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Kenwood Castle Collapses Into Foreclosure

Granted, most people associated 'south side' foreclosures with Englewood and Roseland and Calumet City, but there is a great diversity in the 'south side' of Chicago.

As previously noted in a post about mansions, there are a notable homes of 7,000 and 8,000 square feet in the Chicago and suburban areas of Lake and Dupage Counties, but there are very few of them in the City, definitely very few of them on the 'south side'.  Jackson Park Highlands and Kenwood are two of the long-established and more desirable neighborhoods south of the city which possess such turn-of-the-century housing stock.  Even Barack Obama resides in the general area.

Today, someone gets the opportunity to snatch this proverbial castle at the foreclosure auction.

4847 S. Woodlawn, Chicago, IL 60615-1919
Zestimate: 1,429,800
Balance due: 1,237,094

4847 Woodlawn

 

 

 

 

 

 

 

 

 

 

It may not LOOK like a castle, but at 116 years old and 8,510 Sq. Ft. of single family home on nearly a 1/2 acre, being a couple blocks from Lake Michigan, it might as well be a castle.  The house sits on a 17,360 SF site, with is nearly 6 times larger than the typical city of Chicago site which is 3,125 SF

Michael Hobbs, September 22, 2011

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Is 5 Acres in Barrington Hills A Big Enough Foreclosure?

How big is big enough?

Today Bardan Azari sent a message saying that it seems that 5 acres isn't big enough.  That is the rough estimate of the acreage of this property in Barrington Hills, Illinois.

Originally purchased in 2007 for $1,270,000 per the MLS, with a mortgage balance of $994,128, Zillow estimates the property is worth less than that.

It seems today, someone is going to get an opportunity to bid well less than the mortgage to potentially acquire this property which has nearly 4,000 SF of living area which was previously updated per the MLS.

14 Spring

14 Spring Lane
Barrington Hills, IL 60010-9008

Original mortgage 996,000
Balance due: 994,128
Zestimate: 457,400

Michael Hobbs, September 21, 2011

Michael

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Long Grove Foreclosure Opportunity

Things that were previously considered a longshot just keep coming up as a short shot.  When was the last time you thought you could buy an aggressively priced property in Long Grove Illinois?  Not recently I imagine.   Today, there is a Long Grove Foreclosure Auction.

3602 Crestview Drive
Long Grove, IL 60047-5231

Mortgage Balance due: $557,468
Zillow estimate: $422,400

Based on the information from Bardan Azari, Manager of Cherry Picker Investments, this property is likely going to be sold for well less than both the Zillow estimate and the Mortgage balance due.


Furthermore, I'm told that most of Long Grove is historic, which is a nice feature.  Long Grove was voted one "Best public places" award by Metropolitan Planning Council in 2009!

Michael Hobbs  September 20, 2011

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Foreclosure rolls through Rolling Meadows

 

To most people, it is pretty easy to go about your daily activity and not experience a foreclosure, but for others that is not the case.

Therefore, for those in Rolling Meadows, it is an interesting opportunity to get access to an entry-level house...how much would you pay for this house?   If you said less than Zillow and less than the mortgage amount due then you were on the right track...one astute real estate investor bought this property for less than half of the outstanding mortgage.  YES, less than half because they were prepared to buy it at the County Foreclosure Auction

"One of the real estate investors got a great deal on this one," said Bardan Azari, manager of Cherry Picker Investments.

3204 Swallow

3204 Swallow Ln
Rolling Meadows, IL 60008
Mortgage Due $217,460

Zillow: $168,000

 

 

 

 

Michael Hobbs  September19, 2011

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Are You Hard Hit? Here's $25,000 To Help

Hardest Hit

What would you do for $25,000?  In this case, you don't have to do anything.  Yet, if something was done to you AND you are a homeowner, then you may just benefit....Now how often do you hear that?

In Illinois, residents that experienced incomes declines of at least 25%, can be provided a 10-year, forgivable loan to get caught up on their delinquent mortgage.

