Chicago Foreclosure Homes on the Auction Block
More than 100 Chicago-area houses, condos, townhouses and multi-family houses that have been recently foreclosed on will go up for auction Saturday, with some bids opening at $4,000, auctioneer Zetabid said. Buyers can also make an offer on any of the properties before the auction via the auctioneer’s Web site. The auction will be conducted live at Chicago’s McCormick Place Convention Center, and prospective bidders can also participate over the Internet. Most of the homes are priced between $50,000 and $150,000, Zetabid said, and more than half are located in Chicago’s city limits. The remaining homes are in nearby suburbs. “The Chicago market offers tremendous home-buying opportunities for both owner-occupants and investors,” said Zetabid chairman Bob Bellack. “Even with the recent increase in home sale activity, many properties are still selling as much as 50% below their price at the peak of the market.” Zetabid is a venture between the Los Angeles Times Media Group, GoIndustry-DoveBid and CataList Homes. Write to Austin Kilgore.