It’s hard to look at the rock-bottom prices for foreclosures and short sales in the Chicago area and not feel you could get a great deal.
Contact the appraisers at www.scappraisals.com for foreclosure value questions.
After all, homes that are going for 50 percent off might seem like a once-in-a-lifetime opportunity. But buying troubled properties is a frustrating, time-consuming process, filled with hassles and potential risks.
“You buy a short sale or foreclosure as is. No warranties. That can be a problem,” said Steve Hovany, a housing analyst and president of Strategy Planning Associates in Schaumburg.
“Foreclosed properties often are handyman’s specials. Many of them have been vacant for months or years and require major repairs. Not only that, but some previous owners may not have been nice to the house that ruined their life.”
Sara Benson of Chicago-based Benson Stanley Realty, added: “Some angry owners with foreclosed homes put concrete down drains. The house may be literally destroyed. The buyer may get just a shell and the land.”
Read more at: http://www.chicagotribune.com/classified/realestate/foreclosure/ct-mre-0610-foreclosures-20120607,0,6252097.story
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