This Condo Preforeclosure is located at Bay Colony Dr # 484, Des Plaines, IL 60016. It has This property is currently in pre-foreclosure .
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This condo property is available as a preforeclosure at Bay Colony Dr # 484. Based on our analysis of the current market conditions in Des Plaines for Bay Colony Dr # 484 and comparable listings, the estimated market value is still being calculated. If purchased for rental purposes, this property might present an opportunity to make monthly rental income. The rental value will be updated on this listing soon. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Bay Colony Dr # 484 are updated daily along with others in Des Plaines, Illinois. Since this property is a preforeclosure, check out our Foreclosure Timeline for Bay Colony Dr # 484 below to see helpful information about this listing.
Not in Foreclosure
The property located at Bay Colony Dr # 484 in Des Plaines, IL is listed as a PreforeclosureThe process of preforelcosure with properties like Bay Colony Dr # 484 in Des Plaines, Illinois begin when a lender first notifies a borrower that his or her loan payments are behind. If a borrower has no other means to bring the payments up to date, he or she is far better served to sell the property as soon as possible before it falls into foreclosure.
Preforeclosure status means the owner of the property has defaulted on his mortgage obligation and the lender is taking steps to foreclose on the loan and take possession of the property. This situation places the property owner and the lender in a disadvantaged position. But it may not be too late for the property owner to work things out with his lender. At the same time the lender may be interested in allowing a short sale (sale of the property for less than the amount owed) just to avoid the costly process of foreclosure on the loan, and then the expense of marketing the property. That leaves open the opportunity for a real estate investor to come in and solve the problem for both parties.
Steps as you search for your pre-foreclosure property:
Property owners and lenders are both in awkward positions when a loan goes into default. The property owner would like to avoid the foreclosure as it will have very negative consequences for his credit, and can severely limit his chances to obtain credit for a long time into the future. The lender knows it will probably be taking a loss because, if the property was worth the debt on it, the owner probably would have already sold it to avoid the foreclosure. Short sales are very common in pre-foreclosure situations and this leaves the door open for opportunities for you as the lucky real estate investor.
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