REO auctions
Posted in Foreclosure Real Estate Investor By Joseph Varan, Monday, February 25, 2008.I've been to a few real estate auctions of REO properties in Chicago. Seems like prices keep going down. Last auction was a Hudson & Marshall auction on February 23, 2008. Purchased 9 properties. Last Hudson & Marshall auction the lender rejected most of the bids as being too low.
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Submitted by Stacey Maxwell on September 20, 2008 - 8:38am.
Don't give up if it has been rejected at auction, there is post auction bidding that still goes on. Additionally, there are cases where they can't get in touch with the investor the day of auctio and have to reject based on the reserve amount they are given pre-auction. It is possible that the offer will be submitted post auction and the investor will accept it.
Believe it or not, there are many properties that are being sold at these auctions that get bid up past where they could have been picked up pre-auction.
Submitted by Michael Delgado on December 1, 2008 - 11:11am.
is chicago a good market. and if so what are typicaly the average market price for most single family homes
Maycol Delgado
Real Estate Broker
www.globalmarketrealty.com
Submitted by Stacey Maxwell on December 1, 2008 - 11:52am.
Chicago is an excellent market. I say this because as a whole the Chicagoland area is very stable. Because the area is so large, it is impossible to give an average market price, as the pricing varies greatly from neighborhood to neighborhood, suburb to suburb. I see you are in the Miami area. I am a native Miamian myself. Typically, however, we are priced less than South Florida, in comparable neighborhoods.
If you are interested in the investment opportunities in this market..................they are awesome, if proprety is purchsed correctly and in the areas that fits the strategy that the investor is looking to employ. I personally buy SFRs of 3 bedrooms or more, in working class neghborhoods. At this time I am picking up homes out of foreclosure in for between 30-75k that need some work. The work necessary can't place the total cost for acquisition and repair at more than 100k. With this in mind I look to having an after repair value of between 120-175k, placing the properties in the posistion to be rented and cash flow beautifully, or to be prime candidates for sale to a first time buyer.
Hope this answers your question.
Submitted by Michael Delgado on December 1, 2008 - 3:01pm.
Thank you so much for your answer. I am currently investing in Georgia and im also thinking about investing in Detroit. I can now think about Chicago. Thank you for your insights.
Maycol Delgado
Real Estate Broker
www.globalmarketrealty.com
Submitted by Stacey Maxwell on December 1, 2008 - 4:45pm.
I think that Chicago is a much better option than Detroit in that this market is not economically depressed like Detroit. There are several areas in the city that I am particularly interested in due to the planned economic development. One area is where portions of the Olympic Venue is to be. The area was formerly the site of the Columbian exposition world's Fair and is home to one of our premier museums, The Museum of Science and Industry. Further it is part of the neighborhood where Obama lives. There was heavy speculation in the area for rehab projects and condo conversions. Many of these projects were started during the boom and left to go into foreclosure when the market turned. Not over priced at all. It is a mix of SFR and multi-unit properties.
The other area is the former lakefront site of US Steel. Amazing lakefront property that is prime real estate. Currently the neighborhood is a lower working class areas that butts up to the area known as South Shore, which had once been a very affluent area and is in the process of coming back. Happens alot up here. Check this out http://www.brownfieldnews.com/Archive/0408August/mid_us_steel_full.htm
Our political climate is ripe think Obama and Mayor Daley all southside Chicagoans. We have a stability that cannot be matched by either Atlanta or Detroit. I invite you to take a trip up here, I will be happy to show you around and share with you the opportunity available for you and for clients who might be looking to invest.
Have you checked out my website? www.realinvestormatch.com