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Madison St Unit 501
Joliet, IL 60435

*Rental Value Coming Soon

Overview

This is located at Madison St Unit 501, Joliet, IL 60435. This listing is NOT an active listing. Updates to this listing have stopped. This listing may be off the market. No further information is available at this time.
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Status: Inactive
Listing ID: 20762117
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Learn about Madison St Unit 501 in Joliet, IL

This property is available as a bankruptcy at Madison St Unit 501. Based on our analysis of the current market conditions in Joliet for Madison St Unit 501 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 Madison St Unit 501 are updated daily along with others in Joliet, Illinois.


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Community & Neighborhood

This property in Joliet, IL is located in the Esler Subdivision.


Bankruptcy

The property located at Madison St Unit 501 in Joliet, IL is listed as a Bankruptcy

This bankruptcy listing at Madison St Unit 501 in Joliet, Illinois is among more than 1 million records featured in our comprehensive nationwide real estate database. However, unlike most property records, not all homes / addresses associated with a bankruptcy filing are for sale. This is an important legal concept to understand before moving forward on Madison St Unit 501 Joliet, IL. We highly recommend that you first contact the court-appointed receiver / trustee listed below (scroll down) under "Bankruptcy Information" to learn whether or not the property is (or will soon be) for sale.

What is a bankruptcy estate?

A property owner who is experiencing difficult financial issues will sometimes file for bankruptcy as a last resort. This is a legal proceeding (usually called Chapter 7 bankruptcy), during which a court-appointed receiver / trustee will be assigned to determine all the assets of a distressed property owner. More often than not, a home or property is one of the most valuable assets that the court-appointed receiver / trustee will leverage to satisfy the distressed property owner’s outstanding debts. The contents of the home, as well as any other assets (e.g. cars, boats, etc.), are also often included in a bankruptcy estate. The court-appointed receiver / trustee is almost always motivated to sell a property included in a bankruptcy filing very fast -- there is no real attachment to it other than to obtain funds to pay off debts. And the savings for a savvy buyer and/or investor looking to buy bankruptcy houses for sale in Joliet, IL can be tremendous.

First Steps to Buying a Bankruptcy

In order to purchase a bankruptcy property, you will need to approach the court appointed receiver / trustee to pursue your deal.

Contact the bankruptcy trustee to find out if the property is for sale as part of the bankruptcy.  If so, request the terms for the sale of the property as well as any additional information regarding the condition of the property. This will help you understand the type of investment your are getting into.

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Madison St Unit 501
Joliet, IL 60435

 

Status: Inactive Listing ID: 20762117

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