Chicago real estate auction

After months of planning, all the details are coming together for OwnACondo.com's first Chicago real estate auction, which is being held from 11 a.m. to 2 p.m. Sunday, Nov. 8, at the Chicago Marriott Oakbrook hotel, 1401 W. 22nd St.

The well-advertised real estate auction, the first of many that Oak Brook-based  OwnACondo.com is planning in the coming year, is shaping up to be quite an event. Hundreds of spectators and prospective buyers are expected to gather as at least 22 Chicago-area properties of all types go under the gavel of Illinois state champion auctioneer Vinnie  Zaffarano. Properties going up for sale will include condos located everywhere from Alsip to Wheeling; vacant residential lots in Palos Park and Orland Park; luxury single-family homes in Oakbrook Terrace; and condos and townhomes all over Chicago.

Developers, individual owners and banks are making use of the Chicago real estate auction to sell their properties at fair-market prices. Pre-qualified buyers can look forward to the opportunity to get deals on some great properties. Both buyers and sellers benefit from the auction method because sales can be completed in a much shorter space of time, usually 30 to 45 days. Several open houses are held prior to the auction so people can see and inspect the properties that interest them.

Buyers who come prepared and have their home financing in place are guaranteed to get clear title to a property, and motivated sellers get to expose their property to the most prospective buyers with the least amount of hassle. Additionally, if the deal is completed by Nov. 30, first-time buyers can take advantage of the $8,000 federal homebuyer tax credit that was created as part of the President Obama's stimulus package. Congress is considering extending the popular program, but so far, has not done so.

 OwnACondo.com has taken care of all the advertising and marketing of the auction, so  owners just can sit back and wait for the offers to come in. Unlike the traditional method of selling real estate, all the offers are made publicly, so there is no need for the time-consuming, wait and see process of making and offers and counter-offers.

Admission to the Chicago real estate auction is free, and everyone is welcome to just stop by for a cup of coffee and see how the auction process works. Serious bidders need to register but casual observers can just watch, and need not worry about mistakenly bidding on a property, which is a common misconception.