Chicago Foreclosure Homes - Finding Them at Auctions
Chicago Foreclosure Homes - Finding Them at Auctions
There is no better way to enjoy the sights and sounds of Chicago than by living right in the center of the action, surrounded by multitude of attractions, events and recreational activities. The cheap Chicago foreclosure homes give you an opportunity to be in the center of all the excitement that the city offers.
Finding Your Home at Auctions:
Do you want a condominium that is within walking distance of your office or shopping malls? Or you would like to end your day in a home where the peace and quite of rural living prevails? How about a stately mansion where you can entertain guests always? Whatever you fancy, you can find it at the thousands of Chicago foreclosure homes available at auctions.
An auction is the final foreclosure phase. There is no turning back for the owner once his property has been placed on the auction block. Properties sold at auctions are very affordable. The starting bid amount usually consists of the unpaid mortgage plus interest and fees.
Aside from properties foreclosed by banks, you can also find at auctions those houses that have been foreclosed by government agencies, such as the U.S. Department of Housing and Urban Development. Properties that have been foreclosed due to non-payment of taxes are also placed for bidding.
Most Chicago foreclosure homes are sold 'as is' at auctions. It means that if you win the bidding, you will be the owner of a property that has never been developed or maintained since its last owner.
It would be a smart move on your part if you get to see the property first before you place a bid on it. Buying a property without inspecting may bring you some unpleasant surprises in the form of major structural damages, molds and mildews. You may end up owning a property that may need thousands of dollars to make it livable or attractive to potential buyers if you are planning to sell it in the future.
Foreclosure properties are good buys, but make sure that you perform a house inspection to eliminate any surprises and protect your investment.