Classes For Foreclosure Awareness In Big Demand

“Everybody is talking about foreclosures” is what McKinney says. He believes that there is more interest now. His sentiments are also being complimented by Marki Lemons who says “my classes have been full; I’m getting calls all the time.” Marki is a Chicago real estate agent who has been conducting daylong classroom sessions on foreclosures for several years now. She has been doing it in her Keller-Williams Realty office on the South Side and for members of the Chicago Association of Realtors. She says that lately there has been a demand in the few seats available which has made the trade group open up classes at 135$ each for person taking the class.

Mary Richardson, an investor based in Park Ridge is a professor in town who begins her day with a 35-page printout which talks about how to make money out of the complex process of real estate foreclosures. These classes are actually small seminars that focus on the gritty process of combing public records and running the numbers. These sessions talk about the opportunities that one can find amidst the dispirited news about developing tide of home foreclosures.

Richardson has three students and all three of her students are made to attend two auctions and are assigned the task of untangling title and tax encumbrances for a given property at the Cook County Circuit Court’s Chancery Division.

This makes the student face the grueling task which they might have to face later. She says that, “There were 28,000 foreclosure filings in all of last year, and now we’ve already had 28,000 in Cook County through the third quarter of this year”.

There are different ways they teach depending on the teacher. There are full-day along with sit-down lecture sessions, and then there are hands-on, walk-through, sort-out-the-paperwork tutorials which is actually the bread and butter of Richardson and others.

The key features of these classes are to make students face reality and make them realize that it is sobering at most times. T.J. McKinney owns Illinois Foreclosure Listing Service says that he makes his students realize that they will not earn 40 cents from a dollar.

The maximum they can get is a 15% discount from retail if a house if they can get a house in the preforeclosure process which means before the home is auctioned. Richardson is afraid of the misconceptions that beginners have when they enter this field which is especially the “buyer beware” sign on the foreclosure market.

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