Foreclosure effects in Chicago Illinois – What sellers need to know

by Richard Cascio on March 9, 2015 in sellers, short-sale-information

Foreclosure is a nightmare to any family going through it irrespective of the reasons why they are about to lose their home. Today we are going to look at the foreclosures effects in Chicago Illinois and what local house sellers need to know. First we will look at the effects and the ways of easing them.

Foreclosure Effects in Chicago Illinois to Sellers

• Loss of your home – Pretty self-explanatory here. The major end result of a foreclosure in Illinois is of course the loss of the home to the bank.
• Decrease in Your Credit Rating – Your credit rating will be lowered by the foreclosure. How much? It depends on how high your current credit score is… but the higher your current credit score… the more your score will drop after a foreclosure. If you have a credit score of 680 or higher… you may see a drop of 100+ points.
• Depression and Stress – Your mental health is at stake because of the high pressure situation. Going through a foreclosure is emotionally exhausting and frustrating to say the least.
• House Values In Your Community – Another one of the big foreclosure effects in Chicago Illinois is that they tend to lower the overall value of the houses in your neighborhood… especially if there are multiple foreclosures in the immediate area.

How You Can Ease The Effects Of Foreclosure In Chicago

For the well being of you and your family, you need to mitigate the effects of foreclosure as much as you can. The process can be frustrating and time consuming, but there are people who can help you navigate your different options in the process.

First…

1. Call your bank and work with them:  Most banks are very willing and ready to work with you… if you can show that with their help you can get back on track and save your house.  Or, if you just want out of the house but you owe more on the house than it’s worth… see if the bank has any programs to lower the mortgage burden so you can get out from underneath it without it going through an expensive foreclosure.
2. Talk with a local real estate expert, like SellYourChicagoHomeFast.com: We know the local Chicago real estate market well and are very experienced in the foreclosure process here in Illinois.  Give us a call at (708) 401-8647 and we can guide you toward the resources that can possibly help you.
3. Sell your house: If you’d rather find a way to sell your house and avoid the foreclosure all together, great! We buy local Chicago houses for cash… and would love to look at your situation and make you a fair all-cash offer on your house.  Just call us at (708) 401-8647 or shoot us your details through this website. 

With the above knowledge on foreclosure effects in Chicago – what sellers need to know, you can guard yourself by calling SellYourChicagoHomeFast.com at (708) 401-8647 and we shall assist you in the shortest time possible to sell your house. However, to fast track the process, kindly fill out our website contact form to give us more information about you. We’d love to connect with you and help you find the best solution!

How to sell your House Quickly in Chicago

Are you worried on how to sell your house quickly in Chicago without any hassle?

In this article I’ll dive into some ways you can start to look at to sell your local house more quickly.

There are lots of reasons people need to sell their house fast.

For instance, some of these reasons may include:

• need to relocate to another city because of a job change
• vacant property is being a burden on you
• divorce
• financial hardship
• you inherited a house that you don’t want to keep
• …among other reasons for needing to sell your house

So, if you’re looking to sell your local house fast (which who wants to sell their house slowly anyway?)… check out some of my tips below in this quick article.

Leverage The Web To Get The Word Out

Stats have shown that over 80% of house buyers go to the web first to research and find houses.

So if your house isn’t on the web… how are buyers going to find out about your house?

There are lots of ways to get your house online. You can list it on websites like Zillow, redfin,Craigslist… or even setup your own website for the property.

Then, take that property listing and get it everywhere online that you can. List it on all of the classifieds websites (again, Craigslist, Backpage, etc.).

Total Cost: FREE – Cheap (most routes are free, but some of these sites have paid versions)

Use Facebook To Spread The Word About Your Chicago House For Sale

One of the best ways to sell a house is through word of mouth.

Tell all of your friends and family that you’re selling… and have them tell everyone they know.

Also, hop on your Facebook account and share the property listing with your friends and ask them to spread the word for you to all of their friends who may be interested. What you need to do is simply send your link to your Facebook friends.

There may be a person in dire need of a house. Besides, you may also get a friend who may link you up with a buyer. The importance of using Facebook over other social networks is that it is free and you only need to be connected to the internet in your computer.

Total Cost:  FREE

Use of Local Dailies (Newspapers, Magazines, etc.)

One of the things we’ll do whenever we need to sell a house fast is also get our property in the local newspaper. It gets your house in front of lots of people… and one place lots of buyers look for houses is in the “homes for sale” section of the paper.  Put your phone number… a link to your online listing if you have one… a picture (ads with pictures get many many more responses than ads without the picture of the house).

