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|As homebuilders and their bankers wrestle to find solutions to their idle negotiations, auctions are offering a non-conventional way out. Diliberto Real Estate Services's Frank Diliberto tells us that many lenders throughout the US are passing on traditional foreclosure methods. Instead, they're taking the route of litigation to enforce loan commitments. But in most cases, both lenders and borrowers would rather sell the assets quickly, so auctions have become more appealing. On Dec. 2, Frank is auctioning 40 properties, including ones in Palos Park, Frankfort, Lockport, Joliet, and Orland Park. On the block: 29 ready-to-build lots, two one-acre industrial sites at Spencer Industrial Park, and an 11-acre site at I-355 and 167thSt, near the Bo Jackson Sports Complex.|
|Also ready for bids: 600 S Wells. The parcel of land is zoned for 450k SF of commercial or residential development or a temporary use like a surface parking lot. It's also adjacent to the Old Post Office site, which may soon be redeveloped. Sheldon Good & Co’s COO Mark Troen tells us the sealed bid auction, which closes on Dec. 15, has attracted both investors and developers who could either hold or sell the property. He says that auctions are a win-win situation for buyers and sellers because of the transparent process and definitive selling date.|