Chicago Illinois Forclosures
This is the 3rd time now im posting this. I havnt had the chance to read any replies because the site deleted my post, first for capital letters and then for advertising? Im not sure how was advertising.
Ok here is the deal, been here 1 year from detroit area, looking at forclosures. Went downtown today to auction and listened as the addresses and case numbers were quickly read and in an order I was not familiar with. How can I get a list of forclosures thats more organized and easy to follow so I don't have to sort through these every week. Also, I was approved for a mortgage up to 675 k with 0 down , stated income. Can I havethe cash ready with in 24 hours of making the bid or is this not really possible in forclosures? Do I really need to have all cash? I would love to take someone to lunch if you would like to share some knowledge of the business. (Please "thecreativeinvestor website" if this last line is considered advertising, can u simply delete the last line instead of deleting my whole post?? Please. Thanks.)
The problem is I would love to take someone to lunch if you would like to share some knowledge of the business.
This forum is for posting questions and answers so that we may all learn not to set up a personal mentor?
Please comply with TCI rules so we do not have to take adverse action.
I sent you a PM on this issues.
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Im sorry JohnMichael. I didn't mean to upsent anybody. Just trying to find answers so that I can then in turn share answers and help others! I'm new to the area and it seemed there were many investors from this area on the site. Gosh, I really am sorry. I also tried reading your pm messages but it wouldn't let me view them.
Question: Ok here is the deal, been here 1 year from detroit area, looking at forclosures. Went downtown today to auction and listened as the addresses and case numbers were quickly read and in an order I was not familiar with. How can I get a list of forclosures thats more organized and easy to follow so I don't have to sort through these every week
Answer: Many nation wide list providers do not provide you with information that is accurate, in some areas there are local individuals that do provide list like you are looking for and you can find this by contacting the records department in your county. Also some title companies provide this information as well.
You can get information from legal newspapers or foreclosure document research.
Question: Also, I was approved for a mortgage up to 675 k with 0 down , stated income. Can I havethe cash ready with in 24 hours of making the bid or is this not really possible in forclosures? Do I really need to have all cash?
Answer: Most foreclosure auctions you will need to settle you purchase by the end of business the day of auction or in 24 hours. You should contact the trustee to determine the terms of the sale.
No one is upset with you but it is vary important folks follow the rules at TCI so that we can keep this a learning forum.
Just keep posting and the answers will flow.
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I haven't looked at sfh foreclosures in years but there used to be several attnys who were offering cook-county specific seminars. Herb Hedeen was one-- but a google on his name turned up nothing.
There is a service which mirrors the clerk of courts posting every monday morning and will deliver the list to your door-- again the mind is rusty on this topic from years of neglect but I'm sure you can find them.
There are, of course more people chasing foreclosure in Chicago than actually live in the city at least by the look of it. You cannot shake a tree without some would-be foreclosure investor falling out. Next time you go to the sherrifs sale look around. Many bidders will be holding a book of listings, ask them where they got the book.
nciboy,
Illinois foreclosure market is such you really need all cash at the auction. Some auctions are 100% on the stop, while most are 10% at the auctio and balance within 24 hours. Either way, being approved for a mortgage is not going to get you anywhere with the foreclosure auctions. You can subscribe to the foreclosure listings and work pre-foreclosures(properties that just went into foreclosure process instead of the ones being auctioned off), or just look around for a fixer-upper. All I am saying is that with your financial situation, you should not be pursuing the foreclosure auction market because you wont' be able to complete the purchase.
I know about hard money loaners but did you simply go to a mortgage company and based upon your own credit get approved for the "up to 675K"?
Thanks in advance for you answer!
Michel
Videla,
2 different mortgage companies took my job and income info and pulled my credit.