I placed a $199,000 wholesale bid for this beautiful home for sale in St. Charles, IL.  If you are a cash buyer or a buyer with excellent credit (690+ FICO) and at least $25,000 cash and you are interested in buying this house with me, please REGISTER NOW and get in touch with me right away, this will be off the market in less than 8 days – we need to move now!

“How To Find Foreclosure Deals in Chicago, IL For Pennies On The Dollar”

Interest rates are at all time lows. If you’re looking to take advantage of today’s historic market, one of the best places to buy at bargain residential real estate property is in foreclosures.

The current market makes today the perfect time for a new investor or first time home buyer to purchase one or more bargain properties for their private residence, rental or resale.

Even upscale homes go into foreclosures, especially in today’s economy. Even beachfront and homes in the best areas are part of the mix of properties you can secure at bargain rates.

When to buy…
As a first time bargain home buyer, you must learn the right way to proceed with the foreclosure process. For many it may seem daunting.  But with a good amount of research, preparation and persistence good deals can be found.

When are homeowner falls behind of mortgage payments, foreclosure process begins. Truthfully, when a home goes into foreclosure the homeowner usually has been struggling for quite some time before missing payments.  This also means homes are generally in disrepair and in need of maintenance. This could mean leaky roofs, missing light bulbs, landscaping, windows, appliances, carpets etc. Even in the most affluent homes.  Homes in poor condition mean the best deals, but you must consider cost of repair.  Don’t fret, depending on the area, the homes after repair value could still fetch top dollar.

Phases of foreclosure…
The first phase of foreclosure is a notice of default, or Lis Pendens. This is a public document and you can get lists of homes in lis pendens from list brokers, magazines or the Internet.

Be sure to look for liens on the property as they may drive up the final purchase price. Also be sure to check values of neighboring properties to get a good gauge of market value. And be aware of local state laws as they differ from state to state.

Now, for most new investors, buying from a lender is the easiest and safest way to buy. While homes in good condition do not go for the bottom barrel prices, good discounts can still be found.  Often banks use real estate agents to sell foreclosures through traditional means.

The safest way to buy…
For an inexperienced buyer, the safest deals are bank-owned properties.  There is less risk in dealing with these houses as there are no taxes, liens and the homes are empty. At the same time, lenders trying to rid themselves of under performing assets may be willing to offer more attractive terms.

Finding deals others won’t…
Some foreclosed homes are brand new and never lived in. These are harder to find and may not be on any national lists. Many homebuilders of new homes end their construction-loan periods without buyers and the lenders take possession.

Other ways to find other foreclosures that other buyers may not be aware of by looking for homeowners in pre-foreclosure situations.  This requires more persistence, but can be worth the reward. This is high risk, but can also yield high rewards.

Auctions…
Many foreclosure auctions take place on the courthouse steps, but the disadvantages are you require the full purchase price the same day and you may not be able to inspect properties.