Metro Chicago Real Estate to be had at Auction

April 08, 2011

Chicago real estate values have fallen more than 10 percent from last year while the number of homes in foreclosure continues to rise.

What to do? Grab a deal at an auction!

Hudson & Marshall will auction off more than 100 foreclosed homes in the Chicago area on April 15 and 16.

“For potential buyers contemplating diving head first into the real estate market, now is the time with mortgage rates hitting historic lows and inventories running at all time highs,” said Dave Webb, principal, Hudson & Marshall.

“Another advantage for buyers purchasing through auction is, banks are motivated to sell these homes at reduced prices because they’ve carried them on their books for three months to a year.”

This 3-bedroom, 2.5-bath home in La Grange Park is one of the homes up for auction.

All Hudson & Marshall properties come with an insurable title but are sold “as-is,” so you should inspect any property before bidding on it.

There will be an open house of all the homes this weekend, April 9-10 from 1 to 3 p.m. You can also contact the listing agent to schedule an appointment.

And, you don’t even have to wait until the auction to name your price; you can bid on a home online. This is a reserve auction, which means sellers can accept, reject or counter your bid.

Hudson & Marshall representatives say that sellers will most likely respond to an online bid within 24 hours and that a majority of offers have been accepted.

The auction scheduled for Friday, April 15 at noon will take place at the Hilton Garden Inn Rockford and will include properties in the McHenry, Boone and Winnebago Counties.

The auction set for Saturday, April 16 at 1 p.m. will be at the Chicago Marriott Southwest at Burr Ridge and will include homes in Chicago and its surrounding suburbs.

To see all the properties up for auction or for more information, visit hudsonandmarshall.com or call (866) 539-4172.

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[…] *Want a house? What could be more cost-effective than buying one through an auction? Hudson & Marshall are auctioning off hundreds of Chicago-area homes next weekend, but they are all open for viewing this weekend. Check out that story here. […]

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