Looking to buy a foreclosed home near Chicago? Call (312) 810-6693 to reach your local real estate team, the Seventy7 Group at Fulton Grace. Our real estate agents will guide you through the Chicago foreclosure real estate market.
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 2000-2007, many consumers were unaware of the terms of their promissory notes and were forced into foreclosure. Many borrowers simply could not keep their payments current due to unforeseen circumstances.
What's the Chicago foreclosure market like?
Cook County is a vast county with rich housing stock and plenty of foreclosure activity in all neighborhoods. Foreclosure filings in Illinois 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 County — each month over 2,200 properties go into foreclosure proceedings. The overall foreclosure rate in Illinois is 1.5%. Chicago's foreclosure rate was 2 percent last year.
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, for DuPage and Cook counties. I offer for my clients a free weekly foreclosure listing sheet of properties not on the market.
How to purchase a Chicago foreclosure?
Many sources actually. Foreclosure investors may buy properties at the Sheriff's office through a bidding auction open to the general public. Properties can also be purchased from the lender (bank); that is where 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 Foreclosure Real Estate Agents
Interested in purchasing a Chicago foreclosure? Let our real estate team guide you through the process with your next foreclosed property or through the sale of your current residence. As local real estate agents, we're experts on the distinct dynamics of the Chicago foreclosure housing market.
Contact the Seventy7 Group at Fulton Grace to learn more about buyer or seller representation. If you're looking to sell your home in Chicago, use our free market analysis page to uncover the resale value of your property!
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