On June 29 I wrote a post about a 3 unit investment property that hit the market in Bucktown (Chicago). The building was bank owned and listed for $181,500, a price I thought was very compelling despite the location on West Fullerton Ave.
Bidding on this property was limited to owner occupy buyers only for the 15 days on the market as this was part of the Freddie Mac First Look Initiative. According to the MLS, the property went into escrow within the 15 day first look period.
Escrow closed on 8/10/2012 and the purchase was financed with all cash. The final sale price reported was $211,000, 16% over the list price.
Looking for similar buying opportunities? Contact Brent Hall to review your specific buying criteria.