Located in one of the premiere cities in the U.S., Chicago foreclosure homes rank high in the list of both buyers and sellers alike. The Windy City is home to some of the best museums, educational institutions, health systems and entertainment. It is an ideal place to raise a family and to build personal wealth.
But the city has not been spared from the housing troubles that plagued the nation in recent years and as such has its own share of Chicago foreclosure homes being offered for sale. These distressed homes come with a significant discount on the purchase price. Buyers can likewise avail of good financing from the banks and lending companies in the city. The government also has several housing assistance programs and grant that buyers can use to augment their budgets.
There are different ways of purchasing foreclosed homes in Chicago. If you are interested in home auctions, you need to be aware that these are cash sales and you have to be prepared to pay for your entire bid in a matter of days. There are short sales where the home owner opts to sell the property at a value that is lower than their outstanding mortgage. This type of sale involves the mortgage provider who has to approve the short sale before it can take place. Government foreclosures are also abundant in the city. Several local government offices offer foreclosed properties through a silent auction and requires buyers to be represented by realtors that have been accredited by the government. The most common manner of buying foreclosures is through banks or lending companies. Real estate owned properties as bank foreclosures are more popularly known is offered also through real estate agents or brokers.
When considering a home that meets your requirements make sure to conduct a home inspection to assess the cost of repairs. You should also do a title search to ensure that you are getting a clean title free of any encumbrances. Conduct a comparative analysis of home values in the area as well. Once you have accomplished all this, you will get a clearer picture of whether Chicago foreclosure homes are really for you.