The number of foreclosures on the market over the last 5 years has risen dramatically. Currently in Illinois, there are areas where most or all of the sales are actually bank-owned foreclosures. For many buyers, the process of purchasing a foreclosure is unknown and there are a lot of myths out there that really don’t help or are flat-out wrong. The process of buying a foreclosure, bank-owned, corporate-owned or REO property has changed drastically just over the past few years. This post is intended to highlight the top 5 misconceptions about purchasing a foreclosure. As I’m sure you know, the market is constantly changing. It’s important that you work closely with an agent that specializes in foreclosures and bank-owned properties. I can help you safely navigate this process and have many years of experience in the foreclosure market. Call (630) 346-1041 or email me at email@example.com for more information.
#1. Foreclosures are Trashed and Need Lots of Work
While this is sometimes the case, it is actually more common in this market that foreclosures are in much better condition than you expect. Because there have been so many, banks have gotten the sale of these properties down to a process. The banks and asset management companies that sell these properties have realized that more can be made by elevating a distressed property to a repaired property. For this reason, many foreclosures are being repaired or even rehabbed before they are listed. You will still occasionally find your typical torn up foreclosure or a mold house or similar out there, but there are also very good odds that you’ll find one with much less work to do and that most likely can be lived in while it’s repaired.Continue reading →