Foreclosures, Short Sales

Buying foreclosures, short sales, and as-is homes

Bank-owned homes, short sales, and as-is properties can offer real value, but they come with different rules, longer timelines, and more risk. I help buyers understand what they're agreeing to, inspect carefully, and finance repairs when needed.

Call 708-625-8788Send a message
  • Daniel EllingtonLicensed Illinois Real Estate Broker
  • Infiniti PropertiesBrokerage since 1991, Homewood office
  • IL License #475211812Chicagoland and throughout Illinois

Who this is for

Value-focused buyers

Buyers willing to take on some work for a better price.

Renovation buyers

Owner-occupants using FHA 203(k) or renovation loans.

Investors

Cash and hard money buyers looking for discounted properties.

How it works

  1. Financing plan Cash, renovation loan, or conventional depending on condition.
  2. Find and evaluate REO listings, short sales, and as-is homes.
  3. Offer and bank addenda Bank contracts and addenda reviewed by your attorney.
  4. Inspect and close Inspection, repair estimates, and closing.

What I do for you

  • Clear explanations of as-is terms and bank addenda
  • Repair estimates and after-repair value analysis
  • Introductions to renovation and 203(k) lenders
  • Patience and persistence on slow short sale approvals
  • Municipal inspection and transfer stamp guidance

What "as is" really means

As-is means the seller won't make repairs or give credits, but you usually still have the right to inspect and, under the standard contract, to cancel during the inspection period if you're not satisfied. Banks and estates are often exempt from the Illinois disclosure report, so your inspection matters even more.

As-is doesn't override lender or city rules. FHA and VA appraisers can still require safety repairs, and some towns require repairs before a sale can close, which can affect who pays and when.

Common questions

What does "as is" really mean for buyers?

The seller won't make repairs or give credits, but you can usually still inspect and cancel during the inspection period. Most sellers must still disclose known defects, though banks and estates are often exempt.

How long does a short sale take?

Often several weeks to a few months, because the seller's lender must approve the price. Be prepared for a longer, less predictable timeline.

Can I get a regular mortgage on a foreclosure?

Yes, if the home meets the loan's property standards. Homes that need significant work may require a renovation loan or cash.

Are foreclosures always a good deal?

Not always. Some are priced near market value, and repairs can be significant. Comparing the price plus repairs to recent sales tells you whether it's really a bargain.

Who pays for municipal inspection repairs on a bank-owned home?

It depends on the town and the contract. Some banks make required repairs, while others require buyers to take responsibility, sometimes with an escrow. I check this early.

This page is general information, not legal, tax, or lending advice. Consult a real estate attorney, CPA, or lender about your situation.

Other buyer guides

First-time buyers

Learn more

Condo buyers

Learn more

FHA and VA buyers

Learn more

Relocating to Chicago

Learn more

New construction

Learn more

House hacking

Learn more

All buyer services

Overview

Interested in an as-is or bank-owned home?

Call or text Daniel directly, or send a message. Most inquiries get a same-day response.

708-625-8788
Infiniti Properties, 2401 183rd St, Homewood, IL 60430
Brokerage 708-206-3000  |  IL License #475211812

Your Privacy Matters

I agree to be contacted by SGM Media DBA Ellington Elite Realty via call, email, and text for real estate services. To opt out, you can reply 'stop' at any time or reply 'help' for assistance. You can also click the unsubscribe link in the emails. Message and data rates may apply. Message frequency may vary.

Privacy Policy

What Our Clients Say About Us

Map Place
Daniel Ellington: Chicago’s Best Real Estate Broker
4.8 (19)
Leave a Review
Adam Bevan
Adam Bevan
11 months ago

Dan was an excellent representative for us and I wouldn't hesitate to work with him again

Lorenzo Douglas
Lorenzo Douglas
8 months ago

Daniel has been amazing for me as an out of state investors. Very response, pretty decent comps. He's gone above and beyond for me.

Jared Rowntree
Jared Rowntree
7 months ago

Daniel was absolutely phenomenal during our house hunt and closing. Any time an issue came up, Daniel took it in stride and helped everybody involved to have a smooth process. He is wildly friendly and knowledgeable, and was invaluable to us as First Time Homebuyers; he kept us informed and up to date the second anything changed. I wouldn’t hesitate to hire Daniel again for my next house, and the next ones after that.

Michael Van Kley
Michael Van Kley
4 months ago

Daniel was great. I would use him again.

Read All Reviews