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Buying Distressed Properties in the Chicagoland Market

When you are buying or acquiring real estate that is in turn-key condition or is in need of moderate to aggressive rehabilitation, there are some important factors you need to consider. In today’s market, there are various types of homes for sale; homes that are priced on the high-end, homes that are priced on the low-end, and everything in-between.

Many times the prices of those properties are based on its condition. A home that has been meticulously taken care of will sell on the high-end of the market, while other properties are in need of:

• Modest adjustments like paint and carpet
• Aggressive renovations like a new kitchen or bathroom

Distressed properties can be enticing to consumers due to their incredibly low prices, however these purchases usually have habitability issues. These are big-ticket items, like a roof, that must be repaired prior to moving in. Most investors and rehabbers are typically looking for homes that fit this price and condition.

In today’s market, I have frequently encountered the challenge of finding a good investment property that also suits the needs of a buyer’s family. Depending how handy you are and how big of project you are willing to undertake will determine what type property you will purchase. With a variety of homes for sale, there are many ways to obtain these properties – I am willing to educate you whether you intend to use cash or take out a Rehab Loan. 

Feel free to reach out to me if you have any questions. Have a great day!