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Libertyville real estate attorney REO property

As the Chicago region begins to emerge from the lockdown caused by the COVID-19 pandemic, the housing market is flooded with prospective buyers looking to get a great deal on their next home. If you are searching for a new house, family members and friends may have suggested the possibility of buying a foreclosure property. A foreclosure property is real estate—in this case, a home—that is for sale by a lender because the current owner defaulted on the mortgage. Most defaults and foreclosures are caused by a failure to make the required payments.

A foreclosure sale is usually an auction, which means that it is possible to score a great deal, depending on the condition of the property. If a foreclosure property is put up for auction but not sold, the property reverts back to the bank and becomes a “real-estate owned” or REO property.

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Libertyville real estate lawyerOver the last few months, the lockdown and the slow reopening caused by the COVID-19 pandemic forced many families to spend countless days and weeks in close proximity to one another. In many cases, the extra family time has been a blessing. In others, the time together served as a notice that the family home is starting to feel a bit small—or perhaps a little too big. If you are in the latter group, you may be thinking that it is time to start looking for your next home. Or, maybe you were already in the market for a new home before the pandemic started. Either way, now could be a good time to buy a house, despite the challenges presented by the “new normal.”

Is It a Seller’s Market?

Many real estate experts suggest that this vague period of reopening after COVID-19 is shaping up to be a seller’s market in the residential real estate industry. The last few months have offered many would-be sellers the chance to tackle projects that they have been putting off, in some cases, for years. By finishing such projects, prospective sellers have been able to add substantial value to their homes, which is likely to be reflected in the asking price.

Spring and summer are often busy months for home sales, but considering that most of the spring was “lost” to the coronavirus, the number of people looking to buy is higher now than in previous years. This is usually a factor that works in favor of sellers as well. However, a market that is slanted slightly toward sellers does not necessarily mean that buyers are out of luck. It simply means that you will need to be more careful and perhaps a little patient.

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