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Foreclosed Condos Buyers looking for Chicago real estate bargains are turning to foreclosed condos. OwnACondo.com can help.

Foreclosed condos are condominiums that the lender has possession of because the mortgage holder stopped making payments on the loan. Foreclosure is a legal process that the lender initiates. Typically, the price at which these type of condos can be purchased is less than current market value, sometimes substantially so.

There are a variety of factors that can lead a person to stop making his or her mortgage payments, and sometimes these factors are unfortunate. They can include loss of income, medical setback or other reason. But whatever the reason, unoccupied housing that belongs to the lender represents an opportunity for purchase by someone new. The lender does not wish to be in the business of owning, maintaining and selling real estate.

Foreclosure condos can be found throughout Chicago and the suburbs. Our dedicated team of Chicago condo specialist Realtors® can help you locate a foreclosed condo from a variety of sources, including a personal database, Multiple Listing Service (MLS) and other sources. Although consumers can view the MLS right here on our website, there are certain searches that can only be performed by a Realtor®. Our specialists will work with you to zero in on just what you’re looking for—location, number of bedrooms, general price range, etc.

Purchasing a Chicago condo or suburban Chicago condo that’s foreclosed requires submitting a bid to the lender or participating in an auction. These auctions are held in person or live online. Our condo specialist will assist you with this process.

And what can you expect with a foreclosure condo? Condition can vary greatly, and this is usually reflected in the price. Some condos may be in need of repair and upgrading, while others are left in excellent condition, plus everything in between. We’ll make sure to find a match with what you’re looking for. Fixer-uppers have tremendous appeal for people with the skills and/or budget to handle the repairs. For buyers looking for the bargain-of-bargains, this can be one of the very best ways to acquire real estate.

Chicago condos and suburban Chicago condos in foreclosure are among the most asked-about real estate in the current market and economic climate. The professionals at OwnACondo.com can help you research, locate and buy a foreclosed condo. We can even help with condo financing by introducing you to our preferred lenders.

Contact OwnACondo.com today at 866-696-2266 for more information.

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