The massive back log of foreclosure properties appears to be pushing through the system again at an increased rate in Cook County, IL (Chicago).Properties sold back to the lender at foreclosure auctions increased 62% in Nov 2011 over the prev month (1789 vs. 1100 units).

We have been going to auctions.

Tax auction?

If I drive to look at the tax lien properties and go to the auctions, I would add them to the basis of whichever properties I get possession of?

Wondered what any of you might think.In my state, after you win a bid at Sheriff Sale, you wait a few weeks until a judge confirms the sale, then you wait 30 days to get possession of the property.Often when I buy a property at Sheriff Sale it is actively on the MLS.I wonder what would happen if the foreclosed owner accepted an offer between auction and confirmation.If it happened between confirmation and possession, I would feel confident I would be considered the owner of the property.

Here is an example of one of my private deals.Paid 60k at an auction for a beautiful need nothing homeTook out 12% zero coupon financing without points. 24 month balloon. interest accruing, but not compounding.I sold the home on owner financing for 170kI got 10k down (non refundable) at the time of signingI got 1200 per month for around 18 months They cashed out and after I assisted with closing costs and credits and closing costs, I brought home another 76k.Overall, I had a nice income while the home was selling.

I guess its allowed since they aren't realtors and it is an "auction".

Just found BP doing a search on Checkbook self-directed IRA & 401k.I've been concentrating on the newer online Tax Lien certificate auctions.

Doing the title search proved that the first (and only) lien holder was foreclosing, and the outstanding debt was around 180K.My cramped calendar permitted me from attending the auction due a very hectic schedule!

About 6 months ago, when my business started showing signs of the slowdown, my Father in Law bought a foreclosure from a Hudson and Marshall auction and I (with my 'crew') rehabbed it for him.