OwnACondo.com Announces Real Estate Auction November 8 at the Chicago Marriott Oak Brook

Auctions Booming In Popularity Among Buyers and Sellers In the Current Economy

PR Newswire

posted: 44 DAYS 1 HOUR AGO

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OAK BROOK, Ill., Oct. 14 /PRNewswire/ -- Hundreds of potential real estate buyers are anticipated to attend a public auction Sunday, November 8, 2009, evidence of the increasing popularity of auctions to sell real estate in the current economy.

The auction will be held at 11 a.m. at the Chicago Marriott Oak Brook Hotel, 1401 West 22nd Street, Oak Brook, Illinois.

More than two dozen properties are expected to be available for sale, including condos, townhouses, single family homes and prime suburban land ready for development, according to Brian Kuzdas, founder and owner of OwnACondo.com.

"Public auctions are a great way to bring buyers and sellers together under one roof at one event," Mr. Kuzdas says. "Auctions have very substantial benefits for both parties."

Mr. Kuzdas points out auctions are not just a method to sell distressed properties, as may be commonly perceived. In fact, the majority of properties featured in the November 8 auction are privately owned or developer-owned, with only a handful of bank-owned foreclosures. Potential buyers have ample opportunity to inspect the properties in advance.

Almost $60 billion in real estate sold nationally in 2008, and auctions are expected to account for 30-35 percent of all real estate sales in the coming years, said Mr. Kuzdas, citing statistics from the National Auctioneers Association.

"Buyers love auctions because of the potential for great deals, and sellers love auctions because it's a fast way to sell their property quickly to qualified buyers when traditional real estate sales methods are not producing results," explains Mr. Kuzdas.

The types of auctions at each event can include:

-- Absolute, meaning the highest bid wins, regardless of price. Participation for absolute auctions is typically the highest, with excitement building as potential buyers escalate their bids in an effort to take home a property at a bargain price. -- Minimum Bid, in which the bidding starts at a pre-determined price set by the seller.

-- Reserve, in which the seller can accept, reject or counter the highest offer at the conclusion of bidding.

The auction is open to anyone interested, with advance registration requirements for buyers and sellers. More information about taking part can be obtained by calling OwnACondo.com at 877-676-6300.

SOURCE OwnACondo.com

2009-10-14 10:58:00