"Distressed" properties can often represent significant opportunities for the savvy home buyer or investor. However, it's important to remember that "all that glitters is not gold". Many of the bank owned properties, while given very low price tags, are not necessarily good buys! May have experienced things such as frozen and ruptured pipes, serious mold issues, vandalism, or being stripped of wiring, plumbing and conduit, even from behind the walls. And, if your purchase is dependent upon securing a mortgage at reasonable rates, it's important to note that many, perhaps even most, foreclosed properties (even those that are not in dire distress) simply will not qualify for a traditional home loan. In other words, the financing you may want to receive may simply not be available for the property you want to purchase!
There are a few ways you search for Foreclosure properties. One of which is by using the RealtyTrac system accessed by the form below. On the one hand, you'll be able to have access to the many foreclosure properties that have not yet been listed in the MLS. On the other hand, many of the properties that appear in RealtyTrac have ALREADY BEEN SOLD AND CLOSED. These properties are pulled from a number of databases, and until the county recorder updates THEIR systems to reflect the sale, those properties remain in the RealtyTrac system.
The one reliable way to find foreclosure listings that have accurate information and that are currently available is to have your own custom Foreclosure search conducted directly in the MLS system. It's very easy to do. Simply visit our Distressed Listing Search form page and we'll create your custom search directly in the MLS (MRED Multiple Listing Service of Northern Illinois) to find Foreclosed Properties, REOs (Bank Owned Properties), Short Sales, etc., that meet your specific criteria. You will receive email updates of the listings matching your specific criteria sent directly to your inbox.
To begin receiving your listings, please complete the form below. Please be sure that the email address you use to register is accurately typed...it will be used to insure you receive the properties you are requesting.