Wining with Foreclosures

Terms you should know:

1. Distressed Property: Th is term refers to all pre-foreclosure and foreclosed
property.

2. Notice of Default: Th e homeowner has missed one or more payments and
gets this letter saying the lender will foreclose. Th e time period from notice
of default to foreclosure is called pre-foreclosure.

3. Short Sale: Th e lender agrees to settle for less than the full amount due
on the homeowner’s mortgage. Th is may happen any time during the preforeclosure.

4. Foreclosure: Th e process by which the lender takes property from the
owner for failure to pay; also the term to describe the foreclosed property
itself (a foreclosure).

5. Auction: Foreclosed property is normally off ered at auction fi rst—auctions
are run either by local government (city or county) or by an auction
vendor.

6. Bank Owned or REO (real estate owned—a banking term): Foreclosed
property that is not sold at auction returns to the lender (bank). Th e lender
usually hires an asset manager who lists the property with an agent.

IAR (Illinois Association of Realtors) Question.

What strategies do you see your best agent teams employing?

“Getting to know your local banks well to see if they will cooperate with short sales. Experience and relationships for this activity are key.”

“Staging and pricing are extremely important. There is so much inventory competing, the home has to stand out from the competition.”

“Constant communication with referral base. ‘New’ business is almost impossible to secure.”

“Help and advice to sellers, a lot are trying to wait it out.”

“Strong prospecting, knowledge of current market.”

“Give the consumer the raw information even if it hurts.”

“Prospecting for first-time homebuyers or seniors with equity positions.”

“Hard work. Back to basics.”

“Only work with qualified clients.”

Chicago Neighborhoods

 Click here for CITY information that includes :

Chicago Sales History at a Glance, with current price information and 10 years of sales growth data for condo's/townhomes, homes, and 2- to 4-flats for every neighborhood of Chicago.

Condo and Townhome Pricing Profiles--detailed reports that show how prices vary by area and size.

Single-Family Home Pricing Profiles--that show how prices vary not just by size but also by condition.

Chicago in 25 Maps, providing what we think may be the best maps for real estate shopping in Chicago.

Chicago Neighborhood Boundaries with the specific boundaries for over 150 neighborhoods in the city.

Census Tract maps, one that shows the north side and one that shows the south side.

School Boundaries--an online source you can check for any address in the city.

Other Neighborhood Information—several websites we think you will find especially of value as you explore the best neighborhood to invest in.



Click here for SUBURBAN information with:

Sales History at a Glance, with current price information and 10 years of sales growth data for condo's/townhomes and single-family homes in 85 key suburbs.

Condo and Townhome Profiles--detailed reports that show how prices vary by area and size.

Single-Family Home Profiles--that show how prices vary not just by size but also by condition.

Other Neighborhood Information

--several websites we think you will find especially of value as you explore the best neighborhood to invest in.

I am a Real Estate Agent - This is the Truth