Discounted Chicago property doesn’t have to be elusive. If you know where to look, finding great deals on local real estate can be easy! By knowing the right people and utilizing our tips below, you be able to find high quality, discounted property in Chicago!
Look For Off-Market Properties
The best deals aren’t listed on the MLS. You will need to do some investigating to find the best off-market properties. Networking and making industry connections will help you gain local market insight and knowledge. Join investment oriented networking groups and partner with other investors to share deals. Be very vocal about your quest to invest, let the people you meet on a day-to-day basis know of your intent to buy. You might meet someone who is thinking about selling and you will be able to work with them before they employ the help of an expensive agent. Transactions completed between a buyer and seller, without a middle-man, will save everyone time and money.
Look For Older Listings
The listings that have been sitting on the MLS for 4 months are probably owned by more motivated sellers. Once a seller comes to the realization their house might not sell at all, they will likely reduce the price. Always study these properties carefully and understand why they haven’t sold previously. Maybe the issues are purely cosmetic and you will be able to buy a high quality, discounted house at a great price in Chicago. Other times the house may have larger problems, and there is a good reason why nobody has purchased the house in the past.
Buy From A Pro
Buying a house from a professional seller is an excellent way to find a high quality, discounted property in Chicago. When you work with a professional home seller such as Chicago Property Deals, you will save time and money. As direct sellers, we provide great deals by eliminating commissions and marketing costs. We save money by selling the property direct and pass the saving on to you.
Foreclosures, short sales, and government-owned homes all have the potential to be purchased at a discounted price. You can find great deals with these types of homes, but you can also find some real duds too. If you opt to purchase a distressed property, make sure you have done your research on the home. Understand the bidding process and what will be required of you in order to close. Keep in mind, the home may be damaged and the appliances and anything of value has likely been removed.
Approach Homeowners Directly
This strategy takes a bit more courage and formality. If you discover a house you are interested in, and it seems as if the current owner is absent or apathetic about the property, consider reaching out to them on your own. Most ownership information is public record and can be accessed via the county’s property appraiser website. Write a letter to the owner expressing your interest and admiration for the property. Receiving a letter such as this has the potential to feel like an invasion of privacy, so tread lightly. Be very professional and courteous, dropping the issue if they decline or fail to respond. A homeowner never wants to feel as if they are being harassed. If you don’t get the answer you are looking for, move on to the next property. By being persistent, you are bound to find a high quality, discounted property in Chicago!