![]() ![]() Other risks include the fact that you’ll have limited knowledge of the properties for sale. You may have less competition to buy an auction house, but the other potential buyers will be experienced investors. You may be able to get a lower price than an REO multi-unit home. Auction Salesīuying auction homes for sale in Chicago can give you more properties to choose from. Some buyers do choose the auction process, though. Most people choose to purchase an REO property. You can buy distressed multi-family homes in any phase of the foreclosure process. These types of properties need commercial financing. Mixed-use properties, with a store or office on the ground floor and apartments above, are also commercial. Properties with 5 or more units are considered commercial properties. You can generally use the same financing options as for a single-family home. 2 flats and 3 flats fall into this category. Types of Multi-Family HomesĬhicago has two types of multi-family properties: residential and commercial.īuildings with 2 to 4 units are considered residential properties. Veterans and military families may qualify for VA financing.īuying a property below market value means you’re likely to make a large return on your investment when you sell it. ![]() You may also be eligible for special government-sponsored financing like a 203(k) loan or the FreddieMac HomeSteps program. They want to recoup their money as soon as possible, so they’re likely to sell at a lower price.Ī lower purchase price means a lower mortgage payment. Banks don’t want to be in the landlord business. The most obvious advantage of buying foreclosed Chicago apartment buildings for sale is that you get a lower price. An adult child or older parents are under the same roof with you, but everyone has more privacy than in a single-family home. You may choose a smaller multi-unit building as a family building. You can still get rental income from the remaining units. Financing options are better for owner-occupants than for investors. Living in one of the apartments as an owner-occupant has benefits as well. A multi-family home diversifies your portfolio if you have primarily single-family rentals. You’ll gain income from tenants paying rent. Advantages of a Multi-Family HomeĪ multi-family home can be a good investment. You can save money by choosing a foreclosed property. ![]() Investors and owner-occupants can benefit from buying a multi-unit building. Why Buy Foreclosed Multi Family Homes for Sale in Chicago?Ī multi-family home can be a smart real estate purchase for several different types of buyers. Find out more about buying a foreclosure and why you may want to get into the market. The process has some additional steps compared to buying a traditional property, though. If you’re looking for investment opportunities, now could be the right time to look for foreclosed multi-family homes for sale in Chicago.īuying a foreclosed multi-unit building has several benefits. Foreclosed Multi Family Homes for Sale in ChicagoĬhicago had one of the highest foreclosure rates in the US in August 2021. ![]()
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