For eager investors in Northern Illinois, properties in Chicago, Evergreen Park, Bartlett, Dolton, Country Club Hills, Austin, Grand Crossing, West Loop, Goldcoast, and Bronzeville were acquired at real estate foreclosure auctions in Cook, Lake and Dupage Counties which are sure to make other's mouths water.
Our client, Cherry Picker Investments, has a proprietary database which identifies all distressed properties in the metro Chicago areas, including Cook County, Lake County, Dupage County, Kendall County, Kane County, McHenry County and Will County. Because these properties are distressed (notice of foreclosure has been filed), most of them eventually end up at a foreclosure auction. Due to the huge backlog of foreclosure cases, the immense volume of data to track, as well as the unseemingly never-ending judicial process of foreclosure in Illinois, Cherry Picker Investment clients benefit by sorting through all of the clutter to identify the best real estate that meets their investment criteria to bid on and own.
If these properties had not been purchased at the foreclosure auctions, then the properties would have gone back to the bank / lender and become bank-owned properties. These properties are not short-sales and they are not deed-in-lieu of foreclosure situations. Once the property is returned to the bank / lender, then the property typically gets listed by the bank's designated Realtor(s) as an REO / Bank-owned MLS listing.
For experienced, cash-ready real estate investors, foreclosure buying is an excellent strategy to employ alongside working with an experienced Realtor for properties they find on the MLS and in the private market (such as short sale, bank-owned, and estate sales).
"There were 19 properties bought by investors in the past week and we expect a large increase in buying opportunities as the slowdown due to robo-singing begins to lift," said Bardan Azari, Cherry Picker Investments.
Foreclosure Success for the week of August 8 - 15, 2011
I think these are the good buys:
4068 S. lake Park #3, Chicago
1541 Southgate, Bartlett
500 W. Superior #1501
9117 Richmond, Evergreen Park
933 E 142nd, Dolton
971-981 Old Indian Trail, Aurora
4236 186th, country club Hills
5411 N. Winthrop, chicago
1731 N. Lorel
9605 S. Wallace
121 Stanley, Park Ridge
Michael Hobbs, President, PahRoo Appraisal & Consultancy
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