Foreclosed homes and HUD homes are listed on websites from where the buyers can also chose the location and type of home to buy. Chicago is a very popular city with many recreational, educational and cultural activities. The entire city is a stunner from the 103rd floor of Sears Tower. The price range of foreclosed properties differs from area to area. If it is around three hundred thousand dollars in north suburbs like Lake Zurich, the price is only about one hundred thousand dollars in southern suburbs of Park Forest and the kind. Thus the loca5tion has to be decided first. Then if used properties are what you want you can take a pick from HUDs, repo homes, seized homes, government foreclosures and bank owned properties. In Chicago every investment would be profitable.
Finding foreclosed homes in Chicago are easy. There are many foreclosure auctions and property auctions conducted frequently in the city and these are advertised in flyers and newspapers. The respective websites also would contain information regarding property auctions and their details would be outlined for those interested. The time, venue and the list of properties are the usual details provided for common man’s perusal. Some websites go a step further and furnish photographs of the properties. Though these give an idea of the property they should not be taken at face value and a visit to the location is mandatory before deciding to go ahead with any one home.
HUD homes are those homes which have been financed by government loans. Thus when the owner starts to default on his monthly repayment installments for three months or more consecutively, he is issued notices to come up with the money or face foreclosure proceedings. If the owner is able to produce the amount of money required for the mortgage balance then he can buy back his home during the pre foreclosure period. Once this time period elapses, the owner is bound to face foreclosure proceedings against him. The home is eventually foreclosed and put up for auction. These properties are listed in real estate listings auctions and sell very quickly.
The HUD homes put up for auction are priced very low and hence have many takers. They provide excellent investing option since mostly the prices quoted are less than 50% of the market value of the home and over time the property would appreciate in value increasing the profit percentage of the investor. The government, banks or mortgage companies want to recover their balance loan amount as soon as possible and hence they would agree for any negotiation which covers this amount. Profit plays no part in the sale for the sellers.
Very good bargains and good deals are the specialty of Chicago property auctions. The homes sold are splendid at very beautiful locations with good facilities. Buyers have a nice time here at the various auctions conducted here. Finance can also be arranged for those interested at the auction venue by the agencies that conduct the auctions. Buyers have to be alert and knowledgeable to male sure that there are no scams involved.