208875 Resource 199230 199384 199384 1215734004297 1215734004297 Controlled Tale of a Recent Buyer

Millenium Centre

A recent client just closed on a condo in Millenium Centre.It was a very challenging transaction and the story goes like this……This was an REO property (Bank Owned).  Of course you want to know the lender name, how about we leave it at they have been ALL over the news recently.The offer was cash with a very short closing date.  When we started negotiating in mid May, the condo was listed at approximately 69% of the price it sold for in 2005.  Negotiations were progressing slowly when out of left field the lender rejected our recent counter offer.  Then the lender instructed the listing agent to cancel the listing within 7 days - they were sending the unit to public auction.  Cash offer with a short closing and the lender not only rejected the offer but then decides to try an auction??Through some heavy lifting and by a stroke of luck the head of this lenders Chicago mortgage division became involved and was perplexed on why the offer was rejected.Then in short order the price was reduced and our offer accepted.What is the moral of this story – there are many points.Best explanation is patience is a virtue when working with a distressed transaction. In the end our client was elated with the results.  The unit closed for 62% of the most recent sale in 2005 and appraised for $50K more than the purchase price."Great Homes @ Great Prices with Expert Guidance Along the Way" TMDon't Miss the Bus! TM© RepoHomeTourChicago.com - All Rights ReservedTrademark & Patent Pending 10 application/xml false american invsco chicago bank owned chicago housing prices chicago real estate chicago reo millenium centre Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 2.0.50727; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 wdiehl 72.244.156.49 false true false false true 199303 false false true false false false true 199230 blog blogsite/RepoHomeTourChicago/web