As local real estate agents, we’re experts on the distinct dynamics of the Chicago foreclosure housing market. Once you’ve found a property you’re interested in, your real estate agent will help you make an offer. The seller may take this offer, but they are not required to do so to sell the property at the current market value price. You must always conduct your due diligence and research when considering any real estate purchase. Lastly, your real estate agent will guide you through the rest of the process, including helping you secure financing if needed. Since foreclosures are sold “as is, where is,” scheduling an inspection is a must.
To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners. Buyers who require financing may have trouble competing with all-cash buyers, who are often investors. You might be able to get a home in a nicer neighborhood than you could otherwise afford (but this opportunity also exists with owner-occupied fixer-uppers). Doing this before the auction starts is often a requirement if you want to bid. If you want to finance a foreclosure with a mortgage, you’ll need to analyze your income and expenses to determine how much house you can afford.
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- This could include things like unpaid property taxes, a mechanic’s lien, or issues with who actually owns the home.
- Learn how lender credits work, the pros and cons of using them, and when to consider them.
- A quick 10-minute drive will have you to Rodeo Drive and Sunset Blvd with endless amounts of shops and restaurants for those that enjoy exquisite entertainment any time of day.
- Getting a mortgage pre-approval is a critical step in any homebuying process — foreclosed or not.
On the other hand, it’s common for foreclosed properties to be neglected or damaged by the former owners. A professional inspection will uncover any hidden issues and give you a sense of how much you’re likely to spend to make the home more livable after it’s purchased. It may turn out that an REO property is out of your budget once maintenance and repairs are factored in.