Chicago Foreclosures & Chicago Short Sales

by The Real Estate Buyers

Chicago Foreclosures

Chicago Foreclosures & Chicago Short Sales

The Chicago real estate market still is awash with distressed properties. For savvy real estate buyers and investors this offers a tremendous opportunity.  There are thousands of pre-foreclosures listed on the market but Chicago real estate buyers do have to be careful as a large percentage of these are simply real estate agents guessing to the pricing. Often the listing prices of these Chicago Short Sales are absolutely meaningless.  Yes the property is worth less than the balance owed. yes the property is in pre-foreclosure and yes it is listed, but is the asking price approved by the lender? Unfortunately for buyers the answer is all to often no, and the listing agent is just guessing as to the value.  If you are buyer considering putting offers in on pre-foreclosure short sales you should work with a buyers broker that can help you vet these deals.

 ATTENTION SHORT SALES BUYERS – To Search all the Pre-Foreclosures on the market Click Here to see the thousands of Chicago Pre-Foreclosures 

Considering that most of the pre-foreclosures currently listed on the market will not sell as short sales and have to be foreclosed upon by the lender it can be a good strategy to focus on bank or lender owned ( REO ) properties  instead. These properties have gone through the foreclosure process, but no one successfully bid on them for purchase. There are many advantages to buying bank REOs in Chicago. These bank owned properties are highly sought after because there is no real waiting as with the short sale process.

ATTENTION REO BUYERS – Search all the Chicago Bank & Lender Owned Properties in your neighborhood. Click Here For Detailed Chicago REO Map Search

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