Chicago foreclosure homes are the most affordable investment you can get to make in the vibrant city of Chicago. This city has a lot of commercial properties that are flooding the foreclosure market. If you are trying to build a multi complex, acquiring a land, constructing the building and installing all the facilities would take you a lot of time and would drain away all your savings. By buying a commercial foreclosure property, you get the property at the lowest price possible with all the facilities incorporated and in no time you acquire the equity. Also most of the commercial foreclosures are government or bank owned foreclosures. So you can be relieved that you are making a safe investment.
Chicago has a wide range of properties which cater to the housing needs of various kinds of people. While single family entities can choose from about 4000 properties which have 1000 square feet, there are 3000 properties with square feet greater than 2600 units that multifamily entities can look up to for investing.
The single family homes can be bought from the HUD (department of Housing and Urban Development). To acquire a HUD home, submit a bid amount through a real estate agent. The HUD collects all the bids and opens them after a specified period of time and the bidder who has proposed the highest amount will get the title cleared for him. There are some times when the HUD is not satisfied with any of the proposals. If you encounter such a case, then submit a reasonable bid amount. The incoming bids are instantly opened and if yours satisfy them, you get the property. These proposals are very rare to be rejected. To buy a multifamily property, go for the foreclosures sold by the Department of Veteran Affairs. By buying these properties, you are greatly benefited as you get to pay low insurance costs and low interest amounts.
Bank owned foreclosures can be bought by two means – short sale and REOs. Most of the banks reject the offer for a short sale but invest in renovation and sell the same property for 50% of the market price. Thus both are favorable platforms for buying Chicago foreclosure homes.
Author Resource:-> Original Post: Chicago foreclosure home: Get to make cheap commercial and safe residential investments on FreeForeclosuresSale.com.
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