Everyone must have noticed by now that our inventory level is getting low, especially the ones priced under $200k. I have a few experiences these months during biddings for my clients.
1) 300 N State 3024, this is a studio foreclosure but it is from Bank of America so no restriction of the homeowner purchase in the first 15 days. The listing price was $124,900. We have been told that there are multipal offers, so that my client has offered $126,125 with mortgage contigency and we have been rejected.
2) 420 E Waterside 714, this is a short sale, price at $300k with parking included, it is a one bedroom. My client has offered full price the $300k with mortgage contigency but could close in 2 weeks since they have a #1 mortgage broker in Chicago. However, the owner only wants cash offer, and we have got rejected.
3) 420 E Waterside 1005, with listing price of $319k plus $40k parking, this is a one bedroom unit plus a den. My client has offered $330k with parking included, and we have got outbid and the owner has picked another offer.
4) 440 N Wabash 1907, this is a one bedroom unit with part of one wall open to the living room, needs some work, listing price is $205k with indoor parking included in the price. The listing was active on Jan 23rd, since my client does not have time to see it until Sat Jan 26th, we have been told that there is a contract while when we were touring the place, then while we were sitting down to talk about a cash offer, the agent told us that the contract is written…
5) 195 N Harbor 4907, this is a one bedroom unit with valet parking space included in the price, the listing price was $285k, the unit was remodeled with open kitchen, granite counter tops, new appliances and washer and dryer. It was listed on Jan 15th and went under contract on Jan 22nd.
From the above, you can see that if you want to buy a good deal, you have to be ready, ready and offer the first a couple of days…
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