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11Jan/100

In Chicago, Real Estate Auctions can be Helpful

Auctions have many benefits to potential buyers. They can access a large selection of properties up for sale, and can obtain prices that are often lower than the market value.

They also get the opportunity to close a sale in less than one month, which is quite appealing since buying real estate in a conventional method can be a very drawn out procedure that includes lengthy negotiations and lots of paperwork.

In Chicago, real estate auctions also offer many benefits to sellers as well. This is why for all parties involved in the auction process, they are gaining popularity as a method of making real estate transactions in the evolving real estate and economic climate.

Chicago real estate auctions allow sellers to sell a property with maximum efficiency. While this is important, it's also vital to note that they will get a fair price for what they're trying to sell.

Due to the competitive nature of auctions, bidders often try to win the property that they most desire, and get caught up in the excitement at the auction house. This is excellent for sellers since they will want to get the most money possible for their real estate.

Especially in Chicago, it's important to sellers that they're able to move their property without a large time delay. Owners want the best return they can get, but they don't want to waste time with buyers who might be inclined to back out of a deal at the last minute.

The fact that auctions close deals in a short amount of time is perfect for property owners that need to move quickly to take on a new job position, if they've inherited property they don't wish to put to personal use, or if they simply need the extra cash due to the current economic crisis.

It's also expensive to maintain property and pay property tax on it, so if sellers are able to get rid of it quickly, this will save them money overall. They might even be willing to accept a bid that's lower than what they wanted to receive it it means it will save them a few extra months of having to deal with being a property owner.

Although auctions present numerous benefits to sellers, Chicago real estate auctions also are a great marketplace for buyers.

They benefit from quick sales just as much as the sellers; no one wants to deal with the hassle of stacks of paperwork or tedious negotiations. Buyers can also feel confident that the properties have been thoroughly inspected and are ready for them to move into as soon as the sale is closed.

Even if buyers go into the auction with a certain price in mind for a property, however, they cannot bid under a minimum bid rate if it's been assigned by a seller. Therefore, in any case, a fair market value for a piece of property is arranged so that both parties involved in the real estate transaction can benefit from an expedited sale.

30Dec/090

Chicago’s Gold Coast

If you are looking for a low-maintenance lifestyle, maybe in a popular location there is no better place to look than condos on Chicago’s Gold Coast.  Living in a condo in downtown Chicago can offer many benefits that you will not find in a home in the suburbs.  They can offer more plentiful amenities, helpful maintenance with snow removal and lawn care, and an active close-knit community.  All of these offer a different lifestyle that many find appealing but there are a few things you might want to consider.

  1. Condos usually have an association that has guidelines, some may be casual but others can be strictly enforced.  Get a copy of the rules and guidelines and make sure they will fit in with your lifestyle.  Being at odds with the association and possibly your neighbors can make home a much less appealing place to live.
  2. Condos on Chicago’s Gold Coast come with a variety of benefits but also a cost.  Most associations have fees that cover many of the amenities which convinced you to entertain the idea of condo living.  Some associations charge a small maintenance fee to cover the basics but depending on the extravagance of what are offered in your complex they can run much higher.  Associations are anxious to provide you with their list of fees, what they cover and what is expected of you as an owner.  One last thing to consider is to find out if the association is planning on any improvements or upgrades that can raise costs.
  3. Before you jump at condos on Chicago’s Gold Coast find out about the community in which you are buying into.  Does it fit the lifestyle you want?  What is the financial status of the condo association?  How many units are vacant?  How many units are rented?  If possible, talk to some of the owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved. You are buying into an entire community and it is important that you know all you can before making a decision.

 

There are many Chicago Gold Coast condos for sale in a variety of building styles.  Chicago is known for its ethnic groups and communities and condos are being built or re-furbished in almost all areas.  If you are looking for a different lifestyle in a vibrant community atmosphere there is no better place to look than Chicago!

