Question about Illinois Assignable Tax Certs

[Ben Martorano]

Just getting educated about the process of buying an "assignable" tax certificate in Illinois and getting a tax deed if the buyer does not redeem. Just had a couple questions I was hoping someone could answer:

1. I know that between 3 and 6 months before the redemption period expires, I must serve all parties with a final take notice that requires that I inform them that a petition for a tax deed has been filed and the court date for that hearing. So I will have to do a title search, pay court filing fees and pay to serve all parties. If they redeem after I do all those things, but prior to the redemption deadline, am I out all those costs or will they get rolled into the redemption amount?

2. As an educational exercise, I went to the courthouse and had them pull files of others who had petitioned for a tax deed. I noticed that a number of these had banks or mortgage companies listed as interested parties. My question is wouldn't the bank just step in and pay the redemption amount rather than lose the asset? 

3. Anybody have an idea on where or how to get the lowest price on title search for the property?

Thanks in advance for your help.