The foreclosure crisis gave thousands of families harrowing experiences that they would not easily forget, but it also gave thousands of other families opportunities to acquire foreclosed home for sale properties — the beginning of pleasant experiences to cherish.
One of these families is the family of a nurse and a charity association leader who are staying in their Rogers Park condominium in Chicago with their children.
They came to know of a 108-year-old foreclosed home for sale in Evanston, a suburban city north of Chicago where they work and live. The house has five bedrooms, three bathrooms, a one-car garage, a large basement and a big attic. All in all, the structure sits on 3,000 square feet of land.
Among the things that attracted the couple, aside from the age of the foreclosed house, are the hardwood floors, the maple cabinets and other parts of the house which were made of wood. Just being in the house gives them various feelings, but all pleasant.
The foreclosed home for sale in Evanston was listed by the owner, a small mortgage firm in California, at $645,000 – a price definitely out of the family’s range.
But they did not lose hope. The partners know that foreclosed home for sale inventories keep on growing in Chicago and nearby areas. They also know that home prices continue to fall and that banks cannot keep on holding their foreclosure inventories for a long time.
In a recent foreclosure report, Illinois was 11th in a chart of states with the highest foreclosure ratio in relation to number of households in May. One housing unit out of 479 units in the state was hit with a foreclosure action.
In May, based on the same report, nearly 11,000 residential properties in the state received a foreclosure action, such as default notices, notices of trustee sale and notices of foreclosure sale. Out of these over 11,000 properties, almost 3,000 units were already foreclosed.
When the 105-year-old Evanston foreclosed home for sale was offered to buyers through an auction, the couple bid $307,000 and showed the bank their income documents and their pre-approved loan, but their offer was rejected.
After adding $12,000 to their purchase offer, the bank still refused to accept their bid. But when another flood of foreclosure swept the state, the bank relented, called the couple and sold the house for $319,000, less than half of the original $645,000 price.
This family is among Americans who achieved their dreams amidst foreclosed home for sale inventories.
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