And Then We Wait ...

As your buyer's agent, I will let you know right upfront that if you would like to make an offer on a foreclosure property - it will take awhile to get a response from the seller.

Each foreclosure sale is unique. I have sold some foreclosure homes in the Northern Illinois area where the negotiating process went fairly quickly.

The other side we are negotiating with is typically a mortgage company or bank and their response comes during business hours only. And usually a response takes several days from when the offer is first presented.

Once a response from the selling side is finally received, they usually want to close in under 45 days.

There are some great deals to be found when buying a foreclosed home. But you need some flexibility as to when you can close on a home and when you need to move.

Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com