Do You want to Buy Foreclosures? Fact: There Are Almost None.

Written By Phil Buoscio

Those buyers who want to “get a discount” and buy distressed properties are out of luck. Those clients of mine looking to buy “right” and “hun"t the deals” have to hunt really hard now. These stat puts a stop to the hope that those deals are out there. They are boldly clear - foreclosure deals are nearly impossible to get now. The drop off in distressed sales is drastic since 2017. There are almost no short sales or REO foreclosures in Chicagoland at this time. Predictions are also that none will appear until the 3rd year of the next recession.

SHort Sales and Foreclosures Dropped way off as shows in the year end report for 2021. This is all Chicagoland not just the city.

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Nearly NO Foreclosures now. Distressed homes dropped WAY off since 2017.

Having sold over 70 short sales myself between 2008 and 2017 I am well aware of this stats. We stopped getting calls at the end of the Great Recession in 2016. People just simply were not upside down anymore and they could sell with equity.

Phil Buoscio

A future-driven Realtor who's lived in Chicago all his life and understands its neighborhoods, trends, and people. He was part owner of a large Brokerage who downsized to start his own Brokerage in 2006. This allowed him to have pursue a more enjoyable, focused approach with fewer clients and specialize with clients of Income Property, Green Renewable New Construction Development.

A committed Environmental Activist who was the Catalyst for the first LEED Certified USBGC line of Speculative Homes in Chicago +PLUSHOUSE.

To further lead our transition to clean energy he also leads a Solar installation team Brokering Solar on the POWUR platform. Since the first LEED home he sold in 2016 with Solar he has not looked back from pushing for solar and highly efficient homes.

With an extensive background in remodeling as a General Contractor and New Construction Broker(having overseen the design and sales of over 30 developments), he is a great asset to any developer who is considering a project in or around Chicago. He knows the market now, and that each builder must be future-driven to stay ahead of the market.

Phil understands the construction trades, building codes, and zoning laws to help his clients envision possibilities and limitations that impact the value of a property in the long run.

Phil is an income property specialist as well and has represented some of the larger independent landlords in Chicago in acquisitions and sales. He oversees his own highly profitable income portfolio of over 40 units in ten properties.

Phil has personally closed over 200 million in sales personally since 2001 in over 800 transactions and has been the Top Broker in Chicago's Pilsen neighborhood over the last 22 years.

https://myrealtorphil.com
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