Chicago real estate auctions
A Chicago real estate auction is announced this week by OwnACondo.com. OwnACondo.com is having a Chicago real estate auction on January 10, 2010, location to be announced. There will be approx fifty to seventy-five properties auctioned off at a location to be determined.
OwnACondo.com is conducting a real estate auction in Oak Brook on November 8, 2009 at the Oak Brook Marriott. Spectators, buyer and sellers are always welcome. The event will feature approx eight million dollars of real estate being auctioned off with a three acre parcel in Palos Park, two luxury homes in Oak Brook and several condos and townhouses throughout the entire Chicago metro area. All properties in the November auction will be "reserve". That allows the seller to accept or reject the highest offer.
Real estate auctions nationally have really picked up momentum and it appears that they're getting more and more popular with the amount of inventory that remains unsold throughout the United States. Banks have so much foreclosed product sitting in their REO portfolios and it doesn't appear to be lessening. The amount of foreclosures is expected to reach three million nationally in 2009, similar to 2008. That means more and more real estate inventory for the banks out there.
The banks can dispose of their property three ways. First they can list the product with a traditional real estate agency. This will take a lot of time and cost the bank money. The second way is to bundle the portfolio to an investor. This is a quick alternative for the bank but the amount of yield is low. Most investors want to buy at thirty and forty cents on the dollar.
The last method is the real estate auction. This will bring the bank the most money for the bang. The process is about ninety days long and then it comes to an end. Most buyers of auctions have to be qualified to purchase well in advance to purchasing. This gives the seller of a piece of real estate the assurance the deal will close when the buyer wins the bid.
To bid at an OwnACondo.com auction, you must bring in a $2,500 cashier's check, a personal check and a photo ID. Once you register, you'll receive a bidder's paddle with a number and you'll be able to take part in the Chicago real estate auction. Real Estate auctions can be a great way to sell property for both banks and individuals.
