Auctions
Auctions are a great way to get involved in owning investment real estate. The prices can be considerably lower than the retail market place and you’ll find that the process of closing on a Chicago condo may not be as hard as you think. There are programs that also allow for a quick close for buyers that have a strong down payment and good credit. One way or another, if you’re looking for a good deal, condo auctions may be the way to go.
When you bid at an auction, it’s typical to bring a cashier’s check in your name to the auction. The auction company hosting the event will check you in and get a copy of your driver’s license from you. Once checked in, you’ll receive a paddle with a number on it. This device is used for bidding purposes. When you want to bid on a property, you simply raise the paddle. The bid caller’s assistant will point at you and now you’re part of the auction. If you end up winning the bid, there will be a host escorting you to a private room or an area in the room where you’ll be able to sign your contract and officially purchase your unit.
Auctions are given almost monthly with many auction houses auctioning nearly one hundred properties per event. Come ready to bid, because there are some seasoned investors that will be there as well. Don’t get discouraged by this because they can’t buy every property. Go there with high expectations and do your best to buy, but don’t over bid. That would not be good. Don’t get caught up in the crowd and the excitement. It’s all about getting a good deal.
