Inland Real Estate Auctions to Auction 21 Condos in Historic East Rogers Park

. March 3, 2007 . 0 Comments

Inland Real Estate Auctions, Inc. announced today that it will be auctioning 21 completely renovated condominiums in historic east Rogers Park just blocks from Lake Michigan. At least six of the units, originally priced from $99,000 to $249,900, will be auctioned without reserve and sold regardless of price.

“This is a kind of residential auction we haven’t seen for some time,” said Frank Diliberto, president and CEO of Inland Real Estate Auctions. “There is a surplus of finished condos on the market, and condominium converters and developers are finding the auction process is the answer for accelerating sales and gaining a competitive marketing advantage.”

A & N Mortgage Services, Inc. is an approved lender for the auction, offering buyers a convenient, streamlined process not only to acquire the property in one day but also to swiftly obtain financing. The lender is offering a number of incentive programs, including some with 100 percent financing.

All 21 condos are located in a 52-unit building at 1415 West Lunt Avenue near the lake and Red Line transportation, and close to hip restaurants and nightlife. Eleven studio, one one-bedroom and nine two-bedroom units will be auctioned in all. Each newly remodeled dwelling includes granite countertops, brand-new stainless steel appliances, marble baths, in-unit laundry facilities and hardwood floors throughout. Units include assigned parking spaces with additional spaces available at extra cost.

The building is located in east Rogers Park, a diverse area with a rich cultural and architectural history. It is located just blocks from Frank Lloyd Wright’s landmark Emil Bach House, which was also auctioned by Inland Real Estate Auctions in 2005, attracting media attention from television, radio and newspapers around the world.

“This auction presents a rare opportunity for first-time buyers, students, empty-nesters, singles, second home owners and investors to purchase, at their own price, one or more of these completely renovated units,” said John DeMato, vice president of Inland Real Estate Auctions. “Rogers Park has been growing and diversifying, and this auction, along with the financing options, offers a great opportunity for anyone looking to get a great condo at a value.”

Special financing programs for qualified buyers through approved auction lender, A & N Mortgage Services, Inc., include:

1.) The City Mortgage Program. Under this program, qualified buyers can purchase a unit at 1415 West Lunt Avenue with no money down using a 30-year fix at 6 percent. Furthermore, the Chicago Department of Housing will grant the borrower 4 percent of the loan amount towards closing costs and/or principle reduction. For example, if the loan amount is $150,000, the Department of Housing will grant the borrower $6,000 in the form of gift money.

2.) The Community Redevelopment Agency (CRA) Bonus Incentive Program. Using this program, qualified buyers can purchase a unit at 1415 West Lunt Avenue at below-market interest rates. Currently, on 100 percent financing, the interest rate on a 30 year fixed rate loan would be in the neighborhood of 6.375 to 6.5 percent. Using the CRA bonus, the interest rate will be 6 to 6.125 percent. This same incentive can be applied to a 15-year fixed, a 30-year fixed interest-only, or interest-only adjustable-rate mortgages.

3.) The special Second Home Financing Package. A & N can lend to qualified borrowers who will use their unit at 1415 West Lunt Avenue as a second home. By only putting 10 percent down, borrowers can obtain a five-year or seven-year interest-only ARM at interest rates between 6.25 and 6.375 percent. These are the same interest rates made available to borrowers purchasing a primary residence in other areas.

4.) No Money Down Investor Program. A & N is one of the few companies that will allow for no money down on the purchase of an investment property using full or stated income.

Representatives of Inland Real Estate Auctions, Inc. and the approved auction lender will be present at all open houses, which are scheduled for Sundays, March 11, March 25 and April 1 from 1:00 PM to 4:00 PM; and on Wednesday, April 4 from 6 p.m, to 8 p.m. Call (630) 990-5353 to obtain full auction information, property information and Terms of Sale. The auction will take place on April 11, at the Hotel Orrington in Evanston. Registration is at 6:00 P.M.

One of the nation’s top auctions firms, conducting transactions in Illinois, Michigan, Florida and California, Inland Real Estate Auctions is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), which comprises independent real estate investment and financial companies doing business nationwide. Inland is one of the nation’s largest commercial real estate companies. Inland’s national headquarters is in Oak Brook, Ill.

Category: Auction News

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