Buying A Foreclosed Property? Things You Need To Know

Chang and Carlin, LLP has established itself as a respected real estate legal services firm representing a diverse clientele in Chicago, Illinois and surrounding areas. Their Real Estate attorneys in Chicago help you manage routine real estate matters, as well as more complex situations that require the experienced know-how of skilled real estate attorneys.

Chicago area saw more than 20,000 foreclosures between February of 2012 and 2013. This is good news for bargain hunters and intrepid home buyers who want to get a cheap house, but the purchase of foreclosed property—an often complex and involved process—presents would-be buyers with plenty of opportunities to make costly mistakes. Chang and Carlin, LLP’s experienced real estate or foreclosure attorneys can help you buy a foreclosed house and secure your real estate investment in Chicago.

Foreclosed Home Buying: 6 Tips

If you’re pursuing purchasing a foreclosed property, you need to learn all the possible pitfalls that come along with buying a foreclosed home.  Here are a few things that you should keep in mind before you proceed:

1.      Do a title search: Make sure that when you purchase a foreclosure that you are the only person who has any ownership claim.

2.      Check for liens: Find out if there are any liens against the property because you will be responsible for paying them.

3.      Check for a second mortgage: You don't want to be surprised by an extra mortgage that you will need to pay.

4.      Not every foreclosure is open to inspection: This means that you may or may not be able to view or evaluate the property.

5.      You may need to evict tenants: If you plan on buying foreclosures while they are still inhabited, either by the previous owners or renters, you will be responsible for removing them. In some cases, eviction may be necessary.

6.      Determine potential repairs and their costs: Remember you have the upper hand in negotiations with regards to the bank paying closing costs and making repairs.

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The Chang and Carlin, LLP bankruptcy attorneys and real estate lawyers have been involved in thousands of bankruptcy and real estate matters over the years, representing debtors and facilitating real estate transactions in Chicago

If you’re working on a real estate transaction in Illinois, get in touch with Chang and Carlin, LLP for a Free Legal Evaluation today!

Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.