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Old 07-05-2010, 10:16 PM
Location: Chciago
720 posts, read 2,998,043 times
Reputation: 505


I've been doing some searching for a while so I have an idea of what's out there but wondering if anyone has suggestions I havn't thought of.

I can spend about 120k max. Areas I'm looking at would be ideally Naperville or close to Rt 59 Aurora but also open to Bolingbrook and maybe Lisle.

I'm sure some people will say you can't live in these areas for 120k but if you search there's some really good deals on foreclosures desperate sellers. Just recently flipped a property with a buddy that we got for under 100k off of Ogden just outside of Naperville but looking for a place for myself to actually live. I'm in my mid 20's so doesn't have to be a dream home just a starter place. Also, I'm pretty handy so don't mind needing to do some fixing upping as long as it can pass for an FHA loan.

I found a few single family homes near Ogden and Montgomery area. A few more over by Ogden and Middlebury. There's some duplexes near this same area and also near Montgomery and Andover Street or Ogden and Middlebury area.

For Naperville I would be limited to Condo's. If I was going to do a condo probably something near that pebble something street near I88 and Rt 59. I had looked at the ones near Fox Valley Mall but they want $393 for association fees which is crazy.

Bolingbrook is pretty cheap all around. Could get a SFH in Bolingbrook in this price range easy, obviously not in the area near Boughton and Plainfield Rd in naperville schools but some other not so bad areas.

Wondering if anyone has any suggestinos I havn't thought about. I have a dog so SFH or Duplex would be ideal but open to a duplex or townhome. Wondering if anyone knows of any other areas that there's a lot of foreclosuers/short sales and have cheap housing now.

Last edited by jamaicabound60565; 07-05-2010 at 10:25 PM..
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Old 07-10-2010, 03:13 PM
91 posts, read 292,573 times
Reputation: 62
Hey There - you've got access to the same internet that I do - so I wont waste your time telling you HOW to research. Its pretty obvious you have a handle on that. If you're interested in coming a wee bit north - Elgin, & Hanover Park, has a TON of properties well under your max range. But I dont know if the Elgin area suits your life needs ( job/family etc ). The huge Hispanic influx make many turn away from Elgin - but hey they arent going anywhere anytime soon, so if you dont mind that take a look there. The homes will be older - bigger ones will need massive attention because they may have been converted to multi units & smaller homes wont have the layout & conveniences of more than 1 bathroom or bedrooms big enough for a King Bed.

Otherwise I will say that in your hunt for a diamond in the rough - the odds are slightly out of your favor. Not because your desire isnt feasible but simply because the "market will bear" prices that are higher than your max. Desireable burbs like Naperville will almost certainly command a higher price on the homes. Condos may be your best bet there.

Essentially all areas are full of short sale, pre foreclosure & foreclosed properties. The banks have been doing a pretty good job of saying they dont want to hold onto to all this housing inventory BUT can take their sweet sweet time when you show interest. It sounds like in order to get the property you have in mind - it will have to be the result of a "perfect storm" kind of situation. A house that has had absolutely NO OFFERS in 12 months or more + a bank willing to shed this property from their books may get you into the house.

Also TIME is on your side. Patience is a HUGE virtue. If you can wait til winter you may see some amazing deals - I mean I've seen properties listed at prices I'd NEVER thought I''d see in a million years. GOOD LUCK!
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