Real estate auctions are fast-moving affairs. When a bidder secures the winning bid he immediately signs a contract. So it’s critical that bidders prepare fully before arriving at the auction.
Grand Plaza, 545 N Dearborn St in River North, is auctioning its last 10 penthouses at discounts upwards of 48 percent from previous prices. The auction will be held on August 26.
This week Joe Zekas met auctioneer Bud Blinick of the Chartwell Group to tour several of these penthouses. Here, Bud outlines how his firm helps buyers prepare for the upcoming auction.
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