The Illinois Housing Development Authority (IHDA) was approved by Treasury to receive $445,603,557 for Illinois homeowners struggling to meet their mortgage obligations through the Illinois Hardest Hit Program. The program will assist homeowners who have experienced an income reduction due to unemployment or substantial underemployment in two ways: Monthly Mortgage Payment Assistance and Reinstatement Assistance. The assistance allows eligible households to maintain their home while they work to regain employment and financial stability."Borrowers may be currently experiencing an income loss or experienced one in the past that caused them to get behind on their mortgage payments," per the IHDA press release.

Why did Illinois receive these monies:  "States were selected if their unemployment rates were higher than the national average or their home values declined more than 20%," per the IHDA statement.  For those of us around here, unfortunately, real estate values in the Chicago metro-area have fallen 31% since September 2006, according to the S&P/Case-Shiller index.

According to IHDA, you must meet all of the following eligibility requirements to participate in the program: 

Property must be located in Illinois
Households must have a documented income reduction of 25% due to unemployment or underemployment through no fault of their own
Household income must be at or below 120% of the area median income
Principal loan balance must not be more than $500,000
Household liquid assets cannot exceed 3 months of mortgage payments
Property must be the primary and only residence of all borrowers/owners
Property can be a 1-4 unit building, providing the household resides in one unit
Homeowners must carry a fixed or adjustable rate loan.  Interest-only or negative amortization loans are not acceptable
Current servicer of the mortgage must agree to accept payments
Applicant(s) must not have been convicted of a mortgage-related felony in the last ten years
Available HHF assistance is sufficient to cure the delinquency and make required forward payments, if necessary to satisfy program guidelines.

The full list of qualifications can be found at: https://www.illinoishardesthit.org/


Hope this information is helpful!
Michael Hobbs

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1727 Greenleaf, Evanston Foreclosure

 

Like weeds in a garden, these foreclosures are just popping up everywhere.  This time a foreclosure in Evanston, Illinois.

 

1727 Greenleaf

"In our opinion, this was a great purchase by one of our savvy investors for $123,500 which was more than 2/3 off the assessed value," said Bardan Azari, manager of Cherry Picker Investments.

Cook County Assessor 2011 Assessed Value is 335,230

Zillow says $235,300

Last Listed on the MLS 06666457 for $315,000 a couple years ago, comments noted: "SPACIOUS BRICK FAMILY HOME LARGE EATIN KITCHEN WITH NEW COOK TOP AND OVEN. FULL BASEMENT WITH RECREATION ROOM AND 2 BEDROOMS. WALKING DISTANCE TO WASHINGTON SCHOOL AND CROWN PARK. IDEAL HOME FOR THE LARGE FAMILY. NEAR BUS STOP. MUST SEE TO APPRECIATE."

 

No matter how you slice it, based on the numbers and the prior photo, the investment in a cook county foreclosure looks appealing.  This purchase may have been so good that the land value equaled the purchase price and the house could have been free.

 

Michael Hobbs, September 17, 2011

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Glenview Illinois Foreclosure Opportunity



How often do you get to bid on a foreclosure in Glenview, Illinois?  That's right.  Not very often!

Grab your coat, iit is time to go for a drive and check out your next potential single family home.

Here's your opportunity:

Glenview

 

 

 

 

 

 

 

 

4146 Miller
Glenview, IL 60025

04-20-202-007-0000

Land Square Footage
9,975
Building Square Footage
2,827

Cook County Assessor:  509,996

Zillow: $503,500

Mortgage: $363,135

Michael Hobbs September 16, 2011

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Bye Bye FDIC

 

Just saw the announcement in Crain's that "The Federal Deposit Insurance Corp. Wednesday announced it will close its temporary Schaumburg office, dedicated to managing the Midwest's numerous bank failures, earlier than it had planned."

So, does that mean there will be no more Chicago bank failures?  No

So, does that mean there will be no more Chicago foreclosures? No

So, does that mean there will be no more Chicago distressed properties? No

What it does mean, is that the heaviest lifting of bank failure workouts is dissipating.  “Based on ongoing workload analysis and in recognition of the signs of the improving health of the banking industry in the Midwest, the FDIC has determined that the current and projected workload of the temporary office can be reabsorbed by staff in permanent FDIC offices,” the agency said in a news release.

 

Michael Hobbs September 16, 2011

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