Foreclosure in Lombard>Question Details

Carrie, Home Buyer in Lombard, IL

I am looking into purchasing foreclosure or pre foreclosure homes in the 60148 area? Does anyone specialize?

Asked by Carrie, Lombard, IL Mon Oct 22, 2007

in this? Thanks.

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7
Please don't do it. It is just too risky. But if you insist, spend some time tracking information from Illinois Foreclosure Listing Service: http://www.ilfls.com/

Your best bet is working with a local Realtor to find motivated sellers who are not going through foreclosure. Also, search here for other foreclosure questions and answers.
Ruth
Web Reference: http://www.ilfls.com/
1 vote Thank Flag Link Tue Oct 23, 2007
Ruthless, Other/Just Looking in 60558
MVP'08
Hi Carrie:

Though a Chicagoland agent, I'm not a Lombard expert. However, if you don't mind, I did want to give you a little 'food for thought'.

Foreclosures are a tricky business, and despite what the media and 'investment gurus' are leading you to believe, they are not always the best deal.

Remember this: The wave of foreclosures that are happening right now are the result of subprime loans made during the housing boom. Those loans were made when market values were much much higher. Therefore, many of these banks, though not in the business of selling real estate, are holding loans that are larger than the worth of the house. Meaning? No equity. A good deal -- a really good deal -- is buying into equity. Not only that, these banks are not so crazy about giving up these houses for less than what is owed to them. Sure, they may be forced to adjust the value of the house they are holding downward to stay inline with today's prices, but they are not likely to go BELOW market value. Basically, the prices are likely to be the same as any other home out there on the market, except....

Often times when people go into foreclosure, they stop taking care of their homes. They are angry, sad, feel it's not worth it. So guess what you are getting? Deferred maintenance issues and a bank-owned property with no disclosures.

Think again. Deals can be had, but right now some of the best deals out there are houses on the market that have not gone upside down on their mortgages. Houses still owned by their owners. Houses with disclosed history. Houses whose ultimate sale price is a decision controlled by the owners who may be willing to strike a deal with you - much more so than a bank.
1 vote Thank Flag Link Mon Oct 22, 2007
Hey Carrie,

Interested in FORECLOSURE Homes? I SPECIALIZE in working with foreclosures!!! I aso have a system to help you FIND, BUY, FIX UP & SELL or RENT your property you are interested in. In fact, I have a Lombard (60148) foreclosure on my website RIGHT NOW!!! Have fun & make money.



Visit our website (ChaseForeclosure.com) or Call me at...

Chase Real Estate
Derrick Jackson
630-631-8380 - Cell
derrick.jackson@mychaseagent.com - Email
Web Reference: http://ChaseForeclosure.com
0 votes Thank Flag Link Wed Feb 20, 2008
Last week, I had been throught a bank owned foreclosure sale for 94 properties. There are over 200 peoples attended. One of my interest property with market value 155k and was sold for 111k + 7.5% premium. I think it is a very good deal.

To your understand, a lot of foreclosure properties are really in bad shape. Currently, I have one short sale listing and I listed at 90k for a 2BR single family with is not in bad shape. If you are interested, please contact me at 630-788-0541 or email to me yihuih@hotmail.com with subject "Inquiry" that I can send a all foreclosure listing together with bank short sale to your email address.
0 votes Thank Flag Link Wed Dec 5, 2007
Forget about foreclosures. They are not as good of a deal as you might think. I actually have a home for sale by owner in Lombard. It is completely rehabbed at a fair price. If interested, email me at jackiebrowne@mail.com and I'll send you some pics and info.
0 votes Thank Flag Link Sun Nov 18, 2007
Hi Carrie, you can visit this site and just click on over to your area. An agent will be displayed there where you can get homes in pre-foreclosure. http://www.foreclosures.la
0 votes Thank Flag Link Tue Oct 23, 2007
If you have the address or parcel number a good agent should be able to determine a realistic price to offer the bank or potential owner in default. You have to watch out for recent filed 2nd mortgages or liens that may not show up. You should have a Title Insurance policy to guarantee clear title. Kelly Covelli Broker / Owner Trust One Realty, P.C. in Lombard
0 votes Thank Flag Link Tue Oct 23, 2007
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