I need some help (Naperville, Bolingbrook: foreclosures, credit, lenders)

[cynicalkat]

I live in an undesirable part of bolingbrook, and am soo ready to move. it'd be great to stay here, but I don't think it'll happen. I am really concerned about the neighborhoods, schools, and trip to work. my husband works in Elk Grove village, I work in Evergreen Park, we would like to live no farther north than North Avenue, no further south than Lemont, no further east than at the very edge of 294, and no further west than bolingbrook/naperville. I can't afford much, mid 200's at best. I know that some may see this an scoff, but seriously I am trying my best and could use any help I can get. we had experianced some hardships last year (job loss an extremly ill child) so no negative comments please, and I appreciate any help!

[OakBrookMom]

You still have some very desirable areas that you could afford if you are willing to consider certain options. The first being homes without basements. Very good pockets of Lisle Naperville Wheaton & Downers offer single family options but you have to try to get a good lot and as many upgrades, especially to mechanicals because since you are buying in higher end areas you have to realize that your home may wind up being a teardown no matter how cute the next time it hits market so you don't want to sink too much into these homes. I know of one or two in each of those areas that meet this criteria.
The second options are really nice, newer townhomes that tend to hold their value and appreciate better than starter homes in areas surrounded by starter homes. There are a few pockets in Darien, Downers and especially Naperville (there are a few very nice 3BR 2.1BA ones in Naperville just east of Route 59 between 87th & 104th - there's one in Rose Hill Farm I like) With a townhome should get items that you won't get in a single family in your price range in the same area such as more baths including a master bath, a better layout, nicer kitchen, more upscale areas and a newer structure built to today's building codes.
There are sections of Woodridge where you can get lucky at the 250K mark but you really have to be willing to spend almost your entire budget to get a home that doesn't need major updates and work. The townhome stock under 250K is not something I would consider, I would try for a home if that is where you decide to look.
All that being said, I don't have to tell you that not all of Bolingbrook would be a bad investment but there are some parts that are.
You do have options and it is such a great time to be a buyer that you can get into an area that you wouldn't be able to touch 2 years ago. Lenders will be tightening their purse strings and will start to require more down, better credit, lower risk borrowers as the slump continues and their losses due to foreclosures grow. So investigate your options and make the move if you are financially able to do so.