Foreclosure listings in Illinois may be a little easier to find than in other states. Illinois has a foreclosure rate that’s higher than the national average, which means there are a lot of properties out there to choose from.
While searching for foreclosure property listings in Illinois may be time-consuming, it may well be worth the effort. Foreclosed homes in Illinois and the rest of the nation sell, on average, for about 22% less than the rest of the market. There are 3 stages of foreclosure when homes can be purchased in Illinois:
1. The home can be purchased during the pre-foreclosure period granted by the state. In Illinois, homeowners have a longer period of time than much of the nation to get current on their mortgage, which may mean that they may be searching out someone to buy their home and get them out of financial trouble.
2. Foreclosed homes in Illinois can be purchased at an auction at the end of the pre-foreclosure period. This is usually the best time to get a deal on Illinois foreclosure property listings, but watch out because homes are sold as-is and there may be some unknown damage.
3. If the home is not sold at auction, or if the bank is the highest bidder, the home will be put back on the market. In general, bank-owned homes in Illinois sell for more than at auction, but there is less risk involved.
Action Steps
The best contacts and resources to help you get it done
Get acquainted with the laws of foreclosed homes in Illinois
Foreclosure laws vary widely from state to state and it's best to knows the ins and outs of the laws of homes foreclosed in Illinois before making a purchase. The foreclosure process in Illinois tends to be favorable to the borrower and because of that, foreclosures in Illinois take about 1 year compared to about 6 months for the rest of the nation.
I recommend: Foreclosure.com lists the basic steps to foreclosed homes in Illinois so buyers can understand the process better.
RealtyTrac compares and contrasts foreclosure laws around the nation to give buyers an understanding of how widely the laws vary.
Seek out Illinois foreclosed homes before they hit the market
The best time to get a bargain on Illinois foreclosure listings is to find them before anyone else. To do so, buyers need to find these homes before they become one of the many bank foreclosures in Illinois.
I recommend: FindMeDistressedHomes.com and
Preforeclosure.com specialize in findings homes in pre-foreclosure. Get email updates on auctions of foreclosure listings in Illinois from the
Real Estate Disposition Corporation (REDC). Check out the legal section of the
local Illinois paper for a list of upcoming nearby auctions.
Review bank-owned Illinois foreclosure listings
Illinois foreclosure property listings may cost a little more once they hit the market, but on average they still sell for less than traditional homes. Foreclosure property listings in Illinois can be found through several different sources.
I recommend: The
Illinois Foreclosure Listing Service (ILFLS) gives free email alerts for foreclosure property listings in Illinois. The
Illinois Association of Realtors (IAR) will know the local foreclosure market better than anyone else.
Tips & Tactics
Helpful advice for making the most of this Guide
- Foreclosed homes in Illinois may have extensive damage. Whenever possible, try to have a housing inspector check out the property before purchasing the home to give an idea about the cost of the repairs.
The official source of Illinois Foreclosure Listings is
the Illinois Foreclosure Listings page at Business.com
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