General Real Estate; Oak Lawn @ 21 Apr 2009 09:31 am by judyorr
Wow! I have seen some great foreclosure deals in Oak Lawn recently. The last two “steals” were Oak Lawn condominiums for sale that were valued around $125,000 and sold for around $80,000.
What kind of shape were they in?
You might wonder what kind of condition these units were in. And I have to say, not bad. Each one just needed cleaning and cosmetic work like cleaning or replacing carpet, painting and cosmetic updating. The updating was something that didn’t have to be done, just cleaning and you could have moved in.
The listing agents didn’t do the sellers any favors
These were both reo properties, handled by small brokerages that have an “in” to sell these kinds of foreclosures. However, I question if the listing agent actually goes to each listing they take. One unit did not specify on the MLS print-out that it had an in-unit laundry room. The other unit stated there was no garage, but there was.
Those were huge errors and many interested buyers would not have viewed these properties because of these ommissions. That means less bids coming in, although each unit did have multiple offers. But maybe there would have been even more and higher offers if the listings were put in the MLS correctly.
Since these were big mistakes, I truly wonder if they just don’t send an employee out to do a quick measure and to take one exterior photo and put a lockbox on. Of course, it could be a harried agent passing on bad notes to a secretary that puts the listing in and can only go by what is given.
Either way, these errors can be great for a buyer. There are less offers on the table and the property is priced low to begin with because I guess the mortgage holder doesn’t know what they have, either.
If you’d like to see if there are any deals in your price range, search the Oak Lawn MLS or fill out the Automated Home Finder Form where you can receive listings sent directly to your e-mail. Call Judy Orr if you’d like to view any properties at 708-536-8200.
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