This Single-Family Preforeclosure is located at Merrimac Ave, Burbank, IL 60459. It has 2 Beds, 2 Baths , 1,709 sqft of living space. This property is currently in pre-foreclosure with an estimated market value of $282,730.
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This single-family property is available as a preforeclosure at Merrimac Ave. It has 2 bedrooms, 2 bathrooms, and 1,709 square feet of living space. Based on our analysis of the current market conditions in Burbank for Merrimac Ave and comparable listings, the estimated market value is $282,730. If purchased for rental purposes, the monthly rental rate could range between $1,620 and $1,980. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Merrimac Ave are updated daily along with others in Burbank, Illinois. Since this property is a preforeclosure, check out our Foreclosure Timeline for Merrimac Ave below to see helpful information about this listing.
Not in Foreclosure
The property located at Merrimac Ave in Burbank, IL is listed as a PreforeclosureThe process of preforelcosure with properties like Merrimac Ave in Burbank, 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.
The estimated rental value for Merrimac Ave located in Burbank, IL is $1,800/month. Comparable homes around Merrimac Ave that are rentals have monthly ranges starting as low as $1,620 per month and as high as $1,980 per month. An owner looking to use this property as an investment could bring a return in the area of $1,620 - $1,980 a month based on the many factors which include the properties condition, type, amenities, etc. Sign in to view a full two years of rental information as well as the Average Market Value (AVM) of this property.
|Start Date||End Date||Listing Type||Bank Name|
|03/01/23||Preforeclosure||UNITED WHOLESALE MORTGAGE LLC|
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