Buying a Pre-Foreclosed Home? Here’s What 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 the surrounding areas. Their Real Estate attorneys in Chicago help you manage anything from routine real estate matters, to more complex situations that require the experienced know-how of skilled real estate attorneys.

Choosing to invest in pre-foreclosed properties is an ideal way to capture a home at a great value, often below appraised and market value. 

If you too are planning to buy a pre-foreclosed property, here is some information to help you safely make the best purchase possible:

• What is a pre foreclosed home? A pre-foreclosure property has a delinquent loan and the owner is in imminent danger of losing his home due to foreclosure. His property has been listed as delinquent and will soon be taken into the custody of the lender.
• Why buy a pre foreclosure house? Buyers may be able to obtain a pre-foreclosure for 40 percent less than the home’s market value, and the deal would close quicker than would a foreclosure.
• Confirm pre-foreclosure status. It’s important to find out if a property has been reinstated before proceeding as the owner can reinstate the property by paying off the amount in default. The best way to check if the property has been reinstated is to call the trustee or attorney assigned to the foreclosure.
• Contact the owner. You or your real estate agent should initiate contact with the owner to express your interest in the property. Before you expend the time and effort to contact the owner, make sure you're fully prepared to buy.
• How to negotiate with the owner. To determine how much you will pay the seller for the home, you should subtract all your costs as a buyer (loan balance, additional liens, and repair costs) from the estimated market value of the property and use that number as a basis for your negotiations with the owner. The experienced real estate attorneys at Chang and Carlin, LLP can help you negotiate a good deal with the owners.

Foreclosure Attorneys in Chicago

As with any investment process, the key to your successful outcome will lie in your preparation. Chang and Carlin, LLP’s experienced real estate or foreclosure attorneys in Chicago can help you with the important details that come with buying a pre-foreclosed house and succeeding in your real estate investment in Chicago.

For more information or to schedule a FREE Initial Legal Evaluation with an experienced foreclosure attorney, contact Chang and Carlin, LLP 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.