Chicago Auctions
Chicago auctions can be found by calling your local real estate agent or going to the Illinois State Auctioneer's Association (ISAA) website to view what's in store for the upcoming month. There is an upcoming real estate auction Saturday, August 22nd over at the Marriott in Burr Ridge, Illinois. It is expected to sell sixty properties or so owned currently by Freddie Mac.
Chicago auctions are a great way to get involved in owning Chicago investment real estate. The prices can be considerably lower than the retail market place and you'll find that the process of closing on a Chicago condo may not be as hard as you think. Chicago condo financing can be found for as low as 1% down of the purchase price. There are programs that also allow for a quick close for buyers that have a strong down payment and good credit. One way or another, if you're looking for a good deal, condo auctions may be the way to go.
When you bid at a Chicago auction, it's typical to bring a cashier's check in your name to the auction. The auction company hosting the event will check you in and get a copy of your driver's license from you. Once checked in, you'll receive a paddle with a number on it. This device is used for bidding purposes. When you want to bid on a property, you simply raise the paddle. The bid caller's assistant will point at you and now you're part of the auction. If you end up winning the bid, there will be a host escorting you to a private room or an area in the room where you'll be able to sign your contract and officially purchase your unit.
Chicago auctions are given almost monthly with many auction houses auctioning nearly one hundred properties per event. Come ready to bid, because there are some seasoned investors that will be there as well. Don't get discouraged by this because they can't buy every Chicago condo. Go there with high expectations and do your best to buy, but don't over bid. That would not be good. Don't get caught up in the crowd and the excitement. It's all about getting a good deal.
If you're still not sure about the Chicago auction environment, go to an auction to get a feel for it without bidding. Once you've gone to a few, you'll get the bug.
