With interest rates dipping to historic lows and the housing inventory piling up across the country, there has never been a better time to buy a home.
With interest rates dipping to historic lows and the housing inventory piling up across the country, there has never been a better time to buy a home. Bank-owned foreclosures are also flooding the market and attracting many buyers because lenders generally sell these homes below market value to avoid further losses. Buyers in the Chicago area, who may be contemplating purchasing a new home or investment property may be lured off the sidelines by the upcoming three-day auction of over 300 Chicago area foreclosures.
Real estate auction firm Hudson & Marshall will auction these bank-owned homes onMarch 27th-29th at 1:00pm at the Westin Lombard Yorktown Center. Dave Webb, co-owner of Hudson & Marshall, advises buyers who have the finances not to miss the Chicago auction.
“Banks are aggressively discounting their large volume of foreclosure inventory to quickly sell these properties. The result is both owner-occupant and investor buyers can come to our auctions and find a variety of affordable homes,” added Webb. The auction is open to the public, and registration is free and can be done the day of the auction. All the homes come with guaranteed title insurance paid for by the sellers. Buyers should bring a valid government issued ID and a certified check or cash in the amount of $2,500 for each property they want to bid on. Contracts typically close within 30 days, and homes are sold “as-is” to help reduce lengthy negotiations that delay sales. Buyers should view all properties in advance of the auction. An open house is scheduled for March 21st and 22nd from 1:00pm-3:00pm or by contacting the listing agent and making an appointment.
People shouldn’t be intimidated by the auction process, says Webb. “Our staff will help buyers every step of the way from registering to closing. It’s a very easy and fun process and there is never pressure to buy.”
Through its Alliance Network Program, Hudson & Marshall also invited builders, mortgage companies, property managers and housing counselors to attend the auction to answer questions and offer their services to buyers. For buyers who can’t wait until the auction, homes can be purchased in advance by visiting the company’s website at http://www.hudsonandmarshall.com, clicking on the Bid Now icon and submitting an offer. Sellers usually respond to offers within two days. This is a reserve auction, which means the banks reserve the right to accept, reject or counter any offer. For more information about the auction, buyers can visit the website (click the image above), or call 866-518-9062.