Buffalo Grove- its time to buy real estate for many reasons!
First time buyers its time to buy now since you can take advantage of the $8000 first time home buyer tax credit , ideal interest rates and historically low home prices. This real estate blog post is going to concentrate mostly on bank owned property and short sales.
Every buyer in the Buffalo Grove area or for that matter any client wants a deal . Depending on the particular situation, bargains can most definitely be had, sometimes in the form of a short sale purchase , a bank owned property, or in my case my favorite kind of deal is just a very motivated seller.
In case you want to try the Buffalo Grove bank owned property route, I have the experience to make this transaction as easy as possible. I have provided to the right, a list of the bank owned property ( REO's) in the Buffalo grove area. I did not include those real estate properties already undercontract!
If you aren't familiar with the difference between pre- foreclosure properties or REO( banked owned properties) I explained the terms below
Pre-Foreclosure (often a short sale)
In this scenario the seller still owns the house is behind on their mortgage and the lender has begun foreclosure action. It is a "short sale" because the lender would have to agree to accept less than what is owed in order for the sale to close.There is risk to everyone in the short sale process- the buyer, the seller and the realtor. Its ultimately up to the bank and whether they accept the offer as to whether the property is actually going to close!
Short sales are great for people who have patience, and who do not get too emotionally tied up in the deal . Since the owner of a short sale is still living in the property, one of my concerns in represesnting the buyer is the condition the sellers will be leaving the property in at time of closing!
Bank owned properties or REO's that have already been foreclosed on by the lender
In this scenario, the lender has already foreclosed on the house, is now the owner and and has put it back on the market. The bank is the new owner and seller... The foreclosed house will be usually be vacant and possibly in need of repair work such as new appliances. I have seen many kitchens that are completely gutted but in other cases I am completely surprised and the REO is actually in very good shape. Bank owned properties are often sold at a greater discount than short sales and you normally receive an answer quickly (even in a day or two). What I like about RE0's is the what you see is what you get! There won't be many surprises at the time of closing.
Buying and selling real estate in Buffalo Grove or the surrounding Northwest Suburbs, especially short sale and foreclosure properties, has it's challenges but in many times can be rewarding. I have recently purchased a bank owned home for my clients, at a price way below the appraised value.
I myself have worked on numerous foreclosures and have the knowledge and expertise to make the foreclosure transaction as easy as possible. If you are planning to buy or sell a property anytime soon, please give me a call and we'll see what the best solution for you will be.
The above information regarding was provided by Judy Greenberg, Realtor with Coldwell Banker Residential Brokerage
Judy's websites, www.buffalogrovehomes.com and www.judygreenberg.com provide all the information regardless as to whether you are a potential buyer or seller of Foreclosed properties.
Judy can be reached at 847-602-5435 or via email at info@buffalogrovehomes.com. Judy has helped people move in and out of the Chicago Northwest Suburbs. including but not limited to Lake Zurich, Vernon Hills, Long Grove, Kildeer, Buffalo Grove, Lincolnshire, and Wheeling Illinois
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