Illinois REOs or Illinois bank-owned properties can often be purchased at deep discounts after the Illinois foreclosure auction takes place. Seeing the sale status of a Illinois foreclosure property allows individuals to see contact information for the purchaser so they may solicit them for possible resale of the property.
Illinois 3rd party purchasers - may include private investors who wish to rehab and/or resell the Illinois foreclosure property.
Illinois REO/Bank-owned properties are those which have not been sold to any party prior to auction or at auction, and have become repossessed by the lender who filed foreclosure.
Illinois REO-sold properties are those which the lender has repossessed and resold to a third party after Illinois foreclosure auction.
Illinois Pre-REO sales occurs and the bank buys it back but the quick claim deed is not recorded back to the bank yet.