Bank Owned Real Estate in Chicago

Chicago bank charters require a certain amount of solvency be maintained in an effort not to weight a Chicago banks liability too heavily in Chicago. The loss-mitigation division of a Chicago bank is motivated to move non-performing assets out of the Chicago bank. During foreclosure if there are no buyers of the Chicago real estate property the Chicago property reverts to the Chicago bank and is offered for sale through their REO division. Many Chicago banks will negotiate down the payoff (a short sale) in an effort to move the asset allowing profitability for the investor due to purchasing at a discount to market value. This process again allows for clean transfer with limited risk as inspection of the Chicago real estate property can be conducted prior to purchase.

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