Archive for the 'Gold Coast' Category

Serving Foreclosure Buyers by the Bus Load

Tuesday, March 3rd, 2009

On 2/28/2009 we took 12 people out on a Foreclosure Bus Tour to preview condos in the River North, Gold Coast and Old Town areas. We were able to show 8 different properties in 3 hours to 12 people, very efficient use of our time. This was done in conjunction with ChicagoForeclosureTours.com a part of americanforeclosuretours.com. Most buyers were surprised to find condos that are available as short sales or foreclosures, selling for any where between $50,000 to $200,000 less than they sold for 2 years ago. So yes, there are a lot of real estate bargains out there in this market place. We at the WeSellChicago.com team are busy planning another Foreclosure Bus Tour, this time focusing on single family homes in Lincoln Park, Bucktown, Wicker Park, Lakeview, Gold Coast and River North. If you are interested in joining, just email me: roger@WeSellChicago.com with “Bus Tour” in the subject line.

It is estimated that about half of all real estate transactions in the Chicago area will be either a short sale or a foreclosure. That would be about 75,000 properties as guesses are that there will be about 150,000 homes that change hands in 2009. So it makes sense to start looking at some of these distressed properties. As a buyer you need to be patient because we are dealing with a huge organization rather than a individual seller. Usually they have much red tape to clsar up before they can even give a response to an offer. Next, it will be in your best interest to be as unemotional as possible. Most important get pre-approved, sometimes it makes sense to get pre-approved through the bank that is selling the property so you can actually compete with the cash buyers. There are some great deals out there, so let’s go find them and then buy them.