Chicago has long been a popular place to call home. However, affording property in the location has long been difficult for the average person. While there are bad consequences for residents living in this part of Illinois, the recent problems in the real estate market have been a great deal for investors. However, if you are interested in Chicago foreclosure listings you need to know what to expect.

First, don't assume you'll find a phenomenal deal. Even though times are tough, Chicago is Chicago and property there is still highly desirable. However, you can expect to pay about 5% under market value for most of the Chicago foreclosure listings. If you're lucky, you might be able to find a bargain priced as low as 40% below value but that property is likely to need some extra work.

Second, you should consider avoiding the auction process. Buying directly from the lender is a better option and can sometimes save you a small fortune. Many desperate lenders will cut you a deal on the closing costs and other fees associated with the financing to purchase the home. Remember those lenders just want to regain some of the money they have lost. You'll also have less repairs to make on the property because these are usually done by the lender.