Foreclosure in Chicago>Question Details

Beatriz, Home Buyer in Chicago, IL

How many people usually show up ready to bid on a foreclosed house at a sheriff's sale?

Asked by Beatriz, Chicago, IL Mon Aug 9, 2010

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Mostly cash buyers, investers looking to buy, fixup and resale at fair market value
0 votes Thank Flag Link Mon Aug 9, 2010
For any auction property, the number of bidders just depends on the location, the property and the opening bid.

As a buyer, however, you want less people to compete with, then you will get a better price. As an auction buyer, though, you do need to be aware of the terms and conditions and you need to be ready to make a noncontingent purchase. It can be an opportunity to get a deal, but moreover, it is a great way to short cut the long and sometimes non-productive short sale and foreclosure market.

If you have any more questions about purchasing at auction, we can help you. We are licensed auctioneers and know everything there is to know about buying and selling at auction.
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0 votes Thank Flag Link Mon Aug 9, 2010
I have gone to a few of them. Not really at the court house steps any more. Most are done in conference rooms and little offices. At most 2-3 people show up. Most of the time only the auctioneer is there. That is because most of the foreclosures at the 'court house steps" are not bargains. The bank is going to take back the house for the amount left on the mortgage. Most homeowners are upside down on the value. (owes more than the home is worth) So there is no real deal for investors. Better to get the deal before the foreclosure or after. At the court house steps you can not make any real money. Hope this helps

Al Dobbs
0 votes Thank Flag Link Mon Aug 9, 2010
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