Special offer

Going Once, Going Twice, Sold! Chicago Foreclosure Activity

By
Real Estate Appraiser with PahRoo Appraisal & Consultancy

It has been several weeks since I last caught up with our client, Cherry Picker Investments, regarding foreclosure auction purchases in Chicago, Buffalo Grove, Oak Lawn, and Buffalo Grove.

So, here's a recent sampling of properties acquired by real estate investors.

Per Bardan Azari, Cherry Picker Investments, each of the below properties was purchased by a 3rd party at an auction this week. Although it has its limitations, an estimate from Zillow has been provided for reference.

 

10309 Circle Drive' #103, Oak Lawn, IL Balance due: $55,088Zillow estimate: $85,300Purchase Price: $23,000Condo

 

1622 W. Ohio, Chicago, IL  Balance due: $349,787Zillow estimate: $254,100Purchase Price: $139,000Multi-family

 

113 Manchester, Buffalo Grove, IL  Balance due: $308,028Zillow estimate: $304,100Purchase Price: $210,000Townhouse

 

159 Thornhurst Rd, Bollingbrook, IL  Balance due: $185,524Zillow estimate: $132,800Purchase Price: $46,852Single Family

 

1716 W. Farwell, Chicago, IL Balance due: $343,585Zillow estimate: $241,600Purchase Price: $65,000Condo

 

Michael Hobbs, PahRoo Appraisal & Consultancy

Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

Very interesting stats!  I'm surprised tat the alues differ so!

Oct 29, 2011 04:07 PM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

Gotta tell you Mike....WHO CARES???  I can't get past your profile photo of your newbie!  Awesome!

Oct 29, 2011 04:18 PM
Donald Reich
Madison Specs - New Rochelle, NY
Cost Segregation Specialist

Interesting stats, but.... Zillow estimates are all over the map. Sometimes they are way too high, and sometimes they are low. I would rather see what you value the homes on your CMA than what Zillow says!

Oct 29, 2011 05:49 PM
Michael Hobbs
PahRoo Appraisal & Consultancy - Chicago, IL
SRA, LEED GA, RAA

Lisa, well as for Zillow, that's one of my professional talking points why computers can't do a comprehensive real estate appraisal.  But, its at least a starting point.  As for the value differences....yep, that is the benefit of niche business of foreclosure investing at the foreclosure auctions.

Larry, I love your reply!  I hear ya...many don't.  A few do.

Donald, yes, all all all over the map. I'd love to put my 'value' in print to firm it up as well...but since I only receive the data from our client, I dont' have an opinion on the value since I didn't see the property or confirm it's condition.  But when our investor clients call us, then indeed I have an opinion.  

 

Oct 29, 2011 06:06 PM