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 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.
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.
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.
1348 W Rosemont
1348 W Rosemont – 1 Bed 1 Bath Condo – Edgewater Glen Neighborhood
Purchase Price: $56,000
Sales Price: $135,000
This condo was acquired as a bank owned foreclosure. It was located in a boutique building on a great block in Edgewater Glen. The interior was in need of an update. We opened up a wall between the dining room and kitchen, rehabbed the kitchen & bathroom, refinished floors, painted, installed new light fixtures, and replaced a few windows. The result is a much brighter and more attractive condo which sold in under 2 weeks.
3444 N Karlov
3444 N Karlov – 4 Unit Brick Building – Old Irving Park Neighborhood
Purchase Price: $225,000
Building Improvements: $60,000
Sale Price: $524,000
Building was acquired from a private party looking for a quick sale. All apartments had deferred maintenance and were rented below market value. We lightly rehabbed all apartments and fixed large scale building components. Building was re-rented at market value. Sold in 7 days with multiple offers.
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.