Foreclosure listings in Chicago

[Sujaina Jain]

Hi,

Any recommendations on how to find foreclosure properties in Chicago land area? 

[Kerry Noble Jr]

check your newspaper...

[Jonathan Klemm]

@Sujaina Jain - I think if you do a little research through google you'll find several ways to come across foreclosures. You can sometimes buy them directly off the MLS, through auctions, or directly through the bank if you have a relationship with them.

What area of Chicago are you looking for foreclosures?

[John Warren]

@Sujaina Jain the foreclosures are coming! The first batch of them from the pandemic will be hitting the market in the next month or two, and more and more will start filtering through the system. It takes a while in Illinois to process foreclosures, and with values still up I doubt there will be any discounts like we saw in 2008-2012. 

[Sujaina Jain]

Thanks for your reply. Currently, i am looking for foreclosure properties using different portals like hudhomeusa.com and auction.com. But I am not able to connect to the right listing people using these websites. Also, i reached out to BMO harris bank and Chase bank to get REO details and is not able to get the foreclosure list.

So, I was wondering if there is either a better website or better channel to get the details of foreclosure properties. 

[Sujaina Jain]

Quote from @Kerry Noble Jr:

check your newspaper..

Thanks for your reply.Is there any particular newspaper that will provide the foreclosures info? 

[Sujaina Jain]

Quote from @Jonathan Klemm:

@Sujaina Jain - I think if you do a little research through google you'll find several ways to come across foreclosures. You can sometimes buy them directly off the MLS, through auctions, or directly through the bank if you have a relationship with them.

What area of Chicago are you looking for foreclosures?

Thanks for your reply. Currently, i am looking for foreclosure properties using different portals like hudhomeusa.com and auction.com. But I am not able to connect to the right listing people using these websites. Also, i reached out to BMO harris bank and Chase bank to get REOdetails and not able to get the foreclosure list.

So, I was wondering if there is either a better website or better channel to get the details of foreclosure properties.

[John Warren]

@Sujaina Jain the banks don't really allow you to go directly to them to buy a foreclosure unfortunately. Instead, you have to purchase them at auctions or off the MLS. It makes sense in a lot of ways for the banks to list properties on the MLS, since that is how they will take as small a loss as possible and make sure they get maximum exposure. I would just have searches set up with your agent in your target area and keep an eye out.

I don't think buying foreclosures can be your only strategy anymore. This was possible after the crash, but there are a lot less foreclosures these days.