JUDICIAL AUCTIONS

We closely monitor the hundreds of properties which are auctioned off in Chicago and the rest of Cook County every day for the best deals.  Navigating these auctions can be intimidating and tricky as the auction moves along very quicky.  Auctions generally require a 25% down payment (sometimes up to 100%) the day of the sale in certified funds, with the balance being due the next business day.
 
Elements that we help with include:

  • Identification of properties that fit our investors profiles
  • Conducting initial property title research
  • Checking for back taxes and other outstanding liens
  • Attempting to gain access to properties
  • Obtaining opening bids and sales terms
  • Attending auctions and placing bids for clients

We have assisted with the successful purchase of many properties at the three main Chicago auction houses: The Judicial Sales Corp, Intercounty Sales Corp, and Kallen Realty Services.
 
Once the purchase has been made we also offer assistance with the Confirmation of Sale, obtaining property title, and gaining posession of the property through eviction or cash-for-keys agreements.

BANK OWNED

These properties have already undergone the foreclosure process and are being sold directly by the bank which now owns and controls the property. Generally, the banks price these properties agressively, with the intention of selling them quickly. Some banks have terms of sale which include: 

  • Allowing only "owner occupied" offers for the first 15 days of listing time
  • Requiring cash offers on severely damaged properties
  • Mandating that offers be made through specific websites using exclusive contracts
  • Automatically denying offers if they are less than a certain % of listing price
  • Not covering certain costs associated with the sale (taxes, title, survey, association fees, etc...)
  • Requiring that the buyer take title subject to building violations
  • Specifying a timeframe in which the buyer must own the property before re-selling

Every bank has their own intricacies when offering their properties up for sale. Working with us you will gain the advantage of our experience working with these banks in the past to purchase properties.

SHORT SALES

Where bank owned properties move quickly, short sales are notorious for their long timeframes between offer and acceptance. That is because the seller is underwater on their mortgage and they are asking the bank to accept a lower payoff amount than they owe.  The bank has a specific process that they must follow internally in order to evaluate the offer, and often times this can take several months. However, there is strategy involved in giving yourself the best chance to have a short sale offer accepted. Some strategies that we have found successful include: 

  • Submitting comparable sales with all offers to support the agressive offer price
  • Allowing flexible timeframes in order to give the bank time to consider the offer
  • Following up frequently with the listing agent and attorney in order to keep the process moving forward
  • Supporting offers with proof of funds or proof of financing
  • Offering "cash" whenever possible to ensure the bank of your ability to close quickly

Where many brokers discourage their buyer clients from entering the long and unpredictable short sale process, we have found success in submitting strong offer and being patient. Frequently, our clients have purchased properties for well below market value. 

CONVENTIONAL SALES

We use "conventional sale" to refer to any non-distressed transaction. This could be purchasing a home listed on the Multiple Listings Services (MLS) or buying a home from a private seller in a handshake agreement. In order to find the best opportunities or investment we have created several different methods of identifying properties:

  • Setting up automatic searches on the MLS, so our clients see properties immediately as the come on the market
  • Sending out mailers to neighborhoods where we are interested in acquiring property
  • Monitoring third party websites where sellers who don't have an agent may advertise their property
  • Partnering with a network of people who specifically look for off market deals and share them with us

In a competitive market, speed is the most important factor in successfully purchasing a conventional sale. That means seeing the property as quickly as possible, and being ready to write an offer the first day. We take pride in our mobility and work with our clients to see properties rapidly in order to ensure our best chance for a successful transaction. 

About Us

At Blahnik Properties we are unique in our focus, as we aim to assist our clients in not only the acquisition of the property, but also with any rehab, renting, and ultimately the sale of the property. As property investors ourselves we understand what it takes to be successful in this challenging and dynamic market.

We also work extensively with Chicago’s best home builders to identify and acquire prime buildable lots in the city’s most sought after neighborhoods.

Do you want to learn more about the different ways that we can work together to purchase a property? We relish the opportunity to meet for a coffee or have a phone call to discuss your specific needs and the best way to meet them. Please give us a call, shoot us an email, or use the form below, and we will be in touch shortly.

The Team

Lucas Blahnik
Luke Blahnik
Broker

312.576.6118
email

 Luke Blahnik

Paul Blahnik
Broker

815.751.7115
email

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