Now is the time where the words "short sale" and "foreclosure" are becoming common phrases when Realtors are describing the properties they're selling....they're everywhere. Don't be fooled into thinking these are all great deals, because they're not. First of all, it could take up to 3 months to get the bank to respond to your offer, no matter how strong and clean it is. Secondly, the bank wants it's asking price, which is usually the pay-off of the loan and all back taxes and unpaid assessments. With that kind of asking price, it's not a deal at all.
Keep your eye out though...there are some killer deals out there. Two buildings I've seen the most potential in are 440 N Wabash and 545 Grand Plaza. Not only do they have some great deals, which are being sold because of the investors that can't afford their taxes or assessments now that the two year grace period that American Invesco so graciously offered them is up, but these are full amenity buildings and in great locations.
Keep your eye out though...there are some killer deals out there. Two buildings I've seen the most potential in are 440 N Wabash and 545 Grand Plaza. Not only do they have some great deals, which are being sold because of the investors that can't afford their taxes or assessments now that the two year grace period that American Invesco so graciously offered them is up, but these are full amenity buildings and in great locations.
Stay tuned for my next posting about how to get financing for these buildings, also a challenge...
Check out these pics of the Grand Plaza's pool deck, outdoor track, and game room...
