IS THERE A “GOOD DEAL” FORECLOSURE LEFT?
November 13th, 2009 categories: Buying, Market Trends
Even though Illinois is third in the nation for quantity of foreclosures, we can ask are there bargains left and if so, are they for you? This is a question we have dealt with in previous posts. Steven Levitt has written an excellent article “Are There Any Foreclosure Deals Left?” He references some other sources of information about the foreclosure section of the real estate market. I think you will find the article interesting if you have thought of buying a distressed property, to read it just click here. He really does a good job of summarizing the perils and benefits of buying a distressed property. Levitt stresses the importance of doing research, knowing the condition of the home, and being sure of your time frame. I would disagree with him on the time that can elapse between acceptance of the contract and closing on the property–it can easily be more than three months. In fact three months is usually the least amount of time between acceptance and closing. All in all the article is worth reading if you are considering a distressed property for your next real estate adventure.
I would be happy to research distressed property for you–just call me at 312-981-2360 (direct), or cell, 312-607-1306. Or e-mail me.
Other posts you might find interesting are:
Bank Owned Homes–Are They a Good Deal?
Home Affordability and Mortgage Rates
This entry was posted on Friday, November 13th, 2009 at 10:11 am and is filed under Buying, Market Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
