Monday, June 29, 2015

Lincoln Square: Long vacant foreclosure house finally for sale as bank owned (REO)

An infamous, long time vacant home on the 5000 block of North Oakley in Lincoln Square is finally for legitimate sale by the bank.  Citimortgage Inc is listed as the owner (yay big banks!). The partially gutted house has an asking price of $693,900 according to Coldwell Banker MLS listing.

Photo Eric Rojas, Broker, Kale Realty
5049 N Oakley, Chicago IL 60625 was built in 2000 and has been vacant for at least 7 years (as long as I've been walking by the house!). The home had a foreclosure suit filed as early as 2009 and it's taken this long to sort out.  Clients and emailers often ask where they can buy foreclosures.  For the most part you can't buy a bank owned home until it's listed for sale on the MLS like any other property or sold by a broker at auction (for example by Judicial Sales Corp) .

Demand is very high for homes in this Lincoln Square area near Winnemac Park.  A developer/ builder may be able to buy the house, refurbish and sell for profit.  I think it's also a good bet for a purchase and gut rehab for an owner if bought a little lower than the current $693,000 price.  Standard newer construction homes can easily sell in $900s.

No comments: