All Forum Posts by: Martin M.

@Kristine Ann

If I'm understanding what you're saying correctly... then this is quite simple.

When is the tax sale date for the delinquent property taxes? If you're not sure call the county treasurer and get the date.

Next question is... when is the foreclosure sale? If foreclosure sale date is before property tax sale date, then foreclosing party may just let foreclosure auction buyer pay the delinquent taxes.

@Albert Massop

I don't buy 'pre-foreclosure' but it'd likely be very tough to get a short sale this late in the process. As for how to pay the 10% call the auctioneer and ask. Also ask when the remaining 90% is due. In Illinois it's typically within 24 hours. Cash and cashier's check are probably accepted.

Regarding the liens, pay for a title search before you bid. I'd request that now as they can take anywhere from 2 to 5 days to complete depending on how busy the title company is. You really have to have a clear understanding of the title before you bid on it so as not to lose money. Best of luck with it

@Robert Rixer

Housing shortage is a broad topic but as far as shortage of homes for sale goes... the Fed holding rates so low for so long resulted in 3% mortgages... which 3 quarters of homeowners have right now... and then when the fed ricocheted in the opposite direction and mortgages hit 6 and 7% nobody wanted to sell to give up the 3% mortgage. Nothing for sale = limited supply = high demand = high prices = less people can buy = more demand for rentals = higher rent prices.

There may be some truth to there being a shortage of properties compared to the population but the lack of inventory for sale I think is the major problem right now

@David Randolph

Cheers David. I'll keep that in mind for sure

@Kasim Rashid

In addition to the good advice from the others above, you need to speak to the Will County Treasurer about the property taxes. Looks like this property went to tax sale in Dec of 2023. Call the Treasurer's office this week and give them that Tax Lien Certificate ID in your images you've posted and go from there. Best of luck with it

@Vlad B.

If the settlement is approved by the federal court NAR has stated mid July 2024 they'll implement the changes.

As for whether to sell now or wait. I'm sure the answer would vary depending on who you ask. Spring is the time of year where the highest volume of properties go under contract... if it were me I'd factor that heavily into my decision

@Sriv Nava

This is really helpful. Thanks again. I haven't seen a lot of DoJ liens, but the ones I have have been quite a lot of money. So I wanted to be sure I understood the lien position and redemption before considering them

@David Randolph

Thanks for that. I'll keep that in mind. It's mostly auction properties I'm looking at. One property in particular had a whopper of a DoJ lien on it, just over 600k

@Sriv Nava

Thanks for the detailed response. Have you seen this play out where you or someone you know purchased an auction property with a DoJ lien on it? If so, was it possible to work with the DoJ to have the redemption period reduced to less than a year?

If a DoJ lien is filed AFTER the foreclosing party’s lien – is the DoJ lien extinguished at the foreclosure sale (no longer attached to the property) ?

For example, foreclosing mortgage lender lien recorded in 2005 and DoJ lien recorded 2007.

If the answer is yes – is the DoJ redemption period 12 months from the date of the foreclosure sale?

Side note, I’m aware of the rules for IRS liens, e.g. they’re senior if recorded before foreclosing party and junior if recorded after, w/ 120 day redemption.

Thanks in advance to anyone that responds