Friday, March 20, 2009

New Way To Buy or Sell at Auction

If you're a buyer looking for a bargain or a seller looking for a new option, consider this:

Three Chicago agents have created Chicago Home Auctions, which is selling individual units in existing condos. (Most auctions we know of focus on selling developer units in new construction, or on foreclosures.)

Currently scheduled for auction are one condo unit at 474 N. Lake Shore, which will be up for auction Sunday, March 22, and one at 310 S. Michigan, scheduled for auction Sunday, April 5.

According to Marta Kazmierczak, an agent with Sudler Sotheby's, bidding for unit 3507 at 474 N. Lake Shore will start at 50% of market value, or $165,000.

According to the company's Web site: "We’ve taken the benefits of the real estate and home auction industries, removed the drawbacks, and created a process that is easy to understand and works to benefit all involved in the home buying and selling process."

Among other things, that means no prequalification or cashiers checks are required to bid.

For details on the auction process, click here.

If there are similar efforts out there, let us know.

Additional Comment from Marta:

Yes, a new concept, one which we hope will bring motivation to potential buyers in a market with increasing inventory. This is a great way for buyers and sellers to come to a meeting of the minds, hopefully resulting in a quick and efficient transaction, without the traditional model of viewing multiple properties and submitting multiple offers.

Instead, it's an opportunity to procure a transaction of true market value. None of our properties is in financial jeopardy nor bank-issued short sales. Therefore, buyers do not need to be concerned about lengthy and complicated transactions. We've made it easy for both sides.

Of course, agents are welcome and compensation will be allocated to them as well.

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