I received an e-mail flyer earlier today from Chicago Agent Magazine advertising an October 17 real estate auction by a company I hadn’t heard of – despite its claim that it has been “the Premiere (sic) destination for Buyer’s (sic) looking for affordable housing throughout Cook County.” A rather curious description for an auction company, no?
The auction sponsor is The Chicagoland Real Estate Auction, which received a real estate broker license earlier this month. The auctioneer license referenced on the site (441.0001129) expired four years ago, according to the state database.
The auction has a number of unusual features, including seller financing at a 12.5% interest rate, a “Post-Auction Purchase Price Reduction Incentive” and a location I couldn’t find on the company’s Web site (chicagolandauction.net).
I won’t go into further detail, just give you my bottom line opinion: this strikes me as a situation that any intelligent person will avoid completely – unless, of course, that intelligent person is conducting an investigation on behalf of a local, state or federal law enforcement agency.