How to purchase a foreclosed property in Chicago suburbs?

Asked by Afzal Syed, Charlotte, NC Thu Dec 13, 2012

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Jimish S Des…, Agent, Wheaton, IL
Fri May 31, 2013
There are a few ways to purchase a distressed property.

1. During the foreclosure process (after bank has filed the lis pendes), contact the home owner to see if they will agree to do a short sale.

2. Buy it at the auction. Be careful here. Not only do you have to bring 10% of purchase price that day, but pay the remaining balance within 24 hours or loose your down payment. Also, you will be competing with seasoned investors who will drive up the price on you if they smell inexperience. Also, you will not have the opportunity to inspect the property beforehand.

3. After the bank takes it back, but before it is listed with a realtor, it becomes "shadow inventory." You might be able to track down the asset manager and make an offer.

4. Find a solid realtor (like myself) ;) and let me hunt down the great opportunities for you!
1 vote
Laith Kubba, Agent, Plainfield, IL
Sat Dec 15, 2012
Salaam Afzal,

I'd be happy to chat with you to see what I can do to assist you. The most important thing is to find an agent that has extensive experience in your target area. Since you already seem to like Trulia, go through the recommendations for the agents that service the area you want. Call them and interview them to make sure you are compatible. It's important that both of you are in the same page in this search...

Best of luck with your search.
0 votes
Ken Tracy, Agent, Naperville, IL
Thu Dec 13, 2012
Hello! Hire an agent. Get a preapproval. Final a home you like. Write an offer!
Quite simple...
0 votes
Marianne Hof…, Agent, Naperville, IL
Thu Dec 13, 2012
Hello Mr. Syed,

It looks like you are located in North Carolina. So I would suggest that you locate a Realtor that you are comfortable with in the Chicago suburbs. Give that agent a call or email and then you can begin the discussion of how to proceed. I can send you lists of foreclosures in the Chicago suburbs.

Giving YOU The Best Real Estate Experience Possible,

Marianne Hofmann

Marianne Hofmann
Charles Rutenberg Realty of IL
Web Reference:
0 votes
Michele Nixon, Agent, Naperville, IL
Thu Dec 13, 2012
Hi Afzal,

Purchasing a foreclosure is fairly simple but, you should understand the difference between buying a foreclosure versus a traditional sale.

When you buy a foreclosure, you are buying the property in "as-is" condition. Meaning that the bank that currently owns the property has no knowledge of the condition of the property they are selling. Sometimes they will address problems, sometimes they won't.

Banks won't pay for a survey (the little map that shows the property lines) so that is a cost that you will incur should you buy a single family or townhome/duplex.

You must have your financing in place ahead of time or, if paying cash, you have to show that YOU, the buyer, have that cash reserved in your account.

There are other things to consider as well which I'm happy to discuss. Let me know how I can assist you.

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Mike Dragotta, Agent, Allentown, PA
Thu Dec 13, 2012
Did you reach out to any agents in your area yet. Where i work we have one agent who works just on foreclosed homes and short sales.
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Lola Jeffers…, Agent, Naperville, IL
Thu Dec 13, 2012
Hello Afzai,
My clients are mostly home buyers. I have 4 short sale transactions pending right now. I'm also working with several clients whom are interested in short sales. Please feel free to give me a call if you have any questions or need help with anything revolving around real estate.
0 votes
Terry Farnsw…, Agent, Lisle, IL
Thu Dec 13, 2012
Hi Afzal,

I have access to an extensive list of REO properties, as well as extensive experience in negotiating and closing them. I would be happy to send you a list of available properties in your price range, as well as explain the process and what you can expect detail by detail. Please feel free to contact me through my website, or directly, with any questions you may have.

Terry Farnsworth
Prospect Equities Premier
(630) 747-3426
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