JUDICIAL AUCTIONS

To find the best deals, we closely monitor the hundreds of properties being auctioned off daily in Chicago and Cook County.  These auctions move quickly, making them a challenge to navigate. They generally require a 25% down payment (and sometimes up to 100%) in certified funds on the day of the sale, with the balance due the following business day.
 
We can help with the following:

  • 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.
 
Post-purchase, we also offer assistance with the Confirmation of Sale, obtaining property title, and gaining possession of the property through eviction or cash-for-keys agreements.

BANK-OWNED

Bank-owned properties have gone through the foreclosure process and are under bank ownership and control. Banks generally price property aggressively in order to sell quickly. Banks' terms of sale may 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 represent less than a certain percentage of listing price
  • Not covering certain costs associated with the sale (taxes, title, survey, association fees, and so forth)
  • Requiring that the buyer take title subject to building violations
  • Specifying a timeframe during which the buyer must own the property before re-selling

The process can be complex, and every bank is different. Our experience working with various banks, combined with our understanding of the nuances of these sales, will give you a competitive advantage as you approach your purchase.

SHORT SALES

While bank-owned properties move quickly, short sales are notorious for the lag between offer and acceptance. Sellers who are underwater on their mortgages are requesting that the bank accept a lower payoff amount than what they owe.  Banks must follow specific, internal processes in order to evaluate the offer, and this can take up to several months. However, we can help you achieve success with your short-sale offer by using the following strategies: 

  • Submitting comparable sales with all offers to support the aggressive offer price
  • Providing flexible time frames in order to give the bank time to consider the offer
  • Remaining in close contact with the listing agent and attorney in order to keep the process moving
  • Supporting offers with proof of funds or proof of financing
  • Offering cash whenever possible to assure the bank of the buyer's ability to close quickly

While many brokers discourage their buyer clients from entering the long and unpredictable short sale process, we have achieved success through submitting strong offers and following up frequently. Our clients have frequently purchased properties for well below market value. 

CONVENTIONAL SALES

We use "conventional sale" to refer to any non-distressed transaction. This ranges from  homes listed on the Multiple Listings Services (MLS) to homes sold privately in a handshake agreement. In order to find the best opportunities, we have developed the following methods of identifying properties:

  • Setting up automatic searches on the MLS so that our clients see properties as soon as they come on the market
  • Sending out mailers in 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 determining your success at a conventional purchase. This means seeing the property as soon as possible and being ready to write an offer the first day. We take pride in our agility, and we work with clients to see properties rapidly in order to increase their chances of success. 

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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