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The Week In Review: Chicago Foreclosure Investing Highlights

The week in review highlights Cherry Picker Investments and properties purchased by investors at the foreclosure auctions in Chicago and the surrounding areas.  If these properties had not been purchased at the foreclosure auctions, then the properties would have gone back to the bank / lender and become bank-owned properties.  Once the property is returned to the bank / lender, then the property typically gets listed by the bank's preferred Realtors as an REO / Bank-owned MLS listing.

For those ready, willing and able investors that are looking to acquire properties in this market, and they are astute enough to consider foreclosure auctions, there is a lot less competition in the market.  The main reason for the decreased competition and increased profitability is due to the cash-buyer requirement for participation.

2314 South Saint Louis, Chicago
4749 S. Wolcott, chicago
627 N. Sawyer, Chicago
8812 Ozark, Morton Grove

710 Sunset Circle, Streamwood
3931 Custer, Lyons
5338 W. 54th

"Last week, we saw some excellent investment opportunities which our clients took advantage of.  It is not surprising that as the weather has improved, so have the sentiments of investors seeking good residential investment property opportunities," said Bardan Azari, Chief of Operations for Cherry Picker Investments, a foreclosure buyer service for cash investors in Cook, Lake, Dupage, Kane, Kendall and Will counties.

Based on anecdotal feedback our office is receiving from REO brokers, there is a small but growing trend of investors buying properties that need cosmetic improvements and can be returned to the homebuyer market in less than 60 days.  Obviously the faster an investor can turn a property, the better their percentage return on the investment is.


Michael Hobbs, July 5, 2011

 

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