Hundreds of Chicago Homes to be Auctioned

September 24, 2010

Foreclosures are bad news to Chicago homeowners but potentially good news for Chicago home buyers who are looking for housing at a great price.

Here’s an opportunity for those home buyers to get a home for a steal.

More than 200 bank-owned homes in Chicago and surrounding suburbs will be sold by auction October 2-3 in Lombard.

Hudson & Marshall, the nation’s leading real estate auction firm, will conduct the auction at the Westin Lombard Yorktown Center.

The properties, which range in value from $2,500 to $350,000, all will be sold “as-is,” so buyers should be sure to inspect a home before placing a bid.

There will be open houses scheduled this weekend, September 25 and 26, from 1 to 3 p.m.

This 4-bedroom, 3-bathroom home in Huntley is up for auction.

You can also contact the listing agent to schedule an appointment.

If you are interested in a property, and you are the winning bidder, you will be required to make a cash or certified check deposit of $2,500.

Homes that sell for $10,000 or less must be paid in full on the sale day.

This is a reserve auction, which means the sellers have the right to accept, reject or counter any offer, though the majority of offers have been accepted in past Hudson & Marshall auctions.

According to the Mortgage Bankers Association, Illinois carries one of the highest rates of foreclosures in the country. If you are in a position to buy, there are deals out there to be had.

“Vacant homes bring down neighborhoods, invite blight and lower property values,” said Dave Webb, principal, Hudson & Marshall. “The auction process is a win-win for sellers, buyers and communities. It allows banks and asset management companies to swiftly sell a large number of foreclosed properties at one time to buyers who are eager to grab deals and turn houses into homes again, which stabilizes neighborhoods.”

There are other upcoming auctions around Illinois. To find out more information, call (866) 539-4172 or visit You can also place a bid online.

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