Buying a house of your own is one of the most thrilling times of your life. Probably, it may also be the most important investment of your life. Most first time buyers are anxious about buying a property in which they can live in for the rest of their lives. Whether you are looking to buy homes or condos, you are sure to find a great deal with all the houses for sale in Illinois.

In today's tough economic times, buying a property can be very challenging. However, now you can own it in an affordable budget from the properties for sale in Illinois and quick house sale in Illinois at some of the most desirable locations.

There is an extensive choice of both traditional as well as modern style homes for sale in Illinois. Single detached homes are the most common in houses for sale in Illinois. Nowadays, there has been an increase in the construction of townhouses and condos. So, you can find the kind of home you are looking for.

Owning a condo from reputed sellers, lets many people to save some money and get rid of health club payments. This way, you can include a gym, a pool, spa and some special activities for your family. Same way, buying foreclosures in Illinois have turn out to be considered as a common exercise among resource traders. If you are looking for a home in the Illinois, you will find plenty of houses for sale in Illinois which are not only beautiful but within your means.

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.

Having sold my house quite recently, I have come to understand that it can be a really confusing decision. There is a large amount of details you need to go through and there is the constant lingering doubt whether it is a good idea to sell your home anyway. What I have come to understand is that selling your home is quite selling any other sort of commodity. There is a supply and there is a demand, and if the supply does not match the footing of demand at the right moments then there is sometimes a wastage or loss of demand. This means if you do not sell at the right moments you might either have to sell your home for lesser or you might not have enough buyers for your home.

 So here are not a few tips, but rather a few questions that you should ask yourself while making any sort of decision while selling your home:

1.  Is the time right?

As I said this works on the principle of supply and demand. The cost of your property will be high when the demand is high and supply is low. This can be affected by seasons as well. Like in winter, people are looking to buy homes but lesser are ready to sell theirs.

2.  Is your Home ready?

As we have already discussed a bit you need to sell your home at the right time. If it is then you should prepare your home to be put on the market. This means that you have to remove any and all imperfections from the home.

3.  Does the house look spacious?

Remove as much clutter as you can from the house. If you want to interest buyers you must give them room for their imagination to run free. You should allow free movement as much as possible. The area should look open.

4. What is the house worth?

Know the exact worth of your home and how much it would cost exactly. This a most important part as it decides the price you will be listing.

5. Do you have a realtor?

Get someone to help you with selling the home correctly and for the right price. You need to have someone with the right negotiating skills so you can have the best price possible.

If you want to put your property for sale then you must aim to attract potential buyers and organize your property. Real estate experts call this process staging. It means to bring out the positive aspects about a property  when a buyer visits.  The idea behind this is really simple: the more impressive your home looks the more price you will get for it. So here are a few tips that can help you put up your property for sale.

1. Reduce clutter

Clear up as much furniture as you can. Make sure there is ample space to walk through. By opening up your home you give a feeling that the home is spacious.

2. Clear up surfaces

Clear off all horizontal surfaces in the home. Kitchen counter, bathroom countertops, table tops need to completely clean. This provides a feeling of cleanliness to the buyers .

3. Neutralize any kind of smell

This plays a key role in deciding for any buyer. The buyers bolt at an instant they find any funny smells in your home. Specifically get rid of pet scents , stale cooking smells and cigarette smoke. People living in the homes are accustomed to the smells but these are the smells that the buyers pick up first. Do not try cover-up odors like baking bread or steaming cinnamon. The same thing can be said about air fresheners or scented candles. Try it the hard way and you will get much better results. Has the house scrubbed, the air vents cleaned, replace the old and smelly carpeting and smoke outside the home. Just cleaning up with Lysol is not going to help.

Implement these steps neatly and make sure not overdo it. You want things to look natural. If you overdo it could start looking artificial. These few tips will really help you when you put up your property for sale.

Foreclosure is a specific legal process in which a mortgage provider efforts to restore the balance of a mortgage from a client who has stopped paying to the lender by pushing the selling of the resource used as the collateral for the mortgage. But no one wants to reach to this solution. In this, families lose houses, neighbors and financial stability and lenders almost lose money. There are some options from which you can fight from foreclosure.

Mortgage Modification:
Your current loan is modified to accommodate your financial capabilities. In this you can keep your house and reduces the interest rate and loan payments for a temporary period and you also have to some rights on your loan.

Short Sale:
In this your house can be sold rapidly at a reduced value. So, you can terminate your debt. But negative thing is that you lose your house and find a new house in a little time.

Deed-in-Lieu of Foreclosure:
In this the deed of your house is given to the lending company or lender you borrowed from to buy it. But lenders are not using this option too much because the selling of the home is their responsibility.

Forbearance of Payments:
You are given a brief rid of loan payments. This allows you to keep your house but this relief is temporary and you have to give up some rights on your mortgage.

When facing foreclosure, you have many options, but you have to avoid the scams and act rapidly if you want the best outcome because delaying makes foreclosure unavoidable.

Source By : http://www.trulia.com/blog/allanerps/2012/08/article_how_to_fight_the_foreclosure_process