Home Buying in 60611>Question Details

drsnt, Home Buyer in Chicago, IL

forclosures in Near North Side, IL

Asked by drsnt, Chicago, IL Sat Sep 29, 2012

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Brady Miller’s answer
If you are interested in bank owned properties, be prepared to offer quickly and above list price -- the vast majority of these, if they are priced well, end up receiving many offers and go fast. Cash offers usually win out. Good luck, and research the market thoroughly before getting into a bidding war!
0 votes Thank Flag Link Tue Oct 2, 2012
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.

Best,
Joel Holland, CNE, ABR®
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
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0 votes Thank Flag Link Tue Dec 10, 2013
What about them? I think the ship has sailed on these. The majority aren't worth it. You end up getting into a budding war on them since everyone wants to buy them. They always go over list price. You have to make sure the numbers still make sense once you look into the cost of upgrades/repairs.
0 votes Thank Flag Link Sun Sep 30, 2012
THere are not may and for most of them you get what you pay for.
0 votes Thank Flag Link Sun Sep 30, 2012
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