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Foreclosure Resources
REO (Bank Owned Property)
To obtain a bank owned property it's necessary to get in touch with the REO or foreclosure department. Many lenders have properties available, but don't make the information readily accessible to the general public. Banks prefer to work with licensed professionals who know the industry and can facilitate real estate transactions effectively with regard to contracts, legal and financial concerns.
Pre-foreclosure
In order to obtain a pre-foreclosure property it's necessary to deal directly with the owner. Since pre-foreclosures are not owned by the bank, the owner still controls the decision to sell or hold onto the property. In Cook County, an owner has a grace period of about 300 days from the time of default before the property goes to auction.
Auctions
If an owner is in default status with their lender and does not “redeem” their mortgage, the property will go to auction. Properties sold at auction can be purchased by individual investors, but in many cases are bought back by the bank (this is when the property becomes an REO). Cook County property auctions are listed in the Chicago Daily Law Bulletin or can be obtained online through “The Chicago Foreclosure Report” (http://www.chicagoforeclosurereport.com).
Here are some links for further information on foreclosures:
http://www.realtytrac.com
Provides a wealth of information on the foreclosure market and specific property information
http://www.hud.gov/homes/index.cfm
Provides a list of affordable properties available through HUD
Please contact me to set up a customized foreclosure search for you.
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