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I was checking the MLS for a client tonight that is specifically looking for pre-foreclosure or foreclosed houses in Plainfield IL. I was surprised by how many newly listed single family homes I found under $200,000 on the market tonight.  I keep close tabs on the market in Plainfield IL, but recently there have been quite a few drastic price reductions on bank owned (otherwise known as REO’s) and pre-foreclosure listings in Plainfield IL in the last 2 weeks.

The difference between the kind of homes that were foreclosed on 5-6 years ago and the homes that are bank owned in Plainfield today, is that owners in this market are taking their belongings and walking away. 

In the past, the interior or Plainfield IL foreclosed homes were damaged and destroyed by the previous owner out of anger and frustration from their situation.  Today, owners are simply throwing their hands up and waving the white flag.  Most of these owners have tried to sell their Plainfield IL homes by doing a short sale, but simply ran out of time to find a buyer before the auction date.

Many foreclosed homes in Plainfield IL are in excellent condition and are simply in need of minor cosmetic repair.  New carpet, paint, and possibly some new appliances will make them as good as new and are a relatively quick fix and relatively low cost repair.

Don’t get me wrong though… there are some extremely beat up, dirty, smelly, nasty, abused homes out there!  Trust me, you don’t want to see one of those on a hot summer day!  (Not on a full stomach anyway ;)  I have invested in foreclosed homes in Plainfield IL for the last 2 years.  I know what to look for, and I know what makes buying Plainfield IL foreclosures a great deal as both as an owner occupied property, as well as for an investor.

I know investors are looking to purchase at 60-70% equity positions and that owner occupied buyers want to protect their new home purchase from the current predicted rate of depreciation of 15-20% over the next 3 years.

Don’t leave your next home purchase to chance.  Call me at 630-673-6233 to find out what purchasing at the right price can do to leverage your position of equity in your new Plainfield and Naperville IL home.

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Julie Ferenzi | Realtor®
Plainfield and Naperville IL Homes
630-673-6233