Foreclosure Listings In Illinois
Where is there a good place to find foreclosure listings in the southern Illinois area I live about 12 miles east of St Louis in Madison and St Clair county in Illinois I dont know if the pay sites are worth it any advice would really be helpful thanks Eric
Hello John,
I logged onto the Creative Investor site to post several Cash Flowing properties in the St. Louis area... you can have proeprty mgt take care of everything... several have tenants (CASH FLOW) one house needs some work... all are great deals... $33K. Contact me . **Please See My Profile**
(Cannot post contact info.) (eastern time zone)[ Edited by bargain76 on Date 08/20/2009 ]
You could start here.
HUD Foreclosures for Illinois
http://www.propbot.com/search.php?ts=rfs&st=illinois+foreclosure&ob=du
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To target a specific area though, you might need to change the word illinois out with your zipcode , city, or another location term.
The internet is a good way to start. There are websites such as FinestExpert that offers services and has a wide range of properties that are for sale, rental properties, foreclosed properties.
Apart from lists provided by banks and other lenders, you can also locate foreclosures by reading the notices issued by the city or county and posted in the legal sections of business journals and local newspapers.
Some properties are available to purchase when the city or county has “red-tagged†them, meaning that the house is unfit for human habitation because of a safety or health issue.
Look for newspaper advertisements that state that the advertiser buys properties – “We buy Houses†is often a giveaway. These are usually ads that have been placed by fellow investors and there is nothing to stop you calling them and asking for their list of properties.
Seems like you are a perfect candidate for the modified 2% interest (Obama Plan). Maybe you can get the appraisal higher, if you can close the 200k gap somehow, the banks get 1k to work with you.
I dont think the rental situation matters, unless they keep the house in poor condition. since you have already missed a payment AND you have your new home, a short on this property may not be a bad option, Especially if your 200k figure is accurate, the bank has no choice.
I think you have captured your best two options. Good luck with your decision.
Thanks.
Which Obama plan is this? I have to look into this more. Because if we can get the interest reduced to 2% we will definitely go with that option.
Thank you!
Most banks will except a short sale for the new fair market value. They may not want to play ball if a NOD has not been filled yet.