chicago-condos & Chicago Real Estate pcherry on 30 Aug 2010 11:27 am

Condo Auction September 26th

August 30, 2010 - For those of you who love Chicago real estate auctions and may be looking to buy a smaller condo at a low price, you may want to check out the Rick Levin auction that is coming up on Sunday September 26th at the the Hyatt-Rosemont on 6350 North River Road in Rosemont,IL. Registration starts at 10am and bidding will start at around 11am. A 5% buyer’s premium will be added to the winning bids and earnest money has to be paid no later than noon on October 1st. Closing has to take place within 30 to 45 days of the bid acceptance.

Many of the properties being auctioned are single family homes and commercial buildings, but there are some chicago condos as well. One is a studio (unit #508) located on floor 5 of a 365 unit pet-friendly high-rise on 7337 S South Shore Drive. This bank owned condo is to be sold absolute. The living room measures 22×19, the kitchen is 10×8 and the bedroom is 14×12. Monthly assessments average $300 and taxes $462. The condo is valued at $75,000 and the opening bid is set at $8,000 with a $3,500 cashier’s check required to bid.

Another condo being auctioned that day is a 2 bedroom, one bath condo (unit #2E) with 750 square feet of living space located on 6707 S Chappel Avenue. The monthly assessment is about $200 and the property taxes are around $538. This bank owned condo is also to be sold absolute. The unit has been valued at $95,000 and the suggested opening bid is set at $8,000. You’ll need a $3,750 cashier’s check to bid on it.

Chicago condo auctions are a often a great way to buy Chicago real estate at reduced prices.

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