Three Steps to Buying a Foreclosed home in Chicago

Every home buying experience is a little different. Someone looking to buy a little condo may have a completely different experience from someone looking to purchase a mini mansion. Someone able to purchase the home with cash is going to have a completely different experience from someone looking to finance a home. And someone looking to buy a home through a traditional listing will have a completely different experience than someone looking to purchase a foreclosure. 

While purchasing a foreclosed home can be a tricky bridge to cross, it can end up saving you a significant amount of money at the end of the transaction. If you are looking to purchase a foreclosed home in the Chicagoland area, it is important to know the three main steps ahead of you. 


Before you even begin the process of looking for a foreclosure in the area, it is important to identify if you want to finance the home or pay outright with cash. If you find that you will need to finance the home, then it is important to secure that mortgage pre-approval before even looking. Foreclosures tend to go quickly, and you will need to be ready to make your move when you find the right one. 


Next in the process will be the search. There are a variety of ways to do this, though it will likely look a little different than the traditional route. You may even consider hiring a real estate agent that specializes in foreclosures in order to ensure that you have an expert guiding you through the process. There are several different routes you can take when seeking out a foreclosure. Some foreclosures will be listed online, like any other listing, however, it may be less detailed, and you may get significantly less information without actually going to view the home. Some foreclosures may be offered via auction instead. 


The home will not be yours until official closing. This process can vary depending on the path you took to get there. If you are looking to finance, then that will factor into the purchase. If you won an auction, then the process will likely be faster, but you will be required to complete the due diligence in that form. If you are buying directly from the bank, the closing may be more straightforward, but it will likely take a lot longer to get there. The process of getting to that closing day tends to be tedious, and many find it to be impossible without experienced representation. 

If you are looking for an experienced real estate attorney in the purchase of foreclosed homes to help you purchase a foreclosure property in the Chicagoland area, contact Gurney Law Group today. We have worked with a variety of foreclosure deals over the years, and will help you to achieve the smoothest purchase and closing process possible. 

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