Chicago Foreclosures - Beginner

[Wanda Cardenas]

Can anyone fill me in on the Chicago Foreclosure Auction process?

I know that the Notice of Sheriffs Auction is put in the paper 3 week prior to the auction. I've looked on the Cook County site, I've tried looking up Sheriffs auctions and I just can't seem to get any other info.

For instance, the "bidder's fee", is it a specific dollar amount or a percentage?
As for the Redemption Period, is it always 90 Days? (not interested in abandoned properties)
When is the opening bid announced?
At what point does the lender then set up the date for the auction, after the redemption period, during?
Also, at what point is it no longer in the hands of the Listing and/or Buyer agents hands, before or after the court has ruled on it?

Sorry, I know these are probably kind of random questions.

Oh one more question...

Once an auction is won, how many days do you have to pay the full purchase price?

Thank you so much!

[Account Closed]

Eric Michaels is 100% spot-on with his advice.

Over the past 12 months, a handful of massive institutional buyers have flooded the Chicagoland foreclosure auctions. These institutional buyers literally have billions of dollars to spend and are recklessly bidding up to 100%, or more, of a property’s retail value.

Before these institutional buyers arrived, you could realistically purchase a few properties every month at auction for 65% - 70% of retail value. However, at the moment buying anything at auction for less than 80% of retail value is nearly impossible due to the increased competition.

If you do plan on buying at auction, make sure to perform a thorough title search BEFORE bidding on a property.

Here are some pertinent websites to visit for Cook County foreclosure auctions:

AUCTION LISTINGS

Illinois Foreclosure Listing Service
The Judicial Sales Corporation
Kallen Realty Services
Cook County Sheriff's Site

WEBSITES FOR SEARCHING TITLE

Cook County Recorder of Deeds
Cook County Assessor
Cook County Treasurer
Cook County Clerk Delinquent Tax Search
Cook County Property Tax Portal
Cook County Clerk of the Circuit Court Search
Chicago Building Code Violation Search
Chicago Water Department
NFIP Flood Zone Search
Illinois Flood Maps