Many times people lose their homes to foreclosure after missing out on several mortgage payments. Later the bank schedules an auction and the owners move out.

But in some cases now the foreclosures in Illinois are coming back to haunt borrowers even after they have moved out. How is this possible? These zombie foreclosures are the results of banks not holding auctions to sell the homes and hence the deed has not been transferred leaving borrowers still accountable for property taxes, fees and dues.

Ever since the slowing down of the real estate market 7 years back, about 12,030,564 homes for sale in Illinois have started the foreclosure process but have never completed it. About half of these are owners trying to get back into their homes and the rest are in some sort of suspension. That means many foreclosure properties in Illinois could be zombie foreclosures.

Many of these foreclosures in Illinois are din low income communities where foreclosures are so difficult to sell that sometimes lenders delay possession of property to save on taxes that stay under the name of the borrower. These debts remain undiscovered till many years and rise to such high values that they become insurmountable. The borrowers are blissfully unaware until it takes them by surprise and their takes another terrible hit.

 This is the situation is making the life of foreclosure sellers in Illinois much tougher. While this does not affect buyers much this means to emphasize on how tough the situation is and how buyers are struggling with high mortgage rates.

It is a note for buyers to understand why banks delay possession on properties and make them wiser as to take possessions of their foreclosures properties in Illinois sooner.

In a report by Illinois Association of Realtors, 7,604 existing single-family homes and condos in Illinois got sold in the nine-county Chicago is a month back. That is a whopping 36.2 increase since November 2011 when 5,582 homes were sold in Illinois. That is fantastic information for people for our housing market. In the town of Chicago town, home revenue increased 22.5 percent from a year ago, to 1,750, and the revenue improvements for apartments were even higher.

This very good news for this signifies that the real estate market is recovering from its slouch. This also means that people can finally start buying homes with the difference of 1047 more homes here. So what do you think about buying a home in Illinois? Should you be buying a home or waiting it out.

While this recovery is going at its fast pace, there are chances that if you wait too     long then you might miss out on the opportunity and the inventory might decrease.

As the market recovers another question opens up to us as the rent prices are also going up. Should you buy a home in Illinois or keep renting a home. As it happens you can buy a home and put it up for rent and ride it out till you have paid the mortgage for your home.

 The type of homes that is available at very great rates. There are1 BHK homes with lake views. Imagine what kind of value you would get if you bought such a home and put it up for rent. There are places with walk-in closets, rooftop pools, party rooms and other luxurious amenities. These are very attractive details.

Now that we have the option we need to see if the time is right and we are in a position to buy the home.

Since I have been into the real estate market for time, I thought why not writes a handy guide to help people sell their homes properly. I have seen people sell their homes by themselves quite well. But make no mistake I have seen people fail at it as well. In fact I will go straight and say I have made a few mistakes myself, so why not let that be a warning for you. So let us see the rules that you should follow when you put your house up for sale.

- First thing up always get your expected price right. Buyers are biased towards sellers who offer at the most current market price. If you are offering the right price then you will land yourself a buyer.

- Second thing that is important is to get an experienced broker. If you are doing the marketing for your home yourself, then you need to be prepared to work really hard. If you are not ready for this you can always hire a broker to market it for you. But go for someone with experience and a large track record so that you can verify with their clients.

- Make your home look fantastic. You can hire a home stager to prepare the house for sale.

- Remember to throw in a little extra so that buyers making a decision can swing your way. Do not offer a car or a cruise as it will make you look desperate. Instead offer to pay a good part of the closing costs. You can offer a commission to agents to bring purchasers as well.

-             Lastly if your financial situation is not good and you have a mortgage over the house, you have a few options. You can persuade your employer to complete your loan. You can bide your time by offering the house on rent. Lastly sell your house at any price available (Please refer the first rule).

So you pretty much get the idea here. Stick to the list and you are good.