Foreclosure prices in just the near north area are up 12.2% in the past year, while number of listing available are down 43%. And, they are also closing within 4.6% of final list price, vs 8% a year ago. So, the buyers experience in foreclosures today is very different than the last few years. It is important to have an understanding of the condition, what true costs there are (i.e. increased closing costs, back due assessments or taxes).
If getting financing, you also need to have strong financing to compete with the many cash buyers competing for the same limited inventory.
Joel Holland, CNE, ABRÂ®
Brokerage Director | Real Estate Consultant
Homescout Realty | 640 N LaSalle Suite 650 | Chicago, IL 60654
PH: (312) 377-HOME x 334 | FX: (708) 303-6011
CELL: (847) 899-9505 | http://www.homescoutrealty.com
Upgrade Your Lifestyle