Search Chicago Foreclosures
Chicago Foreclosure Information
A foreclosure in Chicago occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.
Buying a bank-owned foreclosure in Chicago is more complicated than anyone explains. This is exactly why it is imperative that you choose a Realtor™ and Lawyer who has direct experience with foreclosed properties in Chicago. Ted Guarnero experienced the apex of chicago foreclosure and short sales activity in Chicago and has over 25 years of experience negotiating the complex world of foreclosures. Guarnero is known and respected industry-wide for his foreclosure experience; put that knowledge to work for you today when finding a foreclosure property.
Chicago Foreclosures
- Price:
- $102,900
- City:
- Chicago
- Beds:
- 1
- Baths:
- 1
- Type:
- Condominium
- MLS® #:
- 07913650
- Provider:
-
Spacious One Bedroom Condo In Beautiful Courtyard Building! Hardwood Floors And Wood Burning Fire...
- Price:
- $104,000
- City:
- Chicago
- Beds:
- 2
- Baths:
- 2
- Type:
- Condominium
- MLS® #:
- 08065610
- Provider:
-
Fabulous Views From Every Room Plus Abundant Natural Light In This Very Spacious Condo Located In...
- Price:
- $104,900
- City:
- Chicago
- Beds:
- 1
- Baths:
- 1
- Type:
- Residential
- MLS® #:
- 08043526
- Provider:
-
Foreclosed Condo In The Mural Building. Property Sold As Is, Needs Tlc. Roof Deck, Fitness Cent...
- Price:
- $107,500
- City:
- Chicago
- Beds:
- 1
- Baths:
- 1
- Type:
- Condominium
- MLS® #:
- 08068673
- Provider:
-
Amazing Beach & Lake Views From This 1 Bedroom 1 Bath Condo W/ Hardwood Floors, Updated Kitchen W...
- Price:
- $109,200
- City:
- Chicago
- Beds:
- 2
- Baths:
- 2
- Type:
- Condominium
- MLS® #:
- 08070821
- Provider:
-
This Is Not A Short Sale But A Great Fannie Mae Owned Condo! This Great East-facing Condo Has Ama...
- Price:
- $109,900
- City:
- Chicago
- Beds:
- 4
- Baths:
- 3
- Type:
- Single Family Home
- MLS® #:
- 08028095
- Provider:
-
Property Has Had Many Repairs Done!! Great Location. Set Up For Multiple Families. Send Offers...
- Price:
- $112,500
- City:
- Chicago
- Beds:
- 1
- Baths:
- 1
- Type:
- Condominium
- MLS® #:
- 08055443
- Provider:
-
This Is Not A Short Sale But A Great Fannie Mae Owned Condo In Courtyard Building. Hardwood Floor...
- Price:
- $114,900
- City:
- Chicago
- Beds:
- 1
- Baths:
- 1
- Type:
- Condominium
- MLS® #:
- 08012879
- Provider:
-
1 Bed/1 Bathroom/1den In Edgewater Glen. Great Finishes-hardwood Floors, Ss Appliances, Cherry Ca...
How does a foreclosure in Chicago Occur?
There is a great deal of misunderstanding in the current foreclosure market: these are not distressed and boarded-up properties in poor neighborhoods. With the advent of exotic, over-leveraged mortgage products offered in the refinance boom of 2000 to 2007, many consumers were unaware of the terms of their promissory notes and have been forced into foreclosure. Many borrowers simply could not keep their payments current due to some unforeseen circumstance.
The Foreclosure Market in Chicago
Yes. Cook County is a vast county with rich housing stock with plenty of foreclosure activity in all neighborhoods. Illinois foreclosure filings in Illinois have skyrocketed 155 percent in 2008, outpacing a 42 percent increase nationally. Nationally, foreclosure filings rose to more than 2.2 million in 2008. In Illinois, there were 72,455 foreclosure filings, with the majority in Illinois’ largest county, Cook—each month over 2,200 properties go into foreclosure proceedings. The overall foreclosure rate in Illinois is 1.5% in Illinois. Chicago's foreclosure rate was 2 percent last year. And downtown Chicago has also been affected.
Where do you learn about foreclosure properties?
Foreclosure publications. Knowledgeable real estate agents. Some notices of defaulting mortgagors are published daily in the Chicago Daily Law Bulletin. The law bulletin can be purchased in person in Room 802 of the Daley Center for $0.95. But the best way to find organized, comprehensive foreclosure data is to buy from a foreclosure service. Personal Investment Corporation offers the industry-best publications at a reasonable price: REO, FHA and VA, and DuPage Cook counties (see order form at end of this training manual for more details). I offer for my clients and friends a free weekly foreclosure listing sheet of property’s not on the market and Bank-owned properties.
Purchasing Foreclosures in Chicago
Many sources actually. Foreclosure investors may buy properties at the Sheriff’s Real Estate and Judicial Sales through a bidding auction open to the general public. Properties can also be purchased from the lender (bank); that is what I have had the most success with my clients in this economic environment. But because 70% of foreclosure proceedings never make it to auction, foreclosure investors purchase investment properties with the help of an experienced foreclosure real estate agent.
The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than Baird & Warner are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed.
Copyright © 2012 Midwest Real Estate Data LLC
Listing information last updated on May 21st, 2012 at 2:00am.