Preforclosure - Chicago western suburbs

[Cara Jensen]

I am interested in preforclosures but am researching and finding mixed information. I am specifically looking at properties in the Chicagoland area - western suburbs. Are these good to pursue or not? Also, how do you find out if they are definitely pre-forclosure? I was reading that Zillow is not reliable for this information. Lastly, do we need a realtor for these types of purchase? Or just a good lawyer? Thank you in advance. 

[John Warren]

@Jonathan Klemm thanks for the shoutout. @Cara Jensen pre foreclosures are probably a waste of your time unless you have a LONG time horizon.  I would guess that a new foreclosure today won't hit the market for a year or more. The other thing is that the vast majority of folks who are having financial trouble right now might actually have equity. I am listing several single family homes right now in the western burbs, and all of the owners have way more equity than they realized due to how much the market has appreciated this year. 

I would focus more on connecting with agents, wholesalers and attorneys if you want to find good deals. Agents can help with the MLS side of thing as well as pocket listings, wholesalers can send off market deals and attorneys connect all the dots.