Sweet Savings with Chicago Foreclosure Homes

If you live in Illinois then you know Chicago is really the beating heart of America. It's one of the biggest cities in the Union and a center for economic, political, social, and artistic growth in our nation. That makes is very attractive to almost anyone and Chicago foreclosure homes can be a way to get a great place to live.


Chicago has one of the strongest economies in the United States; ranking second in the nation is recent economic studies. The Chicago foreclosure market is being flooded with new foreclosures and the outlook is that this trend will continue for some time to come. Chicago foreclosure homes range in rates from the low end of around $70,000 to the high end of over $1,000,000.

So let's run a hypothetical. You're a struggling writer making a living job to job while trying to get your great work published. You drift into Chicago because you hear that's the place to be if you want your work published. After a few days of looking around you say to yourself that this is where you belong. So you want to buy a house.

So what you do is browse through the Chicago foreclosure listings. Find yourself a nice property, something small because you're an impoverished writer, and make the purchase. Now there are several ways you can do this.

You can use the Chicago bank foreclosures to save yourself some money by purchasing at auction. This will require the least amount down and has the highest potential for savings. On average you can save from 10 to 50% FMV on Chicago foreclosure homes.

There's also something called pre-foreclosure which means you can buy from the defaulting homeowner. While you can't save as much on your Chicago foreclosure homes by taking this route you can cut out the middle man and bargain with the owner, who may cut you a really good deal.

With Chicago foreclosure homes even the broken hearted poet can purchase a home with little capital investment. Roughly speaking you can put down as little as five hundred dollars on a home. That's just a fraction of your publishing advance.

In the final analysis it seems to be the case that Chicago foreclosure homes are advantageous to the destitute artist in that they can help him or her obtain the security of owning a home.