I want to learn the process of buying a foreclosure

[Ahmer Zaidi]

Hi,

I'm looking for an experienced investor familiar with purchasing pre-foreclosure or foreclosure properties.  The internet hasn't been helpful in providing information to find and buy them.  I see too many websites offing a list for cash.  If you're in the Chicagoland area, I would love to get together, network and learn from you.

Thanks,

Ahmer

[Patrice Boenzi]

@Ahmer Zaidi a pre-foreclosure would be a short sale and a foreclosed property is bank owned, as you know. I am Realtor and you buy foreclosed properties like you would any other property except for the banks will not pay for the survey, tax are prorated at 100% instead of 105% or 110% (depending on where the property is located), sale is As-Is. Short sales are purchased the same way, but you would want to make sure the side representing the short sale property has an experienced team and you use an attorney (Illinois is an attorney-driven state) that know what they are doing regarding short sales so you do not spend money you do not need to and you can get out of the contract if the process drags too long.  Good Luck!