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Illinois Foreclosure Article
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A Home Inspection is an absolute must for Home Foreclosure Properties
from:There are many reasons for buying real estate property and one of them is to buy your own home. There are many tax advantages available for buying residential property. The government and most financial lending institutions offer tax benefits, favorable appreciation values, and finance options to homeowners
With the questionable economy today in the United States, it is pretty much a buyers market. This means that the selling price on affordable homes have come down in prices. Many families are facing home foreclosure and are selling often time at well below market value just to get out from under that debt. Like any other investment, the investor must purchase wisely.
When buying from a family facing home foreclosure, chances are the property may not be in the best of condition. Since money is an issue, the family may have also had difficulty keeping up with maintenance and repairs.
You will need to have a home inspection done, often called a pre approval inspection. That way you will know if the building is worth the selling price or if you will have to put out additional monies to bring the home up to building codes and your own esthetic needs.
A building inspector hired for your home foreclosure lead will be looking at such things as electricity and plumbing. An inspector will also look at the structural foundation of the building, checking the landscape, exposure to heat from the sun and rain or strong winds, and the inclination. The inspector will be looking for water damage, leaks and creaks, both on the inside and outside of the house. The inspector will take note of the gutters, downspouts, outside paint or siding, condition of bricks, wood, paneling, and the condition of the roof. Inspections will also be done upon the fuses, heating and cooler systems, fans, air conditioners and vents, as well as the fire alarms and security systems.
If the home foreclosure unit comes with appliances such as refrigerator and stove these appliances should be checked as well. A very important condition to look for is the water pressure. For example, many older homes lack sufficient water pressure to enjoy a pleasant shower. If you are looking for home foreclosure property in colder climates make sure that the water pipes are not only in good condition but are properly insulated as well.
If any problems come up in the inspection, you can use the cost of the repairs to negotiate a lower sale price if you still want to consider this property.
A very important thing to consider is whether or not the family is still living in the home foreclosure before you buy. You want to avoid eviction costs and legalities. There should be a stipulation in the lease that the occupants must vacate the premises as soon as a the property is sold, this becomes even more important if it is more than a single dwelling home foreclosure unit that you are purchasing for yourself and other family members.
Illinois Foreclosure News
April 2012 Foreclosure Activity: Time to Invest?
The stats compiled by Illinois Foreclosure Listing Service for April 2012 show that the steady increase of foreclosures has come to an end, at least during April 2012. In April, all of the seven Chicagoland counties showed a decline in foreclosure activity. Comparing April 2011 to April 2012, there was a 22.1% increase in foreclosure activity during that particular month.Chicago, IL (PRWEB) May ...
Read more...2012 First Quarter Auction and Foreclosure Activity in the Chicagoland Area
Based on the latest numbers released by the Illinois Foreclosure Listing Service, new foreclosure filings in the Chicagoland seven-county area totaled 6442 in February, compared with 6168 in February and 7201 in March 2011. Completed foreclosures — those selling at auction or reverting back to lenders — increased to 2,914 in March from 2,890 in February and 1,791 in March 2011. This totals just ...
Read more...Illinois third worst nationally in foreclosures
Almost 7.5 percent of all mortgage loans in Illinois were in foreclosure in the first quarter, topped only by foreclosure activity in Florida and New Jersey, according to new data.
Read more...Illinois third in foreclosures despite national improvement
Foreclosure starts in Illinois are on par with those in other areas, but the state's foreclosure system continues to bog down properties.
Read more...2012 1st Quarter Chicagoland Foreclosure Statistics
Based on numbers released by The Illinois Foreclosure Listing Service for 2012, month after month foreclosures have been steadily rising each month throughout the six counties of Cook, Will, Kane, Lake, McHenry, and DuPage. The total home foreclosures in January for the combined counties were 5,138. In February, the total number jumped to 6168 - almost a 20% increase from January.Chicago, IL ...
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