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Sarah, Home Buyer in Oak Park, IL

This condo is in foreclosure, how do I find out more information about it?

Asked by Sarah, Oak Park, IL Mon Jan 26, 2009

I just would like to know a little bit more about purchasing foreclosed properties and what my next step would be to find out about it.
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Hi Sarah,

This condo at 1033 Ontario #3DN is in the pre-foreclosure stage. What that means is that the owner has missed at least 3 payments and has been served with the lis pendens or notice of forepclosure proceedings. From this point it will be about 210 days until the sheriff's sale. If nobody buys it at the sheriff's sale, then the bank will take ownership and sometime after that, it would most likely be listed for sale with a real estate agent of the bank's choice. For now, the condo owner is still in possession and control. Right now they may be thinking they can catch up with the payments & fees. At this stage, it is not very likely that will happen but they are probably hopeful. You could approach them about selling it to you. I do have access to Realty Trac which may give me their name and loan amount. If they owe more than the property is worth, they might consider negotiating a short sale with their lender. There really is no way to access the property at this time except through the owner. I checked the MLS and it is not listed. I hope that helps.
Marion Digre, Remax In The Village, Realtors, Email at
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