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Updated over 2 years ago on . Most recent reply

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Esteban Ibarra
  • Aurora il
0
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10
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Sheriff Sale Questions

Esteban Ibarra
  • Aurora il
Posted

Hello!

Looking at a sheriff sale opportunity in Illinois and had a couple questions. 

1. From the sales I have attended, there always seems to be what looks like an attorney bidding on a house and offering more than what an investor would pay. Is this the bank buying back the house?

2. Will order a title search before making an offer, but the house I plan to bid on has a second mortgage from the Illinois Housing Development Authority for $7,500 recorded in 2018 and a subsidy from an affordable housing program of $6,000. Do any of these stay with the property and therefore be my responsibility?

3. Who should I ask for professional help (i.e. attorney, agent, title company) and what should I possibly ask?

Thanks for the help!

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