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.
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.
CHICAGO LUXURY SHORT SALES & FORECLOSURES FOR SALE
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#REO (Real Estate Owned by the lender)
*Information is based on data from Midwest Real Estate Data (MRED).