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Chicago Foreclosure Homes for Sale in Metro Auction

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By : John Cutts    99 or more times read
About 110 Chicago foreclosure homes for sale will be made available to investors and first time home buyers in a foreclosed home auction in September, according to a firm specializing in foreclosure home auctions.

Among the foreclosed properties to be auctioned off are condo units, single-family homes, townhomes and multi-family properties. Some of the properties will be offered for bidding from as low as $4,000. Most of the foreclosed homes are in the price range of $50,000 to $150,000 and most of them are located within the city of Chicago. The other houses are located in the suburbs.

According to the auction firm, the September auction offers great home buying and investment opportunities for investors and first time home buyers because of the low prices and good locations of the properties. Many of the houses to be auctioned off are priced around 50 percent below their price levels during the housing boom.

Investors or second-home buyers can find properties that they can rent out and start their rental business. With government home buying programs still available, they can acquire Chicago foreclosure homes for sale not only at low prices but acquire them while mortgage rates are low and while the federal tax credit program is still offered.

Prospective bidders are advised to register on auction day at the McCormick Place Convention Center. They can also view and inspect the properties in advance by contacting a listing agent.

Meanwhile, according to a real estate research firm, there are more than 8,000 foreclosed homes in Chicago as of the second week of September, based on multiple listing services in the Chicago metro area. More than 23,100 houses are being offered for sale across the city, with resale homes comprising 65 percent of total homes for sale. More than 15,100 existing homes are being offered for sale. The researchers said they gathered their data from MLSs only.

The researchers also reported that the average estimated price of a house in Chicago as of August was $279,068. They added that homeowners can use this price level as basis for determining their sales price or their current home equity. They also reported that 38 percent of all residential properties in Chicago are occupied by homeowners while 50 percent are occupied by renters. The rest of the properties are vacant.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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