Each morning I scan the new listings. . . being in Will County, Illinois means that I am sitting in a hotbed of foreclosure activity, and more and more new listings are bank owned properties or REOs.
In the past, these homes were usually in dire need of repair. Because the judicial process in Illinios is 9 months long, many of these homes had been vacant for a long time before finally being placed on the market, and very often there were other serious signs of neglect. OK, more than neglect. . .I have been in foreclosed properties that were stripped bare. . .no light fixtures, no cabinets and sometimes no interior doors. These homes were suited for the rehabber or do-it-yourselfer who was looking to build some sweat equity.
However, times have changed. In recent tours of Joliet REO properties, I am walking through homes that are practically move in ready. A little paint, a little carpet and presto, nice home! And many of these homes are in newer subdivisions that were constructed during the "Will County housing boom". . .
Are there still some REO properties that need extensive repairs. . .Absolutely! But, there are some really nice homes out there, too.
As the days get longer and investors and first time home buyers are out scouring the streets of Joliet for the best values in real estate, bank owned properties should not be ignored.
Realize that when purchasing a home from a bank, some of the rules are different. The negotiations are conducted by an asset manager who works for or represents the lein holder. Very often these idividuals are handling hundreds of properties at time. . .responses are not always prompt!
You will be purchasing the property "as is" and there are no Illinios Residential Property Disclosures. The inspection period still applies, however, and I highly recommend hiring a licensed home inspector. . . you want to know exactly what you are buying.
Any offer must be submitted with a loan pre-approval or proof of funds if you are planning a cash purchase, so have your paperwork in order and readily available.
While a bank owned property is not always the best value on the block, they are many times a value worth considering.
For a FREE list of REO properties in Joliet, Plainfield, Lockport, Shorewood, Crest Hill, Romeoville, Bolingbrook or elsewhere in Will County Illinois, give me a call 815-207-9703Photo by colb-wt on Flickr
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Contact Lori Gilmore, Realtor(R), Radcliffe Realty at 815-207-9703 to list your property for sale or to buy a home, condo or investment property in Joliet, Plainfield, Crest Hill, Shorewood, Lockport, New Lenox or elsewhere in Will County, Illinios.
Please visit my profile to find out more about the services I offer. . . or give me a jingle. . . I'd love to chat about your real estate needs.
Copyright(c) 2008 by Lori Gilmore. All Rights Reserved.
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