FREE NO OBLIGATION REAL ESTATE SEMINAR
Learn about the process of buying and selling a home for the Spring Market!!
Please call Jack for Reservations at : 847-570-9977 Space is Limited
February 28,2007
Chase Bank
50 Skokie Boulevard
Wilmette, IL
7:00-9:00 pm
Presented by;
Jack Lewitz Realtor
Kris Ruben & Myrna Goldberg
Ruben & Goldberg Attorneys
Agnes Byrne Loan Officer
Chase Bank
David Slack & Terry Patrick
Pillar to Post Home Inspectors
There are three different types of foreclosure sales :
Pre-foreclosure sales: These are homeowners who have been delinquent on their mortgage and the bank has given notice that they intend to foreclose on the property. Such notice is called a “lis pendens”. “Lis pendens” notices are listed in public record and can be researched by anyone looking to buy Foreclosure properties. Buying pre-foreclosure properties requires you to have direct contact with the owner. This can be either a good thing or bad thing depending on who you are as a person. Remember, you are dealing with someone who is under duress. YOU MUST ASK YOURSELF ARE YOU THE TYPE OF PERSON WHO FINDS IT EASY TO TAKE ADVANTAGE OF SOMEONE UNDER THESE CIRCUMSTANCES.
Foreclosure Auctions: These auctions are very competitive and not for Novices who want to buy foreclosures. Many of the participants at foreclosure auctions are experienced full time investors or lenders who have an interest in the property. It is very hard to compete with these individuals.
Bank Owned Sales: These properties have been foreclosed by the bank. Remember the bank is in business to lend money not to own real estate. Bank REO departments track property that the bank has an interest in and can be a good source for foreclosed property or soon to be foreclosed property. Often banks will provide new financing on bank owned property.
In Evanston , Realty Trac lists 191 properties in the Pre-foreclosure stage, 41 properties up for Auction and another 41 Bank Owned.
Real Estate Sales are beginning to heat up despite the bitter cold weather in Evanston. Within the past 30 days 41 homes have gone under contract and 10 new homes have been added to the market. During the same 30 day period, 75 condo’s, coops, and townhomes have gone under contract with 24 new listings added to the market. It appears we are now into the Spring Real Estate Market.
