Real estate terminology in Chicago

It is important to understand real estate terminology. Because knowing the difference can save you money. Windy City Cash Buyers has been selling distressed properties in Chicago since the 1980s. We specialize in neighborhoods such as Englewood, Chatham, South Chicago, and West Pullman. Our properties are distressed, neglected, bank-owned, or vacant. But what do these terms actually mean? And why do we put our time and effort into older and outdated homes?

Chicago houses for sale come in a lot of different styles. Frankly, we love the historic value of Chicago homes. There is something special about selling a bank-owned Chicago bungalow. Then watching a rehabber flip houses for a profit. Bring the old to life again is as much a part of our business and staying profitable. 

Here are the common terms when shopping for affordable homes in Chicago. 

Real estate terminology in Chicago

To understand real estate terminology it is best to understand what is the same, similar, and different. Here is a breakdown.

Distressed:

Distressed homes for sale is a broad statement to define a property that falls into multiple categories. Though, when looking for distressed property there are commonalities that you can expect to find. A distressed property for sale likely needs some updating due to neglect often from a lack of money. Distressed homes may include abandoned, neglected, and bank-owned homes for sale.. 

Abandoned and vacant homes:

Abandoned and vacant homes are similar but not the same. Though, as a house buyer, they might be. From Windy City Cash Buyer’s point of view, we can classify them in two different ways. An abandoned home for sale is unoccupied because no one lives at the property and it has become neglected and likely the vegetation is overgrown. A vacant property for sale, by definition, is an abandoned home that was abandoned due to foreclosure or the inability of the occupant to pay the property off or pay taxes on the property. 

The end result is the same and you have a home with no occupants and falling into disrepair. Abandoned homes are a popular type of property to buy from Windy City Cash Buyers because they are unoccupied making them easily accessible and move stuff in, plus they are very affordable. 

Bank owned or foreclosed

Bank-owned and foreclosed properties are the most popular on this list. They provide an inexpensive way to buy a move-in-ready home. Where a distressed or abandoned property might have a lot of rehab work to be completed, a bank-owned house for sale in Chicago may be inexpensive simply because the previous owner couldn’t complete their mortgage. 

Buying a foreclosed or bank-owned house for sale in Chicago is a great opportunity to find distressed and inexpensive single-family homes for sale, 2-flat, 3-flat, and 4-flat properties for sale or more. But before buying a property in Chicago it is important to understand the real estate terminology. You can save thousands of dollars knowing the difference between affordable and unsalvageable.