- WTC Development Talks Continue March 11, 2010Negotiations continued between developer Larry Silverstein and the Port Authority who are trying to resolve an impasse over the redevelopment of the World Trade Center site before a critical deadline Friday. […]
- Fortis Sues Lender Kennedy in Debt Case March 11, 2010Kennedy Funding, a New Jersey lender to cash-strapped real-estate developers, has plenty of experience going after debtors who fall behind on their payments. But now it's Kennedy's turn to get squeezed. […]
- Helmsley Estate Sells Manhattan Hotel March 10, 2010The Helmsley Carlton House is being sold to a partnership between private-equity firm Angelo, Gordon & Co. and Extell Development for about $170 million. […]
- General Growth Debt Bet Pays Off March 10, 2010A handful of investors dug to the bottom of the discount bin and snapped up General Growth's convertible bonds at three cents on the dollar. They now trade at 103 cents. […]
- European REIT Rollout at Hand March 10, 2010With European property markets beginning to recover from the market downturn and global recession, there are signs that the REIT revolution could be at hand. […]
events
APARTMENT BUILDING AUCTION
The featured inventory will be starting at low Min. Bids.
March 27, 2010 at Chicago Marriott OAK BROOK
AUCTION SEMINARS
Learn how to sell and buy at real estate auctions.
OPEN HOUSES
Inspect the properties prior to the auction.
Condo Auctions
With the ever changing Chicago real estate market a centuries old process of buying and selling has resurfaced. Condo auctions are becoming one of the most attractive ways to buy or sell real estate no matter if it is your primary residence, vacation home, or investment property. To many people in Chicago a real estate auction is foreign to their way of thinking regarding the purchase or sale of their condo or home, but auctions have long been the primary means of buying and selling real estate in other parts of the country, particularly the south. Auctions are the relatively simple process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the winning bidder. The definition above is the basic auction form but there are several variations, including time limits, minimum or maximum limits on bid prices, and special rules for determining the winning bidder or sale price. Many times the participants may or may not know the identities or actions of the other bidders and they can participate in a variety of ways, such as by telephone, or internet. No matter how the auction is conducted the seller usually pays a commission based on a percentage of the final sales price.
Real estate auctions are exponentially growing due to all the talk we continually hear about the economy and real estate. There are foreclosures, loss of equity and homeowners in trouble and it can make it difficult to sell properties not matter where they are located. The media is helping condo auctions and smart buyers and sellers are using it to their advantage. Real estate auctions attract buyers and they can get the highest and best offer in the shortest amount of time. The media helps with this by talking about how real estate is cheap and now is a great time to buy. Free advertising is being provided so when potential buyers see auction signs they believe a deal is waiting to be made. Additionally, real estate auctions are moving to online sites that cater to our more technologically advanced buying public which many motivated sellers are seeing as an advantage since mass advertising at very little cost can expose their property to the maximum number of buyers possible. More and more real estate agents are discovering that marketing is much less expensive and online condo auctions give them the most bang for their marketing buck. Auctions are a trend that with today’s economy will continue to grow.
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