We Buy Foreclosed Homes in Chicagoland

Are you going through a foreclosure in Chicagoland and think you are going to lose everything?  Well we have a solution that will help you avoid foreclosure and stil walk away with some money in your pocket.  The cash home buyers at Tony Buys Homes can assist you in the cash purchase of your Chicagoland foreclosed home.  We can help pay off the remainder of your mortgage and if applicable can give you some cash to help you on your way.  Call Tony Buys Homes to learn how we buy foreclosed homes in Chicagoland!

Tony Buys Homes that are Foreclosed in Chicagoland

A foreclosed home is one that has been taken over by a bank rather than a private owner. Have you ever heard of a repo man? He’s the person that comes to your house and steals your automobile when you don’t pay your debts. A foreclosure is a similar idea, except with houses instead of cars. When a homeowner falls behind on their mortgage payments and is unable to repay them, the bank takes action to reclaim the property. This procedure, which may take anywhere from a few months to years depending on where you are (rules vary by state), allows the bank to sell the property and try to recoup some of the money it lost when the borrower defaulted on their loan payments.

Foreclosures come in a variety of shapes and sizes.

Foreclosed houses are now divided into two categories: bank-owned and real estate-owned (REO). It’s a little perplexing because the bank owns the house in both situations. What makes a difference is the stage of the foreclosure. Here’s how it works:

Bank-Owned: Bank-owned homes are in the early stages of foreclosure, which is the most important stage. This indicates that the homeowner has ceased paying payments and that the lender has begun legal proceedings to evict them from the property. In certain circumstances, this can be a lengthy and drawn-out procedure. After that, the house is placed up for auction, with the bank attempting to sell it for as much as possible in order to recoup the money it lent. What if no one bids at the auction? Then it’s REO time, and we don’t mean the 1970s band.

When a bank forecloses on a home and attempts to sell it at auction but no one bids, the bank retains ownership of the property. The next stage is to sell the home in the traditional manner, which generally entails working with a real estate agent that specializes in REO transactions. So, because no one bought it at auction, a REO property is merely lying empty and might be a great deal for a savvy buyer like you.