There’s been a lot of attention to nationwide foreclosures in the news lately. The number of foreclosures is up this month, and looks pretty drastic. This is partly because of the moratorium on foreclosures in December and through February, awaiting word from the White House on how the federal government would intervene. Now that the moratorium is over, foreclosed properties that were already set for auction have been again scheduled for sale, and now there is a backlog of them.
Foreclosures are pressuring the real estate market in many cities, but providing many opportunities for home ownership. Formerly investors and “house flippers” were the majority at Chicago foreclosure auctions. But now, regular home buyers who want a chance at an affordable home are flocking to Chicago foreclosure auctions.
While foreclosures in huge numbers hammer housing prices, efforts to sell the homes and get them off the market have two benefits. One is that once the large inventory of Chicago foreclosures is off the market, housing prices can stabilize and a true market value can again be established, with homeowners once again building equity. The second benefit is obvious – the buyer gets a home at a low price.
Buying a Chicago foreclosure is not without risk, since the buyer is responsible for repairs and all liens against the property, including taxes, construction liens, and second mortgages. When it comes to Chicago condos, it’s possible to have less risk exposure than with a freestanding house. We can help you with this. We can give you information about the building, the community, and assisting you in finding out the truth about all outstanding liens. We can also assist you with purchasing any foreclosure you choose, not just a condo.