Chicago Foreclosures
What is a foreclosure?
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, that is why it is imperative that you choose a Realtor™ and Lawyer who has direct experience in foreclosures. 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.
How does a foreclosure 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.
Is there a significant market in foreclosed properties?
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.
Who do you buy the foreclosure property from?
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.
Chicago Foreclosures
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BEAUTIFUL LOBBY AND GREAT IN TOWN LOCATION, CLOSE TO EVERYTHING! SOLD AS IS, BUT REALLY NEEDS...
PRICED TO SELL-DO NOT MISS THIS OPPORTUNITY!! OVERLOOKING RIVER! BUILDING HAS 24 HOUR DOORMAN,...
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CORPORATE OWNED! SOLD AS IS-NO DISCLOSURES-ADDENDUMS REQUIRED. RECENTLY UPGRADED CONDO UNIT...
Affordable down town living! Condo needs some work. FMAC owned property. Seller does not provide...
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.
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