Comments on: Chicago foreclosures for sale is like winning the lottery http://blog.foreclosure.com/2009/10/chicago-foreclosures-for-sale-is-like-winning-the-lottery/ Distressed Real Estate News and Opinion Thu, 02 Feb 2012 16:42:28 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Robert Ellis http://blog.foreclosure.com/2009/10/chicago-foreclosures-for-sale-is-like-winning-the-lottery/comment-page-1/#comment-32521 Robert Ellis Thu, 18 Feb 2010 09:30:20 +0000 http://blog.foreclosure.com/?p=2534#comment-32521 It is truly the lottery in Chicago. I just purchased a home that previously sold for $474k, for $60k. The house needs about $50k worth of repairs, and price values have dropped, but I was able to buy the home for cash. I will have to save about $40k in order to get into the house, but this will be easier since I have "walked away" from my current $3k a month mortgage. By the time the bank forecloses, I will have a newly remodeled home with no mortgage. Like I said, it is like hitting the lottery in Chicago with property values right now! It is truly the lottery in Chicago. I just purchased a home that previously sold for $474k, for $60k. The house needs about $50k worth of repairs, and price values have dropped, but I was able to buy the home for cash.

I will have to save about $40k in order to get into the house, but this will be easier since I have “walked away” from my current $3k a month mortgage. By the time the bank forecloses, I will have a newly remodeled home with no mortgage.

Like I said, it is like hitting the lottery in Chicago with property values right now!

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