Arthur, Home Buyer in Chicago, IL

Was this a foreclosure purchase?

Asked by Arthur, Chicago, IL Wed Dec 31, 2008

House seems to be cheap 5 bd 5.5 baths for what I see listed in Hinsdale...was this a foreclosure???

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This question is about this property: http://www.trulia.com/homes/Illinois/Hinsdale/sold/151398-32…

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2
Mike Long, Agent, Naperville, IL
Wed Dec 31, 2008
Hi Arthur. Only thing I'd like to add is to consider what was sold and when it was sold. Western Suburbs, just like most areas, is seeing some depreciation in pricing over the past few years. I'm sure you already knew this. The properties I'm seeing take the biggest hit are the ones like this property. Built in '04 or '05 and sold at the peak of the market. Re-sold just a few years later as teh market has taken a turn for the worse. Person who purchased in '05 paid the premium for new construction and bought it just months before things turned.

Also, keep in mind that just because the MLS does not mention Short Sale or Foreclosure does not mean it wasn't so....however, I'd be willing to bet that it was not. Happy New Year!
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Linda, , Cook County, IL
Wed Dec 31, 2008
Hi Arthur - No indication in MLS that this was a short sale or foreclosure. The property was purchased new in 11/05 for $1,225,000. They put it on the market for $1,289,000 in June 2007 - It sat for 245 days - Then went under contract in Feb 08 when it was priced at $1,099,000. It ended up closing in March 08 at $1,002,500. Please contact me if you would like to receive additional listings in Hinsdale or surrounding areas. Happy New Year!
Linda Zielinski 847-456-3105 cell - or email: lzielinski@ksgmac.com
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