Chicago Foreclosure Auctions: What To Expect
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Chicago foreclosure auctions, most often known as sheriff sales, generally take place in a special place in the courthouse in the county. Quite often they can take place directly on the steps of the courthouse building itself.
There is nothing fancy about them. They are set up to be quick and business-like affairs with rules put in place to help expedite the process. You can expect some regulars to show up and new bidders sometimes too.
They are usually either weekly or bi-weekly meetings, they can vary depending on how many foreclosures there are in the area and how much of a backlog there is. The foreclosures are listed for people who attend the foreclosure auctions on a list or if they like they can also be briefed beforehand in the newspaper.
How To Buy At Chicago Foreclosure Auctions
The way it works differs from one county to another county, You are often expected to pay a percentage of your bid upfront once you are declared the winning bid. Expect to pay around 5% of the value of your bid.
Also you will need to pay what’s left of the the bid by the close of the business day. For Instance, if you bid $300,000, you could have to pay $15,000 at the end of your winning bid and $285,000 by the end of the day.
Some Bankers Buy Back
The original bids will probably start out with the bank or lender who holds the mortgage bidding a nominal amount to get the process going. They may even bid against you to drive up the price to an acceptable loss for them.
They certainly won’t try to give away the property, even if they don’t want it on their books. However, if they don’t get the bids they want at the Chicago foreclosure auctions, they will simply bid to buy back the house. This way they don’t take a huge loss on the home.
Do Your Research Before You Go Or It Could Be Expensive
Chicago foreclosure real estate auctions actually move along pretty quickly so you should know before hand what properties you are going to bid on and what the value of them are. You should have investigated as much as possible about what is left owing, the neighborhood, and what the condition of the building is like.
Also you will want to be sure you know about any liens or fees associated with the property because you are responsible for getting current if you win the auction.
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Feb 06 2010
