Property Types
The goal of Chicagoland Foreclosure Tours™ is to identify finacially distressed properties; either for sale by the homeowner or the lender. Property types that our FREE tours visit:
Pre-Foreclosure
The homeowner has fallen behind on their mortgage payments and has been served with notice (Lis Pendens) that the lender has started the process to foreclose on the home. Ideally, the homeowner has equity in their home (but can't access it via refinancing because of the foreclosure) and is willing to sell their home at a discount in exchange for a quick sale.
Short Sale
Same as Pre-Foreclosure, but the homeowner does not have any equity in the home. As a benefit to the homeowner's credit and the lenders bottom line, a sale for less than the mortgage owed is negotiated.
Bank REO
REO stands for Real Estate Owned. These are properties that have been acquired through foreclosure by the lender and are now held in inventory. The lender re-markets the property in order to rid itself of a non-performing asset and to attempt to recoup its original loan.
How We Identify Properties
We use the MLS to identify properties that are listed as Pre-Foreclosure, Short Sale, and/or REO. We also evaluate MLS listings to find properties that meet the characteristics of a Pre-Foreclosure and/or Short Sale, but have not been listed as such.
BONUS PROPERTIES
The MLS alone provides a large pool of available properties that, frankly, meet the needs of most buyers. Our goal, however, isn't to satisfy the goals of most buyers. Therefore, on a daily basis, we utilize real-time data from County Clerk's offices to identify properties that are entering the foreclosure process. We cross reference these properties against local FSBO's to identify properties worth pursuing outside the MLS. We also contact homeowners whose properties are not for sale to guage their interest in selling.
For up to the minute news, info, and happenings at Chicagoland Foreclosure Tours™, please check out our Blog.
Click here to request more information about Chicagoland Foreclosure Tours™ or call RE/MAX Pinnacle at (815) 725-8400 and ask for Christine or Tim.
