The great deals on Chicago properties are out there. It just takes a little digging, a dash of unconventional thinking, and looking beyond traditional real estate listings. If you know where and how to look and how to find great deals on Chicago properties, you really can find those great deals.
MLS Search
Any advice on how to find great deals on Chicago properties should probably start with the Multiple Listing Service, or MLS, which is a collection of property listings from various real estate brokers across the country. But you need to know how to use it to find the great deals.
Finding the great deals with the MLS depends on properly deploying search criteria. Most online real estate search platforms list, by default, “most expensive” first in the yielded search results. What you should do, then, is to set the search criteria to “cheapest first” before running your search. It’s simple, but it works if you do it right.
Foreclosures
Although some people steer clear of them, bank-foreclosed properties can often be worthwhile good deals. You can find out about foreclosures in your area by talking to local real estate agents.
What’s great about foreclosures is that banks are in the business of lending money. They don’t have the interest, time, or resources to become property managers. This means that banks are often willing to negotiate and offer substantial discounts to get a foreclosed property off their hands and the deal off their books.
An added bonus is that the foreclosure process can take a long time, sometimes years, to reach its conclusion. So a foreclosed property, after sitting unoccupied for so long, may often need considerable repairs and/or updating. And this means an even better deal on the price.
Craigslist
Where’s the first place many people go when they want to buy or sell something? Craigslist, of course. And it still works for real estate. You can, of course, use the straight-up method of advertising that you’re looking for real estate to buy within a certain price range or search ads for properties for sale. There is, however, an alternative Craigslist strategy that can be more effective.
Search posts by landlords advertising rental property. Landlording is most often an ongoing hassle and a major headache. So many landlords would be glad to have an opportunity to sell their property and to get out from under all that. When you find these ads, then, call those landlords and explain that you’re not interested in renting, but are looking to buy investment property. While they may not be interested in selling the advertised property, they’ll likely have other properties they do want to sell, usually at a good price.
Driving Around
Now here’s an enjoyable idea concerning how to find great deals on Chicago properties. Just hop in your car and start driving around to locate potential properties in local neighborhoods or maybe in neighboring towns.
What you want to look for are distressed or vacant properties. Once you’ve found some possibilities, you can contact the owners by phone or mail and make an offer. And the great thing here is that these owners, as evidenced by the condition of the properties, are likely to be motivated sellers.
You can, then, probably find what you can afford once you know how to find great deals on Chicago properties. But the fact remains that it’s always a good idea to enlist the help of a qualified real estate professional.