24Dec/090

Oak Brook

Oak Brook is a premier community with spacious residential areas containing many large mansions and condominium complexes.  Oak Brook offers some of the most unique and exciting places to live in the Chicago area.  One of the most attractive reasons many people choose to live in Oak Brook is the proximity to downtown Chicago and the fact that property owners do not pay property tax to the village, as services are primarily funded by sales tax receipts.  Oak Brook has one of the most popular malls in northern Illinois and is home to many recognized national and international companies, such as McDonalds, Ace Hardware, Federal Signal Corporation, Lions Clubs International and many more. 

Oak Brook was first incorporated in 1958 due in large part to the efforts of Paul Butler, a prominent civic leader and land owner.  The family first came to the area in 1898 and opened a dairy farm.  Early on potential residents recognized the beauty of the area and the wide open spaces in which to build.  Much of the Butler land was acquired by the village including what is now the site of the Oak Brook Center shopping mall.  Other properties were developed as well for the purchase of homes and condos and today Oak Brook has become one of the most sought after communities in the Chicago area.

The area is known for its interest in sports which is why many people have gravitated to the area.  The village offers recreational facilities not commonly found in similar places of that size, such as the Oak Brook Sports Core, the Polo Grounds, and a nationally ranked golf course which was a onetime host to the Western Open.  The area is known for its wide open spaces with walking and bike paths winding through many of the condo complexes in the area.

The census of 2000 counted 8,702 residents, small for most villages in the Chicago area but offering excellent police protection and state-of-the-art emergency medical services.  The median income for the village is well over $140,000 which is why some of the most expensive real estate in the suburbs is located.  Oak Brook condos come in many shapes and sizes with prices ranging from $99,000 to $1,000,000 offering an opportunity for residents to enjoy all Oak Brook has to offer.  If you are a first time homebuyer or someone looking for a larger home with plenty of recreational opportunities to go around, visit Oak Brook, you will be pleasantly surprised!

23Dec/090

Foreclosures

There are a lot of great deals in the real estate market today but not all are as easy as it seems.  Purchasing a foreclosure can be a tricky business unless you know exactly what you are doing and know who can help.  Right now foreclosures are dominating the market like no other time in history with well over a million homes in foreclosure and more are expected in the near term.  These properties can offer great opportunities but are also rife with problems for so-called bargain hunters.  Many people wrongly think that low prices means you should jump out there and start buying foreclosed properties but nothing is further from the truth.

Buying foreclosures can be a great way to purchase property but that doesn’t mean you should lose your head.  Banks put foreclosed homes on the market at cut rate prices for a reason.  They want quick sales to avoid the expense of upkeep and the related expenses with any home such as property taxes, utilities and insurance but due to the cut rate pricing everybody and their brother is trying to buy those homes.  You ask why this would be a problem.  The answer is the people trying to buy these homes keep bidding until the price is no longer a bargain.  Good for the bank but not so good for the buyer because they get caught up in the bidding war and did not carefully calculate what the final costs may be with repairs that may be needed.

Don’t let some of these things keep you out of the foreclosure market.  Purchasing a foreclosure can still be a good deal if you take the proper steps and don’t get caught up in the excitement.  Smart buyers establish a relationship with their local bank’s asset manager which can sometimes get them inside information and maybe the first offer of properties coming available.  While you are talking with your lender about the properties that are available you want to get pre-approved by that same lender.  Nothing warms a banker’s heart more than someone qualified for a loan and within their own bank.  Next and perhaps most important is to hire a trusted real estate attorney, not your neighbor down the street who is a corporate lawyer for the mega corporation but the local attorney who handles a significant portion of the properties being transferred in your area.  He can offer the expertise to handle any problems and the legal aspect of purchasing a home.  Buying foreclosures can be challenging but the rewards can be quite significant.

18Dec/090

In Chicago, Real Estate Auctions can be Helpful

Auctions have many benefits to potential buyers. They can access a large selection of properties up for sale, and can obtain prices that are often lower than the market value.

They also get the opportunity to close a sale in less than one month, which is quite appealing since buying real estate in a conventional method can be a very drawn out procedure that includes lengthy negotiations and lots of paperwork. In Chicago, real estate auctions also offer many benefits to sellers as well.

This is why for all parties involved in the auction process, they are gaining popularity as a method of making real estate transactions in the evolving real estate and economic climate.

