Common F.R.O.C. Questions
Common Subscription Questions
1. What information is in the book ?
Our Foreclosure Report of Chicago book includes location, current owner(s), Foreclosure lender's attorney& phone number, The original Indebt ness w/ year of mortgage , type of mortgage, document number, balance due, per diem, case number, prior mortgages, sale date, subsequent encumbrances, sheriff sale number, P.I.N. number and payments due.
2. What does the book include?
Our F.R.O.C. book includes the seven county foreclosure report.
3. What is the difference between the book and e-mail?
Our book is a hard copy of our database report our e-mail is an attached database file.
4. Do you offer any other reports?
Yes we offer monthly tax foreclosure reports as well as monthly R.E.O. reports.
Common Foreclosure Questions
1. How long does it take for a property to go to sale?
Generally it takes 6-7 months for a property to go to sale after Lis Pendens.
2. What is pre-foreclosure?
Pre-foreclosure is when a property owner has defaulted on three or more mortgage payments and the lender has initiated the foreclosure proceedings.
3. How do I buy a pre-foreclosure?
You must submit a contract directly with the owners since the pre-foreclosed property still belongs to them.
4. What is an auction property?
An auction property is a property that is going to or has gone to public auction.
5. How do I buy a auction property?
You must pre-qualify with the lender's attorney before placing a bid. The lenders attorney will start the bidding at a specified minimum amount and will continue to solicit bids until the winning bidder is determined.
How to invest in foreclosures
If there is one thing that you can count on, the foreclosure deal is not the easiest one. But if you approach it with confidence and a system for attending to the details foreclosure investment can be one of the most profitable endeavors you'll ever be involved with. The most important factor to successful foreclosure investment is reliable and accurate information sources . that is why Foreclosure Report Of Chicago is such a vital service to those in the business of making money with foreclosures . Let us do your research so that you can spend your time on making deals happen. We can even do a preliminary title report for you.
Since Illinois foreclosure laws provide for a quiet a bit of "pre-foreclosure" time (typically at least 7 months between the Lis Pendens and the sale) many individuals work directly with homeowners. During this time real estate brokers will find leads to new listings , short sales and quick sales C & D lenders will approach property owners who have some equity and are in the market for a new mortgage ; investors can obtain property below market without having to use cash for the transaction , credit repair companies have a huge list of new potential clients ; and individuals in the market for a home can approach homeowners directly to purchase their property by mortgage assumption , cash for equity or short sale . We have found that many of the best deals are transacted at this stage.
Keep in mind that during this pre-foreclosure stage any contact made with the foreclosing lender (aside from a note sale ) has to be done with the authorization of the homeowners. Even though they are in default , they are still the property owners. Therefore, if you are not the type to work with individuals who are struggling , then bidding at auction or pursuing R.E.O. (Real Estate Owned) property is a better approach for you. Any readily available financial source (accessible within 24 hours) will work for bidding at sale. Remember that this does not always have to be your own money. We can sometimes help get prospectors connected with investors for cooperative bidding at foreclosure sale. Give John a call at 847-842-9200 if you would like to get some advice on how to get your deal financed quickly . R.E.O. properties can sometimes be obtained with a mortgage . If your approved for a mortgage and are interested in a bank owned property you can approach the lender directly , or through their attorney , with your offer.
Foreclosure Report Of Chicago prides itself in its accuracy and timeliness. We are the best source for complete foreclosure information in the city of Chicago and surrounding suburbs . We include the entire view of the foreclosure not just the initial filing. Since we have been involved in real estate for 25 years , our experience can always be an asset on those difficult deals.
