In 2024, Illinois had one of the highest foreclosure rates in the United States. As a whole, the United States is seeing a rise in foreclosures, though it is nowhere near as bad as the recession of 2008. If you are in the market to buy a home, you might have seen listings for properties that are foreclosed and possibly being sold below market value. However, foreclosures are very different from normal real estate transactions, so it is important to know your risks before moving forward. Essentially, foreclosure is when someone defaults on their mortgage and the bank ends up repossessing the property. Therefore, when buying a property in foreclosure, the seller is the bank, not an individual. Unlike an individual, who can make certain representations about the property and has knowledge of its ins, outs, and problems, the bank really knows nothing about the physical condition of the property. … read more →
