enticed by the hype and move on.
0 votes Thank Flag Link Sat Jul 14, 2012
Eddie,

Yes, you can buy a foreclosed condo for $5,000. Make sure you have a knowledgable Realtor to work with and my make sure you do your homework and research this condo completely

Best regards,

Michelle Quan
Coldwell Banker Residential Brokerage
Broker
312.953.4650
0 votes Thank Flag Link Tue Jul 10, 2012
You can. There are not a lot of properties in this price range. It may need total rehab.
0 votes Thank Flag Link Mon Jul 9, 2012
Yes Yes! Believe it or not tons of properties are available in the Chicagoland area for less than $15k - ranging from condos to brick 2 flat buildings. Keep in mind there is a reason that these prices are so low. Likely are NOT move in ready.
0 votes Thank Flag Link Mon Jul 9, 2012
Yes, they can be real, but the price is based on problems the unit or the building or probably both have. Most people usually do not want to deal with them which is why the price is so low. You get what you pay for. It is not possible to steal something in this market.
0 votes Thank Flag Link Mon Jul 9, 2012
There are real ones out there yes.
0 votes Thank Flag Link Sun Jul 8, 2012
I'm sure you can although they may not be in the area you are looking for!
0 votes Thank Flag Link Sun Jul 8, 2012
The short of it is that they are real.
0 votes Thank Flag Link Sun Jul 8, 2012
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