$189,881 EMV

3 Beds   4 Baths   1,297 Sq. Ft.   Single-Family
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Newbury Dr
Island Lake, IL 60042

Overview

This Single-Family Preforeclosure is located at Newbury Dr, Island Lake, IL 60042. It has 3 Beds, 4 Baths , 1,297 sqft of living space. This property is currently in pre-foreclosure with an estimated market value of $189,881.
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Status: Active
Listing ID: 61399297
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Learn about Newbury Dr in Island Lake, IL

This single-family property is available as a preforeclosure at Newbury Dr. It has 3 bedrooms, 4 bathrooms, and 1,297 square feet of living space. Based on our analysis of the current market conditions in Island Lake for Newbury Dr and comparable listings, the estimated market value is $189,881. If purchased for rental purposes, the monthly rental rate could range between $1,378 and $1,630. Factors considered in this calculation include the property location, condition, status, and convenience. Properties like this one located at Newbury Dr are updated daily along with others in Island Lake, Illinois. Since this property is a preforeclosure, check out our Foreclosure Timeline for Newbury Dr below to see helpful information about this listing.


Foreclosure Timeline

Newbury Dr in Island Lake Illinois Property History

Not in Foreclosure

Pre-Foreclosure

Auction

Bank Owned

Find out more about this property on Newbury Dr
View Foreclosure Status
01/05/24
Lis Pendens issued
The owner of this property was served a notice of lis pendens for missed mortgage payments.
Rental Chart
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for Newbury Dr in Island Lake Illinois
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Community & Neighborhood

This property in Island Lake, IL is located in the Newbury Village 01 Fox Riv Shr Subdivision.


Preforeclosure

The property located at Newbury Dr in Island Lake, IL is listed as a Preforeclosure

This listing located at Newbury Dr in Island Lake, IL could be available as a Rent-to-Own listing as well, additional diligence will be required from the buyer to determine if this listing can be approved as a RTO.

Please take note that this property in Island Lake, Illinois is not listed as a Rent-to-Own (RTO) opportunity. It is currently in an initial default stage in Island Lake, IL, commonly referred to as Pre-Foreclosure, indicating that the homeowner has missed at least one payment and is considered delinquent. However, instead of going through a potentially lengthy foreclosure process, which could take up to 18 months, the homeowner may be open to considering a Rent-to-Own option that covers their mortgage.

Since Pre-Foreclosure properties are not formally listed for sale, there is no asking price available. Instead, you’ll find either the original loan balance or an Estimated Market Value (EMV) provided. To make a reasonable offer for this home, it’s advisable to use either the loan balance or EMV amount in conjunction with local sale price comparables to determine an appropriate offer. Alternatively, the homeowner might be willing to work with you on a monthly amount that can help them avoid the foreclosure process.

You may also want to check with a real estate attorney or other legal authority to discuss the potential risks of executing a Rent-to-Own agreement with the current Pre-foreclosure owner. If the current owner in Island Lake, Illinois doesn't make their mortgage payments, they could lose the property which would directly affect you and your Rent-to-Own agreement.

For this reason, many buyers find a real estate investor or investment company to buy a Pre-Foreclosure property from the current owner. The investor/investment company could then offer you a Rent-to-Own agreement on that property that you worked out with them in advance, which could stabilize the investment and prevent complications.

First Steps to Buying a Preforeclosure

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.

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Rental Value

The estimated rental value for Newbury Dr located in Island Lake, IL is $1,480/month. Comparable homes around Newbury Dr that are rentals have monthly ranges starting as low as $1,378 per month and as high as $1,630 per month. An owner looking to use this property as an investment could bring a return in the area of $1,378 - $1,630 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.

Listing History

Start Date End Date Listing Type Bank Name
01/05/24   Preforeclosure Carrington Mortgage Service...

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Newbury Dr
Island Lake, IL 60042

3 Beds   4 Baths   1,297 sq. ft.   Single-Family

$189,881 EMV

Status: Active Listing ID: 61399297

Property Information

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Property Description

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Listing URL

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