Chicago Foreclosed Homes to Be Auctioned at Westin Lombard

by Simon Lindsay on cities

Hudson and Marshall is scheduled to auction off over 200 Chicago foreclosed homes at the Westin Lombard Yorktown Center in Chicago, Illinois on October 2-3, 2010. According to the firm, those who are interested in buying one or more properties should prepare a certified check or cash deposit of $2,500 per property.

Most major cities in the U.S. have high foreclosure numbers, including Wells Fargo foreclosure listings, and Chicago is no different. For banks, one way of dealing with rising inventories is to offer discounts on foreclosed homes, which inevitably benefits home buyers.

In the case of Hudson and Marshall, auctioning off some Illinois foreclosed homes is one way of moving the properties off the company's books. The real estate firm will be offering various properties that range in values between $2,500 and $350,000. For homes sold for $10,000 or lower, the firm reminds buyers that they will be required to pay the full price during the sale day.

All buyers who find foreclosures to purchase at the auction will be given between 30 and 45 days to close the deal. They will also be given the chance to secure financing with a lender of their own choosing before closing, but closing will not be contingent with financing.

Company officials have stated that Chicago foreclosed homes, particularly those that are left vacant, contribute to neighborhood deterioration and also cause the decline of home values. The auction event that will be organized by the firm is being seen by local housing market observers as something that will benefit all parties concerned, including the seller, buyers and local communities.

The second quarter has seen Illinois as one of the areas in the U.S. with the highest foreclosure rate increase when compared with the same quarter of 2009 along with New Mexico and South Dakota, according to the Mortgage Bankers Association. The auction, therefore, can help lower the number of foreclosures in the area and give buyers an opportunity to purchase residences at the lowest possible price.

According to Hudson and Marshall, the Chicago foreclosed homes that will be auctioned will be in an "as-is" condition. The firm advises buyers to inspect the properties prior to making any bid and to get in touch with listing agents for further help.

disclaimer