Locating foreclosed homes in Joliet, Illinois is fairly easy these days. Just drive down the block and there are foreclosure signs and vacant properties in most neighborhoods. Auctions are conducted on foreclosed houses frequently so check the local newspaper to find out when there is an auction on properties that you are interested in. Government foreclosures are published on the Internet. REO’s are listed in the MLS with Realtors. Short sales can also be found in the MLS, newspaper and Internet.
All foreclosed houses are sold at discounts at or below market value so they make good choices for first time homebuyers and investors who are looking for great deals. You get more for your money, but you may have to make repairs on most of the homes. If you are handy, buying a handyman’s special is the way to go. However, if you cannot do the work yourself, you still should consider buying foreclosed houses. Set aside money for repairs and take that into account when you are making your offer.
Less Risk
Short sales and bank owned REO’s are the less risky investments because you are assured clear title and you can do inspections on the properties. Short sales may be in better condition because the owner or a tenant may be residing at the property taking care of it. REO’s tend to be in worse condition because they may sit vacant for several months before the bank gets around to listing them with local Realtors. The bank usually does minimal maintenance, if any on the homes. On REO’s or Fannie Mae foreclosures, the bank or Fannie Mae may pay the buyer’s closing costs up to 3% -6% of the purchase price if you negotiate it in the contract. However, if there are multiple offers on the property, then it is not a good idea to make too many contingencies because the bank will consider the offer with the best terms and price.
Right now there is an abundant inventory of foreclosed house in the Joliet, IL and surrounding areas to choose from. You can find luxury properties, rental homes and multi-family homes, townhouses and condos in most neighborhoods at discounted prices. Take the time, drive around the area and look for signs. Also work with a local Realtor. Use the Internet and newspapers to find deals. It’s a great time to buy foreclosed houses with built in equity in the Joliet area.
