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Stole This Portage Park Property: 5107 Grace, Chicago

Well, it seems that a number of people took note yesterday and showed up today ready, willing and able to avoid a 'missed opportunities'.  For real estate investors, yesterday was another opportunity.  The property at 5107 W. Grace, Chicago was being foreclosed on due to nonpayment of the first mortgage and there was a second mortgage.  The interesting thing was, most people didn't realize that second mortgage was 10-15x larger than the first mortgage....$30k versus $400k+

5107 W Grace, Chicago; Portage Park

Surprisingly, the second mortgage holder did not show up to bid their debt position, so, those who were prepared were able to go after this very low debt position foreclosure.

And, it seems that the property was likely occupied, so when the bidding opened up for less than $20,000, the bidding was eager, active and heated.  Ultimately, the prevailing bidder got this 2 Flat for $141,700 at the Cook County foreclosure auctions.

So, who said you can't get a great deal at a foreclosure auction?

 

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