East Randolph Street – Call Kristine 312-933-1894

Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

East Randolph Street, Chicago

Foreclosure response time

July 22nd, 2010 · No Comments · Uncategorized

I had three clients are bidding on foreclosures right now, all of them are located in Chicago downtown. We have submitted offers for 2 of the three properties in the beginning of June, and since our offer price is less than 90% of the listing price, we have not even hear a word from the sellers. The third offer we have submitted last week, but since we were offering a full listed price, we got their response within 5 business days.

From the above we could tell that the banks do not like to give counter offers, so if you are bidding on foreclosures, should bid close to the listing price, otherwise, should just wait until they drop the price, otherwise, it is a really waste of time for all parties.

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