Monday, May 26, 2008

More About Foreclosures and Auctions in Chicago

What lies behind the beautiful facade?

I wrote a quick post the other day after attending another seminar on foreclosures and short-sales in Chicago.

Ric at the ChicagoCondosOnline blog coincidently wrote a post about the increasing number of foreclosed condo auctions found in local papers.

He tapped a few of us to comment and my associate Debbie Maue at Rubloff gave it straight. Read her comments... they are loud and clear.

However, many condos units themselves auctioned in larger Chicago buildings in relatively good locations are low risk. You just need to study the actual building and condo association to make sure it's solid. For instance, I had a client pass on an awesome deal at 1500 W Monroe in West Loop earlier this year. It was a short-sale or foreclosed condo... huge square footage and great shape for the price they were asking. The client did not feel comfortable, perceiving their was more risk.
The truth was that it was a stable condo association and just bad luck or bad finances of the previous owner. The condo sold the same weekend it hit market.

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