Navigating Pre Foreclosures in DuPage County, Illinois During COVID-19 | Heartland Funding Inc.

Join Don Wede of Heartland Funding Inc. as he discusses the impact of COVID-19 on pre foreclosures in DuPage County, Illinois. Learn how Heartland Funding Inc. is helping homeowners navigate this challenging time while respecting their privacy and safety. Check out how Heartland Funding Inc. assists homeowners in navigating pre foreclosures in DuPage County and the importance of clear communication and honesty in real estate transactions. Fill out the form below or call us at 1-800-255-8250.

Pre Foreclosures in DuPage County, Illinois During COVID-19 | Heartland Funding Inc.
Video Transcription

Don Wede: Good afternoon, this is Don Wede with Heartland Funding Inc. It is March the 30th, 2020. I’m up here in DuPage County today, just grabbed some lunch and I figured I’d stop and make this little video. I know we’ve got the coronavirus going on but I figured I’d go out and talk to…

Well, I’m not actually talking to people today, I’m just dropping off a card at their house. They’ve been on a pre foreclosure list, so I’m dropping off a card and at this point in time, I figured I would respect their privacy and their safety and not knock on the door and talk to them. I’ve always in the past, tried to talk to the people, see if they were home. If not, I left them a card.

In fact, here’s the card. I’ll show you the card here that we drop off. That’s the front, here’s the back and I just noticed there’s a little typo on it too. I’ve got, I left out a W. So this is the little postcard that I put in the door, I don’t put it in the mailbox. But, try to solve a real estate problem, they’re in foreclosure so I want to try to help out if I can. But, respect their distance and safety with the COVID-19 going on right now.

I’m in DuPage County. I’m going to see Aurora today, Illinois, Glen Ellyn, Illinois, Wheaton, Illinois, Roselle, Illinois and Naperville, Illinois, Woodridge, Illinois, Warrenville, Illinois, West Chicago, Illinois, Libertyville, Illinois. Libertyville is actually up in Lake County but there was a different address with the owner and the address of the property in foreclosure. So I figured I will go to both, I will go to Libertyville and put a card in the door about the foreclosure because they’re the owner of the property. But, the property in question is an Aurora. So I will go to both, probably get a tenant at the house and I’ll put a little note on there that you might want to contact your landlord because there’s a problem with a foreclosure going on. So, that’s what we’re doing today.

Try to solve real estate problems. Just, I talked to a guide this morning driving up, had a really nice house, a $550,000 house, had gone on the internet. And, he had Google searched and we came up, must have came up awful high organically because I was the first call he met. Probably spent 10 minutes on the phone with him and I tried to explain them that, we’re not his best option in this situation. He’s got a free and clear $550,000 house, which in this area up here, is a pretty darn nice house.

But, I told him, I said, “List it with a realtor.” He says, “Well, I have.” He says, “It’s expiring, I don’t know if I want to re up it.” And I said, “Well, what do you have it listed for?” And, he had it listed for $550,000 and he dropped it way down to $540,000. I said, “Tom, if you really want to sell your house, you’re going to have to decrease your price significantly.”

I said, “Why don’t you have a candid talk with your realtor and if you really want to sell it, reduce the price to a point that he thinks it’ll sell that.” And, I also mentioned to him that this is not the best time to sell plus prices may be going down. If he doesn’t really have to sell, maybe wait until the fall or maybe wait until next spring, if you’re set on that retail price. And I said, “That’s retail.” I says, “Myself and other wholesale buyers, that’s who you’re dealing with when you’re going on internet and finding out who’s going to buy houses fast for cash.” I said, “We’re discount buyers.

We’re probably going to buy that somewhere on 0.70 on the dollar and that’s if it doesn’t need any kind of fix up or repair. Then we still have to figure a proration of real estate taxes, we’ll take care of all the closing costs, other than proration of real estate taxes. And, a house like that, my guess is that it’s probably $6,000 to $10,000 in real estate taxes.”

And, he’s worried about paying the 5% commission. I says, “Well, you’re going to pay five to the realtor but you’re going to pay a 30% commission to us?” He said, “So what do you mean?” I said, “If I’m paying you 0.70 on the dollar, that’s like paying a 30% commission.” He said, “Oh, I’m glad you’re being so honest with me. You’re so honest.”

I said, “Look…” He said, “You know what? I had somebody who was going to give me $475,000.” I said, “Tom, call him up, take his offer. Right now that’s a good offer on that house. You could list it for $480,000 or $490,000 maybe you’d get it sold.” But I said, “If it was me, I’d take it. It just depends on your situation.”

He thanked me so much, we parted as friends and he thanked me for all the information I gave him. I’m going to sign off now. Eat this burrito I got for lunch. Nice place here. What the heck is the name of here? Burrito Parlina Mexicano, first time I’ve been here but it’s a heck of a good sized burrito. Hey, check out our website, or you can give us a call at 1-800-255-8250. Thanks for watching this video.

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