Add in a few of the best parts about your house… the price… and end with a clear call to action on how they can setup a time to come check your house out.

Total Cost: Under $100

Get Your House On The Local Chicago Illinois MLS

The number one place buyers look for a house is the “multiple listing service”. That’s the fancy name for where houses go when real estate agents “list” a house.

A listing for your house will go into a central database that all local Chicago real estate agents in our area will have access to… so they can bring their buyers to the houses on the MLS that fit what they’re looking for.

You can get your house on the MLS without hiring a real estate agent to sell your house.  Some agents will let you pay a few hundred bucks to just list your house on the MLS for you and take no commission on the sale.

Sell Your House To A Reputable Local Property Buyer Like SellYourChicagoHomeFast.com

Last, as another option to sell your house… if you really need to sell your Chicago.

We buy houses in and around Chicago Illinois, and can close quickly.

If you want to sell your house and are curious on how the process works… and want to see what we can pay you for your house… you can get that ball rolling in a couple ways.

1. Give us a call today at (708) 401-8647: We’ll ask a few basic questions about your house… and within 24 hours we’ll make you an offer on your house. No Obligation at all. If the price works for you. Great! We can close on your timeline… in as little as 7 days.
2. Go fill out this really short and simple form with your basic house info: We’ll evaluate the property as soon as we get it today… then we’ll call you with a formal offer on your house in less than 24 hours.

It’s really simple.  You pay no fees. No commissions.

We just agree on a price that works for both of us and that’s it.

Let us make you an offer on your Chicago area house (we buy in other parts of Illinois as well). You don’t have anything to lose.  And you can have your house sold by this time next week (if you wanted us to close that fast) rather than having to wait months and months to market your house yourself the traditional way.

I Inherited a House, What To Do? – Should I rent or sell in Chicago?

First, we’re so sorry for your loss. This can be a very challenging time for many reasons, and dealing with property ownership is tough at the best of times.

You’re thinking, “I inherited a house, what to do with this house?” Should I rent it? Should I sell it?  How should I sell it?

Tons of options open for you, but…

… we can help.

We’re seasoned investors in Chicago real estate, and we’re looking to buy several houses each month in the Chicago Illinois area. Every month we get calls from those who have inherited a house and are looking to sell the house… so the info below are some tips to help you navigate the process.

I Inherited A House, What To Do Next?

Here’s a few important considerations to help you make the right decision:

1) Make sure the mortgage is paid.

This may sound obvious, but if the person who left you a property also had a mortgage (unless it had no mortgage and was paid off, which is great!), you have to pay it (assuming you want to keep the property). Some banks will allow you to assume the loan, while others may force you to refinance into a new loan. If you don’t qualify for a new loan, renting may not be an option for you.

2) The investment is only as good as the manager.

If dealing with brokers, maintenance, tenants, rent collection and all the nuances of property management isn’t the best use of your time, hire a professional to help you or cash out now.  Some people who inherit homes decide to keep the house and rent it for extra income. That’s a great strategy for sure. You just need to be prepared to manage the property and the hassles that can go along with tenants and toilets.

3) Property ownership costs money.

It’s rare to see a building that’s been perfectly maintained. Most inherited houses need major improvements.

Consider hiring a professional property inspector to give you a detailed rundown on what you’ll need to do within the next five years, along with estimated costs. Surprises are very, very expensive.

4) Selling a property for top dollar costs money.

If you don’t want to deal with making repairs, updating kitchens, improving landscaping and overall cleanup, don’t worry. We buy Chicago houses for cash, as-is.

5) If the market will continue to grow faster than your other options, hang on to the investment.

We can help you analyze the value of your property today versus the long-term benefits of renting. If you can use the equity in your property in another way that outpaces the performance of the real estate market, you should. If you don’t have anything better to do with the money and the neighborhood is rising in value, hang on – real estate can be a great investment if you know how to correctly read the market.

6) Uncle Sam wants a piece of the action.

Don’t forget to discuss your inheritance with tax and legal professionals before you take action. There are major property and income tax consequences that will dramatically impact the cost of owning your investment.

7) Consider all your options.

In certain situations we may be able to help you structure a lease-option agreement that allows you to rent and sell at the same time – capturing the best of both worlds. These kinds of deals can be complicated, but our Chicago investment experience can help you win.

8) Compare a few scenarios.

We’ll help you determine prices for any property near Chicago – if you sold it today without doing any work, the highest price the market will bear, and the projected value of keeping it as a rental (along with the costs).

Just call us today at (708) 401-8647 or contact us now for more information
on how we can make you a fair cash offer on your inherited house today!