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Chicago Property
Residential and Commercial Property in South Chicago
- by Charles Williams
Real Estate Owned (REO) in South Chicago
In South Chicago near Vincennes, mid-November, 2009 ...
There is some kind of movement going on here.
I caught a lady looking at the REO house next door this afternoon. I have her card, she has mine.
She works for a realty group (Highland Park, Illinois) but is doing legwork for a New York company that is trying to make a bid for dozens (or hundreds) of Taylor-Bean-Whitaker properties in Chicago.
Once they successfully purchase the properties at some incredible discount, local realtors such as herself will be able to market them.
Her job is to guesstimate values for the properties, based on some sort of alchemy. So she needed my insight.
In return, I got from her some clues or hints as to what the New York company (and her local agency) are doing and will do in regard to this property.
After some back and forth, I gave her a price of $30,000 for the house next door as a "teardown". She considered that impossible.
Since that is all I was interested in, I could have left it right there. However I wanted to keep her talking.
I gave her a price of $90,000 as a legitimate value for it (considering it's just a shell). She needed a legitimate value to take back to her people.
She had two reactions.
Her first was, that's impossible too. Several times she referenced the row of houses on the other side of the street as proof that it cannot be worth less than $200,000.
Her second reaction was that if the New York firm buys it for $50,000 or so (pennies on the dollar, she said, among other things), then as long as they could make some minimal profit they might sell at $90,000. In which case she had my card and would call me.
Later I learned my wife spotted someone eyeing the house a few days earlier. So now I think several agencies are scouting and preparing bids.
On similar notes ...
We've also come across Internet links pointing to some activity in the Taylor-Bean-Whitaker debacle.
And I don't mean their website which is useless: www.taylorbean.com
We're looking for up-to-date (not old stuff) regarding TBW and purchasing REO or what will happen with their current REOs. Can you help? Please respond. Here's a few:
bmcgroup.com
thinkglink.com
To catch up, just Google TBW. Basically they're some big holder of mortgages that went under and lots of home owners were left unsure as to where to send their mortgage payments. Also all their empties, like this one, are in limbo and are REO, which is what I'm interested in.