South side foreclosed houses Chicago and how they become foreclosed

Windy City Cash Buyers is the Windy City’s most trusted seller of distressed houses for sale and vacant houses for sale in Chicago, IL. We have been selling properties such as 2 flat, 3 flat, and 4 flat multi-unit buildings, single family homes, and mixed use property for nearly 40 years. 

Today we’d like to talk about south side foreclosed houses Chicago rehabbers fix and flip for profit. More so, we’d like to talk about how Chicago foreclosed houses for sale become foreclosed and why foreclosed houses are bargain buys. 

For starters, Windy City Cash Buyers has south side foreclosed houses for sale in Chicago neighborhoods like Englewood, Back of the Yards, Canaryville, and South Shore. South side foreclosed houses for sale are often distressed homes, some of which need basic upgrades, and some which have significant Chicago building code violations. 

Chicago south side foreclosures, in short, are homes which the previous owner was unable to fulfill their mortgage or lending agreement. For many of these homes, the foreclosure process results in the new buyer paying off the remaining balance of the south side foreclosed house. This results in the ability to buy houses at wholesale prices. 

So, why do houses go into foreclosure? Here are a few examples:

Foreclosure due to job or income loss

Probably the most common reason southside foreclosures in Chicago occur is that the homeowner loses a job or their income. With fluctuating job markets many homeowners don’t know when they will have a stable income. Some homeowners will attempt to continue to make payments, while other homeowners decide that it is easier to simply go into foreclosure and leave their Chicago property foreclosed. 

Foreclosure due to medical bills and credit cards

While many people think that lack of income is the only reason for foreclosure, the reality is that there are dozens of reasons why Chicago foreclosures occur. Every year thousands of people find that their medical bills and credit card bills have become too much to manage while also having a mortgage. While there is likely an attempt to sell their houses for sale, real estate can be finicky, resulting in a foreclosure process if the home for sale does not sell. 

Job transfer

Leaving the city? For many people who need to move out of Chicago for a new job, having a home for sale in Chicago and a rental property in another city can be daunting. Many people choose to go into foreclosure rather than pay on a house they are not living in and are having difficulty selling for the amount they need. 

Divorce

Divorce is another culprit for south side foreclosed homes in Chicago. Whether two payments dropped to one after the divorce, or both parties argue over who is responsible for payment, divorces are a leading reason for foreclosures in Chicago, IL south side. 

Buying south side foreclosures for sale, Chicago, are a great way to find homes for wholesale prices. Windy City Cash Buyers has been selling foreclosures for sale, distressed houses for sale, and vacant properties for sale in Chicago for four decades. Are you a rehabber flipping houses for profit? Are you a handyman looking for a cheap fixer upper in Chicago? Contact Windy City Cash Buyers today!