Won a condo at judicial sale, what are the next steps?

[Nikki Kofkin]

Hey everyone! So I received my certificate of sale in the mail yesterday for a condo I won last week at the judicial sale corp. I'm wondering if there's anything I can do to speed up this process, or if I really just have to wait for a phone call that it was motioned in court. I'm also wondering if I should hire an attorney at this time in the process or meet with an accountant. I don't want to get ahead of myself, but I want to be prepared. I would love to hear from some veteran judicial sale folks, what are the next steps after you win an auction? Thanks so much.

[Bob Floss II]

Nicole,

The law office handling the foreclosure process will get the motion scheduled to approve the sale.  The motion should be heard about a month after the sale.  I typically call the law office a week or two after the sale to request an update on the case.  If they have not already filed the motion, the call should help remind them.  However, a good firm will get them filed quickly so they can get paid on the file.  

You don't have to attend the confirmation hearing, however I always attend for two reasons.  First, if the defendant either shows up or sends an attorney to delay or contest the sale, you are present to observe.  The foreclosure attorney isn't your attorney so they are not going to give you an update on what happened and what was said.  It also gives you an opportunity to discuss vacating the unit with the defendant if they are putting up a fight.  This doesn't happen often, but when it does, it can be a big issue and you want to get ahead of it.  

Second, if the motion is approved (which most likely will happen), you can request a copy of the court order from the attorney (just go up and introduce yourself).  You can take that order directly to judicial sales with your receipt, and if you can spare a few minutes while they process it, you can get your deed right away.  

After that, it's your responsibility to become familiar with recording requirements.  If you are in suburb, you need to be mindful of any municipal requirements before you can record.  In Chicago, you'll need a water cert and possibly a zoning cert or building cert depending on the property.  I heavily recommend using services to help you out at this stage.  You can pay a few hundred bucks to get all the items you need and avoid standing in lines all day.  

Fingers crossed the unit is vacant!