Chicago real estate auctions
OwnACondo.com is holding a Chicago real estate auction November 8, 2009 at the Oak Brook Marriott. There will be approx thirty properties auctioned off that day. There will be seven vacant lots, two single family homes and twenty-one condos in the auction. Five of the vacant land lots will be auctioned off absolute with all the remaining parcels being auctioned off reserve.
Chicago real estate auctions are becoming increasing popular with more than 30% of all real estate expected to sell by auction over the next three years as reported by the National Auctioneers Association. Real estate auctions give both the buyer and seller the comfort of knowing the real estate was sold fairly and at fair market value. The seller receives what the top bidder is willing to pay and the buyer pays what he wants. It really is a win-win for all parties involved.
The excitement is very real as the bidding goes back and forth between hopeful buyers. As the crowd looks on and buyer decides if they want to up their bid, the excitement grows even more. Then as things wind down eventually the last bidder standing wins. The crown cheers and claps and the bidder goes on to sign the contract.
Chicago real estate auctions can be found by looking in the Chicago Tribune on Wednesday's in the business section. A few pages in there is a section called "auction mart". Most of the auction houses will advertise their event here. As you look through the advertisements, you'll notice that there is a Chicago real estate auction virtually every week somewhere in the Chicago area.
Make sure that you get your real estate financing in place before bidding. Most real estate auctions cause the buyer or winner of the bid to sign an as-is contract with no contingencies. You want to make sure you can close on the property after win the bid. Financing the winning bid is essential unless you intend on paying for the property cash. Most lenders will want all the information on the property before moving forward on it. The bid package that most realtors will be able to give you will have most of everything a bank will be looking for.
Chicago real estate auctions will continue being very popular over the next several years as banks continue to get their real estate off the books and in the hands of the consumers that will want to live there.
