Yes, this unit is still available, it needs new carpet, new paint, closet doors. There is also few others in that subdivision and area ... short sales and foreclosures. 2 bedroom and 2 bathroom units like this one (foreclosure and short-sale) sold for 85,000-114,900.
I will agree with Chuck's answer in regards to choosing an agent who understands the process of Short Sales and Foreclosures. I will also agree with his explanation of a short sale, however while the authorized party will try to negotiate the short sale on behalf of the seller and buyer (usually the seller's agent or seller's attorney), it is not uncommon for the lender to counter-offer much higher than the buyer's offer, and sometimes even higher than the listing price set by the seller's agent.
It is also a possibility that 1-3 months will pass by and a short sale will get rejected by the lender. Short sales are a little tricky, it makes a difference if there is one loan or two loans, if there are two (80/20 loan or 90/10 loan) the short sale needs to be negotiated with both lenders. On the other hand if it's a 100% financing the lender needs to get an approval from the mortgage insurance company. Also, it is a different process for conventional loans and for FHA loans. Short sales can be a good deal, but they can also be a big waste of time, and sometimes money if the buyer is not guided by an expert.
Foreclosed properties on the other hand, are a done deal and much easier and quicker to negotiate and close, however one must also understand that there might be additional fees involved, again, working with an expert could prevent additional expenses.
I've noticed you are from Morton Grove, I would also suggest Prospect Heights, Mt. Prospect, Rolling Meadows, Schaumburg and Arlington Heights. If you would like a full list of properties offered for sale you can search my web site, or I can e-mail you a list of foreclosures and short sales.
RE/MAX At Home
I am a Certified Short Sale and Foreclosure Specialist!