Last week on ChicagoRealEstateDaily.com David Lee Matthews wrote about Cook County’s largest foreclosures in 2012. Most of them were in the suburbs, but there were a couple of foreclosures (also known as REOs)# in the $2M+ price range in Chicago.
I did some research and found that 5 listed foreclosures in Chicago sold in 2012 for $1M or higher.* Twelve such short sales sold. The units sold were down just slightly from 2011 when there were 6 luxury foreclosures and 15 luxury short sales sold.
WARNING: If a homeowner can't make payments on their home, they probably aren't spending any money on its maintenance.
Given that short sales and foreclosures are sold “as-is” it is especially critical for buyers in this price range to get a thorough inspection. If the issues found are unacceptable, the typical “as-is” clause allows buyers to back out of the deal since no fixes or credits will be negotiated.
FOR MORE INFORMATION
CHICAGO LUXURY SHORT SALES & FORECLOSURES FOR SALE
CHECK BACK FOR NEW LISTINGS
Click below to see luxury short sales and foreclosures for sale. There may be NO RESULTS for luxury foreclosures at this current time due to low inventory. Contingent sales are included for the short sales since additional offers are typically accepted during the contingency phase.
| Luxury Short Sales | Luxury Foreclosures |
#REO (Real Estate Owned by the lender)
*based on MRED (Midwest Real Estate Data)
Recommend this on Google
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale. Fran has been quoted in numerous Chicago and national publications. To schedule showings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
