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4 Units For Less Than The Price Of A New Car!

So, in this case, if you said you would pay less than $10,000 per unit...then you would be the new owner of this building....this building went to auction at $30,000 which is approximately 1/10th of the zillow and cook county assessor assessed value.  wow that is less than the price of most new cars.


Burley
9040 S. Burley Chicago
PIN: 26-06-227-032-0000
Multi-unit - 4 units
Balance due: 313,365
Zestimate: 262,200

Assessed Value: 196150
Land SF: 3,250
Building SF: 5,238
Description: 3 Story
Taxcode: 70022
Tax Class: 2-11

Get Your Cash Ready for the next foreclosure auction opportunity!

Michael Hobbs, September 15, 2011

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Investment Opportunity of the Day by Cherry Picker for September 14, 2011

So, how much would you pay for a 4 unit building? 
Would you think differently if it was a real estate foreclosure in Chicago?
Would you pay even less than the Zillow Estimate of Value?
Would you pay even less than the County Assessor's assessed value?

Would you pay half of Zillow?  Would you pay even $10,000 to $20,000 per unit?
Possibly here is your chance to bid and win a Multi-unit Foreclosure property in Chicago:

Burley
9040 S. Burley Chicago
PIN: 26-06-227-032-0000
Multi-unit - 4 units
Balance due: 313,365
Zestimate: 262,200

Assessed Value: 196150
Land SF: 3,250
Building SF: 5,238
Description: 3 Story
Taxcode: 70022
Tax Class: 2-11

Real Estate Buyers & Investors, Get Your Cash Ready!

Michael Hobbs, September 14, 2011

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Dupage County Foreclosure Investment Highlights For September 5 - 9, 2011

Dupage County Foreclosure

With the kids back in school, there was a lot more attention on Dupage foreclosure real estate investing opportunities in Chicago and the surrounding suburbs of Dupage County including Woodridge, Lisle, Westmont and Lombard.   At the foreclosure auctions in Dupage County, an increasing number of properties were brought to sale but most went back to the lender / bank because they opened the bidding at the amount of the full debt owned by the defaulted homeowner.

Cherry Picker Investments has an unvrivaled and proprietary database which identifies all distressed properties in the metro Chicago areas, including Cook County, Lake County, Dupage County, Kendall County, Kane County, McHenry County and Will County.  Because these properties are distressed (notice of foreclosure has been filed), most of them eventually end up at a foreclosure auction.  Because the volume of properties is so great, it is very difficult to track all activity.  To address this challenge, Cherry Picker developed its own database to deal with the volume of data coming available every day.  Due to the huge backlog of foreclosure cases, the immense volume of data to track, as well as the unseemingly never-ending judicial process of foreclosure in Illinois, Cherry Picker Investment clients benefit by sorting through all of the clutter to identify the best real estate that meets their investment criteria to bid on and own.

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. These properties are not short-sales and they are not deed-in-lieu of foreclosure situations. Once the property is returned to the bank / lender, then the property typically gets listed by the bank's designated Realtor(s) as an REO / Bank-owned MLS listing.

Granted, this is not a market for beginning investors or inexperienced real estate professionals.  Yet for the experienced, cash-ready investors, foreclosure buying is an excellent strategy to employ alongside working with an experienced Realtor for properties they find on the MLS and in the private market (such as short sale, bank-owned, and estate sales).

"We definitely saw an uptick in foreclosure interest now that the children are back in school.  This is quite typical at this time of the year because banks and lenders also start focusing on fixing their balance sheet for year end," said Bardan Azari, Cherry Picker Investments.

Foreclosure Investing Success in Dupage County for September 5  - 9, 2011:

DuPage County:
225 Quincy, Westmont
2687 Normandy, Lisle
333 Greenfield, Lombard
1441 Talcott, Woodridge

 

Michael Hobbs September 13, 2011

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Cook County Foreclosure Investment Highlights For September 5 - 9, 2011

Cook County Foreclosure

With the kids back in school, there was a lot more attention on chicago foreclosure real estate investing opportunities in Chicago and the surrounding suburbs in Cook County.  including Prospect Heights, Des Plaines, Oak Lawn, Streamwood and Chicago neighborhoods:  Portage Park, Belmont Cragin, Austin, and Montclare.  At the foreclosure auctions in Cook County, an increasing number of properties were brought to sale but most went back to the lender / bank because they opened the bidding at the amount of the full debt owned by the defaulted homeowner.

Cherry Picker Investments has an unvrivaled and proprietary database which identifies all distressed properties in the metro Chicago areas, including Cook County, Lake County, Dupage County, Kendall County, Kane County, McHenry County and Will County.  Because these properties are distressed (notice of foreclosure has been filed), most of them eventually end up at a foreclosure auction.  Because the volume of properties is so great, it is very difficult to track all activity.  To address this challenge, Cherry Picker developed its own database to deal with the volume of data coming available every day.  Due to the huge backlog of foreclosure cases, the immense volume of data to track, as well as the unseemingly never-ending judicial process of foreclosure in Illinois, Cherry Picker Investment clients benefit by sorting through all of the clutter to identify the best real estate that meets their investment criteria to bid on and own.

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. These properties are not short-sales and they are not deed-in-lieu of foreclosure situations. Once the property is returned to the bank / lender, then the property typically gets listed by the bank's designated Realtor(s) as an REO / Bank-owned MLS listing.

Granted, this is not a market for beginning investors or inexperienced real estate professionals.  Yet for the experienced, cash-ready investors, foreclosure buying is an excellent strategy to employ alongside working with an experienced Realtor for properties they find on the MLS and in the private market (such as short sale, bank-owned, and estate sales).

