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Updated over 8 years ago on . Most recent reply

User Stats

9
Posts
2
Votes
Alla Furman
  • Investor
  • Chicago, IL
2
Votes |
9
Posts

Auction in 2 weeks, Can I still try for a subject to?

Alla Furman
  • Investor
  • Chicago, IL
Posted

I just found the contact information of a property that I am interested in. The financing for it, or at least as everything that I was able to find on it, I have in place in cash if it goes to auction. I was hoping to catch it before it does as a subject to. Will I have enough time? Is that a good idea or should I just wait? (PS I have never done one, so I'm going to have to depend on my attorney. He is good, but I'm totally new to the creative side)

Most Popular Reply

User Stats

255
Posts
161
Votes
Vincent Incopero
  • Attorney
  • Elmhurst, IL
161
Votes |
255
Posts
Vincent Incopero
  • Attorney
  • Elmhurst, IL
Replied

The borrower's right to redeem isn't officially extinguished until after the judicial sale. Refer to the statute on "Special Right to Redeem" at 735 ILCS 5/15-1604. 

  • Vincent Incopero
  • [email protected]
  • (630)299-7600
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