Hi Chi, I am not an expert in your market to get this out of the way from the start. But I feel that I can add a little thought to your decision making process. I am not sure whether or not you are a first time home buyer. Then if you are you would also be able to take advantage of the first time home buyer tax deduction, that is one item to consider!
The other one is the question about where the prices are going to go. You know as home prices are going down, adjust, level out, then at one point they will start going back up. Nobody really can tell you when the real bottom is reached in the real estate market and then it will depend on type of home, age of home, size of home, price range, location, subdivision etc. etc., If anyone tells you..... truly they do not know.
But on the other hand, you should definitely work with an experienced area Real Estate Agent who will be able to run some numbers for you, first get a very solid and truthful market evaluation for the property in question, then since you are talking about a foreclosure you should definitely work with a Buyers Agent who is on your side and provides you with all additonal information and as far as Foreclosures are concerned,
there may be additional expenses that the bank will not cover, so make sure you have a Realtor on your side for advice!
If you would like me to recommend a trusted Partner Colleague of mine in your town to you --- e-mail me and let me know, I would gladly do so! email@example.com
And by the way if you ever come across anyone you know who is moving to Chicago, the larger Chicagoland area or anywhere in Northern Illinois would you send them my way? They will receive first class service!
Edith YourRealtor4Life! Working always in the very BEST interest of her clients!