Chicago, IL · Member since 2015 · 8 posts · 2 votes
I am very interested in bidding on tax liens at Cook County. Is there anyone going or know the procedures. Just answer some questions that might be wondered about me. I am newbie. I haven't been at any auction sales before. I have registered as a bidder. I did go through the list of the defaulted liens and have done some due diligence based on researched information people suggested.
I'm just not sure on redemptions periods how to go about foreclosure process after redemption is over or how to find a lawyer that is familiar with foreclosures on a defaulted lien. Minimum bids says $250 but not sure if I read it correctly. I'm just hoping that someone out there can help me answer some pretty basic question that a novice should know.
Bellevue, NE · Member since 2013 · 72 posts · 29 votes
10y
Judi,
I don't know anything about tax liens in Illinois, but I am researching on my own for Sarpy county in Nebraska. Have you looked at the county or state laws on tax liens? They should have all the information in them out might be a lot of information to read through but I would suggest going through it once and getting a list of questions together based on what was confusing to ask either an attorney in your area or a seasoned investor at the sale.
I'm going to register for the upcoming sale here in March but I'm not going to bid. I'm just going to learn and network with other people who are doing it maybe you could go and check it out and invest next time.
Chicago, IL · Member since 2015 · 469 posts · 81 votes
10y
The redemption period is 2.5 years in IL on the tax sales. I was going to go but didn't find out about deadline to register as a tax buyer until it was too late.
Chicago, IL · Member since 2015 · 8 posts · 2 votes
10y
Thank you for your response, but the scavenger sale is different from the annual sale. They don't have a redemption period of 2 1/2 years they have less than a year and if you choose to extend the redemption you can but after the redemption is over and they don't redeem the lien they property you can foreclose on the lien and then the property is yours. I just never been through the process and wondering who have to see if my interpretation is correct.
Some folks from the Tax Liens and Deeds study group in my investing community are going. Not sure how many will be bidding. They have all taken the classes in our education package and some also have experience in C(r)ook County. Look for folks hanging around together. They should be able to answer your questions.