Home Buying in South Elgin>Question Details

Jimmy, Other/Just Looking in 60120

What do we need to keep in mind when looking for forclosures? Cash, inspection, etc...?

Asked by Jimmy, 60120 Mon Jul 7, 2008

I am starting to see some nice forclosures around South Elgin area. What are some of the things that I should keep in mind when looking for such properties? Thanks!

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Properties are usually as-is when buying so doing a home inspection for self comfort is key. You can get a really nice home right now. It is also getting colder so you want to make sure the house is going to be or is winterized. You cannot see the pipes and it can cause major damage.
0 votes Thank Flag Link Wed Oct 31, 2012
Lots of cash would be good with the normal foreclosure. When you see a nice one that you want, your agent should do a market analysis to see how good of a deal it is. You can have experts look beforehand or do an inspection after you buy it, as per the terms of the contract you give them. After that it is an AS IS deal. No suing later if you find a problem. Would you like a list of new listings, as they hit the market or have price reductions?
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Mon Jul 21, 2008
My best advice: do your home work. There is a feeding frenzy of foreclosures and investors are out there looking. Look on the Kane County Sherriff web site to view upcoming auctions, price and locations are listed. Be patient and learn to deal with the banks....or simply let an agent help you through it!!
0 votes Thank Flag Link Wed Jul 9, 2008

I would start by selecting a Realtor to help you with this transaction. I just helped an investor purchase a property in South Elgin. I would love to help you if you are not working with someone else.
Web Reference: http://www.markroncone.com
0 votes Thank Flag Link Mon Jul 7, 2008
Some nice and some are moldy with broken pipes. Some are priced really low and will sell higher than list. Some are priced at market and will be severly discounted. There is a lot of variety. You need to kick the tires. If you look at Short Sales, be aware of the long waiting times and the Sellers Lender approval. It is more risky, if you really need to know that you bought a house. Some homes being offered by regular sellers can actually be a better value, with less risk, headaches and money spent. I like South Elgin. The Fox River bike trail is the best around! I ride it once a week. The fish are biting at the dam!
Do you want to see any homes? I can email you the logical choices, if you want to call or write-off the list.
Web Reference: http://www.realtybob.com
0 votes Thank Flag Link Mon Jul 7, 2008
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