The recession has hit home — and hard.
Today’s Reporter carried 40 foreclosure-related legal notices concerning properties in Downers Grove and other nearby suburbs.
One of them, a notice of a foreclosure sale, concerns a house in my neighborhood. A real estate Web site describes it as having 10 rooms, a master suite and a two-car garage. The photos that accompany the listing depict an updated home with stainless steel kitchen appliances and decent baths.
“HUGE PRICE REDUCTION! SELLER VERY MOTIVATED!” the listing screams. The asking price is $350,000.
That claim of motivation appears legit. An auction sales of the property is scheduled for March 5. The judgment amount for the house: $269,216.98.
Just looked that home up. Sad.
EJ, did you notice that there were repeats in the back of the Reporter. That aside, it’s a sorry state of affairs. More often the mortgages were around $250 or even less.
Not good….not good at all.
The kitchen features new appliances in a tiny ‘galley’ space, and the room sizes are not extravagant by any means. All in all it’s probably priced appropriately despite the prime location. Look at the positive, 7 years ago it would have been a tear down..
There is a house in my neighborhood that seems to be cursed. It’s been in foreclosure twice in 8 years. The first time, a couple with 2 kids apparently were in over their heads, filed for divorce, and let the bank foreclose after they had moved out. I don’t know why they didn’t try to sell the house, as a part of the divorce settlement.
A somewhat similar situation is now going on. The wife and child moved out, for reasons that are the subject of neighborhood gossip. Then the husband rented out the property and moved to another house that he owned. The tenants moved out at the end of the lease, just as the foreclosures were filed. Yes, I said foreclosures. The house was the subject of 2 law suits and 4 mortgages. Apparently, the owners were borrowing against the house to buy investment properties, either to rent or to flip, and the market downturn came crashing down on the owner.
Now, the house is being sold by one of the lenders, listed for about $20,000 to 40,000 under market value.