First, the benefit of buying foreclosed properties for sale.
The benefit of buying foreclosed properties for sale in Chicago is that you can buy a house in Chicago for wholesale prices. URB Chicago has foreclosed properties for sale in Chicago’s South side and West side neighborhoods that are ideal for home buyers, rental units, and rehabbers flipping houses for a profit.
Buying foreclosed properties for sale in Chicago isn’t always just about buying a house cheaply. It is also about the type of house you can buy which tends to fill the gamut from gutted homes for sale to brand new properties in Chicago.
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Popularity of foreclosed properties for sale.
The reason that a foreclosed house is so popular for homebuyers in Chicago is that when a person or company is unable to make payments on a house they default on their loan. While some people will continue to live in and maintain that home until they move out, the more likely scenario is that the home is abandoned, leaving behind any unfinished renovations, damage, and more. Due to the distressed condition of the house, URB Chicago is often able to buy a foreclosed property for sale in Chicago at lower costs and help pass the savings onto you.
So, what type of foreclosed properties for sale can you buy in Chicago?
Newer homes
When people think of foreclosed homes in Chicago, they don’t often think of newer homes. But, you can find homes that have been built by an owner who wasn’t able to make payments on their property while they were building the home. The unfortunate consequence is that the owner defaults on a payment, resulting in a new home in foreclosure.
Mid-reno
You will often see URB Chicago post articles that suggest you have an exit plan just in case things don’t go as expected. With short-lived seasonal extremes, and the unexpected events that occur when renovating a house many rehabbers under budget their needs, resulting in losing their rehab property before it is completed. There are a lot of factors to consider when determining if you should rehab a property such as overall budget, renovation costs, the unknown, and your monthly payments until a house is sold. The latter is often what catches rehabbers off guard when a house sits on the market longer than expected.
Gutted home for sale
More common than you might think, a gutted home is one that was either specially prepared for renovations or was being prepped for a reno. Much like mid-reno projects, a gutted home was foreclosed on for a variety of reasons leaving behind a blank canvas for you to work on.
Older distressed homes
It seems crazy to think that a house bought in the 1970s is still being paid off today, but with multiple mortgages, this type of thing happens. However, the defaults on these homes are often the result of inheritance that the family allows to go into default, or simply doesn’t realize a loan still exists. While these foreclosed properties in Chicago, IL may have good bones, they will likely need a little updating and a lot of elbow grease.
Buying foreclosed properties for sale in Chicago’s southside and westside neighborhoods like South Chicago, West Pullman, and Englewood can be a great bargain if you know what you are looking for. URB Chicago has foreclosed properties for sale in Chicago as well as other distressed real estate such as Chicago bungalows, 2-flat wood-frame houses, Greystones, and much more.
Contact us today to buy Chicago properties at wholesale prices and don’t forget to inquire about our contract for deed seller financing which allows you to buy a house with bad credit and low income with low money down and affordable monthly payments.