Chicago real estate auctions allow sellers to sell a property with maximum efficiency. While this is important, it's also vital to note that they will get a fair price for what they're trying to sell.

Due to the competitive nature of auctions, bidders often try to win the property that they most desire, and get caught up in the excitement at the auction house. This is excellent for sellers since they will want to get the most money possible for their real estate.

Especially in Chicago, it's important to sellers that they're able to move their property without a large time delay. Owners want the best return they can get, but they don't want to waste time with buyers who might be inclined to back out of a deal at the last minute.

The fact that auctions close deals in a short amount of time is perfect for property owners that need to move quickly to take on a new job position, if they've inherited property they don't wish to put to personal use, or if they simply need the extra cash due to the current economic crisis.

It's also expensive to maintain property and pay property tax on it, so if sellers are able to get rid of it quickly, this will save them money overall.

They might even be willing to accept a bid that's lower than what they wanted to receive it it means it will save them a few extra months of having to deal with being a property owner.

Although auctions present numerous benefits to sellers, Chicago real estate auctions also are a great marketplace for buyers.

They benefit from quick sales just as much as the sellers; no one wants to deal with the hassle of stacks of paperwork or tedious negotiations. Buyers can also feel confident that the properties have been thoroughly inspected and are ready for them to move into as soon as the sale is closed.

Even if buyers go into the auction with a certain price in mind for a property, however, they cannot bid under a minimum bid rate if it's been assigned by a seller. Therefore, in any case, a fair market value for a piece of property is arranged so that both parties involved in the real estate transaction can benefit from an expedited sale.

16Dec/090

Hiring a Realtor

When you are thinking of buying or selling real estate hiring a realtor is not easy decision.  Real estate agents are licensed professionals requiring completion of initial educational requirements and to maintain their license is required throughout their career to take continuing education courses.  It is not an easy task to become a licensed realtor and to succeed requires time, energy, creativity and money.  Most real estate agents are independent contractors which means they pay their own expenses no matter if the market is booming or bust.  As with most parts of the country real estate jobs are currently plentiful but opportunities are there for the taking if you have that entrepreneur spirit that most successful real estate agents possess. 

When hiring a realtor most people think they do nothing all day but drive around in their big cars, show a few homes, go to the country club and pick up a big check every few weeks.  Nothing is further from the truth.  The true job description of a successful real estate agent is longer than most CEO’s of major corporations.  Agents are small or big depending on their success, independent business owners who must be counselors, financial experts, expert negotiators, educators, marketing specialists, public relations experts, and more often than not a chauffeur.  When it comes to buying or selling real estate there is little a real estate agent does not do for their customer or client.

Real estate jobs in major metropolitan areas offer their own set of challenges and hiring a realtor is no different.  With most metropolitan areas which cover hundreds of square miles, as an agent how do you choose what areas in which to work?  Obviously you would like to work close to home but that is not always possible or the best choice.  Agents many times travel long distances and work long hours to service their customers and clients.  Real estate agents derive most of their business from friends, family, and the referrals they generate which means they will list or show property over the entire metro area as well as surrounding suburbs and counties. 

The real estate business can be a rewarding career but not for the faint of heart.  The market offers many challenges and opportunities for those who possess that entrepreneurial spirit and are willing to put in the time and effort required to be successful.  For those of us who have made real estate a lifelong career there is no other job or career that can compare.

9Dec/090

Advantages of Real Estate Auctions

Do you want to find out how to sell a piece of property at a real estate auction? If so, you're in luck; there are numerous ways that real estate auctions can help sellers get the best offer on their piece of property.

This is particularly important because auctions can actually help sellers get better prices than conventional methods of real estate transactions.

They are also more efficient, and this helps sellers if they need to move a piece of land due to financial hardships such as property taxes they don't want to pay, or other expenses associated with owning land.

When selling property at real estate auctions, tons of people will be checking out your piece of real estate. They're all at least somewhat interested in it, and they definitely are ready to complete a sale immediately.

The process is quite easy, and is over in as little as three months. In the first month, your property is placed on a list of all properties that are going to be for sale at an auction.

The auction house will list the piece of real estate on a website, and then will advertise it to potential buyers in the surrounding area for you, making everyone aware of when the auction is going to take place and where it's going to be held.

