Seller question: What are bank owned homes chicago and other wholesale properties?
Windy City Cash Buyers buys distressed, abandoned, and bank owned homes in Chicago. We offer fair market fast cash offers on properties in any condition. Our buyer and seller question blog is here to help you navigate the off-market distressed real estate in Chicago. As Chicago’s most trusted buyer of distressed properties in Cook County, IL we offer four decades of knowledge buying and selling fixer uppers for sale.
Today’s question comes from someone who contacted us with a common question about Chicago’s wholesale real estate.
Seller question: “I want to sell my house, but it is in really bad shape. The house hasn’t been lived in for at least ten years, the roof is caving in, and I’m concerned that I will never be able to sell my home. I heard that Windy City Cash Buyers buys houses in any condition in Englewood. Would you buy my house and with all the names floating out there is my home wholesale, off-market, distressed, or an abandoned home? It’s all really confusing for me. I also heard about bank owned homes in Chicago for sale, but don’t know how that works.”
Answer:
Thank you for your questions about distressed houses in Chicago. Windy City Cash Buyers has been buying and selling bank owned homes in Chicago and distressed homes in Chicago’s southside and westside for four decades and would love to provide some insight.
Let’s start with your question: what are bank owned homes in Chicago? Chicago bank owned homes go by a couple names such as foreclosed homes for sale, pre-foreclosures, homes sold at bank auctions, REO homes for sale, and HUD homes for sale. While all of these homes are technically owned by a bank or mortgage lender they do have a few similar and unique definitions.
For example, all of these properties for sale through foreclosure have been reacquired by the lender due to a default on a bank loan. However, some defaults are different from others. When a bank begins the foreclosure procedure, the homeowner still has the opportunity to sell their bank foreclosed home at a price that is agreeable to the lender. These prices are often far below the initial selling price and may even be below the home’s value. If sold prior to a bank foreclosure auction this insures that the lender is compensated for the loan and the homeowner can escape foreclosure.
An REO home stands for real estate-owned property and is a type of property that did not sell as a bank foreclosure auction and is being resold by the lender.
A HUD (Housing and Urban Development) property is a foreclosed property for sale that had originally been purchased with an FHA loan.
However you look at these properties, Windy City Cash Buyers buys foreclosed homes for sale and REO homes for sale, and HUD homes for sale which offer exceptional budget-friendly opportunities for rehabbers buying homes at wholesale prices.
To address the other part of your question regarding wholesale homes for sale, off-market homes for sale, distressed homes for sale, and abandoned homes for sale in Chicago these names are similar as well.
A Chicago distressed home for sale is a broad name which covers any property with damage or neglect. These homes, due to age, Chicago building code violations, abandonment, or major damage are considered distressed homes for sale. Bank owned homes for sale in Chicago can also fall under distressed properties because often bank owned homes have been vacant or neglected prior to and during the foreclosure process.
Wholesale and bargain priced homes are simply homes that are sold at a low price compared to other homes. Homes sold at wholesale prices are done so because they are distressed homes with damage that is often too expensive for the current homeowner to renovate. For rehabbers flipping houses for profit, affordable bargain homes are ideal.
There is a slight difference between abandoned and vacant homes. A vacant home for sale is one which no one lives in. The owners simply vacated the property and left it to its elements. An abandoned home for sale is a vacant property due to foreclosure, bankruptcy, and other financial or legal reasons.
Lastly, off-market homes are simply Chicago houses for sale and Chicago properties for sale that do not have any public advertising. Off market homes can include single-family homes or other properties such as 2 flats for sale, 3 flats for sale, commercial property for sale, and mixed-use property for sale in Chicago. Distressed properties and bank owned homes for sale in Chicago are listed as off-market property due to their real estate niche as a distressed or wholesale home.
As you mentioned, Windy City Cash Buyers pays cash for houses in any condition. Windy City Cash Buyers is looking for homes in Cook County, IL and specializes in buying properties in Chicago’s southside and buying properties in Chicago’s westside neighborhoods.
When a homeowner contacts Windy City Cash Buyers telling us, “I need to sell my house fast!” We understand and can provide a fair market value fast cash offer on your home, multi family property, commercial property, or vacant lot in as fast as 24 hours. For many Chicago houses for sale that means we can close in 7 days. Our fast cash offers are made on homes in as is condition. That means you don’t need to make costly repairs, fix up your property or even mow the lawn. We offer cash for Chicago homes in any condition.
Off market homes for sale in Chicago can be a little complicated with all the jargon and nuances, however, when it comes down to it a bank owned home for sale in Chicago, a distressed home for sale in Chicago, and a wholesale home for sale in Chicago are all just affordable homes desirable to companies flipping houses for profit, someone looking for a handyman special fix and flip, or someone with bad credit and low income who wants to own their own home.
Windy City Cash Buyers wants to pay cash for your house or Chicago property! Contact us today and we can provide you a fast cash offer for your Chicago home in as is condition by tomorrow!