Buying Foreclosure Properties in Chicago and Chicago Suburbs
Let Century 21 S.G.R., Inc. help you with your foreclosure property search.
Some people think that there is a secret list of foreclosure properties. The important thing to remember is that there are different stages in a foreclosure.
- You can buy a property that has the potential to go into foreclosure. This is often called a short sale. In a short sale, you have the opportunity to purchase the property for less than the amount owed on the property. If the property is not sold in a short sale, it is likely to go into foreclosure.
- You can buy the property at a foreclosure auction. You may have seen infomercials that talk about buying properties at pennies on the dollar. Buying a foreclosure at auction carries some inherent risks. You may have to deal with tenants, liens on the property, or back real estate taxes.
- You can buy the property after it has been taken back by the bank. Bank Owned Properties or Real Estate Owned (REO) properties offer the safest way for buyers. These properties are generally offered in the MLS and marketed through local real estate agents. All you have to do is walk or call any office and ask for REO properties.