I'm under contract to buy a home in Bolingbrook, should I be worried? (Hanover Park: foreclosure, attorney)

[suzibelle]

My husband and I, both under 35, found a foreclosure home in Bolingbrook, it is in the Barclay Estates subdivision, just North of Boughton (about a block north) and a mile west of 53. It has been appraised at almost double of what we are paying, so investment-wise, I guess it's good, but the question is, "Will we like living there and feel safe?" I had never heard of Bolingbrook being a "bad" town, I thought that it was mostly mid to upper class. My friend mentioned this site and now I am getting worried. We are getting a very good deal on the house, and it hardly needs any work. We are paying cash so there will be no mortgage, so it could be sold at any time, I guess, but I don't want to lose out on my current home if I'm going somewhere that is worse (I live in Hanover Park now) and will be unhappy there.
I'd appreciate it if some of you can please give me some info and opinions, I don't have too much more to go on.
I've been in this situation before, didn't do enough research on a suburb, was under contract, and when we noticed the "gang bangers" around there, we were terrified to move there. Luckily we got out of it because of the inspection. But since the home in Bolingbrook is a foreclosure, we don't get any of those luxuries, such as inspections.
Again, I'd really appreciate any ideas or thoughts.
Thank you

[bulldawg1594]

its not a bad city at all.

[tcs1366]

every town may have "bad" areas, but that does not make the town bad.

It looks like a lovely subdivision.

here is the City Data link to details https://www.city-data.com/city/Bolingbrook-Illinois.html

[chet everett]

Hanover Park is probably pretty similar to Bolingbrook.

I have never heard of either town being described as highly desirable. I know that Bolingbrook has made efforts to get a nicer mix of retail and upgrade its warehouse districts and other employment opportunities.

Without knowing what you are seeking it is hard to say if you will be happy in Bolingbrook, I personally would have made those evaluations well before I made an offer on any property no matter how good a bargain it seemed to be...

If the home meets your needs and is good value and you are not far outside the mainstream odds are you could sell it to someone else if things don't work out -- if that appraisal is accurate you ought to be able to make some money too.

[mas23]

Originally Posted by suzibelle

My husband and I, both under 35, found a foreclosure home in Bolingbrook, it is in the Barclay Estates subdivision, just North of Boughton (about a block north) and a mile west of 53. It has been appraised at almost double of what we are paying, so investment-wise, I guess it's good, but the question is, "Will we like living there and feel safe?" I had never heard of Bolingbrook being a "bad" town, I thought that it was mostly mid to upper class. My friend mentioned this site and now I am getting worried. We are getting a very good deal on the house, and it hardly needs any work. We are paying cash so there will be no mortgage, so it could be sold at any time, I guess, but I don't want to lose out on my current home if I'm going somewhere that is worse (I live in Hanover Park now) and will be unhappy there.
I'd appreciate it if some of you can please give me some info and opinions, I don't have too much more to go on.
I've been in this situation before, didn't do enough research on a suburb, was under contract, and when we noticed the "gang bangers" around there, we were terrified to move there. Luckily we got out of it because of the inspection. But since the home in Bolingbrook is a foreclosure, we don't get any of those luxuries, such as inspections.
Again, I'd really appreciate any ideas or thoughts.
Thank you

a mile west of 53. it has "thugs" but really its no war zone. i dont know much about hanover park though so i cant compare

[noid_1985]

Buy off of Weber road and not off of route 53

[BRU67]

Originally Posted by chet everett

I personally would have made those evaluations well before I made an offer on any property no matter how good a bargain it seemed to be....

That's what I was thinking. This sounds as though it was done at 2:30 a.m. after several glasses of wine like an ill-advised ebay purchase. I mean, we've all been there, but probably not with something as expensive as a house! Most people research the area, schools, recent sales, transit options, etc. before buying such a large ticket item.

Of course, houses are so cheap these days, who knows? In any case, I think Bolingbrook is alright generally. But if you work in the Loop, you'd better earmark some of that money you saved for gasoline and parking.

[middle-aged mom]

Just curious.... are you referring to the appraised value, determined by the township, for property tax purposes?

I am not aware of anyone, anywhere, who sells property for half of its current market value.

By contract, do you mean that the bank has accepted your cash offer? Does the contract provide for an attorney review period? Do you have an attorney?

[BRU67]

Originally Posted by middle-aged mom

I am not aware of anyone, anywhere, who sells property for half of its current market value.

Very true. Better make sure there's still plumbing in there before you flush the toilet.

[ofcjim40]

I can offer some insight since I am a Bolingbrook Police Officer. That subdivision is rather quiet. I have been in a few houses in that area on calls, and you do get a good amount of square footage for the money. Sounds like you got lucky with a foreclosure that hasn't been trashed. We have alot of them in town, and alot of them have really been tore up The biggest problem in that general subdivision we have is renters. We have gone into houses where 4 families were living inside, not a good thing. For the most part we just get "mischief" calls in that subdivision. Loud music from cars, kids "ding dong ditching", etc. It is a very integrated subdivision, but so is most of Bolingbrook. It is a mixture of black, white, Hispanic and Indian. Hope that helps.