During the last month, your piece of real estate will be inspected so that the buyers can move in immediately, and a few open houses will follow the inspection so that buyers can see it in person.

This last month is especially critical, because buyers usually decide whether or not they want to buy a piece of property after they see it for themselves. They will meticulously go through the real estate, so it's important to have all the repairs and maintenance completed before they walk through.

They're aware of the fact that when they purchase your property, they are buying it in the exact same condition it will be in when they see it. This is an advantage to the seller, however, because after the sale takes place, there is no room for complaints from the buyer if they aren't happy with a specific feature of the property.

If the advertising campaign done by a real estate company is effective, a minimum of a couple hundred people will come to make offers on all the properties up for sale at real estate auctions.

This marketing isn't possible when someone is trying to sell a piece of property themselves; it would cost too much time or money.

A room full of buyers eager to walk away with a great deal will start making bids, and due to competition, you might receive a higher price for your property than you expected.

The excitement involved in the process is also an advantage, but ultimately, auctions are an excellent way to streamline the process of completing a real estate transaction.

6Dec/090

The Benefits of Condo Auctions

Purchasing a condo can often be a very long process. It can sometimes seem like there is an endless stack of paperwork that keeps taking up all your time.

Or, you can dedicate months to tedious negotiations with someone selling the property, and then at the last minute have them back out of the deal. If you have to search for condos by yourself, this can also consume a great deal of time.

If you happen to be tired of these things and want to expedite the process, using condo auctions might be an excellent solution. The procedure is much more simple, and you can complete a transaction by just following a few easy steps.

At condo auctions, sellers and buyers are all at the same place, and they mutually benefit from this fact. The buyers have been qualified prior to the auction, and properties have been inspected to make sure that the buyers can move in as soon as they wish. Therefore, you are able to bypass most of the negotiations.

Usually, sellers opt to utilize auctions because they want the process over with so they can use their time for other things. Maybe the property is costing them money in property taxes or various expenses, and they would like to sell it in order to save some money. They're ready to get rid of it. Sometimes, that can happen in as little as a few seconds.

If you make a mistake and accidentally make a purchase that you didn't intend on making, you don't need to spend time fretting about that since it can easily be fixed. Auction aides are always there to help you, and retracting a bid is a common occurrence.

It's not as though a mistake that anyone could make will ruin your future or your financial stability. Another benefit to the auction process is that you don't need to have any connections or know anyone in order to get an excellent deal. You are on the exact same page as everyone else bidding in the room with you.

An additional advantage to condo auctions is that you can pay exactly what you want for a particular piece of property, even though this might mean you have to engage in very competitive bidding.

Just make sure you don't get so caught up in the process that you bid an amount that's more than you can afford. Decide before you go to the auction what amount is reasonable given your financial situation, and then don't allow yourself to make a bid that's beyond that price.

Auctions are a great way to simplify the process of buying real estate if you don't allow yourself to get so excited while you're there that you pay too much in the end.

If you buy a condo, you are making an excellent investment for your future and can benefit from the low prices offered at auctions around the country.

30Nov/09Off

Difficult Market of Los Angeles; Real Estate Auctions Pose Advantages

It's a difficult market selling property in Los Angeles. Property values have fallen in on themselves, saturating the market with real estate far below its market worth of a few short years ago.

Not only can it take considerable time, but it's difficult finding a fair market price for real estate in Los Angeles. Real estate auctions, however, feature a competitive bidding process that can often escalate, often beating out the market value in this difficult economy.

Auctions present a viable way to accelerate the selling process. You could end up waiting years to sell property for a decent value in Los Angeles.

21Nov/09Off

In a Tough Real Estate Market in Chicago, Real Estate Auctions Have Advantage

It's obvious the advantage that auction pose for the buyer. Access to a wider selection, potential for deals below the typical market, and the chance to close a sale in under a month are all excellent reasons why a real estate buyer might opt for an auction deal.

However, more and more sellers are realizing they actually have advantages in the real estate market in Chicago. Real estate auctions are a great way to sell property quickly, get a viable price that meets market value, and close the sale with fewer time delays and hassles.