The buzz is out!  There’s a real estate auction November 8, 2009 in Oak Brook. OwnACondo.com is hosting a real estate auction at the Oak Brook Marriott Sunday at 11AM at the Oak Brook Marriott.  There will be twenty-two properties auctioned off including condos, homes, land and townhouses.  The total dollar volume will exceed more than seven million in Chicago metro real estate value.

All properties at the Chicago metro real estate auction are of the “reserve” nature.  That means if that once the highest bid is achieved, the sellers will have at least three business days to accept the offer.  There are two other types of real estate auctions that are popular, the minimum bid auction and the absolute auction.  In each of these cases, the properties normally sell the day of the auction. The reserve auction gives the seller 100% protection of not selling the property for what they’re looking for.  If the highest bid comes in lower than what they’re looking for, they can simply reject the offer.

The November real estate auction in Oak Brook will feature two luxury homes in Oak Brook Terrace.  Both were built by the same builder and are getting lots of audience.  Open houses are scheduled for November 1^st and November 4^th.  There is always the possibility of viewing a property in the auction by doing a showing “by appointment” with the real estate agent that’s representing the property.

If the buyer does win the bid, there is a 5% buyer’s premium that is attached to the sales contract.  If the bid is $500,000, the sales contract would go for $525,000.  The day of the event, the buyer is expected to bring in a cashier’s check of $2,500, along with a personal check to bring the total of earnest money to 5% of the purchase price of the winning bid.

Condo auctions in Chicago along with all real estate auctions in general have become very popular since the downturn in real estate.  The auction process gives sellers a chance to market their properties to a huge audience in a short time creating a competition for the property the day of the auction. 

The real estate auction on November 8^th is expected to bring a minimum of 200 people, all bidding for twenty-two real estate parcels.  It will definitely be an entertaining event to watch.  To get more info on the November 8^th auction in Chicago go to OwnACondo.com or call 866.696.2266.

Tags: auction in Chicago area november 8, auction november 8, Chicago auctions, real estate auction

This entry was posted on Sunday, November 1st, 2009 at 3:02 pm and is filed under real estate auctions. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.