Global Real Estate Auctions’ October Residential Auctions Offer Last Chances for First-Time Homebuyer Incentives

Global Real Estate Auctions, Inc. on Thursday, Oct. 29, will auction four home sites, a brand-new luxury model home in Homer Glen, as well as an open-concept ranch home in Mokena, Ill. – presenting one of the last opportunities for first-time homebuyers to take advantage of incentives from federal and state governments before they expire on Dec. 1 – thanks in part to the unusually swift, 10-day closing process offered to qualified buyers through Global Real Estate Auctions by its cooperating lender, Pan American Bank.

Also up for auction will be three commercial development parcels in the southwestern suburbs of Chicago, including a former Jeep-Chrysler dealership on busy Cicero Avenue.

“The auction is designed to speed the process of selling real estate, and with less than two months left before the tax incentives expire, our lender’s rare 10-day closing process may be one of the only remaining ways to buy a home in time to take advantage of these opportunities,” said John DeMato, president and CEO of Global Real Estate Auctions. “In today’s economy, many buyers are finding it takes even longer than usual to close properties through the conventional buying process.”

The residential properties include:

A brand-new luxury model home in the Stonebridge Woods subdivision in Homer Glen, Ill. The two-story “new construction” house consists of approximately 4,600 square feet of finished living space, a master suite with luxurious bath and walk-in, multi-head full body shower, three other large bedrooms and three and a half baths, gourmet kitchen with maple cabinet and granite countertops, and a “forced walk-out” daylight basement with fireplace and rough-in for full bath. Previously priced at $1.4 million, the suggested opening bid for this property is $545,000. Open houses will be held Sunday, Oct. 25, from noon to 3 p.m. and Tuesday, October 27 from 7pm to 8pm.
Ready-to-build home sites in Stonebridge Woods subdivision in Homer Glen, Ill. Sealed bid auction deadline 5 p.m. on Oct. 28. Four ready-to-build estate-sized home sites previously priced up to as much as $275,000 each. The seller will have five days to accept or reject the submitted bids. Open houses will be held in conjunction with those at the subdivision’s model home.
A like-new, open-concept ranch on a large cul-de-sac lot at 11315 Hummingbird Lane, Mokena, Ill. A 2,700-square-foot, 3-bedroom, 2.5-bath home with living room, dining room, great room with fireplace, master suite, three-car garage on a large landscaped lot with patio. Previously priced at $495,000. Suggested opening bid: $225,000. Bidders are required to attend at least open house. The final open house will be held on Sunday, Oct. 25 from noon to 3 p.m.

The commercial properties include:

One of the many auto dealerships to come on the market since the financial crisis in Detroit which eventually led to the closure of more than a thousand dealerships across the country. The former Jeep-Chrysler dealership of Crestwood is located at 14106 South Cicero Avenue.

The dealership is positioned alongside a wide range of active and recognizable businesses and restaurants on the high-traffic Cicero Avenue corridor in Crestwood. On 3.7 acres, the property comprises 10 lots that could be divided into multiple developments and is zoned for many commercial uses. The village of Crestwood would like to see a full service grocery or other similar retail at the location. Originally listed at $2.9 million, the property will be auctioned with a suggested opening bid of $895,000.

Bidders are required to have attended at least one on-site inspection. Inspections will be held on Tuesdays, Oct. 20 and 27 from noon to 2 p.m. each day.
Around the corner from that dealership, another commercial parcel in Crestwood at Cicero and the Midlothian Turnpike, featuring three development lots, totaling 60,000 square feet, to be sold together, adjacent to a Speedway gas station. Previously priced at $750 million; the property will be sold subject to a minimum bid of $275,000.
Another commercial development parcel in Matteson at 4342-44 W. Lincoln Highway totaling more than 5.6 acres and 246,000 square feet, zoned for commercial use. Across from Lincoln Mall, immediately adjacent to new, active LA Fitness facility in a paved and lighted park-like setting this property will be sold absolute regardless of price, with a suggested opening bid of $1 per square foot. Previously priced to $1.85 million. Inspections will be held by appointment only or by attending bid seminars at the Crestwood location on dates listed above.

Call (630) 920-1327 for terms of sale, bidders’ packages, and details on open houses and lending requirements.

About Global Real Estate Auctions

Global Real Estate Auctions, Inc. principals, brokers and agents have international experience with many high-profile properties. Global Real Estate Auctions is a sister company of Global Real Estate Consulting Corporation with offices located in the Oakmont Corporate Centre, 900 Oakmont Lane, Suite 207, Westmont, IL 60559. For more information, visit www.globalrealestateauctions.com