Metro Chicago Real Estate to be Auctioned Saturday

April 14, 2011

The Chicago real estate market is one of the hardest hit in the country when it comes to home foreclosures, which can mean great deals to be had for home buyers.

This Saturday, Auction.com is hosting an auction of more than 250 newly bank-owned properties around Chicagoland.

“Saturday’s auction provides prospective Chicago area and Illinois homebuyers with a great opportunity to buy an affordable dream home,” says Auction.com CEO Jeff Frieden.

This is the second auction for the company in Chicago. In January, Chicago-area home buyers spent $11.9 million purchasing 317 bank-owned properties before a standing room only crowd of 550 at the Hyatt Regency O’Hare.

In 2010, Auction.com sold 1,400 foreclosures for $92 million in Chicago and the Midwest, and more than 34,000 for $1.68 billion nationwide. That’s more than any other company.

This year, the group has already auctioned a nation-leading 12,500-plus foreclosed properties for $660 million, which triples its production at this time last year.

“When a house sits vacant, it hurts the local and even the national economy,” said Frieden. “But when Auction.com turns a foreclosed house back into a home, a new family is paying a mortgage, property taxes, gas, electric and water bills, and they’re creating jobs by hiring landscapers, painters and electricians – all of which fuels the economy.”

4117 N. Western, Chicago

Check out these two incredible options that will be up for auction on Saturday:

*3431 N. Kenton, Chicago: This three-bedroom, two-bathroom home was previously valued at $500,000. Opening bid: $9,000.

*4117 N Western Ave., Chicago: This home has five bedrooms and two bathrooms. Previously valued at $575,000, the opening bid is $149,000.

Financing on many of the homes will be available at the auction.

“Homebuyers and investors understand how beneficial our auctions are, not only to them personally, but to the future of the economy,” said Frieden. “Getting families back into these houses creates more jobs, but it also helps in reestablishing the real estate market, setting the market up with a firm foundation to build upon.”

What: Auction of newly foreclosed homes in the Chicago area

When: Saturday, April 16; registration begins at 8 a.m., auction at 9:30 a.m.

Where: Renaissance Schaumburg, Schaumburg East Ballroom, 1551 N. Thoreau Dr., Schaumburg

Bring: Last 2 years W-2 forms, $2,500 Cashier’s Check ($5,000 for each subsequent), checkbook for balance of 5% Earnest Money Deposit (15% for each subsequent)

Visit: Auction.com for more information and home listings

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