Best Secrets of Buying Chicago Foreclosures & Short Sales Real Estate Listings
Buying bank foreclosures and REO properties boast diverse benefits and can be quite lucrative. But these are also quite tricky so you might consider hiring a professional who’s well familiar with your market, along with being smart and strategic.
At HuntChicago, we’re ever passionate about helping our clients and everyone else find the best real estate deals available in the market. Here are some valuable insights we offer for home buyers and investors who might be considering snapping up Chicago foreclosures and short sales real estate listings;
Sorry we are experiencing system issues. Please try again.
#1. Learn how to spot good deals
Short sales are only worth it when they’re good deals.
But oftentimes, the best deals are not so obvious so you have to learn how to spot them. Already, HuntChicago remains the absolute best way to find short sales real estate listings in Chicago. You can always search and analyze properties on our platform to find your ideal investment property.
#2. Be prepared to buy ‘as-is’
Understand that no one is going to step in and fix anything on the property.
You should be smart and strategic and be ready to take on whatever issues may come with the property. But this is just another reason why you have to perfect your ‘deal-spotting’ skills.
#3. Short sales require a great deal of patience
Chicago foreclosures and short sales can be tricky at times.
In some cases, it’s not totally uncommon to see the lender make a counteroffer that might even be more than you’ve agreed with the seller. Even with bank-owned foreclosures in Chicago, the process may drag on slowly and you might be frustrated at not being able to speed things up. In the worst cases, the deal might not even get approved. Being patient and calculative will help in cases like these.
#4. Be ready to make your move fast
When you find great deals with bank foreclosures in Chicago, the lender would expect you to close as soon as possible, after the approval. Could be just two weeks in some cases and failure to meet up within the due time can ruin the entire process. Always better to get your finances in order so you can always make your move fast.
#5. Work with a realtor who is fine with short sales and has robust knowledge of the Chicago real estate market!
Understand that not every agent wants to deal with short sales and that not every realtor knows how to handle short sales. You’ll be better off with a Chicago real estate agent who’s not only well-versed in the dynamics of the local markets but also equally experienced with Chicago foreclosures and short sales.
- Start your search for bank foreclosures in Chicago and REO properties here!
- Get unlimited access to Chicago foreclosures and short sales listings; and
- Discover great deals on investment properties and save money on your dream homes!
View All Chicago Foreclosure & Short Sale Properties for sale.
Find REO, bank owned properties for sale in Chicago, IL.
Sorry we are experiencing system issues. Please try again.
