How to Buy Chicago Foreclosures

If you are a first-time home buyer or are looking for a more affordable home, purchasing a foreclosed home in Chicago may be ideal. There are several steps you need to take before you can call a foreclosed home your own.

Search

• Search for foreclosed homes through several avenues. Some companies compile weekly foreclosure listings they offer for free or a small charge. Your bank may also be a source if they release information about the homes they intend to foreclose in the near future. Other options to consider are the Cook County Sheriff's office or local newspapers for foreclosures near you.

Home Inspection

• In some cases, you may have access to foreclosed homes through a real estate agent or an agent of the holding company. If you can see the home firsthand, inspect it for major damage and compatibility. In many cases, foreclosed homes are sold as-is and all damages are the new owner's responsibility. You can use the National Association of Home Inspectors to locate an inspector to examine foreclosed homes in Chicago.

Purchase

• According to the "Daily Herald," there are two primary ways to purchase foreclosed homes: through a real estate agent or by public auction. Often, a real estate company has been granted the right to show a home and sell it for the bank. Otherwise, a public auction will be held at a court house where several foreclosed homes will be open for bidding. You can save a significant amount of money at these auctions, however, you may be purchasing a home sight-unseen.