I am a complete newbie when it comes to buying/searching for foreclosures. Up front... I am looking to buy a place in Chicago to live in- obviously I'm aware of the investment potentials but this is not my primary goal.

I am self employed and make a living but have never believed I would be able to afford a condo in chicago on my income. A friend told me to start looking at foreclosures and I have been amazed at whats out there in the current market.

I have a real estate agent but they don't specialize in foreclosures... I haven't found anyone who does in Chicago metro. So I get my daily listing from my agent, search various website including zillo, foreclosures.com, truilia etc...

The problem is when something pops up that I'm interested in either the listing agent doesn't respond to requests to view the property at all, or by the time I get the listing there are already multiple offers.

I have made an offer on one property and didnt' get it. I am looking at properties under $25K. I know my options are limited but thats all the cash I have.

Am I being completely delusional thinking I'll getting anything livable for that price? I don't expect the taj mahal and I'm willing to live in some of the less popular areas. But, I am looking for something that I can move into.

I feel like if I can just get the listings earlier or find someone who lists a lot of foreclosures I'll have a better chance.

Can someone give me advice on what else I should be doing?

Thanks
Mark

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 Tags: foreclosure, buying, first time home buyer

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0 votes

   July 12, 2010

I have a feeling your agent doesn't really want to waste the time for $25,000. Visit the HUD site for your area to find foreclosures.