Finding Affordable Illinois Homes in VA Foreclosures List- By: John Cutts

Description : There are more affordable Illinois homes in the VA foreclosures list as nearly 80,000 homes in the state were notified of default or foreclosure in the first 5 months of this year.

Of these distressed homes, a total of 23,836 were reacquired and entered listings of bank owned properties in Illinois. In May, the pace of foreclosure postings in the state slowed by more than 20 percent but still surged sharply by 38 percent from one year earlier.

The number of units that entered bank owned property listing in May also dropped, with the 4,093 REO homes in May lower by 14 percent than the 4,754 REO units in April. Despite the slowdown in overall foreclosure filings, Illinois did not improve its eighth-ranking in charts of state foreclosure rates in May.

One of the cities in Illinois that has plenty of affordable foreclosures is Rockford. On the website of one foreclosure listings provider, there are currently 1,746 Rockford bank owned homes, higher than the number of pre-owned homes for sale, which was 1,226. The price median for all types of homes sold in April was $100,000, an improvement of 12 percent from the price median one year earlier. The listing price average for all homes in Rockford is $133,503.

One realtor in Rockford has listings of over 400 foreclosures and about 3,000 other types of homes for sale.

On one VA foreclosures list that features Illinois homes, the prices range from $5,900 to $168,900. Among the VA homes on the list are a single-family home in Springfield listed at $105,900, a single-family unit in Bloomington listed at $92,900, and another single-family in Wyoming listed at $67,900.

VA homes are sold as is, but prospective buyers are given ten days to inspect the properties. VA requires pre-qualification documents for financed purchases and proofs of funding for cash offers. Also, the VA does not pay the title fees.

In addition to the affordable prices, another good thing for people interested in VA foreclosures list is the opportunity to get vendee financing.

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