Chicago auction action: how to succeed at auctions without really trying

Who do auctions best serve? The seller or the buyer? That depends, says Rick Levin of auction house Rick Levin & Associates. The word “auction” conjures images of frenzied buyers desperately outbidding each other, but in a market with an oversupply of condos, buyers are more likely to drop out and see what the next guy’s offering, Levin says.

The bottom line is that developers who go to auction want a quick sale, so buyers might be able to purchase a unit under market value or get a bit of a discount on a condo that’s tricked out with upgrades, Levin says. Do your homework: study prices of comparable units and make sure you’re preapproved, he says.

“Have self control,” he adds. “Don’t bid more than the property is worth.”

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