The Advantages & To Do list of investing in Chicago Foreclosed Homes

 Chicago is showing rising tendency in the foreclosure market. In May 2007, the number of foreclosures was 1.3 times more than the national average. As such, Chicago Foreclosed Homes are a good investment. But you need to do your home work before investing in the same.

 The foreclosure crisis maybe a curse to thousands of home owners but it also means a chance for others to own affordable distressed homes. Some of the advantages are:

•    To recover their money, banks often resell homes at cheap rates often as low as 30% off.
•    Buying foreclosed property is easier as banks are ready to make attractive financial arrangements.
•    Buyers have the option of moving into the home as it is usually vacant.

 Usually before you purchase a foreclosed house, it is best to do some research on the property. Potential buyers should examine the basement structure, the heating, cooling, plumbing and electrical system. Some foreclosed houses are sold for bargains because the profit made just about covers the cost of repairs.

 To make good bargains the following points must be kept in mind:
•    Browse listings- Most sellers are eager to make a sale if property has been with them for over 90 days. Go through web or yellow page listings to identify the desperate lenders who will offer any discounts or soft deals.

•     Try direct sellers- If possible, make  a sale before the property is referred to
 Foreclosure. Sellers at this stage are much more ready to negotiate than after foreclosure. Locate pre-foreclosure homes from internet listings or notices in newspapers.

•    Do Research-Before purchasing the property it is wise to do a check on the physical condition of the home in order to estimate whether the asking price is justified. Also do research on other properties in the neighborhood to compare prices. If you find a bargain, jump at the chance.

 At present, the conditions are favorable for investing in Chicago Foreclosed Homes. Buyers have wonderful investment opportunities. For instance, buying in a high end neighborhood is no longer impossible because of availability of foreclosure properties. Buyers are flocking into auctions of Chicago Foreclosed homes hoping to make a bargain and a killing later on.