Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Naperville : Real Estate Advice

  • All387
  • Local Info15
  • Home Buying104
  • Home Selling23
  • Market Conditions22

Activity 17
Sat Jan 3, 2015
Bob Brandt answered:
You could try, but sometimes they will be offered cash for keys and to leave.
0 votes 1 answer Share Flag
Wed Apr 2, 2014
Suzanne Hamilton answered:
If it was a tax auction, that could be a sticky situation. But there is a redemption period. I would call hud or idha again. They have housing counselors that can help. But you really need to speak with an attorney and/or someone at the bank about what is going on.

Getting an attorney is the best way to find out what is going on and what your options are. If you are within the statutory period for redemption you could pay the bank in full and then get the home back. But if it is past that, your options may be limited.
... more
0 votes 5 answers Share Flag
Mon Jun 3, 2013
Jimish Desai answered:
Your best bet is to find a local agent in the area who has experience in foreclosures. They will have access to the MLS. A recent addition to the MLS works in conjunction with the county records to provide you with a wealth of data that will aid you in your research. ... more
0 votes 9 answers Share Flag
Fri May 31, 2013
Jimish Desai answered:
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!
... more
1 vote 8 answers Share Flag
Mon Feb 25, 2013
Lester S. answered:
the reason I asked you to call is exactly because of this problem in trying to discuss this via this forum. Additionally, there is only one real question that needs to be asked here to get to the bottom of this and it is not one I (or you) want asked here in public. ... more
0 votes 12 answers Share Flag
Fri Jan 11, 2013
Marianne Hofmann answered:
When buying a foreclosure I believe the only added expense would be a survey of the property. Of course, you would need an attorney (I know a great, very inexpensive one) and you would want a home inspection.

Please let me know how I can help, Cinnimonbunny.

Marianne Hofmann, Realtor, Broker, e-PRO
... more
0 votes 11 answers Share Flag
Thu Jan 10, 2013
Meir Aloni answered:
Please contact me; I'll put you in touch with 3 TOP Pros in the area you are intersted in

With enthusiasm,

Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Direct phone# 954-338-5220
All Star Realty Inc.
... more
0 votes 10 answers Share Flag
Wed Jul 18, 2012
Nutan Bansal answered:
Sure, thanks for showing the interest. We need to setup an appointment, let me know what time frame will work for you.
0 votes 7 answers Share Flag
Sun Mar 4, 2012
Lanamee answered:
One way to find foreclosure listings, is call a professional Realtor and they can send you Dupage county foreclosure listings. However, in today's market, foreclosure listings are not always the least expensive listings. ... more
0 votes 8 answers Share Flag
Thu Feb 23, 2012
Hello Gamisko,
I have closed several loans for individuals who have had foreclosure's in the past. The underwriter will be looking for documentation that shows, not only that the property was foreclosed on at least 3 years prior, however, they will also want to ensure that the bank that owned the property was able to sell the property and get the debt off their books, at least 3 years prior to you entering a new mortgage. Hope this helps.

Cecelia Marlow
Chicago Bancorp
Mortgage Banker
312-738-6294 direct
... more
0 votes 7 answers Share Flag
Tue Jan 10, 2012
J answered:
Never, never go into a real estate deal without written documents to backup the offer and terms signed by all parties. Just a few days ago I heard from an investor who went through a similar sceario (undocumented) and lost the deal to another investor. If it is not in writting and signed by all parties it does not exist by most contract standards. You have a verbal agreement not a contract. There is certainly more going on than what is being disclosed related to the seller. Be wise not surprised. Good luck to you! ... more
0 votes 8 answers Share Flag
Sun Jan 8, 2012
Denise Cooper answered:
Believe me, foreclosures are not the best choices. Usually the home has been neglected for years. The banks are holding on to properties for a while now.

Denise Cooper
Broker Associate
Koenig & Strey
... more
0 votes 4 answers Share Flag
Sun Jan 8, 2012
Denise Cooper answered:
You do get tax breaks when you own .... Remember to be sure to inspect the Bylaws etc of the Association and to make sure it is well managed. Alot of buyers neglect to see if the Association has ample funds in their Reserve Account for repairs down the road on the common areas. You dont want to get a special assessment.

Denise Cooper
Broker Associate
Koenig & Strey
Naperville, Il
... more
0 votes 5 answers Share Flag
Fri May 15, 2009
Mark Tarinelli answered:
In Illinois, you generally have a statutory right to redeem your property for 7 months after you are served with a summons and foreclosure suit. This sets the timeframe for the Sheriff's sale. Banks will also typically wait until you are 3 months behind before they will commence the foreclosure suit and serve you. There is another few weeks delay after the sheriff's sale before the sale is confirmed by the court.

Yes, you will likely be in the home past Feb 2010 if you do nothing... But as many others have advised you, you have many more favorable options. Feel free to contact me for a free no obligation consultation.
... more
0 votes 10 answers Share Flag
Mon Apr 13, 2009
Mike Long answered:
Hello again Brick. Most important question that will help us all is this: even thought you are upside down...can you afford to make your payments? If so then stay in your home and don't foreclose. If you can't you should try calling your bank and seeing if you can adjust the loan. Do everything you can to avoid foreclosure. It's better for you...for your family and for your community.

Since you're asking the question I'm going to assume you can not and give you this advice. Contact an attorney who specializes in foreclosures and distressed properties. You now have roughly 7 people telling you to do this and I think that is a great start.

Be careful with answers from out of state as each state has different rules. But really this is getting into a legal matter that most agents should be careful answering without all of the facts in front of them.

I think you have your answers. What are you going to do if you can't make your payments? CONTACT A REAL ESTATE ATTORNEY WHO SPECIALIZES IN FORECLOSURE AND SHORT SALES!!
... more
0 votes 2 answers Share Flag
Mon Dec 22, 2008
Bob Little, Jr. answered:
Dear Donald,

The timeline for the foreclosure process generally takes about a year or longer from the first missed payment. I have posted a picture of that timeline on my blog for you. Please let me know if you have any questions. Buying a home through a short sale or as a bank owned home can be trying it you don't have the right guidance. Make sure that you work with a buyer’s agent familiar with distressed homes that will be looking out for your best interest. Persistence is the key to getting those great deals.


Bob Little Jr.
... more
0 votes 4 answers Share Flag
Search Advice
Foreclosure in Naperville Zip Codes