Saturday, May 24, 2008

31 Foreclosed Units To Be Auctioned in June

If you're in the market to buy a condo and are waiting to buy at the bottom, you might want to start reading the legal notices in the classified section of your local newspaper.

As this photo of Eva Mendes suggests: Run, don't walk, to your nearest newsstand.

For example, the May 22 edition of Skyline, a neighborhood paper covering Lincoln Park, Old Town, River North and Gold Coast, carried legal notices on 31 downtown condos that will be auctioned to the highest bidders in June.

Five of the units being foreclosed are at 10 E. Ontario, two are at 222 N. Columbus and three are on prestigious North Lake Shore Drive. Here, listed by date of auction, are the units:

June 2: Unit 6D, 210 E. Pearson; Unit 1201, 421 W. Huron
June 3: Unit 14A, 1540 N. State; Unit 1145, 900 N. Kingsbury
June 6: 6206 N. Levitt
June 9: Unit 4002, 10 E. Ontario; Unit 3408, 405 N. Wabash
June 10: Unit 3106, 360 E. Randolph
June 12: Unit 544, 800 S. Wells; Unit 1604, 435 W. Erie; Unit 1106, 10 E. Ontario
June 13: Unit 4102, 10 E. Ontario
June 16: Unit 1711, 440 N. Wabash
June 17: Unit 3305, 1122 N. Clark; Unit 1815, 211 E. Ohio; Unit 5201, 474 N. Lake Shore; Unit 3009, 505 N. Lake Shore; Unit 701, 222 N. Columbus
June 20: Unit 1701, 1101 S. State
June 23: Unit 3504, 405 N. Wabash; Unit 606, 900 N. Lake Shore; Unit 2807, 222 N. Columbus; Unit 3502, 10 E. Ontario
June 24: Unit 1203, 535 N. Michigan; Unit 1206, 510 W. Erie; Unit E, 640 W. Fulton
June 25: Unit 11A, 73 E. Elm
June 26: Unit 3509, 10 E. Ontario; Unit 20D, 33 W. Delaware
June 30: Unit 3B, 1415 N. Dearborn; Unit 1903, 345 N. LaSalle

For details on most of these sales, contact The Judicial Sales Corp. at (312) 236-7253. If you've never been to a condo auction and don't understand the process, you might want to check with your Realtor or attorney first.

Here, from Rubloff's Debbie Maue, a top-producing agent with 19 years in the business, is some valuable context on buying at auction in today's market:

"Buying a foreclosure isn't that easy. First, individuals who do this as a profession have the inside scoop. Second, you are buying the place 'as is.' Often, the owner has trashed and pillaged the place and you don't know until you own it and have the keys.

"I bought a foreclosure. I did so before it went to sale. It was trashed. Most buyers think, Hey, I'm going to buy a foreclosure and get a great deal. It's like saying, 'Hey, I'm going to win the lottery.'

"Most people trying to get in on the foreclosure game are wasting their time. What buyers are not seeing is that, outside of foreclosures, right now they are getting incredible deals. Many places are priced at what they were three years ago, if not slightly lower. And, with amazing interest rates.

"That is another point about foreclosures: You have to have your financing in hand. Buyers think rates and prices are going to drop more. Doubtful. Chicago did not have the huge appreciation jump that Florida and Las Vegas did. Thus, there is not that margin to drop. Sellers are not going to lose their shirts on this. They are staying put until they get their price.

"Smart buyers understand that as the market turns, all their fellow buyers who have been sniffing around will be flooding the market and prices won't be so negotiable. Who knows, could we actually be looking at a sellers' market not too soon?"

1 comment:

Michelle said...

My parents (near retirement) purchased a condo at 10E Ontario. They will be taking it over in January. Because it is selling for far less than they paid, the going rent in that building is significantly less than the mortgage....what can I help them do? How do we go about getting approval to short-sale this? Do we need to foreclose?( we don;t want to). Are there any law-suits going on for this building that we can take part they can walk away with the loss of their investment without ruining their credit??? I really need advise! Thanks!