All Forum Posts by: James Bitakis

In Illinois, it is 18% if redeemed in the 1rst 6 months. Another 18% if redeemed in month 7-12. So yes, if you won it for 18% and the owner redeemed in month 7-12, you'd get your investment back plus 36%.

Chris, I bought a Tax Lien 16 yrs ago on a property on the north side of Chicago. It was a SFH in a decent middle class neighborhood. I bid 18% and won! In 3 months the owner of the home redeemed and I got paid my investment + 18%. While I was bidding, I did notice a lot of properties being bid down by a few people. In fact, they would have bid me down except for the fact that I strategically sat in the back of the room when I bid. By the time these people turned around to see who had yelled out "18", the auctioneer had already said "Sold". The auctioneer does not wait around. If you don't immediately bid against the person, he sells it and moves on. Remember, in Cook Co. there are hundreds of properties that the auctioneer is going thru. It doesn't matter to the county people what bid wins, because remember the county is just interested in selling the taxes. It is the owner that has to pay the penalties when they redeem. I am planning on doing this again in Will County.

Emmett, I am planning on investing in the upcoming Will County Tax sale.  They sell the Tax list for $150, but shouldn't it be available to view for free somewhere, like at the county tax office in Will County?  I believe that some newspapers have the lists as well, but if I don't get those papers, can I go to the County building directly to view the list?  Also, I do know that it can bid down to Zero, but I will only accept 18%, so if someone bids me down they can have it as far as I am concerned.  Are you familiar with Will County Sales at all?  Is it true that if the tax buyer does not post notice correctly that the county will NOT issue a deed?  When and how many times do you have to post notice?  Can you link me to the Illinois Statute.  Thanks.  

 I live in Illinois, and have bought a Tax Lien Certificate.  Isn't Illinois a Tax Lien State, not a Tax Deed State?  And the owner has 2 yrs. to redeem.  The one I bought was about 16 yrs ago and I bid the highest % of 18% and won.  The owner redeemed in 3 months and so I made 18% in 3 months.  But I was scared of what to do if he didn't redeem, because of the laws regarding "posting notice" at different intervals.  I heard that if you didn't post notice correctly, you would NEVER be able to get a deed to the property if the owner never redeemed in 2 yrs. Not sure if that was true or not.  Have they changed things in Illinois?