"We definitely saw an uptick in foreclosure interest now that the children are back in school.  This is quite typical at this time of the year because banks and lenders also start focusing on fixing their balance sheet for year end," said Bardan Azari, Cherry Picker Investments.

Foreclosure Investing Success in Cook County for September 5  - 9, 2011:

1349 N. Lawndale, Austin
4921 W. 109th #301, Oak Lawn
5511 W. Gladys, Austin
2013 Duxbury, Streamwood
2243 W. Rosemont #1, Rogers Park
4853 N. Springfield #1, Portage Park
1000 Bayside #210, Palatine
870 Old Willow #153, Prospect Heights
2321 N. Oak Park #102, Montclare / Belmont Cragin


Michael Hobbs September 12, 2011

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Fed Says Lending Easing As Long As It's Not Real Estate Related

FRB

The Fed recently released their July 2011 Senior Loan Officer Opinion Survey on Bank Lending Practices.  "The survey indicated that, on net, banks continued to ease lending standards and most terms on all major types of loans other than loans secured by real estate over the past three months."

 

So, what does that mean?  It means if you are trying to buy real estate, you better find a hard money lender or get someone with cash to lend it to you.  Otherwise, you are OUT of LUCK!

Michael Hobbs  September 8, 2011

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Foreclosure Investing Highlights For 8/29/11 - 9/2/11

For those that didn't depart for early vacation, there were real estate investing opportunities in Chicago and the surrounding suburbs of Arlington Heights, Prospect Heights, Des Plaines and Schaumburg.  At the foreclosure auctions in Cook, Lake and Dupage Counties, numerous properties were brought to sale but most went back to the lender / bank.

Cherry Picker Investments has an unvrivaled and proprietary database which identifies all distressed properties in the metro Chicago areas, including Cook County, Lake County, Dupage County, Kendall County, Kane County, McHenry County and Will County.  Because these properties are distressed (notice of foreclosure has been filed), most of them eventually end up at a foreclosure auction.  Because the volume of properties is so great, it is very difficult to track all activity.  To address this challenge, Cherry Picker developed its own database to deal with the volume of data coming available every day.  Due to the huge backlog of foreclosure cases, the immense volume of data to track, as well as the unseemingly never-ending judicial process of foreclosure in Illinois, Cherry Picker Investment clients benefit by sorting through all of the clutter to identify the best real estate that meets their investment criteria to bid on and own.

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. These properties are not short-sales and they are not deed-in-lieu of foreclosure situations. Once the property is returned to the bank / lender, then the property typically gets listed by the bank's designated Realtor(s) as an REO / Bank-owned MLS listing.

Granted, this is not a market for beginning investors or inexperienced real estate professionals.  Yet for the experienced, cash-ready investors, foreclosure buying is an excellent strategy to employ alongside working with an experienced Realtor for properties they find on the MLS and in the private market (such as short sale, bank-owned, and estate sales).

"The past week has been quite a slow down compared to the prior month, but that is to be expected in a week leading up to a holiday weekend.  Our forecast is for the pace of auction sales to resume in the coming weeks through the end of the year as banks look to right-size their balance sheets and shed distressed assets," said Bardan Azari, Cherry Picker Investments.

Foreclosure Investing Success for 8/29 - 9/2/11:

2218 S. Goebbert #387, Arlington Heights
828 McIntosh, Prospect Heights #203
9983 Linda Lane #GW, Des Plaines
211 Wickam, Schaumburg

Michael Hobbs September 7, 2011

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Is That A Sputtering Sound I Hear? Or Just The Housing Market?

denied

As you return from the extended holiday weekend, there's new data to greet you.  Pending home sales indicate that housing is struggling to recover.  Last month’s decline in pending home sales is continued indication that housing is not recovering and access to credit and lack of sustained job creation are leading causes.

Lawrence Yun, NAR chief economist, said sales activity is not what it used to be. “It is now a question of lending standards and consumers having the necessary confidence to enter the market.  The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy,” he said.

Pending home sales were down 1.3 percent in July. The West was the only region to not see a decline for the month rising 3.6 percent over last month’s numbers.

What does this mean for investors?  More opportunities will be coming to acquire real estate at current level or lower price points.

Michael Hobbs   September 6, 2011

 

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Up, Up, & Away...Mortgage Delinquencies Increase to 599 Days

upward

Look, it's a bird, it's a plane, NO!  it's the mortgage delinquency pace hitting 599 days.

Yep, that's the facts according to Lender Processing Services (LPS).  In case you have your head in the sand, it is not good and it is not improving in Illinois.  The average mortgage loan in foreclosure has been delinquent for 599 days.  Per LPS, there are 2.2 million loans in foreclosure and 1.9 million were over 90 days past due.

An interesting statistic, LPS indicated that 38% of foreclosure filings were repeat filers. Additionally, 12.45% of all outstanding mortgages were not current.

In states with judicial foreclosure processes, like Florida and Illinois, the foreclosure and delinquent pipeline that is 3 times greater than non-judicial states.  What does this mean?  It means foreclosures are going to be around for a while...we're not talking this presidency.  we're not talking the next presidency...we're talking the following presidency term....now that's a long time.  You could go to college and law school and finish up before this foreclosure mess conceivably wrap sup.

One minor positive sign: first time foreclosures have dropped to their lowest level in 3 years.

Well the national holiday is upon us and yes,'the sun will come out tomorrow'...I just don't have any idea when that tomorrow will show up.  Do you?

Michael Hobbs, September 2, 2011

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