WEll as for my foreclosure knowledge it is basic book reading, hands on in the field learning and talking with otheres in the same biz. With the new law that was was secretly super fast passed by the Illinois legislation there is less options for most investors, unless your liscensed. But I think that may even be tricky. The new law does not allow for owners to live in the property with a lease back. Which is what all of them want. The law takes effect Jan. 1, 2007. It definetly will be an interesting time to see what happens with this market. Most owners in foreclosure file for Bancruptcy, list andor sale the home and the rest wait till the last 60-30 days to try and save their home. The problem is that they have acquired more loans on the home and are upside down the property. Now add the slowing of the market and lower of appreciation. Not to mention that 25% of all loan are interst only and will be moving from there fixed 3-5 year rates to a flucuating rates to become part of the foreclosure market.
Sorry for any misspelled words I did this on the cuff. Also I totally need to get a signature for this forum ~Drew
Chicago Real Estate, Foreclosure Real Estate, Cook County Real Estate, Drew Shreeves