DEC 12, 2012 10:26am ET

Hilco Real Estate to Auction Six Chicagoland REO Properties

DEC 12, 2012 10:26am ET

Hilco Real Estate Auctions is auctioning multiple commercial and residential bank-owned properties throughout Chicagoland.

The Dec. 18 online and live auction features six properties that offer central locations, easy access to major interstate and mass transit as well as great visibility for potential buyers.

Suggested opening bids for these REO assets start as low as $40,000. The Northbrook, Ill.-based auction company said such low beginning bid prices makes this auction “quite alluring” to interested buyers.

“Auctions like this are great opportunities for owner occupants and investors to name their price on bank-owned properties with great upside potential,” said Michael Fine, CEO of Hilco Real Estate Auctions. “Auctions continue to be the number one asset disposition strategy for banks across America.”

One property available during the auction is a three-flat brick residential property in Riverdale. The building has two units that contain three bedrooms and one bathroom as well as an additional housing unit with two bedrooms and one bathroom. The recommended opening bid for this building is $40,000.

Another asset on the auction block is a free-standing retail building in Chicago. This REO building, which is suggested to open at $65,000, offers an open showroom on the storefront level, three offices in the upper level and a full kitchen and bathroom.  

A single-tenant commercial building in Chicago can also be acquired at the auction. The building is approximately 2,500 square feet and is located in a heavily-traveled corridor on West Devon Avenue. The proposed opening bid for this property is $90,000.

With a suggested opening bid of $120,000, a six-unit mixed use property will also be sold at auction. The building has three commercial spaces and three residential apartments located in the Little Village neighborhood of Chicago.

Also, a single-family residential rental can be purchased for $135,000. Lastly, a nine-unit shopping center in Hanover Park that is approximately 12,420 square feet will be available at the auction. This building, which could sell for as low as $250,000, includes units ranging in size from 1,380 square feet to 2,760 square feet.  

R. Scott MacNeil, vice president and chief commercial lending officer for Devon Bank, said the community bank decided to utilize an auction in order to accelerate the sale of these REO properties.

“The auction not only provides us with a quick sale but it also assures us that the properties will close,” MacNeil said. “To entice potential buyers even more, we’re offering seller financing to qualified individuals.”

The auction will begin at 7 p.m. at the Sheraton Chicago O’Hare Airport Hotel.